Shift Technology, Selected to Support Fraud Detection Initiatives for Falcon Insurance Company.

Cision PR Newswire | September 14, 2020

Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift's fraud detection solution to accurately and efficiently uncover suspicious behaviors in the claims processes. Falcon has built a successful business on an ethos of simplicity, creativity, integrity, and efficiency. As such, the company strongly believes that the right combination of technology and expertise results in a fast and fair claims experience, the time when policy holders need insurers the most. Fraud negatively impacts the customer experience through not only higher premiums but also longer time to settlement. Knowing this, Falcon initiated a search for fraud detection technology that would meet their key requirements – ability to uncover a wide range of fraud, support for evolving fraud models – including those resulting from COVID-19 – and fast deployment and rapid return on investment.

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LexisNexis Risk Solutions Launches Innovative Insurance Customer Data Management Solution

LexisNexis Risk Solutions | February 03, 2022

LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID® for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market's biggest impediments. "Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household's insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers," Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. "Insurers understand that the quantity of data they're managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment." A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer. Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers. "While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential, The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business's continued success." -Mark Breading, partner, Strategy Meets Action. Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information. About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers.

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INSURANCE TECHNOLOGY

Constellation to Acquire Michigan Professional Insurance Exchange

Constellation | March 26, 2022

Constellation, Inc. (Constellation) and Michigan Professional Insurance Exchange (MPIE) announce the signing of an agreement under which the business, assets and liabilities of MPIE would be acquired by Constellation, a growing portfolio of medical professional liability (MPL) insurance companies. The agreement is pending regulatory and subscriber approval. This transaction will deliver many benefits for MPIE subscribers, including Constellation’s high level of financial stability and expanded product and service offerings. Through this agreement, Constellation will expand in the Michigan and Ohio markets through a well-respected partner, leveraging MPIE’s service model for solutions and market expertise. The MPIE staff and service model will remain and continue to provide their excellent “hands on” approach that is familiar to MPIE subscribers. We are thrilled to be partnering with MPIE. Our companies share a similar purpose, and this expansion helps us to support our policyholders and partners and furthers our purpose to champion all those who devote their lives to health care … to the essential work of enhancing health—and life. The completion of this transaction will enhance and expand Constellation’s footprint and ability to serve our customers in the health care industry.” Ryan Crawford, Constellation’s president and CEO. MPIE subscribers will benefit by joining Constellation’s member companies including mission alignment, a culture focused on people and talent development, innovation and excellence in the delivery of customer service.” Michelle Hoppes, MPIE’s president and CEO. The boards of directors for both companies have unanimously approved the transaction and the companies are targeting mid-2022 to close the transaction. About Constellation Constellation is a growing portfolio of MPL insurance and partner companies working Together for the common good®. Formed in response to the ever-changing realities of health care, Constellation is dedicated to reducing risk and supporting physicians and care teams, thereby improving business results. Constellation and member companies MMIC, UMIA, Arkansas Mutual and MMIC Risk Retention Group hold an “A” (Excellent) financial strength rating from AM Best. About Michigan Professional Insurance Exchange Michigan Professional Insurance Exchange (MPIE) provides exceptional medical professional liability coverage, claims handling and risk reduction, and patient safety services. ERC Risk Solutions is a subsidiary of MPIE providing customized risk management services nationwide. MPIE is based in Grand Rapids, Michigan. MPIE employs over 30 people and has annualized gross written premiums of approximately $23 million.

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INSURANCE TECHNOLOGY

Innoveo Skye® Selected by 5th Largest Insurer in UAE, Emirates Insurance Company

Innoveo | February 11, 2022

Innoveo, a global technology firm and a pioneer in enterprise no-code solutions today announced that Emirates Insurance has selected Innoveo Skye® to create a digital experience for its brokers that sell their personal lines of insurance, starting initially with motor insurance before expanding into other lines. After its founding in 1982, Emirates Insurance has grown their commercial and individual insurance business, making them now the 5th largest insurance company in the UAE based on Gross Written Premiums. To keep pace with the ever-changing demands of its consumers in the fast-growing UAE economy, they turned to no-code to rapidly expand their digital presence, automate manual processes, and improve efficiencies throughout the policy lifecycle. "We selected Innoveo Skye® to deploy this new customer experience across all our distribution channels. It allows our whole network to better serve customers, providing a quicker, more intuitive sales and endorsement experience, Our investment in no code digital technologies emphasizes our commitment to providing a modern digital experience, and we'll continue to innovate across all lines of insurance as our business transforms." -Jason Light, Chief Executive Officer at Emirates Insurance "We're excited that Emirates Insurance has selected Innoveo Skye® for their digital transformation journey, Innoveo Skye® is now used by five leading Middle East enterprises across insurance and banking which is a testimony to our understanding of the nuances of that market and its customer demands. Innoveo continues to grow exponentially as enterprises around the globe turn to no-code to solve some of their biggest business and technology opportunities." -Vinod Kachroo, CEO at Innoveo About Emirates Insurance One of the pioneering insurance companies in the region, Emirates Insurance Company was established by virtue of law No 6 of 1982 issued by Sheikh Zayed Bin Sultan Al Nahayan. The company opened its doors with only a handful of staff from its only branch in Abu Dhabi. After 40 years of dedication, outstanding service, and commitment to all our stakeholders, Emirates Insurance Company, a semi government company, now operates from more than 25 offices across the country and employs more than 275 staff. Listed on the Abu Dhabi Securities Market and now rated among the best insurance companies, not only in the United Arab Emirates, but the whole GCC region, Emirates Insurance Company has come a long way since its inception in 1982. EIC is now the 5th largest insurance company in the UAE based on Gross Written Premium and carries the well-respected "A-" Rating from international credit rating agency, Standard and Poors. About Innoveo Innoveo is a cloud-based SaaS company and a pioneer in no-code technology. With our functionally rich no-code platform, Innoveo Skye® and our robust set of solution accelerators, we enable anybody across the enterprise to build their own applications in weeks - not months. Our mission is to empower enterprises in complex and regulated industries to re-imagine application development. Innoveo has a proven track record of enabling enterprises to unlock innovation, simplify technology landscapes, harness digital ecosystems, accelerate speed to market and deliver winning digital experiences at a fraction of a cost and without writing a single line of code. Innoveo has delivered over 500 applications and processed 1+ billion dollars' worth of transactions globally.

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