Accenture | August 26, 2021
For the eighth consecutive time, Accenture has been named a Leader in the Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America, for the Accenture Life Insurance and Annuity Platform.
“We’re excited and believe that we were again recognized by Gartner for our advanced capabilities and deep industry expertise that are helping life and annuity carriers across North America accelerate their digital transformations and provide seamless experiences for customers and employees,” said Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business. “In our opinion, our positioning reflects how Accenture’s cloud-first approach is helping carriers combine technology and human ingenuity to bring new products to life and accelerate growth and innovation.”
The report’s authors note, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. They go on to explain that “As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market.”
ALIP is a robust and configurable cloud-native digital insurance platform that offers life insurance carriers and annuity providers advanced capabilities for product development, new-business development, underwriting, policy administration, claims and pay-out, underpinned by data analytics. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
*Gartner, Inc., “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, August 10, 2021.
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Balance RE | September 01, 2021
Balance Re, the life reinsurance start-up specialised in quantitative asset-liability management, today announced it has raised $10m in Series A funding from leading financial services investor Anthemis Group, with participation from Global Brain and the company's existing investors, Roland Berger Industries GmbH and Talabot Finance.
Balance Re offers comprehensive reinsurance solutions to life insurance companies and pension funds to support capital management related to their retirement and saving products. The Series A investment will be used to further develop Balance Re's proprietary asset-liability management technology and to support its fully licensed German reinsurance company based in Cologne.
In Balance Re's launch market, Germany, Solvency II's transitional measures represent on average ca. 150 percentage points of life insurers' solvency capital ratios. Balance Re's technology-first and data-driven approach to reinsurance instead enables its clients to release capital to fund growth, support product repositioning and improve (or regain) a competitive advantage. Thanks to real-time risk management capabilities, Balance Re is the first reinsurer able to offer to its clients easy-to-implement and cost-efficient reinsurance solutions which transfer the challenging interactions of financial and insurance risks.
Balance Re's new shareholders, Anthemis and Global Brain, bring in-depth knowledge of the insurance sector and expertise in technologies dedicated to the financial industry, ideally complementing the experience of Balance Re's initial investors rooted in investment management and corporate strategy.
Lucian Rautu and Michel Gauer, the founders of Balance Re, commented: "We are delighted to welcome Anthemis and Global Brain in the capital of Balance Re and at the Board. Their deep industry knowledge and capacity to take an "outside-of-the-box" approach to venture investments in the insurance space make them the perfect partners to disrupt the life reinsurance market".
Matthew Jones, Managing Director at Anthemis, said "Balance Re's team and their technology reflect the complex interactions between actuarial, financial, accounting and regulatory matters. Balance Re's coverage is designed to help clients reach their strategic goals whilst also keeping the interests of their policyholders in mind – we're excited to see them drive much-needed change in the life reinsurance sector."
Naoki Kamimaeda, Partner at Global Brain, said "We believe that the technology developed by the Balance Re team has far reaching applications beyond life reinsurance and Europe. We are enthusiastic to join them at this important stage of the journey and look forward to helping them realise their vision to improve the management of long-term insurance and pension liabilities globally."
About Balance Re
Balance Re tackles one of the most fascinating problems of life insurance: managing the complex interactions between insurance and financial risks. These problems exist in a multifaceted environment spanning actuarial, financial, accounting, and regulatory matters. To operate at the crossroad of so many fields, Balance Re takes down the cultural silos between insurance, investment, and technology to blend the expertise required to solve its clients' needs for truly comprehensive risk transfer.
Anthemis cultivates change in financial services by investing in, growing, and sustaining businesses committed to improving the world. We are founded on three guiding principles — authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity and our deep understanding of markets and models, passion for emerging technology and values inspire everything we do. By creating fertile ground for a diverse group of start-ups, investors, entrepreneurs, institutions, academics, and visionaries to converge, we believe we can solve the financial services world's most pressing challenges faster, better and for the benefit of all.
About Global Brain
Global Brain is an early-stage venture capital firm based in Tokyo. It supports start-ups that tackle pressing problems, create innovation, and contribute to the stimulation of the Japanese economy and beyond. Its high-achieving, experienced professionals identify excellent start-ups through multiple global locations in Europe, US and APAC, and provide hands-on growth support. Global Brain's total asset under management is over US$1 billion, making it the largest domestic independent venture capital firm.
LoadStar and K2 Insurance | October 05, 2021
Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing.
LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products.
DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform.
- Rebecka Kilkenny, CIO of K2.
Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage.
At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that.
- Mark Smith, K2 President.
Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come.
-Karen Yamamoto, CEO of DRC.
About LoadStar and K2 Insurance
LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace.
DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.