Sapiens | June 16, 2022
Sapiens International Corporation (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, has announced that Sapiens' claims solutions for P&C and for Workers' Compensation have been recognized by Celent as a Functionality Standouts in the Celent 2022 Claims System Vendors report for North American Property & Casualty Insurance.
The Celent report profiled 23 claims administration systems available in North America for property-casualty insurance carriers, including an overview of their functionality, customer base, technology, implementation, pricing and support.
Celent credited Sapiens ClaimsPro for Property & Casualty as 'a full function core claims system that many midsize and small insurers may wish to consider, especially in light of Sapiens' growing add-on analytic and digital offerings,' according to the recent report. Key benefits highlighted include faster claims cycle times, lower expenses and settlement costs, intuitive and easy-to-use interface, 360-degree customer experience and vendor management.
Customers rated the solution favorably, particularly the medical case management/disability management features and configurability. Clients felt the solution integrated most easily with their other internal applications, such as reporting, documents or financial systems. Regarding their implementation experience, responsiveness and issue resolution received the highest marks.
Sapiens ClaimsPro for Workers' Compensation, a component of CoreSuite for Workers' Compensation, received outstanding recognition by Celent as 'a full-function core claims system tuned over the years for Workers' Compensation claims that both monoline workers' compensation insurers and other insurers with a substantial workers' compensation book of business may wish to consider.' Its key features highlighted in the report include statistical reporting, configurability, continuity with the implementation team and consistently meeting service level.
We are delighted to receive this prestigious recognition by Celent, which illustrates our depth of impact, breadth of knowledge and keen understanding of the property-casualty industry, As Sapiens continues to power the insurance transformation, leading analysts are taking notice of our deep industry acumen."
Jamie Yoder, Sapiens North America President and General Manager.
Sapiens ClaimsPro for Property & Casualty is a critical component of Sapiens CoreSuite for Property and Casualty. ClaimsPro streamlines end-to-end claims processing for all personal, commercial and specialty lines, preparing carriers to adapt to new business requirements. The solution provides full lifecycle support for handling claims for all personal and commercial lines of business, including workers' compensation.
Sapiens ClaimsPro for Workers' Compensation supports carriers to improve operational performance by reducing claim inventories and supporting medical costs using advanced outcome-based case management. Its real-time payment processing allows automatic and split payments, offsets and deductions, refunds, transfers and 1099 processing for financial efficiency. The platform's rules-driven auto-adjudication and decision support enables proactive case management that reduce claims time to settle and claims closure.
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.
TRICHOME | June 06, 2022
Attender Underwriting Managers dba TRICHOME, a managing general agency, with the only cannabis dispensary insurance product endorsed by the National Cannabis Risk Management Association, today announced new initiatives designed to improve its ability to offer its unique products to a cannabis marketplace in need of broader solutions.
Jeffrey C. Conway will assume the combined role of CEO and President of TRICHOME. Conway is currently the CEO and a founding member the company with over 30 years of underwriting, reinsurance, wholesale, program, and captive management experience. He replaces Rocco Petrilli who served in a role as interim president before accepting the role of CEO and president of National Cannabis Risk Prevention Services (NCRPS). Conway is joined by Thomas Cioletti, who was recently promoted to Vice President of Underwriting and Operations. Together they lead a team that builds, underwrites, launches, and manages property and casualty insurance coverages focused solely on cannabis.
TRICHOME has upgraded its dispensary offering to "A" rated paper and continues to make improvements to its easy-to-use agent platform and extremely user-friendly application process. TRICHOME features extensive risk management and loss control, broad coverage enhancements, a proprietary property rating systems that rates perils from a single point geographic location, and a pseudo-Insurtech approach to dispensaries, which enables their team to turn quotations around within 24 hours.
"We are wildly excited about the future and extremely thankful to Rocco Petrilli for his leadership and brilliant approach to truly risk management-based insurance products", stated Conway. "We will continue the vision to build and offer risk management and insurance that promotes the long term sustainability needed in the cannabis marketplace."
Empathy | June 15, 2022
Empathy, a platform helping families navigate the journey they face after losing a loved one, today announced a partnership with New York Life Group Benefit Solutions, a leader in the group insurance market. The partnership is an expansion of the partnership announced between Empathy and New York Life1 last year to provide beneficiaries with logistical and emotional support after the loss of their loved ones.
Bereaved employees and their families are often left grieving and in distress, not just from the loss itself, but also from the logistical challenges that follow. According to Empathy's recently released Cost of Dying 2022 Report, families spend, on average, 420 hours tending to their loved one's affairs in the weeks and months following the loss. Moreover, the same report found that returning to work created additional stress, with 70% of younger respondents reporting either lowered performance, concern for their job, or both.
New York Life Group Benefit Solutions offers compassion and caring guidance to help employees and their families navigate a loss. Through their partnership, Group Benefit Solutions will bring Empathy's award-winning platform to their employer clients and their employees in need of support.
Empathy offers a holistic approach to bereavement care, helping simplify end-of-life bureaucracy, minimizing tedious tasks, and automating processes involved in the administration of an estate—while providing emotional support throughout. Dedicated care specialists are available to support families through every aspect of loss, both emotionally and logistically, 24/7.
Going back to work after losing a loved one can be extremely challenging. There are so many logistical burdens that still need to be navigated that it often feels like you are working two jobs when you are grieving and at your most vulnerable. We have seen, unequivocally, the quantifiable impact technology can have in easing the burdens on bereaved employees, Employers who acknowledge and support their grieving team members are doing more than extending a kindness. They are also making a decision that is good for their organization. We are delighted to further our work with New York Life and proud of our shared dedication to supporting bereaved families across the U.S."
Ron Gura, Co-Founder & CEO of Empathy.
Empathy's partnership with Group Benefit Solutions follows its ongoing work with New York Life's Group Membership Association Division, an operation dedicated to delivering protection products to group and affinity organizations. The Group Membership business provides life insurance beneficiaries with loss support through access to the Empathy app.
New York Life Group Benefit Solutions provides services and caring guidance through efforts and opportunities that align with the values of our company, Our partnership with Empathy, plus grief resources from the New York Life Foundation, highlight the breadth of bereavement programs and tools available to our clients and their employees."
Meghan Shea, head of strategy, product, and marketing for Group Benefit Solutions.
Empathy's mission is to help families deal with loss, incorporating both emotional and logistical support for the families in their time of need. Powered by technology and driven by purpose, Empathy's application, awarded Google Play's 2021 "Best App for Good" and CB Insights' "Top Digital Health Companies Of 2021," simplifies and streamlines end-of-life bureaucracy with personalized plans and grief support. Launched in 2021 and headquartered in New York and Tel Aviv, Empathy is backed by top tier VC firms and serves Fortune 100 enterprise customers alongside its direct-to-consumer offering.
One Concern | June 17, 2022
Today, One Concern, a climate analytics company, announced a strategic alliance with WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company. The two companies are providing the U.S. insurance market with One Concern Resilience ScoreTM (1CRX™) to facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance.
The One Concern Resilience Score indicates the vulnerability a business has concerning downtime arising from the fragility of the infrastructure a business relies upon, such as the power grid, transportation infrastructure, and related community areas, in addition to direct property damage. Incorporating resilience scores into WTW's client-facing analytical platforms, along with the broking workflow, will present a complete picture of existing building damage analyses, with the potential impact of vulnerable external dependencies.
We're thrilled to incorporate our resilience score into WTW's cutting-edge analytical solutions and demonstrate to clients that the biggest threats to their business derive from climate-related dependency risk, WTW's ability to apply the latest in disaster science will enhance their clients' decision-making process in choosing how best to integrate physical climate risk into their resilience strategy."
Ahmad Wani, Co-Founder and CEO, One Concern.
One Concern's analytics will support and augment WTW clients' risk analyses and decision-making regarding specific mitigation steps, costs, and benefits, including alternative risk transfer mechanisms. For example, risk managers and WTW risk advisors can use One Concern insights to suggest pricing adjustments, advise on risk mitigation activities, increase their business resilience to minimize the adverse impact of natural disasters, and secure parametric insurance covers to fill the protection gap they experience when faced with a natural catastrophe.
About One Concern
We're a technology company building the digital infrastructure for global risk. We map, analyze and monitor every piece of the world's built environment and its connection to the global economy.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help you sharpen your strategy, enhance organizational resilience, motivate your workforce and maximize performance.