LIFE INSURANCE

Major Financial Institution Selects Sapiens to Disrupt How Life Insurance is Sold in the Americas

Sapiens | September 28, 2022 | Read time : 01:43 min

Major Financial Institution Selects Sapiens to Disrupt
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that a major financial services entity has selected Sapiens to deliver its life insurance service in the Americas. Sapiens' award-winning CoreSuite for Life & Annuities and DigitalSuite SaaS solution will provide them with next-generation customer sales and service experience. The companies solidified the partnership at the Insurtech Conference (ITC) on September 20.

Sapiens CoreSuite for Life & Annuities is an end-to-end, cloud-native solution complete with enhanced digital capabilities to support whole life, universal life, wealth accumulation products and annuities. This will power this financial services entity with an advanced, simplified 360°degree view of customers within the policy administration system, across all distribution channels and communication streams. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience.

"We are very excited to partner with this financial services entity on their next-generation life insurance operations, Sapiens Core administration solution and the pre-integrated digital enablement platform will enable them to offer life insurance services that are customer-centered, in an innovative way, based on our cloud-native solutions."

- Jamie Yoder, Sapiens North America President & General Manager

Sapiens is attending the ITC Conference (Booth #2239) between September 20-22, at the Mandalay Bay in Las Vegas, and available to meet and discuss offerings and solutions.

About Sapiens
Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 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.

Spotlight

Life insurance allows you to make a much larger gift to charity than you might otherwise be able to afford. Although the cost to you (your premiums) is relatively small, the amount the charity will receive (the death benefit) can be quite substantial. As long as you continue to pay the premiums on the life insurance policy, the charity is guaranteed to receive the proceeds of the policy when you die. (Guarantees are subject to the claims-paying ability of the issuing insurance company.) Since life insurance proceeds paid to a charity are not subject to income and estate taxes, probate costs, and other expenses, the charity can count on receiving 100 percent of your gift. Giving life insurance to charity also has certain income tax benefits. Depending on how you structure your gift, you may be able to take an income tax deduction equal to your basis in the policy or its fair market value (FMV), and you may be able to deduct the premiums you pay for the policy on your annual income tax return. When an insurance contract is transferred to a charity, the donor's income tax charitable deduction is based on the lesser of FMV or adjusted cost basis.


Other News
CORE INSURANCE

Mason Insurance Prepares to Serve More Agents and Consumers by Joining with Integrity

Integrity and Mason Insurance | November 02, 2022

Integrity Marketing Group, LLC ("Integrity"), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Mason Insurance, an independent agency based out of Colleyville, Texas. As part of the acquisition, Dale Mason, President of Mason Insurance, will become a Managing Partner in Integrity. Financial details of the transaction were not disclosed. A former professional bull rider, Mason recognized the need for better health insurance information in rural areas and founded Mason Insurance in 1998. The company provides health insurance products, including Medicare, ACA and group health plans to clients across Texas and Oklahoma. Over its impressive history, Mason Insurance has cultivated a reputation for consistently putting the client's best interest first, creating lifelong relationships with the thousands of Americans it serves. "Dale Mason's competitive background taught him that tenacity, perseverance and hard work will take you far in this industry, What he has accomplished since becoming an agent over three decades ago is remarkable — it's a privilege to now welcome him to the Integrity family. Dale is ready to take Mason Insurance to the next level by engaging with resources and technology that Integrity has created for agencies just like his. Mason Insurance will now have access to the most powerful network in the industry, and we can't wait to help the agency reach its full potential as a partner with Integrity." -Bryan W. Adams, Co-Founder and CEO of Integrity Now as an Integrity partner, the future is all about what we can accomplish together, This partnership will completely transform business operations. Integrity's incredible insurtech platform offers countless resources that improve processes for agents — and their administrative support will allow more time and energy to be invested back into serving clients. I've seen plenty of changes to the industry over the course of my career, and I'm excited that Integrity will help navigate whatever the future may bring. I've always believed that success lies in how much of yourself you're willing to commit. I feel so privileged to commit myself completely to what Integrity is building, and I'm grateful to become part of it,said Dale Mason, President of Mason Insurance. Through this partnership, Mason Insurance gains access to Integrity's trailblazing partners, a nationwide group of influential industry leaders who are innovating all aspects of insurance and financial services. Their ongoing collaboration leads to well-designed solutions that better protect the life, health and wealth of all Americans, while helping those they serve plan for the good days ahead. Mason Insurance will position itself for expanded service and accelerated growth by utilizing Integrity's end-to-end insurtech platform and administrative support. These extensive resources encompass instantaneous online quoting and enrollment capabilities, the proprietary MedicareCENTER and Mobile App, along with world-class marketing and advertising guidance. Mason Insurance can also streamline administrative functions, redirecting valuable time toward meeting client needs by using Integrity's shared business services. They include areas such as People & Culture, Technology & Innovation, accounting, legal and compliance. Additionally, Mason Insurance now receives the exciting benefit of meaningful employee ownership through participation in the Integrity Employee Ownership Plan. About Integrity Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its nationwide distribution network. Integrity's nearly 6,000 employees work with approximately 500,000 agents and advisors who serve more than 11 million clients annually. In 2022, Integrity will help carriers place almost $20 billion in new sales and oversee more than $30 billion of assets under management and advisement through its RIA and broker-dealer platforms.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

Corvus Insurance Enters Continental European Market Through Multi-Year Cyber Insurance Partnership with Travelers

Corvus | November 07, 2022

Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance™ products powered by AI-driven risk data, today announced it has partnered with The Travelers Companies, Inc., an industry leader in personal, business, and specialty insurance, to back its Smart Cyber Insurance™ offering. The venture will provide cyber insurance products and services to companies in continental Europe and follows the recent opening of the company’s Frankfurt office, overseen by Oliver Delvos, Head of International at Corvus. Subject to regulatory approval, the European expansion of Corvus’s Smart Cyber Insurance™ offering will initially be geared toward small- and medium-size enterprises and middle market businesses with annual revenues up to EUR 1 billion. “Corvus is uniquely positioned in today’s European market, We’re thrilled to partner with Travelers to bring our transparent, data-driven, and expert approach to underwriting and risk mitigation to a new audience of brokers and policyholders.” -Madhu Tadikonda, CEO of Corvus Insurance This robust new offering will focus primarily on Germany and Austria, providing brokers and policyholders with localized and unmatched cyber insurance tools, along with the combined cyber underwriting expertise of both Corvus and Travelers. As part of its long-term growth strategy in Europe, Corvus will continue to expand its international business, opening additional offices across the continent. About Corvus Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, and SiriusPoint. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany.

Read More

CORE INSURANCE

Ascend Partners With HawkSoft To Optimize Agent Workflows & Finances

Ascend and HawkSoft | September 17, 2022

Ascend, the first modern insurance payments platform, announced that they will be integrating their payments and premium financing solution with the HawkSoft agency management system. Ascend is the first modern insurance payments platform that provides automated all-in-one financing, collections, and payables. HawkSoft is an insurance management platform designed for independent agencies. They offer workflows for commercial and personal lines, and an auto-documentation process that builds a trail of every client interaction for complete recordkeeping. HawkSoft's two-way API integration allows agents the flexibility and freedom to choose the best partners that meet their unique business needs. HawkSoft is strengthening the synergy between agents' key technology tools by facilitating a seamless financial process for tasks like quoting, CRM, payments, and accounting workflows. The integration with Ascend enables agents to easily offer both premium financing or pay in full payment options for their customers with a single click of a button. These links will be created automatically inside HawkSoft so agents can manage the entire customer lifecycle within the HawkSoft system. "The HawkSoft and Ascend integration makes my workflow even more efficient. I'm able to now utilize HawkSoft all the way from quoting to payments while also leveraging Ascend's premium financing and pay in full solution all within my management system. I'm able to save countless hours and provide my clients a simple way to decide how they want to pay for their policies," - Melissa Ems, Owner, Melissa Ems Insurance Agency We're excited to be partnering with HawkSoft and bringing an integrated, streamlined financial experience to their users, The HawkSoft team has always committed to provide agents with the highest return for their management system, equipping them with all of the features necessary to manage, grow, and measure their agencies. We're proud to become a part of this ecosystem and help HawkSoft raise the bar for what management systems can do for agencies,says Caleb Cramer, Agency Channel Lead at Ascend. Independent agents are increasingly conscious of the processes and interactions they're handing off to insurance companies, Ascend stood out to HawkSoft as a company helping agents reclaim key interactions through a streamlining of the most tedious aspects of agency billing. Ascend is an exciting new ally in helping to streamline workflows for independent agencies,says Rushang Shah, VP of Marketing at HawkSoft. The integration between Ascend and HawkSoft is available to their mutual customers starting today. About Ascend Ascend is the modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they've come to expect. About HawkSoft Since 1995, HawkSoft is a leader in management systems for independent insurance agencies that want effective workflows and a delightful experience for staff and policyholders. Created by independent agents, HawkSoft continues to evolve as a cutting-edge system that powers thousands of agencies. HawkSoft offers the following promise to insurance agents: your investment in HawkSoft will pay for itself in the first year.

Read More

CORE INSURANCE, CLAIMS

Total Economic Impact Study Finds Zywave Solutions Produced 160% ROI for Zywave Customers

Zywave | October 06, 2022

Leading insurtech provider, Zywave, today announced the results of a commissioned Total Economic Impact™ (TEI) study, conducted by Forrester Consulting, which revealed a 160% three-year return on investment (ROI) for a composite enterprise that deployed Zywave solutions, and a total of $6.68 million in three-year benefits. In the study, Forrester interviewed seven representatives at six organizations with experience using Zywave solutions to obtain data with respect to costs, benefits and risks. The study noted, Each of the interviewees said their organizations improved the efficiency of prospecting and selling to their clients. In addition, these companies found more cross-selling opportunities and reduced marketing costs. "We've consistently heard customers share how Zywave solutions significantly improve the productivity and growth of their business, But, tracking these results is often challenging for clients, because their sales and service technologies have historically been disconnected, and many firms have been unsure of the right KPIs to monitor. We're happy to have commissioned Forrester Consulting to find these unbiased, quantifiable results. This study can help existing customers and new prospects with a playbook to track the impact of digital transformation, and better understand the value Zywave can bring to their businesses." -Zywave Senior Vice President of Product Management Eric Rentsch Additional key findings listed in the study include: Increased prospecting effectiveness in the benefits insurance market, valued at $2.2 million Increased prospecting effectiveness in the commercial insurance market, valued at $1.9 million Improvements in customer experience, name recognition, customer stickiness, and accelerated employee on-boarding Zywave's history proves itself. They've continued to constantly evolve. It's really become a turnkey insurance solution technology, said one of the study participants, a senior advisor, corporate services, insurance brokerage and consultant. Based on the interviews, Forrester constructed a TEI framework, a composite company, and an ROI analysis that illustrates the areas financially affected. The composite organization is representative of the seven interviews and is an independent insurance agency with 400 employees, located and doing business in North America. As an end-to-end solution, Zywave enables agencies and carriers to simplify digital transformation with robust marketing and lead generation, quoting and proposals, and agency management capabilities that allow businesses to run efficiently. About Zywave Zywave leads the insurtech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Zywave's all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. More than 15,000 carriers, agencies and brokerages worldwide including all of the top 100 U.S. insurance brokerages use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness, risk management and safety.

Read More

Spotlight

Life insurance allows you to make a much larger gift to charity than you might otherwise be able to afford. Although the cost to you (your premiums) is relatively small, the amount the charity will receive (the death benefit) can be quite substantial. As long as you continue to pay the premiums on the life insurance policy, the charity is guaranteed to receive the proceeds of the policy when you die. (Guarantees are subject to the claims-paying ability of the issuing insurance company.) Since life insurance proceeds paid to a charity are not subject to income and estate taxes, probate costs, and other expenses, the charity can count on receiving 100 percent of your gift. Giving life insurance to charity also has certain income tax benefits. Depending on how you structure your gift, you may be able to take an income tax deduction equal to your basis in the policy or its fair market value (FMV), and you may be able to deduct the premiums you pay for the policy on your annual income tax return. When an insurance contract is transferred to a charity, the donor's income tax charitable deduction is based on the lesser of FMV or adjusted cost basis.

Resources