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.
Carrot | May 19, 2022
Carrot ("Carrot" or the "Company"), a digital insurance platform of South Korea, is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement with platform giant Naver Financial Corp. (Naver), whereby Carrot has been appointed to exclusively supply shipment return insurance for the merchants of Naver's online shopping platform (Smart Store). Smart Store is the nation's largest ecommerce marketplace in terms of transaction volume as of current.
Compensating for the cost of return shipping and handling of goods, the proposed insurance is a non-traditional product designed to meet the needs of the marketplace sellers, as well as the shoppers. Sellers who purchase the cover are expected to boost their revenue through added marketing advantage, as the online shoppers are provided with extra layer of peace of mind in case they want to return or exchange the purchased items.
Likewise, resounding success has been recorded from the pilot test co-conducted by two parties for the duration of four months during the second half of previous year, affirming that Carrot's business model works. Thousands of vendors who implemented the coverage reported 15% jump in sales volume while achieving 31% growth in revenue on average. In addition to the users' overwhelmingly positive responses, a surge in demand for the insurance to cover more shopping categories has been observed.
We are excited to be working alongside with Naver, We share Naver's vision of innovating on behalf of clients, and the launch of this service is one way how we address customers' pressing needs. We are distinctively positioned to develop and deliver digital insurance solution to Naver that will broaden access to small online business owners and help them grow and protect their businesses. We look forward to continually introduce series of platform integrated solutions through our long-lasting partnership."
Speaking of the recent partnership announcement, Paul Jung CEO of Carrot.
Carrot anticipates that the concept of integration of insurance services into e-commerce transaction will expand to other "ecosystem partners". 11th Street, the 2nd largest shopping and open-market platform of Korea has started distributing Carrot's shipping return cover since 2020 and has plan to promote for wider adoption by the vendors to bolster their profitability, according to the firm. Not to mention that Amazon last year has inked exclusive partnership with 11th Street to enter the lucrative Korean e-commerce market.
About Carrot General Insurance Corp.
Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls.
Mercury Insurance | April 07, 2022
Today, Mercury Insurance announced that the company has made its usage-based insurance app, MercuryGO, available to drivers in Illinois to help improve driving skills and traffic safety. The app acts as a virtual driving coach, providing skill scores that give real-time feedback about driving behavior. Mercury auto insurance policyholders who enroll to use the app immediately receive a 5% participation discount and teen drivers will receive up to a 10% discount. Then, when MercuryGO customers renew their policies, they could receive a discount of up to 40% in addition to their participation discount, depending upon their driving score.
Safe driving is a very important issue for Mercury and we seek to innovate driver education of all ages on the importance of being alert behind the wheel, while also equipping them with the skills to avoid potentially dangerous driving behaviors, Most auto collisions are preventable, so MercuryGO is a practical way to help keep drivers focused on the road, which as a result, reduces fatalities and serious injuries. Plus, they could also end up saving a lot of money with this program. So it's a win-win situation."
Barbara Glenn-Rader, Marketing Manager for Illinois at Mercury Insurance.
The MercuryGO app generates a driving skill score, which is calculated based on categories that are closely correlated with car crashes: excessive speeding, hard braking, distracted driving (i.e., phone motion and screen interaction), and road type.
Cambridge Mobile Telematics (CMT), Mercury's technology partner, is the world's largest smartphone telematics provider, winning multiple awards. CMT is the pioneer of: usage-based insurance with smartphones (in 2012); the measurement of phone distraction (2013); behavior-based insurance (2014); and real-time crash alerts with roadside assistance (2015).
Mercury Insurance is utilizing the DriveWell platform to help drivers reduce distracted driving, speeding, and hard braking by keeping them engaged and providing timely feedback, MercuryGO will help make Illinois roads safer and has the potential to reduce the number of car collisions, injuries and fatalities."
Ryan McMahon, CMT's Vice President of Insurance and Government Affairs
CMT's research shows that 37% of all car trips in the U.S. in 2019 involved significant driver phone distraction; between 7 a.m. and 7 p.m., that figure rises to 41% of all U.S. car trips. MercuryGO will help solve that problem by using technology that has reduced distracted driving by 29%, speeding by 45%, and hard braking by 17%.
MercuryGO provides useful in-app tips to help users become safer drivers. Added benefits include:
A sharing option for families, which allows all participating drivers to see who is the safest.
The ability for parents to receive real-time feedback about their teen's driving behavior, including when, where and how fast they're traveling.
Licensed teen drivers, 18 years and younger, who are registered for MercuryGO will instantly receive a 10% participation discount on auto insurance.
The opportunity to earn up to an additional 40% discount at renewal.
It's important to remember that driving is a privilege and one that shouldn't be taken lightly, Every driver can benefit from sharpening their skills and MercuryGO can help them become a safer driver, while also putting money back in their pockets."
About Mercury Insurance
Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices.
ELDRIDGE | January 13, 2022
Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated in the round. Accelerant will deploy the capital to continue to rebuild the way that underwriters share and exchange risk to improve outcomes for program managers, primary issuing carriers, and ultimate risk-bearers.
"Aspects of the insurance industry have been broken for a long time, At Accelerant our approach is pretty simple — which is maybe what makes it a little radical: We're bringing transparency, data, and shared incentives back into the equation, serving MGUs as important partners in the insurance ecosystem, and overall making it easier and more efficient to exchange risk. The approach is clearly resonating and successfully aligning incentives. I'm thrilled by this endorsement of our strategy and to have the opportunity to put this capital to work on behalf of our current and prospective Members in service of the industry at large. We look forward to working with new partners to apply our differentiated approach and technology to lines of insurance beyond SME within which we can have an equally significant impact."
-Jeff Radke, CEO and co-founder of Accelerant.
Historically, underwriting teams supporting complex or niche lines of business have lacked the modern solutions needed to facilitate their work, which has hindered their ability to get capacity and to properly understand and exchange risk. With a partner-first approach, Accelerant specializes in serving a carefully selected and managed network of managing general underwriters (MGU) and program administrators (PA) that it refers to as its Members.
Accelerant's InSightFull™ data platform helps members better understand risk, benefit from insights, and handle operational and regulatory complexity. Together, Accelerant works with its Members to drive market-leading profitable growth, focusing on the small and medium-sized businesses that power our global economy and their niche insurance needs.
"The Accelerant team understands the challenges that MGUs and PAs face with conventional carriers, and they've built an offering to address those needs. With cutting-edge data and analytic capabilities, Accelerant's platform eliminates bureaucracy to offer an experience that prioritizes velocity and collaboration, We're excited to support Accelerant as they enter their next phase of growth and create value throughout the insurance ecosystem with their member-centric, collaborative approach."
-Todd Boehly, co-founder and CEO of Eldridge.
Accelerant is a data-driven, technology-fueled insurance platform that empowers underwriters to more effectively serve their insureds. We're using advanced data intelligence tools to rebuild the way that underwriters share and exchange risk. With a current focus on the small and medium-sized businesses that power our global economy and their niche insurance needs, we align incentives to improve outcomes for everyone. Our full-service risk exchange supports our carefully selected, best-in-class network of underwriting teams. We leverage granular information on each policy to deliver unprecedented insight into insurance pools, and our specialty portfolio is fully diversified with very low catastrophe, aggregation, or systemic risk. We're proud to have been awarded an AM Best A- (Excellent) rating.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.