Original Medicare Tops Advantage

Managed Healthcare Executive | November 15, 2019

Based on results from a recent survey by Insurance.com, those with original Medicare reported the highest satisfaction versus those with Medicare Advantage—offered by private insurers— as well as employer-based plans, Medicaid and individual insurance or Affordable Care Act plans. Of the nearly 1,000 participants in survey, the Medicare consumers rated satisfaction with their health coverage on a scale of 1 to 5, with 5 being the highest level.

Spotlight

Insurance is multisecular because it answers the fundamental needs of every age. The first oral insurance contracts started to spread in the fourteenth century, when the merchants required another layer of safety beyond cannons to defend their assets from the dangers of sea and pirate attacks. When the merchants began to feel the need to insure the goods transported against the dangers of the sea and the acts of piracy. The fifteenth century gave birth to the written form of insurance contract, that listed all the clauses of the insured circumstance. During the same period, the first insurance companies protected their customers from fires and during the eighteenth century, following the evolution of maths and statistics, the first insurances on human life started to spread.

Spotlight

Insurance is multisecular because it answers the fundamental needs of every age. The first oral insurance contracts started to spread in the fourteenth century, when the merchants required another layer of safety beyond cannons to defend their assets from the dangers of sea and pirate attacks. When the merchants began to feel the need to insure the goods transported against the dangers of the sea and the acts of piracy. The fifteenth century gave birth to the written form of insurance contract, that listed all the clauses of the insured circumstance. During the same period, the first insurance companies protected their customers from fires and during the eighteenth century, following the evolution of maths and statistics, the first insurances on human life started to spread.

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INSURANCE TECHNOLOGY

APOLLO Insurance and CAARY Collaborate to Offer Access to Embedded Digital Insurance

APOLLO Insurance | July 15, 2021

APOLLO Insurance, Canada’s largest online insurance provider, has collaborated with CAARY, a financial platform for small and medium-sized businesses (SME), to provide visitors to caary.com with customized digital insurance products. APOLLO Insurance, which debuted in 2019, currently has the biggest selection of online insurance in Canada, thanks to brokers and integrated partnerships. Consumers can obtain a quote and buy insurance via APOLLO in five minutes, from any device, 24 hours a day, seven days a week. As a result, CAARY is changing how Canadian small businesses get credit and manage their spending and expenses. CAARY will use its partnership with APOLLO to provide its clients with digital access to value-added insurance products. CAARY, which will launch its complete platform offering this autumn after a private beta this summer, is a first-of-its-kind corporate credit card solution for Canada’s more than 850,000 SMEs that still depend on personal credit. CAARY, which uses the renowned Mastercard network, offers same-day credit card acceptance, no personal guarantee requirements, and near-instant virtual card issuance, with physical cards issued on demand. In addition, the CAARY senior leadership team, made up of former senior banking executives and entrepreneurs, has developed a model for assessing and offering credit to SMEs based on cash flow and assets rather than credit history, a novel approach that is expected to benefit this underserved market in Canada significantly. The APOLLO Exchange, APOLLO’s proprietary technology platform, transacts insurance business in real-time, using vast data and powerful algorithms to quote, collect a payment, generate and distribute policies. As a result, APOLLO enables thousands of small businesses and individuals to purchase online without the need for human intervention. About APOLLO Insurance Apollo Insurance Solutions Ltd. (“APOLLO Insurance”) is the largest online insurance company in Canada. The APOLLO Exchange, our unique platform, enables insurance brokers and their clients to buy their coverage instantly, from anywhere, on any device, 24 hours a day, seven days a week. Unlike traditional paper-based procedures, APOLLO uses vast data and sophisticated algorithms to quote, collect money, and issue policies for thousands of different kinds of small businesses and individuals without the need for human intervention. APOLLO is reinventing insurance distribution through traditional agents and embedded finance partnerships. About CAARY CAARY is a financial technology company with a mission to reimagine products, processes, and the client experience to transform and streamline credit and banking for businesses. CAARY is a fully digital corporate card that is more than just a credit card. CAARY’s expenditure management and spend control features are intended to give you back control and time so you can focus on growing your business. CAARY has developed the next generation of financial tools to improve the efficiency of your company credit and banking experience, just like the rest of your digital life.

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LIFE INSURANCE

Sapiens Partners with LifeScore Labs to Innovate Life Insurance Underwriting

Sapiens, LifeScore Labs | December 04, 2020

Sapiens International Corporation, a main worldwide supplier of software answers for the insurance business, reported today an association with LifeScore Labs, a completely possessed insurtech subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to offer life guarantors progressed AI capacities for more exact risk assessment and underwriting. Through a consistent reconciliation with Sapiens Underwriting Pro, transporters can get a moment assessment of mortality risk on their candidates utilizing two diverse scoring models – LifeScore Med360℠, which computes mortality risk dependent on 49 candidate explicit information focuses including a clinical test, and LifeScore Fluidless℠, which evaluates risk using self-detailed candidate data along with credit and freely available reports. AI models can offer a more exact and exact methods for measuring mortality risk than conventional techniques. The mechanization gave by LifeScore Labs improves risk assessment, diminishes underwriting costs and improves proficiency while conveying a superior client experience. "ML, AI and big data are transforming insurance underwriting as we know it," said Roni Al-Dor, President and CEO at Sapiens. "With its team of more than 40 data scientists and more than 1.5 million application records dating back 20 years, LifeScore Labs and MassMutual have the expertise and capabilities needed to drive this transformation, making them ideal partners in our quest to make life insurance more efficient, tech-savvy and customer-friendly." Notwithstanding reams of verifiable application records, LifeScore Labs' AI models additionally fuse more than 1.2 million records with annexed credit and freely available reports information, just as in excess of 23,000 noticed passings. Through the Sapiens-LifeScore Labs association, guarantors will approach a set-up of highlights accessible through Sapiens UnderwritingPro stage, an electronic answer for computerized underwriting and new business case the executives intended to smooth out safety net provider work processes and decrease time to issue and strategy obtaining costs. Sapiens UnderwritingPro gives a total Straight-Through Processing (STP) underwriting climate with its instinctive UI, constant dashboard, refined guidelines motor, and progressed work process and examination. The hearty advanced arrangement encourages the drive for safety net providers to advance toward "fluidless" underwriting encounters with negligible or no human mediation. "To successfully compete in a fast-evolving market, life insurers need best-in-class automation technology, robust data capabilities, a granular understanding of risk and the agility to adapt to changing customer needs – and that's precisely what the synergistic partnership between Sapiens and LifeScore Labs will offer," said Michael Gallary, COO, LifeScore Labs. About Sapiens Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. About LifeScore Labs, LLC LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of MassMutual, was established in 2017 to bring to market selected intellectual property created by MassMutual's Data Science team. LifeScore Labs delivers a toolkit of data-driven risk-scoring models that make underwriting more efficient while generating results that are easier to interpret for both insurers and consumers.

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CORE INSURANCE

Southern States Insurance Exchange selects OneShield for core system transformation

OneShield Software | November 15, 2021

Striving to provide cost-effective insurance and a great member experience, Southern States Insurance Exchange ("The Exchange") has chosen OneShield Software's (www.OneShield.com) SaaS offering, OneShield Market Solutions, to replace its legacy policy management system. The Exchange seeks to transform its process and delivery platform to provide superior service with greater efficiency to its members and plans to implement OneShield's policy, billing, claims and reporting to support their commercial lines product portfolio, including general liability, commercial auto, inland marine, workers' compensation, and the AAIS Commercial Output Program. "Our members look to The Exchange for comprehensive insurance and risk transfer solutions to protect their agricultural businesses. OneShield's successful track record with digital transformation for regional commercial lines providers made them the clear choice in our technology vendor search." - John Madden, President of The Exchange. OneShield's SaaS offering provides end-to-end policy management (quoting, binding, and servicing), billing (invoicing through to payment), and claims administration (first notice of loss through to payment), including document management, reporting, and analysis. This approach delivers rapid implementation while allowing for customization to address the unique needs of regional commercial insurers within an all-in-one pricing model. "OneShield is excited to partner with The Exchange. This win reflects the advantage we offer insurers – cost-effective SaaS that addresses current requirements while ensuring the technology will be responsive as their needs change." - OneShield Chief Revenue Officer Liza Smith. About OneShield Software OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our portfolio of standalone, subscription, and As-a-Service products include enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 70+ products in production across P&C and specialty insurance markets. About Southern States Insurance Exchange (The Exchange) The Exchange is a reciprocal insurance company that provides Property & Casualty Insurance and risk management solutions to its Ag-Industry members. Operating in 11 states, The Exchange has been insuring agribusiness since 1953.

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