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ACORD Launches New Annual Event, ACORD Industry First, with Presentation of Study “Digitization & Distribution: The Broker & Agent Imperative”

acord launches new annual event, acord industry first, with presentation of study “digitization & distribution: the broker & agent imperative”

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PR Newswire PEARL RIVER, N.Y., Oct. 20, 2020 /PRNewswire/ — ACORD CEO Bill Pieroni today presented a new study, Distribution & Digitization: The Broker & Agent Imperative, at ACORD Industry First. This marked the debut of the event, a new conference for senior industry leaders at the intersection of insurance and technology. The new study, sponsored by Stone Point Capital and developed by ACORD, the global standards-setting body for the insurance industry, examines the landscape of distribution across the global insurance industry and the implications on strategies and operating models. The study focuses on the evolution of the distribution options available to global carriers and the investments required for success within and across channels. Based on 10 years of financial and operating performance metrics for more than 12,000 property & casualty, life and multi-line insurance carriers across 94 countries, the study focuses on distribution trends of 1,115 carriers identified as “Intelligent Growth” carriers, having achieved both value creation and growth—outperforming their peers both in financial performance and market share increase.In his keynote address, Pieroni explained that brokers and agents drive significant value for the industry’s most successful carriers. Nearly a full 3/4 of Intelligent Growth P&C and Life Insurance carriers use brokers and agents, illustrating the …

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Sapiens UnderwritingPro product wins XCelent Award

sapiens underwritingpro product wins xcelent award

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Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, has won research and consulting firm Celent’s XCelent Award in the “Breadth of Functionality” category in North America for Sapiens UnderwritingPro for Life & Annuities. This is the 11th XCelent Award Sapiens has received.

“Insurers who are looking for a full-featured new business and underwriting system that functions equally well as standalone or as part of a suite will find that Sapiens UnderwritingPro meets their requirements,” Celent analyst Karen Monks wrote in the report. “Sapiens UnderwritingPro is the original of the modern underwriting engines, initially introduced in 1995. It has earned its spot among the top new business and underwriting systems through continual enhancement with new features, interfaces and capabilities, which have been guided by a very active user group.”

“We are honored to once again receive an XCelent Award,” said Roni Al-Dor, president and CEO of Sapiens. “We are investing heavily to continue to provide innovative technology for North American providers and to ensure that we are equipping our customers with the most modern and functionally rich solutions. We appreciate Celent continuing to provide such in-depth research, which enables Sapiens to better understand insurers’ top priorities and challenges in North …

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Valentina Isakina Joins Bold Penguin’s Advisory Board

valentina isakina joins bold penguin’s advisory board

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PR Newswire COLUMBUS, Ohio, Oct. 20, 2020 /PRNewswire/ — Rapidly growing commercial insurance technology provider Bold Penguin announces today it has appointed Valentina Isakina to its Advisory Board. As an accomplished global executive, Isakina offers world-class expertise that will support Bold Penguin’s business and talent growth goals. She also brings decades of relevant experience advising businesses and leadership teams at Fortune 100 insurance companies, financial institutions, and governments. “Valentina brings a tremendous amount of global experience as we continue our strong pace of growth.” – Ilya Bodner, CEO”We seek and value insight from the mentorship that our advisory group brings,” said Ilya Bodner, founder and CEO of Bold Penguin. “Valentina brings a tremendous amount of global experience as we continue our strong pace of growth.”Isakina’s previous roles include advisor for the Office of Tony Blair, strategy for Nationwide Insurance, and consulting roles at McKinsey & Company and Bain & Company focusing on private equity. Most recently she served as Managing Director, Financial Institutions for JobsOhio, leading digital transformation for the Ohio financial services sector. Her core expertise includes strategy, digital transformation, innovation, private equity, financial services/fintech, impact investing and more. Valentina holds an MBA from Cornell, a Master’s in Actuarial Science, and …

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CSG Actuarial Announces Availability of It’s Newest Tool Supporting Insurance Agents: Client Manager » Live Insurance News

csg actuarial announces availability of it’s newest tool supporting insurance agents: client manager » live insurance news

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CSG Actuarial is well known in the insurance industry for its technology product portfolio supporting agencies with clients in the senior market.
They just announced a new product, Client Manager, with features that allow users to upload client lists, create segments and run multiple insurance quotes at one time. The new tool saves valuable time by searching multiple senior market product solutions at one time. It is also built to enhance client retention by offering features for proactive filtering of their client data to target specific groups with different product options.
“CSG Actuarial’s comprehensive suite of tools are designed with the agent in mind. When agents have access to the most accurate, up-to-date information, it empowers the client to make the best decision that meets their needs. The new Client Manager software allows agents to keep their client’s information safe, secure and organized so the agent can continue providing the best rates and products to meet their client’s needs in the most effective way”, said Bryan Neary, Principal and Consulting Actuary at CSG Actuarial.
Client Manager was developed and implemented based on feedback from CSG customers. This latest addition to the overall portfolio of products indicates the …

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Newfront Insurance announces $100MM+ in funding and a $500MM valuation to modernize risk management for middle market businesses

newfront insurance announces $100mm+ in funding and a $500mm valuation to modernize risk management for middle market businesses

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“We are fortunate to have built a strong and thriving business over the last three years with industry-leading talent and the resources and guidance from some of the most successful innovators in American history,” said Spike Lipkin, Newfront’s CEO. “We’ve spent this time building our internal platform and resolving many of the complex operational challenges associated with running a technology-driven brokerage. With this solid foundation, we are looking towards significant and sustained growth over the next eight quarters.” Kevin Hartz, an early investor in PayPal and founder of billion-dollar businesses like Xoom and Eventbrite, compared Newfront to PayPal and Xoom, saying “Newfront is one of those incredibly rare businesses that has the opportunity and the team to rebuild an industry that is crucial to the economy that today provides a subpar client experience. The future is bright for Newfront.”

While every business in the US depends on insurance to protect workers, reduce risks, and comply with legal requirements, for more than a century the process of securing insurance coverage and mitigating risk has not fundamentally changed. Newfront rebuilt the brokerage model using a combination of software and experts to provide clients with a more transparent, efficient, and data-driven approach to …

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Chubb brings together product offering with technology in latest launch

chubb brings together product offering with technology in latest launch

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Enter Chubb Studio, which speaks to all three of those elements, and gives Chubb’s partners in retail, e-commerce, banking, fintech, airline, telecommunications, and other industries the ability to add digital insurance options to their own product and service offerings. The platform provides partner companies with digital access to Chubb’s consumer insurance products, including personal accident, supplemental health and life, residential and contents, mobile phone, and travel, as well as small business insurance, customer services and claims, according to a press release about the launch of the platform.

Given the number of number of partnerships that Chubb has worldwide – around 150, according to Ringsted – and the variety in the types of public and private partnerships it has, the focus on simplifying the digital distribution channel has become that much more critical. For example, the insurance firm has a partnership with Grab, an on-demand transportation and fintech platform in Southeast Asia, as well as a 15-year regional general insurance distribution partnership agreement with DBS Bank in Singapore, Hong Kong, China, and Taiwan, to name a few.

As a result of these partnerships, continued Ringsted, Chubb has “access to literally tens of millions of customers, and what we’ve been focused on …

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Custom Software Development Company TopDevz Delivers A New Insurance Claims and Payment Processing System for A Leading Healthcare Consultant

custom software development company topdevz delivers a new insurance claims and payment processing system for a leading healthcare consultant

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SACRAMENTO, Calif., Oct. 20, 2020 /PRNewswire/ — TopDevz, one of America’s fastest-growing custom software development companies, has announced the delivery of a new insurance claims and payment processing platform for medical practices to a leading healthcare management and consulting services provider.
The Client
As a provider of consulting and management services for medical offices across the United States, this medium size company prides itself in handling day-to-day functions for its clients and allowing them to focus on their core business: providing exceptional healthcare. Specialized in audits, insurance claims processing and billing, they give their clients peace of mind and ensure they generate consistent cash flow and operate a successful practice.
The Challenge
Each medical practitioner typically uses its own system to manage patients’ information, insurance claims, coding and billing. Keeping up with the technology and dedicating resources to operate the system can become quite costly for small practices, which often leads them to outsource. On the other hand, having to handle as many systems as there are clients proved to be the biggest source of inefficiency for the medical consulting firm.
TopDevz’ Solution
Looking for an innovative solution to improve their business model, the management services provider reached out to TopDevz to …

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Liberty Mutual partners with CoreLogic to deploy property estimation platform

liberty mutual partners with corelogic to deploy property estimation platform

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Liberty Mutual Insurance has selected CoreLogic for the deployment of a new property estimation platform.

“To continue to meet customer expectations well into the future, we are excited to have a strategic technology partner that can help us develop and deploy end-to-end workflow-management solutions to provide better experiences for both our adjusters and our customers,” said Mike Fiato, chief claims officer, global retail markets (US) for Liberty Mutual. “CoreLogic combines property data and insights with innovative workflows that will help us create superior digital customer experiences while benefiting from significant productivity gains and operational resiliency.”

Liberty Mutual will migrate to CoreLogic’s cloud-based insurance hub, which uses an open architecture and API framework to enable Liberty Mutual adjusters to connect to third-party insurtech solutions.

“Our long-term collaboration with Liberty Mutual demonstrates our ability to unite all parts of the insurance supply chain on one cloud-based platform,” said Frank Martell, president and CEO of CoreLogic. “Combining this with unique data-driven insights and portfolio and risk monitoring services gives our clients a unique advantage. This multi-year partnership is the latest in a series of mega-wins for CoreLogic which highlight our accelerating growth in the insurance sector and our ability to meaningfully improve …

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How StrongArm Tech Is Fundamentally Reshaping the Way the Insurance Industry Predicts, Projects, and Prevents Injury

how strongarm tech is fundamentally reshaping the way the insurance industry predicts, projects, and prevents injury

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StrongArm Technologies is the world’s leading safety science company, having pioneered a SaaS-model, Iot-enabled safety wearable technology that’s not just effective, easy to implement, and scalable, but also highly proven. Right now, the FUSE Risk Management Platform is keeping tens of thousands of essential Industrial Athletes™ proud, protected, and productive on the job–not despite, but in the face of new, uncertain realities brought on by a global pandemic.

ADDRESSING THE INSURANCE SECTOR

The FUSE Risk Management Platform brings forward-looking IoT wearable and data analytics capabilities to a historical data model of predicting, measuring, controlling, and pricing risk. The result is seamless and in-depth access to robust, actionable data and real-time insights that until now have been unavailable to the insurance industry.

It’s no surprise, then, that from StrongArm’s inception, the insurance sector was quickly identified as a core growth industry. The access to large carriers of medical risk, notwithstanding, its ability to reach and impact the highest number of Industrial Athletes makes it critical to fulfilling our mission of keeping workers safe on the job. The Platform has proven to be an integral component within the risk transfer market by creating value for insurance carriers, …

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How to Engage with Insurtech Startups

how to engage with insurtech startups

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Andrew Lerner, Managing Partner, IA Capital GroupInsurtech startups have emerged as a main driver of innovation in insurance technology. Insurance companies of all sizes need to engage with insurtechs to explore partnerships and keep abreast of technological trends.

Who Should Engage

At the 15 insurance companies that invest with us, at least one person is typically designated to build relationships with startups as a major part of their job description. The seniority of the designated person is not particularly significant. At small insurers, this person is often the CIO or CFO, or one of their direct reports. At mid-size insurers, the designated person is typically the head of corporate development or chief strategic officer. At large insurers, multiple people will have the role, as each division may have their own corporate development officer.

Large insurers may also have internal strategic venture capital units, which typically have the closest ties to the insurtech community. Strategic venture capital is less about the handful of investments that are actually completed, and more about benefiting from exposure to the thousands of startups across the insurtech ecosystem. An investment in a strategically interesting startup can create alignment, enhance visibility into emerging technology and trends, and allow …

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