Next Insurance, Juniper Labs | December 11, 2020
Next Insurance, the main digital insurtech company changing small business insurance, today reported that it has finished the acquisition of Juniper Labs, an imaginative supplier of elective open information and endorsing innovation zeroed in on small businesses. Together, Next Insurance and Juniper Labs will keep on creating improved AI abilities and apparatuses to reinforce the omni-channel client experience. This is Next Insurance's first securing and follows the end of its $250 million Series D financing round at a $2 billion valuation.
Juniper Labs gives better danger straightforwardness by utilizing open information and AI to construct devices for smoothed out information assortment and automated endorsing. Utilizing common language preparing, Juniper Labs mixes divided information sources and unstructured substance to give more organized bits of knowledge that reinforce the certainty and prescient intensity of their models, at last taking into consideration more exact danger evaluation and a less difficult client experience.
Juniper Labs co-founder and CEO Lance Poole, and his team, will join Next Insurance's AI and information examination gathering and will help dispatch the Next Insurance Data Labs. The reason for the lab is to consolidate human-driven plan, actuarial science, and best in class AI to give adaptable, industry-driving arrangements that drive development and danger based valuing. Also, the Juniper Labs group will help reinforce and scale Next Insurance's workers' compensation offering (among different lines of business), which has seen almost a 14x expansion in year-over-year development since November 2019.
"Next Insurance and Juniper Labs believe that data is a key differentiator in the effort to provide a better online experience at a more affordable price," said Lance Poole, co-founder and CEO of Juniper Labs. "We're excited to join this like-minded company and contribute to its continued success."
As the world keeps on moving on the web, purchasers have generally expected fast, effective and customized insurance policies, and Next Insurance's initial obligation to conveying incredible insurance products and client commitment has cemented the company as a pioneer in the insurtech space. With Next Insurance, insureds approach USA-based authorized insurance counselors, apparatuses and administrations like every minute of every day admittance to testaments of insurance from a cell phone or PC, and in-house claims filings where a choice is ordinarily made inside 48 hours. Become familiar with Next Insurance's General Liability, Professional Liability, Commercial Auto and Workers' Compensation product offerings and get a moment quote online today.
About Next Insurance
Next Insurance is transforming small business insurance with simple, digital and affordable coverage tailored to the self-employed. Next Insurance offers policies that are easy to buy in 10 minutes or less and provides 24/7 access to Live Certificates of Insurance, Additional Insured, and more, with no extra fees. Revolutionizing a historically complicated insurance industry, Next Insurance utilizes AI and machine learning to simplify the purchasing process and drive down costs by up to 30% compared to traditional policies. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $631 million in venture capital funding and has been recognized by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers.
About Juniper Labs
Juniper Labs leverages open data and machine learning to help insurtechs, carriers and brokers to more effectively sell and underwrite small business insurance. Founded in 2019 by Lance Poole and John Stevenson, the company's suite of APIs provide structured insights and predictive models that allow more precise risk assessment and a simpler customer experience.
Majesco | April 06, 2021
Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today reported the overall accessibility of new key capabilities to Majesco's Distribution Management platform.
“Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers,” said Manish Shah, President and Chief Product Officer at Majesco. “We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary. In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.”
This most recent delivery features Majesco's continued strategic investment in distribution management by expanding innovative, new digital, distribution and data capabilities to speed distribution on-boarding and optimize the distribution operation to drive profitable growth. A portion of the key new capabilities include:
Distributor Performance – Enables carriers to configure rules that automate identification of under performers and flag for termination. The approval workflow includes low performance warning notifications sent to producers prior to review of a potential termination decision. After review, the termination can be cancelled if performance is met or accepted.
Communication Personalization –Enhanced capabilities through configuration of communication and notification preferences for distributors or their parent organization. This capability will enable carrier’s flexibility to better service distribution channels that can influence growth in business from those channels.
Rapid Mass Onboarding –New mass onboarding that speeds and streamlines the onboarding process and enables hundreds or thousands of producers to be onboarded simultaneously through a simple file load rather than a manual process, accelerating business growth.
“Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels,” said Karlyn Carnahan, head of Celent’s North American Property Casualty practice. “If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation. Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.”
The present insurers should unite a scope of distribution, data and digital capabilities as a foundation of a next-generation distribution operation to successfully expand their reach, brand and customer engagement in a multi-channel world. Majesco Distribution Management offers a next generation solution to deal with the intricacies of a changing distribution landscape utilizing innovation that keeps the insurance suppliers on the main edge by diminishing an opportunity to execute a new distribution plan or consolidate the current channel landscape onto a common platform. From dealing with multiple channels, to handling intricate and high-volume changes, and personalizing payment schedules for channels, to obliging integration with existing center insurance systems, Majesco Distribution Management empowers agility, innovation and speed.
Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.
Groundspeed | June 25, 2021
Groundspeed, a leading provider of SaaS-based smart submission and analytics solutions to the property and casualty insurance sector, and Unqork, the leading enterprise no-code platform, have announced a strategic collaboration and integrated offering to commercial insurance firms. Combining two solutions enables carriers to enhance risk selection, reduce time-to-quote, and better serve their customers, all while significantly improving and accelerating their return on investment.
Groundspeed is changing the way carriers, brokers, and others use data to improve underwriting outcomes, save costs, and offer better service. Today, one of the essential parts of the underwriting process is assessing submission papers, and existing techniques do not use the value contained in these documents. Groundspeed enables carriers to get deeper insights from data that was previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline transforms commercial insurance documents, including emails, applications, loss runs, and exposure schedules, into enhanced structured data that can be utilized for underwriting, pre-fill, and analytics.
Unqork's no-code visual platform enables companies to create mission-critical apps that can manage the complexity, scalability, and security demands of contemporary businesses – all without writing a single line of code. Compared to coding techniques, insurers can bring solutions to market at least three times quicker and at a third of the cost by using Unqork's pure no-code platform. Unqork's no-code method also results in 600x fewer defects than code-based solutions, allowing for higher-quality apps with considerably less future maintenance.
Groundspeed was recognized to FinTech Global's InsurTech 100 for the second year in a row, a select group of industry pioneers in digital transformation. The InsurTech 100 recognizes "innovative use of technology to address a major industry issue, or to create cost savings or efficiency gains across the insurance value chain."
About Groundspeed Analytics
Groundspeed Analytics is a major supplier of commercial P&C sector SaaS-delivered submission and placement solutions. Insurance carriers and brokers may automate the ingestion and enrichment of information in unstructured submission documents by using Groundspeed's API, the company's enterprise data pipeline solution. API access is provided for Groundspeed's complete solutions.
Unqork is the industry's first no-code enterprise application platform, allowing big organizations to develop, deploy, and manage sophisticated applications without writing a single line of code. Organizations such as Goldman Sachs, Liberty Mutual, New York, Chicago, and Washington, DC, and Maimonides Medical Center use Unqork's drag-and-drop interface to develop enterprise applications quicker, with better quality, and at a cheaper cost than traditional methods.