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.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.
TONI Digital | December 23, 2020
TONI Digital, a leading European insurtech provider, has picked Socotra, the main cloud-native insurance center platform, to control the new TONI insurance-as-a-service innovation platform for the white-label insurance market.
TONI Digital has built up an insurance-as-a-service arrangement enabling large corporations to rapidly enter the insurance market, generate income, and leverage existing brand and client bases. Based on Socotra's agile center platform, TONI Digital's new proprietary insurtech service will have the option to automate all aspects of the insurance life-cycle. It will offer profoundly serious insurance charges and integrate with established danger carriers. Back up plans will have the option to furnish clients with easy to understand, completely digital encounters and transparent, affordable insurance products. The service is launching with personal auto insurance and will keep on expanding into different lines of business.
TONI Digital has heavily invested in its new proprietary insurtech platform, which it began creating on Socotra's cloud-native insurance center platform only 10 months ago. By utilizing Socotra's modern product architecture and open APIs, TONI Digital's new insurtech platform has the agility expected to add new insurance products and appropriation partners at a remarkable speed. Subsequently, TONI Digital was able to rapidly configuration, create, and launch a complete, cloud-based service providing corporations with exceptionally customizable insurance products.
“Socotra handed us the essential underlying insurance functionality as a readily developed product on a silver platter,” said Alexander Sanders, TONI Digital CTO. “Integrating the Socotra insurance core using their well-documented APIs was easy. Additionally, we can configure everything ourselves—no phone calls or time-consuming and costly customizations needed. At the same time, Socotra fits perfectly into our vision of TONI developing highly-valuable intellectual property on our own TONI Digital insurance tech platform. As an example, we built our highly-flexible, self-hosted, proprietary pricing engine on top of Socotra’s cloud-native core. We also took a similar approach to developing integrations with 3rd party providers, and creating our customer-facing frontend and features. This hybrid-approach of Socotra’s cloud-native core and our proprietary technologies and integrations is a glimpse of the future of insurance technology.”
“It’s exciting to see what a talented team can build on Socotra’s platform,” said Dan Woods, Socotra CEO. “The TONI Digital team is taking full advantage of Socotra’s extensibility to empower banks, retailers, and other businesses to provide their customers with custom digital insurance products. We’re thrilled to partner with them as they build out the personal auto insurance service and explore additional lines of business.”
About TONI Digital
TONI Digital offers Europe’s leading insurance-as-a-service offering and enables companies and corporations to quickly enter the insurance market without requiring any insurance know-how, insurance licence or insurance IT system. TONI’s proprietary insurance tech platform offers a fully digital and state-of-the-art customer experience in all aspects of the insurance life cycle while achieving unprecedented cost ratios due to its high degree of process automation. To learn more, visit www.tonidigital.ch.
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.
MarshBerry | January 19, 2022
MarshBerry, a leading investment banking and consulting firm serving the Insurance Distribution and Wealth Management industries, is pleased to announce its partnership with Atlas Merchant Capital ("Atlas").
The new partnership will help MarshBerry accomplish its growth goals by improving and expanding services to create even better outcomes for clients. This partnership provides access to additional resources to help execute on strategic growth initiatives including expanded client solutions and acquisitions domestically and in Europe.
"This is a really important event for our company. Partnering with Atlas advances our ongoing efforts to aggressively and intentionally grow and improve in all facets of our business, which will translate directly into benefits for our growing client base, Our leadership team remains committed, invested and excited about how this will help us continue to grow by enhancing the solutions provided to our client base."
-John Wepler, MarshBerry CEO and Chairman.
"We have been impressed with the accomplishments, growth and vision of MarshBerry and believe our investment will serve as a springboard to achieve the near-term and long-term strategic goals,"
- Colin Savage, Atlas Managing Director, Head of North America Investments.
Houlihan Lokey served as financial advisor to MarshBerry in connection with the transaction.
About MarshBerry – Helping Clients Learn, Improve & Realize Value
Founded in 1981, MarshBerry serves the insurance distribution and wealth management industries, including insurance agents & brokers, specialty distributors, private equity firms and wealth management firms. MarshBerry's industry-specific services help clients build, enhance and sustain value through: Merger & Acquisition Advisory*, Debt & Equity Capital Raising, Financial Consulting, Market Intelligence & Benchmarking, Organic Growth Consulting, Connect Executive Peer Exchange and Connect Platform Aggregation. Learn more at www.MarshBerry.com.
About Atlas Merchant Capital LLC
Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape.