Noyo Partners with Namely to Power Seamless, Accurate Connections with Leading Insurance Carriers

National Flood Services (NFS) | May 20, 2020

National Flood Services has modernized the flood insurance space with its recent launch of Trident. The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents and claims examiners. Another benefit of Trident is that users receive a full array of pricing and coverage options. Leading flood insurance solution provider National Flood Services (NFS) has modernized the flood insurance space with its recent launch of Trident. The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents, write-your-owns (WYOs), claims examiners and back office operations staff. By digitalizing every step of the flood insurance process, Trident enables end-to-end quoting, applications, policy management and claims. Trident also provides agents and policyholders improved educational resources on flood insurance. Simple and fast access to flood insurance is critical to ensure people have the support they need to rebuild their lives after a flood. - Danny Rosenthal, chief operating officer at NFS. On the policy side of the flood insurance equation, applications have historically required property owners to answer many specific questions, which often is a new experience for clients and their agents, particularly if they’re not writing flood frequently. Trident’s aim is to simplify the process of policy issuance. “We have simplified something that was complex,” said Rosenthal, with 85% of property owners in the US – those that are eligible for the lower-risk PRP policy – now being guided through seven questions and receiving an instant quote through Trident. “We’ve also made the form adaptive so that in order to get to a quote, we only ask the number of questions you need to receive a quote. This streamlines the experience for the insurance agents and the end consumer.” Whereas it previously took over five minutes to complete an application, Trident makes it possible in just 40 seconds. Another benefit of Trident is that users receive a full array of pricing and coverage options, allowing the end customer to purchase the policy that’s right for them. The platform also provides a flood risk score and average claim size based on the property’s location to help them make a decision, and make sure the coverage is tailored for the individual customer’s needs. Read More: HGGC opens up on PCF Insurance acquisition On the claims settlement side, Trident is also focused on efficiency. In fact, the platform aims to cut the average claim processing time approximately in half from 29 to 15 days by providing instant, reliable access to claims workflows and streamlining communications between agent, customer and staff. As a result of its modernization of flood insurance, Trident intends to address the coverage gap which leaves millions of Americans exposed to the risk flooding. This can be delivered with the new simplicity that Trident brings, increasing quoting, conversion and renewal rates for agents writing this product. Agents can also benefit from the educational resources provided through the platform that demystify the flood insurance space and thus reduce barriers to entry. As Rosenthal and the NFS team map out the future of flood insurance, they already have plans on how to expand Trident’s capabilities, with the goal of making the NFIP product even more accessible. The team has already implemented virtual adjusting since FEMA made it acceptable as part of their response to COVID-19, and started making its first virtual adjusting claims checks within five days of announcement. Digitizing elevation certificates and identifying other sources of data that can help fill out flood insurance applications are just a few of the functions that are top of mind looking ahead. Read More: Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity Currently, 1,500 agents are using Trident as part of the platform’s beta testing and NFS plans to roll it out to an additional 4,000 agents in the next month. “As we roll more companies on to Trident and [expand its functionalities], the impact [on the flood insurance market] will compound and I’m sure we’ll be able to change the face of this industry,” said Rosenthal. AboutNational Flood Services (NFS) Our guiding principle at National Flood Services is to make a difference in people’s lives by helping protect what’s important. As a leading flood insurance vendor, we service more than 2.4 million flood policies and $2 billion flood insurance premiums each year. We take pride in knowing that flood insurance provides a critical protection against the world’s most catastrophic and costly natural disasters and is essential to helping rebuild lives devastated by flood. Our 550 colleagues across the U.S. are passionate about building valued partnerships with the industry’s largest Write-Your-Own (WYO) carriers, educating insurance agents through the complexities of flood insurance, and providing innovative solutions to meet the changing needs of today’s property owners.

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DECK 7 | March 23, 2020

Since the implementation of Data Protection Act in 2018, the approach behind the use of data has changed dramatically. Our clients and customers don’t just want a great experience, they also want to make sure they can trust us. Tweet This! And it makes perfect sense in the present time and space. But as data is considered a key factor in positive customer experience, the U.S. brands and agencies have found it to be increasingly complicated to earn customer trust while remaining compliant. In an article by John Snyder, CEO at Grapeshot, for Adexchanger, he says that the GDPR will remove 75% of third-party data and what’s left will be more expensive. This has caused the power dynamic between brands and agencies to evolve over time.

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INSURANCE TECHNOLOGY

OWIT Global | December 02, 2020

OWIT Global, a provider of insurance-specific microservices solutions for the global insurance industry, declares a serious arrival of their Bordereaux Management Solution. The new delivery grows insurance-specific business rules, furthers usefulness to help approaching and active data takes care of, and contains extra pre-characterized execution dashboards. The Bordereaux Management Solution fathoms the insurance business' need to automate bordereaux preparing for MGAs, Carriers, and Brokers. “We continue to advance our solution with input from our existing customers. For the carrier, we support complex data sets from multiple formats, such as excel spreadsheets with multiple cross-referenced tabs and delimited/fixed-length file formats. For our MGAs, we support extraction and mapping of the data from multiple databases to various carrier contract formats,” said Wendy Aarons-Corman, Chief Executive Officer of OWIT Global. “Our solution also has an analytics service built-in, providing our customers with operational dashboards to evaluate the data running through the solution.” The OWIT Global Bordereaux Management Solution is a no-code, configurable climate, giving the intensity of onboarding and overseeing bordereaux data streams to the business client. Data is burned-through, scrubbed, and changed into an ideal yield record. Rules and outsider calls to approve data is likewise upheld. “Our customers are experiencing an immediate ROI. The time to configure and test has a dramatic reduction compared to the traditional model,” Aarons-Corman continued. “We encourage the industry to take some time to investigate our solution. There is a huge advantage in leveraging an insurance-specific solution that is continually advancing with input from other insurers. It is a great opportunity to get a feature-rich solution at a reasonable cost.” About OWIT GLOBAL OWIT is a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and integrate with existing customer environments to maximize their investments. The OWIT portfolio is comprised of discrete, value-add insurance-based microservices for Bordereaux, Rules, Rating, Portal Configuration, A&H, and Specialty Point of Sale and Document Generation with future capability to tailor a full suite of Policy Administration System (PAS) microservices. The company's offerings can be deployed standalone or integrated with an insurer’s existing environment. OWIT's architecture is also designed to support emerging technologies and functionality, such as blockchain and IoT.

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