This week in Insurance: AI technology enables intuitive insurance underwriting, enhanced employee and enhanced customer engagement

Latest Industry Insights from Draup Braindesk

Insurance players are revamping their business models to achieve operational excellence while offering digitally-enabled customer-centric solutions. 

Cloud-based Expense management 

  • Cloud’s consumption-based cost model facilitates expense management to drive innovation and agility, allowing insurance providers to implement advanced analytics and automation tools rapidly.
Headless tech 
  •  With customer-facing front-ends and headless technology combined with no-code tools, insurers can build personalized digital experiences by separating the front-end display layer from the back-end data features. 
Streamlining the internal process 
  • Big Data analytics platforms facilitate tons of data instantly, examine the areas of their business improvement, and allow effective feedback to employees reducing the costs spent on administration. 
Predictive Risk for Underwriting 
  • Insurance data analytics can simplify underwriting by predicting a higher premium for a customer engaged in rough driving than a customer whose data trend predicts a lesser risk profile. 
Algorithmic risk assessment 
  • As files are becoming increasingly digitized, they can be easily analyzed using AI algorithms, eliminating manual processing. This improves processing speed and accuracy, not only in policy administration but also in risk assessment. 
Insurtech joint ventures 
  • Insurers are harnessing customer data and relationships to create new income streams. While incumbents are tapping into existing customer relationships and customer data, InsurTechs provide the technology and technical know-how support. 
Augmenting legacy IT 
  • The technology trends such as the rise of no-code tools and “headless tech” mean that financial service organizations keep their legacy architectures intact while improving the digital experience for customers. 

Latest Reports Published in Draup

Anthem account intelligence report: Anthem’s focus areas across digital platforms, artificial intelligence, and machine learning. It is developing longer-term road maps, mainly focusing on telehealth and data analysis by leveraging high-tech support and technology-driven capabilities. Read More>>
Truist Financial Corporation account intelligence report: Truist Financial Corporation is keen on developing its digital platform, mobile, and online applications to expand its business. Its revenue increased by 80% in FY2020 compared to FY2019 due to increased consumer, wealth, corporate, and commercial banking segments. Read More>>

Key Funding Alert

Vida Health raises USD 110 Mn in Series-D round led by General Atlantic, Centene, and AXA Venture Partners  

Vida more than tripled its revenue since 2020 and expanded its network of therapists, coaches, dietitians, and diabetes educators by more than 400%. The company became the first major virtual chronic care platform in the U.S. to launch a complete, full-stack Spanish experience. Read More>>

Startup Spotlight

Company – Brella Insurance 
HQ Location –  Greater New York City area, US
Total Funding – USD 22 Mn
Year of Inspection – 2019
About: Brella is modernizing supplemental health benefits. Its simple supplemental plan covers 13,000+ conditions and pays cash on the diagnosis you can use for anything needed on the road to recovery. Read more>>

Key Insights and Signals in Insurance

Centre Setup and Expansion
Brightway Insurance opens eight new locations in April 
Brightway is helping people realize their dreams of business ownership and insure their homes, vehicles, and more. The company expanded its footprint this month with new locations opening in Florida, Georgia, Louisiana, Michigan, Ohio, and Texas. Read More>>
Tech hub advances M&T Bank’s digital ambitions 
M&T Bank opened a technology hub in the Seneca One Tower in downtown Buffalo, N.Y., just blocks from the company’s headquarters. The new facility is the latest step in Chairman and CEO René Jones’s plan to hire 1,000 tech workers in the next three to five years. Read More>>
Deals and Deal Renewal 
Kaiser Permanente transforms HR with Oracle Cloud 
Kaiser Permanente partnered with Oracle to modernize its business processes with Oracle Fusion Cloud Human Capital Management (HCM) to deliver intuitive employee experiences, simplify complex HR processes, and meet its workforce’s health and safety needs. Read More>>
Mutual of Omaha to Implement FINEOS Platform 
The FINEOS Platform will enable Mutual of Omaha to take advantage of scalability, agility, and security of the cloud, plus allow the FINEOS APIs to drive digital engagement, open connectivity, and create a better overall digital client experience. Read More>>
A1 Comms brings in AXA Partners as its insurance underwriter 
The partnership covers several of the Alfreton-based B2B telecom provider’s brands, including Affordable Mobiles and Buy mobiles. Both parties will also work with Citymain, which will provide flexible and affordable Mobile & Gadget Cover to the A1 Comms customer base. Read More>>
CarePoint Health reaches deal for Cigna Health Insurance to join their network     
With the new addition of Cigna, CarePoint provides thousands of additional participants with access to CarePoint Health facilities, physicians, and other care providers to enhance access to quality care and improve clinical outcomes. Read More>>
Allstate Canada partners with online will provider Willful      
With the partnership, Allstate customers will have access to simplified estate planning tools to complement the company’s existing prevention and protection products and services. Read More>>
Nevaeh Insurance Solutions announces collaboration with Markel Corporation    
Nevaeh is working with Markel Specialty, a division of Markel Corporation, to provide group accident, health insurance solutions, and unique offerings to program managers. Read More>>
Mergers and Acquisitions
EC pushes Aon / Willis Towers Watson merger decision date to August 
The European Commission (EC) has further extended its deadline to decide on the Aon acquisition of rival broker and consultancy Willis Towers Watson (WTW), pushing the date into August.  Read More>>
USI Insurance Services Completes Acquisition of Insurance 
USI Insurance Services (“USI”), a world leader in risk management, employee benefit, and retirement plan consulting, announced the acquisition of the insurance business offered through Northwest Insurance Services from Northwest Bank, a subsidiary of Northwest Bancshares, Inc. Read More>>
Executive Movement
Blue Cross and Blue Shield of Vermont welcomes new board members      
Blue Cross and Blue Shield of Vermont recently welcomed Jason Robart of Cornwall to the non-profit health and wellness organization’s board of directors. Robart, who joined the board and Karin Chamberlain of Norwich, brings a dynamic knowledge of health care and finance. Read More>>
Yaniv Bitton appointed Sun Life’s Head of Investor Relations & Capital Markets
In this expanded role, Yaniv will serve as the primary spokesperson to the investment community, overseeing equity and fixed income analyst and investor communications, as well as leading Sun Life’s capital markets function, which includes the capital funding program and rating agency relationships. Read More>>
Ameriprise Financial Services appoints new Director HR 
Ameriprise appoints Mayanka with experienced Human Resources professionals across varied industries, including HR consulting, analytics, and publishing industries. Read More>>
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