Traveller Assist lands US defense base insurance-assistance contract

Traveller | February 28, 2020

Traveller Assist, a provider of medical and security assistance in complex environments, has been appointed claims and assistance provider for a new Defense Base Act (DBA) provided by Chubb. All US government contractors and subcontractors working abroad on military bases are required to carry DBA workers’ compensation insurance to cover illness or injury among their employees. Traveller Assist has provided DBA assistance in the Middle East for the past two years on behalf of two major US insurers. The company has extensive experience in Iraq, Kuwait, Afghanistan, Bahrain and Oman.

Spotlight

The U.S. health care system is undergoing significant transformation as a result of Federal, State, and private payer policies designed to improve access to medical care as well as the value and outcomes of health care while attempting to slow cost growth. Some payment innovations, such as accountable care and other risk-based models, drive organizational and delivery changes that have shown evidence of improved quality, reduced care fragmentation, and lowered costs for certain populations.1,2 Yet overall, the entire system has not realized substantial cost savings nor has quality improved for everyone. There continue to be gaps between people who live in areas where progress is being made and those who do not, perhaps reflecting symptoms such as rising health insurance premiums, unstable insurance markets with limited plan choice, large variation in uninsured rates and access to care, and continued health professional shortages. It is clear that more changes are required if real progress is to be made toward lowering total health care system costs, improving access and health care experiences for all individuals, and achieving better population health.

Spotlight

The U.S. health care system is undergoing significant transformation as a result of Federal, State, and private payer policies designed to improve access to medical care as well as the value and outcomes of health care while attempting to slow cost growth. Some payment innovations, such as accountable care and other risk-based models, drive organizational and delivery changes that have shown evidence of improved quality, reduced care fragmentation, and lowered costs for certain populations.1,2 Yet overall, the entire system has not realized substantial cost savings nor has quality improved for everyone. There continue to be gaps between people who live in areas where progress is being made and those who do not, perhaps reflecting symptoms such as rising health insurance premiums, unstable insurance markets with limited plan choice, large variation in uninsured rates and access to care, and continued health professional shortages. It is clear that more changes are required if real progress is to be made toward lowering total health care system costs, improving access and health care experiences for all individuals, and achieving better population health.

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INSURANCE TECHNOLOGY

Noyo and Guardian Life Expand Partnership to Broaden Their Network of Connected Platforms

Guardian | September 02, 2021

Noyo, the leading API platform powering the age of connected insurance, today announced an expansion of its partnership with The Guardian Life Insurance Company of America® (Guardian Life). With the integration of Noyo’s API solution for fast, accurate data exchange, Guardian will scale its ability to seamlessly connect with key benefits administration platforms across the industry. More employers than ever are looking to move away from manual paper processes and migrate toward digitizing their core benefits processes. According to Guardian’s Workplace Benefits Study “Digital Overdrive”, the desire for digital innovation is clear: one out of three employers would recommend switching to a carrier that offers real-time connectivity that can take employee experiences to the next level. Noyo meets that need with an end-to-end infrastructure solution that includes flexible, powerful APIs for immediate, secure data exchange, complete with round-trip confirmation protocols and unparalleled auditing capabilities that identify and prevent errors before they occur. Through their partnership with Noyo, Guardian will increase the scale of benefits administration platforms with which it offers integrations, ultimately allowing customers to reduce errors, simplify complex processes, and save time. “Guardian Life is committed to delivering improved insurance experiences and solving critical pain points within the benefits administration process for brokers, employers and employees,” said Erin Casey, Second Vice President, Digital Partner Solutions at Guardian Life. “We’re delighted to grow our relationship with Noyo, which will allow us to connect with more benefits administration platforms in order to drive meaningful improvement to the overall digital experience for Guardian Life's customers.” Through connections to benefits administration platforms across the industry, Guardian Life offers plan setup, eligibility updates, EOI application, and access to provider directories – all in real time. “Guardian’s continued investment in innovative, technology-driven solutions reflects their commitment to providing modern benefits experiences for everyone,” said Shannon Goggin, CEO and co-founder of Noyo. “We are proud to partner with Guardian in delivering modern, intelligent benefits experiences at any scale.” About Noyo Noyo is the leading API platform powering the age of connected insurance. Founded by leaders in insurtech and API technology, Noyo is the connections gateway that enables modern, intelligent benefits experiences. Noyo’s complete, integrated infrastructure solution connects health insurance carriers, benefits platforms, and a growing ecosystem of innovators through a new industry standard for fast, accurate, and secure real-time data exchange. To learn more about Noyo's industry-leading platform that helps partners stay nimble and lead the next generation of insurance innovation. About Guardian Every day, Guardian provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we're a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2019 included $9.3 billion in capital and $1.7 billion in operating income.

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INSURANCE TECHNOLOGY

Luko Selects Shift Technology to Fight Against Fraud

Luko, Shift Technology | November 25, 2020

Shift Technology, a supplier of AI-native fraud detection and claims automation solutions for the global insurance industry today reported its fraud detection technology has been chosen by computerized native neo-insurance company Luko. Since its launch in May 2018, Luko has been forging another way in the realm of property holders insurance. This spearheading new insurance company utilizes patented technology which predicts which claims might be recorded (water harm, fire, and so forth) and persuades policyholders to receive best practices regarding counteraction. In situations where claims can't be evaded, Luko depends on technology to abbreviate the claims cycle and furnish its clients with a model client experience. Guaranteeing that claims are real is a basic segment of guaranteeing a quick, effective, and precise claims measure. Nonetheless, Luko's market achievement and fast development uncovered that the current systems used to recognize potential fraudulent claims basically couldn't keep up. Subsequently, Luko went to Shift Technology and its honor winning AI-based insurance fraud detection arrangement. "The insurance sector is the target of numerous attempts at fraud, whether opportunistic or resulting from organized crime networks," explained Raphaël Vullierme, co-founder of Luko. "It was therefore essential that we continue to reinforce our processes and technologies in terms of fraud detection, so as to quickly identify potentially illegitimate claims." Notwithstanding the fraud detection technology offered by Shift, Luko is upheld by the profound insurance industry experience and experience of its information science groups. This solid mix of individuals and technology help to guarantee Luko is continually remaining side by side of the most recent fraud patterns and plans. "We have always considered the fight against fraud to be a critical topic for insurers," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "Not only does effective fraud fighting reduce undeserved indemnity pay-outs and dismantle fraud networks, but also supports the digital transformation of the customer journey." About Shift Technology Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award. About Luko Luko is reinventing home insurance, placing social responsibility and technology at the heart of its priorities. The company is now the first neo-insurance firm in France, with more than 100,000 policyholders, and the Insurtech with the strongest growth in Europe. More than a simple insurance contract, Luko's ambition is for insurance to change from a model activated as a reaction to a model based on prevention, using internally-developed technology. The co-founders Raphaël Vullierme, a serial entrepreneur, and Benoit Bourdel, have pooled their expertise to create a company with a specific, positive impact, recognized by Bcorp certification in July 2019.

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RISK MANAGEMENT

Azentio Software wins the InsureTek Core Transformation Leader of the Year Award 2022

Azentio Software | February 17, 2022

Azentio Software ("Azentio"), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that it has won the InsureTek Core Transformation Leader of the Year Award 2022. The award was presented during the InsureTek Middle East 2022 International Conference and Golden Shield Excellence Awards ceremony, at the Address Dubai Marina, UAE, on February 9 &10. InsureTek's Awards recognise leading companies from within the sector that are helping the insurance industry evolve. The InsureTek Core Transformation Leader of the Year category is created to recognise technology innovations, digital solutions, rich product functionality, customer value, lines of business supported, implementation methodology, pricing, and support services. Across all these facets, Azentio Software has been especially deserving. "We are very pleased to see Azentio Software win the InsureTek Core Transformation Leader of the Year award. This incredible industry validation reaffirms the trust our clients have in our software and is therefore a powerful driver to keep on investing in our Insurance platform. Further, this recognition reflects our client-centric approach and commitment to bring the best of emerging technologies which enable our clients to be future-ready," - Vipul Sud, Head – Insurance at Azentio Software. Azentio's Insurance Suite is a fully developed, highly configurable, and multi-line administration suite, with configurable ratings and business rules engines that can help meet the industry's most stringent requirements. It enhances the speed for standard transactions by fast-tracking them with automation and straight-through processing. More than 250 leading insurers across the globe have adopted Azentio Insurance Suite to transform their businesses using innovative technology for improved operating models, better premium growth, customer retention and profits. About Azentio Software Azentio Software provides mission critical, vertical-specific software products for clients in banking, financial services and insurance verticals including key products such as Kastle™ (universal banking platform), iMAL™ (Islamic core banking platform), Amlock™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund Plus™ (asset and wealth management platform). Azentio has over 800 clients in more than 60 countries with a team of over 2,400 employees across offices in 9 countries globally.

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