CyberCube: Global insurance industry can play greater role in setting cyber standards

CyberCube | January 23, 2020

Cyber analytics company CyberCube is calling for the international insurance industry to take a greater role in shaping the cybersecurity landscape. The company recently published a report, entitled “Scoping a Cyber Catastrophe: Understanding the Societal Impact of the Fourth Industrial Revolution and The Role of Insurance,” exploring society’s increasing exposure to digital risks, and what measures the insurance industry can take in order to address the issue. According to the report, $1.25 trillion was spent on digital transformation by organizations around the world in 2019. That figure is projected to rise to $1.97 trillion by 2022.

Spotlight

New expectations, innovations, and competition are emerging due to inter-related forces of change in People, Technology and Market Boundaries. These forces have evolved over the Industrial and Information Ages, but are now revolutionary due to the intensity and acceleration at the start of the Digital Age, creating a seismic shift. In the Digital Age, customer expectations are being set by digital leaders outside and inside the insurance industry, filling the most vulnerable gap a simplified, engaging customer journey.


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INTELLECTUAL PROPERTY

CRMNEXT launches its new Open Communication Platform (OCP) to power continuous channel experience

CRMNEXT | February 07, 2022

CRMNEXT, the world's leading digital technology solution for the banking and insurance industry, has launched Open Communication Platform (OCP) technology to accelerate customer delights, personalized products, service delivery and build loyalty through digital first experiences. As banking and financial institutions embrace a "serve and sell anytime, anywhere" mentality, digital experiences are becoming critical. Open Communication Platform (OCP) helps enterprises move to a zero ops model, powered by one & done processes that can fundamentally do back-office work with STP and smart AI. This delivers a modern customer service and engagement platform for banks, financial services, and insurance providers powered with out-of-box AI capabilities. Channels that OCP enables: OCP for text: CRMNEXT customers can seamlessly plugin new channels like WhatsApp, twitter, google business messenger, Facebook, chatbots, voice triggered chatbots and more OCP for voice: Clients can integrate with voice telephony channels like AWS connect, CTI, IVR, WebEx, Avaya and more, greatly enhancing the capabilities and efficiency of your contact centers Some of OCP capabilities include: Real time Business Fabric: Deliver concierge like experience with more real-time actions, intelligence and seamless handover across channels while preserving the context of the conversations. SoftPhone Integration: Embed a third-party dialer to the action tray of your agent workbench's console view. AI-driven Knowledge Base: Dynamic solutions to customer queries. AI-driven Insight Cards: AI driven product offers, insights from customer interactions. Sentiment Analysis: Proactively identify customer emotions with AI driven sentiment analysis. Conference Chat with Supervisor: Agents can now consult their supervisor in real time. Connected Workspace: Increase in customer engagement rates through connected workspace, that includes functionalities such as Facebook chat integration, chats in console view, speech to text recognition and more. "Across every business function and industry, our customers are redefining their customer, employee, partner and product experiences. Open Communication Platform (OCP) continues to expand our vision of enabling companies realize speed, agility and efficiency in customer engagement. OCP creates a more connected customer experience by delivering instant connect, instant response, instant delight and significantly boosting first time resolutions." -Mr. Sushil Tyagi, Director, CRMNEXT

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CORE INSURANCE

Acclaimed Central Coast Insurance Agency, Morris & Garritano, Expands its Reach to Serve Orange County and San Diego Clients

Morris & Garritano Insurance Agency | December 22, 2021

Morris & Garritano Insurance has a longstanding legacy of more than 135 years insuring and protecting many of the region's most valuable businesses. A four-time winner of Insurance Journal's Best Agency to Work For as well as being named the 2021 "Large Business of the Year" by the Santa Maria Chamber of Commerce, the agency is routinely recognized for its incredible service, culture, and advocacy, particularly during these last few difficult years. The company's longtime headquarters is based in San Luis Obispo, but the agency is rapidly expanding its service and presence into neighboring regions. Providing coverage for businesses of all sizes, Morris & Garritano goes above and beyond offering personalized education and advocacy for their clients regarding commercial coverages, employee benefits, workers' compensation, human resources, and compliance services. "We are really proud of the work we do here at Morris & Garritano,To us, providing insurance coverage is protecting what matters most. We do that for our clients through building meaningful relationships, being a trusted advisor and a fierce advocate in their time of need." When asked about the agency's goals moving forward, he says, "We are passionate about supporting the communities we serve and through that we are thrilled about the opportunities this expansion into Southern California holds. We look forward to further developing connections with the region's best and brightest." -CEO Brendan Morris. Longtime commercial advisor, Mark Anelli, is heading up Morris & Garritano's expansion into Orange County and the surrounding territory. Relocating to head up the company's efforts, Anelli will lead the agency's presence and client services in the region, building relationships with clients and local businesses. "I'm looking forward to connecting with clients and extending Morris & Garritano's exceptional service to the valuable businesses of Orange County. Our goal isn't just to generate clients but to build genuine relationships," Anelli says. "The opportunity to serve San Diego County as an Employee Benefits Advisor representing Morris & Garritano Insurance is very exciting for me, Becoming a trusted advisor for clients is something I am very passionate about. Developing meaningful relationships is certainly the highest priority for me, but it is clear that it is a high priority for the people of San Diego as well. I am excited to see Morris & Garritano grow with San Diego, and to see the community of San Diego grow with us." -Benefits Advisor Daniel Miller With this growth and development, businesses in Southern California will have increased access to the service and resources offered by Morris & Garritano allowing for premium employee benefits brokerage as well as stronger, comprehensive, and more competitive commercial insurance to better protect their assets and advocate for their employees. About Morris & Garritano: Founded in 1885, Morris & Garritano is an independent, full-service insurance agency focusing on business insurance, workers' compensation, employee benefits, personal lines, surety, and life insurance. This includes services in the areas of loss control, compliance, claims management, and human resources.

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INSURANCE TECHNOLOGY

Prime Insurance Company Assigned Financial Stability Ratings® from Demotech, Inc.

Prime Insurance Company | June 13, 2022

Prime Insurance Company announced today that it has been assigned a Financial Stability Rating® of A" (A Double Prime), Unsurpassed, from Demotech, Inc. Demotech, Inc., is a financial analysis firm that provides Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Title underwriters, and other risk-bearing entities. In addition, Prime Insurance Company's affiliate Prime Property & Casualty Insurance Company Inc. has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, underwriters receiving an A" (A Double Prime) or an A, Exceptional rating possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders." "We couldn't be more pleased, as Demotech's ratings reflect our unyielding commitment to our customers and growth." Rick J. Lindsey, President, CEO and Chairman of Prime Insurance Company. Prime Insurance Company provides innovative liability solutions for specialty risks. For over 40 years, Prime Insurance Company has been a leader in excess and surplus lines insurance, providing coverage for many who would otherwise be forced to go uninsured or self-insure their risk. Prime Property & Casualty Insurance Inc. writes commercial auto coverage on an admitted basis in the following states: Florida, Illinois, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, New Jersey, New Mexico, Nevada, and South Carolina. With more than 40 years behind us, we've handled over 70,000 claims. We look forward to continuing to serve our customers with our proven partnership approach and financial stability they can count on." Lindsey. The Prime Insurance Companies have offices in Salt Lake City, UT; Chicago, IL; Naples, FL and Exton, PA.

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INSURANCE TECHNOLOGY

Socotra Acquires Avolanta to Add Unified Agent and Customer Portal to Its Advanced Policy Core

Socotra | May 21, 2022

Socotra, the partner of choice for innovative insurers, today announced the acquisition of Avolanta, a software startup offering the only unified portal purpose-built for the insurance industry. As part of the acquisition, the Avolanta team will join Socotra and Avolanta’s technology will become Socotra Unified Portal. Insurance companies are struggling to deliver the types of digital user experiences that are now common in other industries. Many insurance customers are still forced to fill out paper applications with agents and brokers manually entering customer data into outdated web portals. Avolanta enables insurers to solve these issues by seamlessly connecting agents, brokers, and customers with its unified portal. Avolanta provides the only unified portal purpose-built for insurance Avolanta was founded in 2018 by insurtech entrepreneur, Chuck Wilson, and insurance veteran, Gavin Dean. With decades of experience in the industry, the founders created Avolanta to provide insurers a better way to streamline processes and create user experiences. The cloud-native platform allows insurers to rapidly innovate and deploy new products with a unified portal. Agents can collaborate with customers through secure, shared online applications to reduce manual entry. As a result, insurers can deliver customized experiences, automate data capture and analytics, and ultimately drive more conversions and revenue. Joining Socotra is an exciting next chapter for Avolanta, Avolanta’s frontend technology focused on the user experience is the perfect extension to Socotra’s backend policy core. The combined platform will help insurers quickly develop new insurance products with more convenient buying experiences for any distribution channel—whether it’s agent, embedded, or direct-to-consumer. We can’t wait to see how insurers will leverage Socotra to innovate.” Chuck Wilson, CEO and co-founder of Avolanta. The acquisition of Avolanta is a perfect complement to Socotra’s industry-leading policy core, Socotra and Avolanta share a mission to modernize the insurance industry with open APIs, true cloud, and off-the-shelf capabilities that accelerate innovation and speed-to-market. Together, we now offer the complete front-to-back platform that moves the insurance industry forward.” Dan Woods, founder and CEO of Socotra. About Socotra Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.

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Spotlight

New expectations, innovations, and competition are emerging due to inter-related forces of change in People, Technology and Market Boundaries. These forces have evolved over the Industrial and Information Ages, but are now revolutionary due to the intensity and acceleration at the start of the Digital Age, creating a seismic shift. In the Digital Age, customer expectations are being set by digital leaders outside and inside the insurance industry, filling the most vulnerable gap a simplified, engaging customer journey.

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