OWIT Global Releases New Cloud Based Insurance Specific Microservices

Business Wire | October 14, 2020

OWIT Global, a provider of insurance-specific microservices solutions for the global insurance industry, is pleased to announce the immediate availability of its new version of the Integration microservice which is designed to support the industry’s need to create and manage system integration needs. The OWIT Global Integration microservice contains insurance-specific, pre-programmed interfaces to popular insurance services, such as CoreLogic MSB, Experian, Google Geo, Maprisk, and OFAC. The microservice also has pre-programmed interfaces to popular industry solutions. OWIT Global’s Integration microservice provides the ability to configure the connection to any relational database, for example, OneDrive, Excel, and external rating engines. The microservice supports XML, JSON, Value, Excel, CSV, with SQL data scheduled. The data elements are managed through the integrated OWIT Global Rules microservice and through a “no-code” tool to define the massaging, conversion, and transformation of all incoming and outgoing data. All OWIT Global microservices use the integration microservice to connect with each other and with external systems. Additionally, by leveraging the OWIT Global Integration microservice, insurers can configure and alter integrations between internal and external systems.

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

Spotlight

Insurance is an inherently data-driven industry. Information you need is in your management system – you just have to understand how to use it. Data analytics is a software-driven discipline, offering you the tools to gain a deeper understanding of your agency or brokerage “Analytics is increasingly becoming a game changer for insurers, expanding beyond the traditional focus on risk to all areas of the insurance business.”

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CORE INSURANCE

Sapiens ReinsurancePro is Selected by Clear Blue Insurance Group

Sapiens, Clear Blue Insurance Group | April 29, 2021

Sapiens Americas, a completely possessed auxiliary of Sapiens International Corporation, a main worldwide supplier of programming answers for the insurance business, today reported a consent to convey Sapiens ReinsurancePro by the Clear Blue Insurance Group, a property and loss endeavor that gives business and individual insurance programs in organization with general offices and reinsurers. As a program expert organization that gives reinsurance markets admittance to essential US property and loss business, Clear Blue has many surrendered reinsurance contracts. To help meet the one-of-a-kind requirements and hazard hunger of their reinsurance accomplices, Clear Blue has an enormous assortment of agreement arrangements and equal reinsurance programs. Clear Blue is carrying out ReinsurancePro to help deal with the expanding volume and intricacy of its surrendered reinsurance technique. "Sapiens' answer hangs out in the business for its demonstrated capacity to improve productivity while extending our abilities to oversee for complex designs and absolute limit," said Peter Klope, Clear Blue COO. "This will empower Clear Blue to more readily serve our accomplices. ReinsurancePro's solid computerization and profoundly straightforward, the proficient stage will give auditable preparing, oversee complex reinsurance exchanges and rapidly react to new reinsurance contributions." Made and planned only for the reinsurance market by a portion of the business' driving specialists, Sapiens ReinsurancePro deals with the whole scope of reinsurance agreements and exercises for all lines of business. Underlying robotization of agreements, estimations, and cycles gives adaptable and full monetary control of the reinsurance measures, including reviewing necessities and legal consistency. Over 100, safety net providers overall utilize Sapiens' reinsurance arrangements. The choice to pick a cloud-based reinsurance framework was incited by two viewpoints: 1) openness of stage 24*7 from any spot, and 2) the requirement for extra IT assets now accessible as a feature of Sapiens oversaw administrations bundle. Sapiens' wide scope of oversaw administrations permits safety net providers to zero in on the fundamental business while utilizing the expert help of a group with personal information and aptitude. "Clear Blue was looking for a straightforward, smoothed out reinsurance organization stage with a limit with regards to following approach and claims exchanges, that robotizes complex bookkeeping assignments and is truly adaptable enough to change with new terms and conditions," said Roni Al-Dor, Sapiens president and CEO. "Sapiens incredible ReinsurancePro arrangement, our utilization of the Microsoft Azure stage, and the receptiveness of the information base tables were solid main considerations for Clear Blue. We are extremely satisfied to engage Clear Blue as they continued looking for full monetary control of the reinsurance measures and to empower them to address the issues of their reinsurance accomplices." About Sapiens Sapiens International Corporation enables backup plans to prevail in a developing industry. Sapiens offers advanced programming stages, arrangements, and administrations for the property and loss, life, benefits and annuity, reinsurance, monetary and consistency, laborers' remuneration, and monetary business sectors. With over 35 years of involvement conveying to more than 600 associations internationally, Sapiens has a demonstrated capacity to fulfill clients' center frameworks, information, and advanced necessities. About Clear Blue Insurance Group The Clear Blue Insurance Group is a property and loss insurance bunch furnishing insurance programs cross country in association with MGAs/program managers and reinsurers across the world. Clear Blue represents considerable authority in a wide assortment of business and individual line inclusions through its conceded lines and E&S transporters. The Clear Blue gathering comprises four P&C insurance organizations bunch appraised A - (Excellent) by A.M. Best: Clear Blue Insurance Company, Clear Blue Specialty Insurance Company, Highlander Specialty Insurance Company, and Rock Ridge Insurance Company.

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LIFE INSURANCE

Chubb Acquires Cigna’s Life and Non-Life Insurance Companies in Asia Pacific

Chubb | July 04, 2022

The personal accident, supplemental health, and life insurance businesses of Cigna (NYSE: CI) in six Asia-Pacific markets are housed in the life and non-life insurance firms that Chubb Limited (NYSE: CB) has completed its acquisition of. The businesses, which include Cigna's accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong, and Indonesia, were purchased by Chubb for $5.36 billion. The final acquisition price was less than the first announcement, which takes into account several small modifications as well as the effects of rising interest rates and currency exchange rates on the acquired book value. By increasing its presence in the Asia-Pacific region, a long-term development area for the company, this complementing strategic purchase helps Chubb. With the addition of Cigna's business, Chubb's global portfolio in the Asia-Pacific region will increase from $4 billion to about $7 billion in premiums, or about 18% of the company's total premiums, with roughly 95 percent of the acquired business going to its life insurance segment and the remaining going to its overseas general insurance segment. The company's global A&H writings will grow to a premium amount of around $6 billion, up from $3.7 billion, and its life insurance section will grow to a $5.4 billion enterprise. "Cigna's business, which is approximately 80% A&H, adds significantly to our business in Asia. The Asia-Pacific region offers great potential for long-term growth and wealth creation. The Cigna businesses have favorable underwriting margins, produce high-quality earnings, and are not exposed to the P&C cycle. Chubb is so well positioned to capitalize on market and product opportunities, including the cross-selling of Chubb's non-life products to life customers, with a strong brand, technology, and complementary direct marketing skills and partnerships. At the same time, I am also pleased to welcome nearly 3,000 new colleagues to Chubb. Together, the leadership and talented professionals of Chubb and Cigna will enable us to provide greater value to our customers, distribution partners, and shareholders." -Evan G. Greenberg, Chairman and CEO of Chubb.

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EY Announced a Partnership with Fadata to Assist Insurance Firms Enhance their Business Performance

EY | July 14, 2021

EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience. The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey. Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.

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