INSURANCE TECHNOLOGY

SynchronoSure Adopts CodeEast Digital Insurance Platform

Synchrono Group, CodeEast Digital | December 16, 2020

Synchrono Group Inc. an Insurtech Managing Underwriter having some expertise in 'Property/Casualty and Workers Compensation for the Gig Economy' and 'Small Commercial Insurance Risks' has collaborated with CodeEast and will utilize their Digital Platform for the organization of Commercial Property/Casualty insurance items across the USA.

Steve Hartman, Chairman and CEO of Synchrono Group, says "As an Insuretech Managing Underwriter which leverages data and technology to deliver custom insurance products, we need systems that are fast, flexible, and capable of integrating seamlessly around micro-services.  Getting the right tech partner and software platform in place for our products is a key element of this plan.  We chose CodeEast's ONEview Digital Insurance Platform because it provides us with the flexibility, the self-service facilities for Policyholders, Agents and Brokers, the delivery speed and the automation capability we require to deliver our strategy.  For our first product in this environment, we went live with ONEview in less than three months and in the middle of a Pandemic!  The system has the state-of-the-art capabilities required to seamlessly integrate through REST API's with our proprietary technology stack, including our user interface, our underwriting algorithms and our API data engine and predictive tools.  These integrations allow us to offer a market-leading response time that  effectively positions us with the capability to underwrite, quote, bind and issue policies in a matter of minutes rather than the hours and days common to most of our competitors."

"Time is money for us, and our Agents,  Brokers and small business customers.  The ability to get the insurance underwritten and issued in a matter of minutes frees up, for all of our stakeholder's, additional time to focus on revenue creation for their businesses.  The Digital Capabilities embedded in the ONEview platform enable this transformation and, increasingly, these Digital Capabilities are becoming the new normal. The ONEview system Digital Capability enables both a fast customer experience and full scalable digital integration for both admitted and non-admitted insurance," stated Steve Hartman. 

Aidan Brogan, CCO of CodeEast, said  "We are excited to sign a five-year partnership with SynchronoSure®. The selection of our ONEview system is a strong validation of the flexibility and agility of our cloud-native platform, and with its inherent capabilities for Producer Management,  Environment Control, Data Use, and the ability to support regulatory regimes in all states for commercial insurance, we think ONEview creates sustainable advantages for our customers. The digital transformation of the insurance industry is starting to gain momentum and will accelerate at pace. I look forward to growing our business in the USA".

About SynchronoSure®
Synchrono Group Inc doing business as SynchronoSure® is headquartered in Raleigh, North Carolina. As an Insurtech Managing Underwriter, SynchronoSure® built to leverage artificial intelligence and a state-of-the-art technology base, SynchronoSure® specializes in underwriting property/casualty, and workers compensation products for the gig economy and small businesses in the U.S. 

About CodeEast
CodeEast, a software company headquartered in Dublin, Ireland, provides a Digital Insurance Platform for the SMART Automation of Insurance companies. The CodeEast ONEview platform is a state-of-the-art, AI-enabled, cloud-native solution for the automated sales, distribution and administration of insurance products.

Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements.

Spotlight

Insurance is a service that is currently very non¬transparent. Most notably, the reasoning behind the calculation of premiums is not disclosed and, therefore, cannot be considered intrinsically fair by customers. For auto insurance in the USA, a typical loss ratio is about 60 percent and adjustment expenses make up another 10 percent of premiums. Only half of the premiums are paid back as reimbursements.

Related News

INSURANCE TECHNOLOGY

OpenSpace Collaborates with Shepherd to Provide Qualified Construction Customers with Lower Insurance Premiums

OpenSpace | June 23, 2022

OpenSpace, the global leader in 360° Jobsite capture and AI-powered analytics, announced a new collaboration with Shepherd, a commercial insurance provider for the construction industry, today. Based on their usage, OpenSpace customers will have access to the Casualty Pro excess liability insurance offering, which provides qualified contractors with underwriting credits and improved coverage on their Shepherd insurance policies. In addition, the simple-to-use Capture product from OpenSpace thoroughly documents the site, assisting in resolving disputes and speeding up claims processes. As a result, customers who use OpenSpace typically have a lower risk profile due to their ability to detect potential safety issues and costly errors before they occur. We view the application of jobsite capture as one of the most exciting frontiers in construction risk management, and OpenSpace is the clear category leader, Our partnership allows customers to benefit from their OpenSpace usage by introducing data from the platform as a new category in our underwriting approach. Our fundamental belief is that contractors who leverage technology to be safer deserve to be rewarded by their insurance providers." Shepherd's CEO and co-founder Justin Levine. Builders use OpenSpace Capture to attach a consumer 360° camera to their hardhat and walk around the site as they usually would. Once the video from the walk is uploaded to the cloud, OpenSpace's computer vision technology stitches the images together and pins them to the floor plan, resulting in a reliable visual record of site status. The site's image map, powered by the company's Vision Engine, is typically ready to view about 15 minutes after upload. Better site documentation fosters stronger stakeholder collaboration, reduces the need for project managers to travel to the site, provides a historical record of progress, and can lower insurance premiums.

Read More

INSURANCE TECHNOLOGY

EY and FINEOS Partnered to Promote Smart Digital Transformation for Insurers

EY | May 26, 2022

FINEOS and Ernst & Young Business Consultants have announced an alliance (EY Ireland). The Alliance will support intelligent digital transformation for insurers. Furthermore, it will positively impact the entire employee benefits value chain, from insurers to employers to employees, while also achieving tangible operational efficiencies. The Alliance has also been expanded to include the United States, with further global expansion planned. FINEOS is a global market leader in core life, accident, and health insurance systems. EY teams have worked with FINEOS on software implementations with different life, accident, and health insurance carriers. The goal of assisting these companies is to realize their transformation journeys through multiple technologies and services ranging from consulting to on-site execution and integration. Many insurance companies currently use manual processes, which create a slew of inefficiencies. As a result, carriers are increasingly required to influence digital and analytical solutions while redesigning customer operations and service models. The Alliance provides clients with the technology they need to achieve their transformation objectives. It will also assist EY teams in developing services around the already successful teams deploying the FINEOS Platform. FINEOS has also developed a leading cloud-based end-to-end software-as-a-service (SaaS) core product suite covering the insurance lifecycle, including rating and underwriting, quotes, claims, absence, billing, and policy administration. Through FINEOS Insight, FINEOS Engage, and EY Nexus, FINEOS and EY teams can bring artificial intelligence (AI) and machine learning capabilities and data analytics software. The industry knowledge and global reach of the EY organization and FINEOS will assist clients worldwide in accelerating smart digital transformation. Finally, this Alliance will aid in the acceleration of innovation and digitization in the employee benefits market. The collaboration between EY and FINEOS will assist clients in maximizing the value of their digital transformation efforts. Insurance carriers are likely to increase their success rate and total value as they build future-ready organizations by combining the FINEOS Platform with the consulting capabilities of EY teams." Matthias Loh, the EY Global FINEOS Alliance Sponsor. As the global life, accident, and health insurance market continues to evolve at a rapid pace, this new alliance with the EY organization brings additional business and technology experience, as well as systems integration capabilities, to assist clients in achieving their goals. As FINEOS continues to invest proactively in new products and growth plans, we want to ensure that our clients access the market support and system integration knowledge required for their transformation plans. With FINEOS New Business & Underwriting, FINEOS Claims, and FINEOS Absence implementations underway, this announcement reinforces our commitment to forging strategic alliances to better support our clients' digital transformation efforts." FINEOS CEO and Founder Michael Kelly.

Read More

INSURANCE TECHNOLOGY

Vertafore Acquires MGA Systems, Expanding and Improving MGA Solutions

Vertafore | June 30, 2022

The latest acquisition by the InsurTech industry leader, Vertafore, brings top-tier industry talent and two market-leading MGA solutions into the fold. Vertafore, the industry standard in cutting-edge insurance technology, announced that it had acquired MGA Systems, the industry's preeminent developer of MGA-specific software. MGAs need solutions that can keep up with their fast-paced business needs as they seek to diversify into new niche markets and keep their current client. Vertafore's suite will be expanded to include policy administration and rating solutions thanks to MGA Systems' acquisition. This enhances Vertafore's existing MGA offering and gives these critical players in the independent insurance channel a leg up in entering the new markets and rapidly deploying products for their customers. MGA Systems offers two industry-leading solutions. IMS is a management system with policy administration and back-office functionality, and NetRate is an ISO-based rating platform. These solutions have helped MGA Systems customers accelerate product time to market by integrating industry and technology knowledge. Vertafore is committed to expanding MGA Systems' customization and open architecture, which are key to customer success. As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions, MGA Systems has been at the forefront of the industry's work in this area, I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring." Vertafore's CEO Amy Zupon. Together, MGA Systems and Vertafore's already-extensive MGA management system (AIM™) form the industry's most robust and feature-rich software suite. After acquiring AgencyZoom™, Vertafore has taken the next step toward its goal of simplifying and automating its products and services across the entire insurance distribution channel by acquiring MGA Systems.

Read More