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INSURANCE INDUSTRY NEWS
Most Carriers Have Not Truly Digitized the Value Chain: ACORD Insurance Digital Maturity Study
A rapidly evolving insurance ecosystem and financial uncertainty amid a global pandemic have made the imperative for insurers to modernize more urgent than ever. Yet ACORD's 2020 Insurance Digital Maturity Study of the world's top 130 insurance carriers indicates a great deal of work remains to be done.
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Coefficient Launches, Focused On Employer Stop-Loss, Backed by Swiss Re Corporate Solutions
Verily, an Alphabet company, is pleased to announce a new subsidiary, Coefficient Insurance Company, that will be backed by Swiss Re Corporate Solutions, the commercial insurance unit of the Swiss Re Group. Coefficient will combine innovative health technology solutions with novel insurance and payment models. Its precision risk solution helps self-funded employers to control cost volatility through a data-driven model that is unique in the traditional employer stop-loss market. Employer stop-loss is a segment of commercial insurance that protects self-funded employers from unexpected and large employee health benefit claims by reimbursing employers for claims above a defined amount.
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Breathe Life Secures Funding To Modernize Life Insurance Distribution
Breathe Life, the enterprise SaaS platform provider for the life insurance industry, is pleased to announce it has secured additional funding to enhance its digital distribution platform for insurance carriers. The Series A round was co-led by Real Ventures & Investissement Québec with participation from Clocktower Technology Ventures, Cameron Ventures, Desjardins, NAventures, and Diagram Ventures. The remainder is made up of debt financing from National Bank of Canada's Technology and Innovation Banking Group and various government grants.
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CX Important To Establish Direct Relationship With Consumers Post-Pandemic
Customer experience/user experience (CX/UX) is commonly understood as an important part of digital strategy, but approaches, resourcing, measurement, and focus vary widely within the insurance industry. In a new report, Novarica presents the results of a survey of 79 insurers across Novarica's Research Council and Community, concerning attitudes and practices related to customer experience and user experience.
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HTM Insurance Company Migrates Personal Property to Cognition+ Platform
HTM Insurance Company is pleased to announce the migration of its Personal Property operations to the Cognition+ platform as part of the company's continuing digital transformation. Joining the automobile line of business on the Cognition+ solution, this move enables all forms of personal property including residential, seasonal, watercraft and other assorted personal insurance product lines of business.
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Navacord Expands Benefits Practice To Maritimes
As they continue to build out their national benefits practice, Navacord Corp., one of Canada's top four commercial insurance brokerages and a leader in risk management services, is pleased to announce the addition of PEI-based Cooke Capital, effective August 13, 2020.
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