Why Uber Depends Heavily on Insurance

Insurance Journal | April 15, 2019

Uber Technologies Inc., on its way to an initial public offering that some media reports say could raise $10 billion, might not be in the position it is in without insurance. “Our business depends heavily on insurance coverage for drivers and on other types of insurance for additional risks related to our business,” the ridesharing pioneer notes in its recent filing. Uber faces many potential liabilities, some that come with the field of transportation and others that come with forging a new industry. There are traffic accidents and injuries, assaults on passengers, even e-scooters left on sidewalks. Like every business, Uber faces cyber risks. It also faces challenges to how it classifies and treats its independent contractor drivers. Then there the risks to its brand and reputation from all of the negative publicity stemming from what it calls its “workplace culture and forward-leaning approach” to operations, compliance and personnel under previous management.

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Exdion provides domain-led consulting to Brokers, Management Agencies (MGA) and Insurers. We help Insurers and Brokers realize significant cost savings through technology solutions including Robotic Process Automation (RPA), e-BOTs, Artificial Intelligence (AI), Machine Learning (ML) and Analytics, tailored to improve efficiency and drive business growth.

Spotlight

Exdion provides domain-led consulting to Brokers, Management Agencies (MGA) and Insurers. We help Insurers and Brokers realize significant cost savings through technology solutions including Robotic Process Automation (RPA), e-BOTs, Artificial Intelligence (AI), Machine Learning (ML) and Analytics, tailored to improve efficiency and drive business growth.

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Majesco and Infosys Collaborate to Improve Digital Experience for Insurers

Majesco, Infosys | May 19, 2021

For insurance business transformation, Infosys, a world leader in next-generation digital services and consulting, and Majesco, a global leader in cloud insurance platform solutions, announced a strategic partnership today. Infosys and Majesco will collaborate to help joint customers drive their digital transformation journeys, allowing them to capitalize on emerging opportunities, meet the need for personalized customer experiences, operating efficiency, and digital adoption through the insurance business value chain. The insurance industry will benefit from Infosys' insurance domain and digital technologies, which will be integrated with Majesco's cloud-based next-generation suite of solutions, which includes the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st® Insurance on Majesco CloudInsurer®. Customers in the Life & Annuity (L&A), Group, and Property & Casualty (P&C) segments would benefit from the combined synergy, which would help insurers achieve efficiency and innovation at scale. About Majesco Majesco provides insurers with the technology, expertise, and leadership they need to modernize, innovate, and connect to develop the future of their business – and the future of insurance – at scale. The platforms bring insurance to individuals and companies in new, hyper-relevant, compelling, and personal ways. Majesco is changing the businesses of over 190 insurance companies worldwide in P&C, L&A, and Group Benefits by modernizing, optimizing, or creating new business models.CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform; Distribution. About Infosys Infosys is a global leader in digital services and consulting for the next generation. Clients in 46 countries depend upon it to help them manage their digital transition. It expertly guides its clients on their digital journey with nearly four decades of experience managing the systems and workings of multinational organizations. It has accomplished this by providing the enterprise with an AI-powered core that helps in the prioritizing of change execution. It also empowers the business with agile digital at scale, enabling it to achieve virtually unknown levels of success and customer delight. The never-ending learning agenda propels it forward by developing and transferring digital skills, expertise, and ideas from its innovation ecosystem.

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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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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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