Ascend | March 31, 2022
Today, modern insurtech infrastructure companies, Ascend and Stere, announced an anchor partnership. The two companies will be teaming up to provide existing brokers, MGAs, and carriers with the best-in-class digital experiences.
Ascend is the first modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Stere is a one-stop-shop for businesses to find capacity and access digital tools to launch, improve and grow insurance programs. Both companies work to digitize key aspects of the insurance value chain and will be combining forces in a first-of-its-kind anchor partnership to further fuel their customers' growth.
We're incredibly excited to be collaborating with Stere as we enter the next phase of providing the best possible product/service for our customers, They've built an incredible ecosystem that connects "capacity seekers" such as MGAs, insurtechs, or embedded insurance partners, with "capacity providers" like carriers and reinsurers. Stere's capacity marketplace will support our customers' capacity needs and becoming a part of that ecosystem, benefits both ours and their customers."
Ascend Co-Founder & Co-CEO Andrew Wynn.
Stere allows interested parties to easily launch new insurance programs and products, and Ascend makes it easy to handle all aspects of payments for those new programs.
Working with Ascend further expands and strengthens the roster of network vendor partners our clients have easy access to via our digital ecosystem, Our mission is to be a go-to capacity marketplace for MGAs, reinsurers, and carriers as well as offer them a secure platform where they can launch and grow insurance programs with ease. By restructuring and modernizing insurance payments infrastructure, something that is long overdue, Ascend addresses a long-standing industry pain point and empowers our clients to increase their process efficiencies."
Stere CEO and Founder Dogan Kaleli.
This is the first of many partnerships Ascend will be investing in to deepen its relationships with other insurtechs, MGAs, AMS, and other embedded insurance carriers to complement the strategic ambitions of companies in the insurance market.
Ascend is the modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they've come to expect.
Stere is a digital ecosystem for insurance programs. With Stere, program leaders source insurance capacity and access digital tools to launch sooner and grow smarter. Stere clients are MGAs, insurtech MGAs, and embedded insurance programs, and their ecosystem partners such as carriers, fronting carriers, reinsurers, brokers, program consultants, and technology providers.
GlobeNewswire | August 28, 2020
ClarionDoor, provider of the insurance industry’s most intelligent product distribution platform, has teamed up with Vertafore, the leader in modern insurance technology, to modernize MGA distribution via a streamlined integration between Vertafore’s AIM™ platform and ClarionDoor’s (CD) MGA Hub. Together, these solutions deliver a seamless, best-in-class MGA distribution experience. AIM, Vertafore’s market-leading MGA solution, centralizes underwriting, accounting, and claims operations. Designed to manage the full policy lifecycle, AIM helps increase speed-to-market, while ensuring accuracy throughout the entire process. To expand and enhance AIM’s capabilities for more real-time interaction with carrier channels, Vertafore partnered with ClarionDoor. We are thrilled to be working with ClarionDoor to help our joint customers gain new efficiencies and unlock more growth as they can reduce manual processes and write business even faster,” said James Thom, Vertafore’s senior vice president of corporate development and strategy. “Our goal at Vertafore is to improve the flow and speed of information across the insurance distribution channel. This collaboration enables that by creating benefits for AIM users and the entire channel as we enable stronger integration between retail agencies and ClarionDoor systems to expedite rating processes.
Carrot | March 23, 2022
Insurance technology platform Carrot General Insurance Corp. (Carrot) and two established insurance companies, Hanwha General Insurance (Hanwha) and Lotte Non-life Insurance Co. (Lotte), are uniting to revolutionize South Korea's insurance claims adjustment system. The parties announced Monday that they are joining forces in "an exclusive strategic alliance" across the South Korean peninsula with the goal to "change the face of the accident handling and claims process". Carrot, holding the largest share stakes in the joint venture, will spearhead the development of the new business with its proprietary data and technology while Hanwha and Lotte support Carrot's leadership. The newly formed platform will commence operations in April 2022 under the name Hero Claims Management Inc. (Hero).
the new business] will deliver revolutionary claims management capabilities to its insured clients, lowering settlement time and costs, while making the post-accident process fast, fair and frictionless…By leveraging combined resources, shared infrastructure advantage and technology, Carrot and our partners will realize economies of scale while maximizing operational efficiency."
Carrot anticipates that having formed the joint venture will stabilize losses while eliminating obstacles that may hinder the company's rapid growth. Furthermore, Carrot's innovative approach creates a strong systemic foundation for Korean insurers of small to medium sizes, as the service will also be available to other insurance companies. The Hero business will not only increase their cost-effectiveness but will also enable them to offer fast and convenient care to their customers rapidly, regardless of where they are in the country without taking much financial burden.
The core service will include AI-driven auto-claims damage assessments, automated FNOL intake, prompt dispatch of adequate services, categorization, automated claims payout, and settlement variability. Furthermore, the new company will develop an extra layer of service tailored for electric and autonomous vehicles, which are clearly on the rise while requiring distinguished solutions. (Note: FNOL is "first notification of loss.")
The board has decided to name Eun Lee as the new CEO of Hero. Lee brings decades of extensive experience from Hanwha, including leadership roles in auto insurance, operations, and HR. Carrot recently announced its sales of more than half a million UBI policies within a two-year timeframe. Carrot's driving data analytics, accident restructuring technique, and various machine learning algorithms that enable the automation of processes will form the basis of the future business of Hero.
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
About Hanwha General Insurance
Hanwha General Insurance Co Ltd is a South Korean company mainly engaged in the non-life insurance business with USD 17.9 billion in total assets. Established in 1946, the company is the first South Korean insurance company funded solely by domestic capital. Their insurance products include fire insurance, marine insurance, automobile insurance, specialty insurance, long-term insurance, private pension insurance and others. The Company also has footprints in the reinsurance sector. In addition, the Company engages in the provision of loan services, such as insurance contract loan, apartment mortgage loan and credit loan services.
About Lotte Non-life Insurance
Lotte Non-Life Insurance Co., Ltd. is a South Korean insurance company specialized in non-life insurance business. The Company's insurance products include fire insurance, marine insurance, automobile insurance, guarantee insurance, specialty insurance, foreign casualty insurance, long-term insurance, annuity insurance and retirement income insurance, among others. In addition, the Company also provides loan services.