Partners

Industry challenge

Addresscloud is solving the problem of inaccurate and insufficient geospatial data in the insurance industry. Traditional address data often lacks the precision and insight needed for effective risk assessment, underwriting and exposure management. Addresscloud provides detailed, accurate location intelligence by combining high-quality geospatial datasets with advanced cloud based technology.

This allows for precise address matching, risk evaluation, and detailed mapping, which is crucial for insurance pricing, underwriting and portfolio management. By enhancing the accuracy of address data, addresscloud helps Insurers and MGAs improve operational efficiency, make better-informed decisions, ultimately leading to better risk management and more profitable underwriting.

The solution

Addresscloud is a multi-award-winning location intelligence platform serving the global insurance market. We provide leading insurers, MGAs and coverholders with APIs and applications to make better underwriting decisions. Addresscloud’s platform provides real-time data integration and APIs that allow seamless incorporation of their geospatial data into clients’ existing systems
From capturing an accurate address to pre-filling quotation forms, understanding peril and climate risk and avoiding expensive accumulation issues, Addresscloud has you covered.

Business benefits

• Accurate Geocoding: Ensure precise location data for every insured property, minimising errors in risk assessment and claims processing
• Comprehensive Property Data: Access detailed information about insured properties, including proximity to hazards and other relevant factors, aiding in thorough risk evaluation
• Peril Scores: Utilise scoring systems to assess the likelihood and severity of various perils, such as Flood, Wind Fire and Subsidence, enabling better-informed underwriting decisions and pricing strategies
• Accumulation Management: Manage exposure accumulation across portfolios by analysing geographic concentrations of risk, mitigating potential losses, and optimising risk distribution strategies

Industry challenge

The likelihood of potential customers qualify or lapse at the online application stage is difficult for life insurers to predict. If insurers improve their placement ratio it would have a significant impact on profitability and internal resources. Using AI, machine learning and analytics can provide potential policyholders with a better match based on “peers like you” and will improve insurers’ profitability and customer satisfaction. Atidot offers growth opportunity for life insurance – empowers insurers to evaluate opportunities in an existing portfolio or a book of business with big data and predictive analytics.

The solution

The joint solution provided by Sapiens and Atidot combines real-time AI, machine learning, and analytics capabilities with Sapiens ApplicationPro, a web-based insurance application software. The solution enables insurers to better predict their placement ratio, understand their customers profile, and recommend better policies based on ‘lookalike’ strategy. Companies can gain insights into their customer base and see the bottom-line impact of their product and marketing strategy. Atidot’s insights help you make smarter business decisions at just the right time.

Business benefits

• Improve top-line growth by up to 30%
• Gain up to 4x increase in your book of business value
• Improve predictability by 15X and increase lifetime value

Industry challenge

Litigation and Severity costs are eating into Insurers’ profits and ability to grow. Annually more than 20% of premiums are lost to litigation, fraud and compliance related claims handling. Lack of risk insights also blinds risk selection. Prioritizing claims with high propensity of litigation and severity to reduce claims cycle time and costs while efficiently managing reserves is much needed. Predictive analytics and Insights driven decision are the need of the hour.

The solution

Charlee.ai is an artificial intelligence based predictive analytics patented solution that helps reduce litigation and severity expenses while efficiently reserving claims. Charlee helps prioritize claims with high risks such as litigation, suspected fraud and non-compliance along with deep claim insights to help operational team streamline their workflows. Charlee is a secure, cloud-based and SOC 2 compliant web-application with custom dashboards and KPIs providing easy upload of data via SFTP or APIs.

Business benefits

• Charlee leverages our patented and proprietary natural language processing (NLP) and machine learning models to extract deep insights from structured and unstructured data and predict litigation and severity
• Charlee predicts litigation and attorney involvement starting at first notice of loss (FNOL) and 90-120 days prior, enabling workflow prioritization
• Charlee predicts severity in various ranges (low, medium and high with dollar amounts dependent on machine learning) allowing for fast tracking and insights-based assignments
• Charlee provides claim level alerts and red flags based on deep learning of unstructured and structured claims and policy data for developing investigation action plans
• Charlee provides claims and risk portfolio including operational metrics, reserving patterns and high-risk trends correlating to NLP based tagged topics

Industry challenge

Claim departments are challenged with managing large claim loads per claim professional, along with inflate medical, administrative, and legal costs associated to claim handling.

The solution

Through AI and Machine Learning tools an insurance carriers claim department will improve their processes and have access to in-depth analysis for proactive risk mitigation. Our Clara Claims solution now consists of:

CLARA Triage
CLARA Treatment
CLARA Litigation

Industry challenge

Insurers relying on traditional approaches for underwriting and claims management lack full visibility into risk, which limits their ability to win more business while maintaining their loss ratios.
On the underwriting side, they are challenged with pricing accurately to reflect the risk, limiting their ability to price competitively, quote business quickly, and expand into new markets profitably.
In claims management, insurers lack visibility into claims risks, leading to potentially long-duration claims which can become catastrophic and costly.

With a more complete, in-depth picture of risk, underwriters can make pricing decisions more accurately and more competitively, enabling them to win more business, grow with new clients, and enter new markets profitably. Claims managers gain an “early warning” of the most expensive claims, to focus proactively where needed while reducing the cost of claims. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk.

The solution

Gradient AI is the leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions improve loss ratios and profitability by predicting underwriting and claims risks with greater accuracy, as well as reducing quote turnaround times and claims expenses through intelligent automation. Unlike other solutions that use a limited claims and underwriting dataset, Gradient’s software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic, and demographic information, as well as modeling expertise and deep insurance industry experience. Customers include some of the most recognized insurance carriers, MGAs, MGUs, TPAs, risk pools, PEOs, and large self-insureds across all major lines of insurance.

Business benefits

• Augmented intelligence to make your organization and people even more effective
• Cutting edge artificial intelligence and machine learning solutions
• Designed specifically for the insurance industry and risk management professionals
• Predictive and prescriptive analytics
• Enable automation and provide decision support

Industry challenge

Car insurance companies are facing high competition and low margins. To reduce claim losses, insurers must promote safe driving. They also need a better way to price risk, to retain safe drivers and charge higher premiums for ‘risky’ drivers. Usage based insurance is one possible strategy to reduce costs. However, being able to accurately predict the level of risk per driver, provides an additional layer of information for the insurer to set premiums better.

The solution

The joint Sapiens and GreenRoad solution enables automotive insurance carriers to secure a new level of risk assessment data about their drivers on a dynamic basis, making it possible for them to provide more competitive, personalized driver insurance premiums, customer-centric services and proactive risk-prevention programs.

Business benefits

• Rapid personalization of both claims and policy correspondence reduce cycle times by utilizing previously generated templates
• Easy access to a central repository of templates, plus automated data and content prefill document templates, save agents time
• Built-in document preview capability during authoring facilitates a quick turn-around from edit to production

Industry challenge

The insurance industry is chock-full of routine and time-consuming tasks like manual data gathering and entry. At a time when the ability to handle data quickly and accurately is a matter of survival, many insurers still struggle to execute repetitive business processes at high volumes.How do we cut SLA from days to minutes? How do we enhance process accuracy by making sure there are no errors? How do we create a system that can work 24/7 for us?

The solution

The partnership between Kryon and Sapiens allows insurers to easily discover and map all processes with an AI based tool. It can identify which ones can be executed automatically by the Sapiens solution and which can be automated simply by taking the workflows generated by the discovery tool into a developing environment for fine-tuning (instead of having to create them from scratch). Bots will run these processes 24/7 to reduce CSR work, avoid human error, and increase productivity.

Business benefits

• Avoid costly errors while complying to regulations
• Streamline claims registration and processing
• Improve customer service

Industry challenge

Life insurance carriers are successfully adopting data-driven tools and analytics to reduce reliance on traditional medical exams, time-intensive sales processes, and lengthy decision workflows. But you’re under increasing pressure to achieve competitive yet sustainable pricing, improve risk management, mitigate mortality slippage, and accommodate rule-out criteria. Meanwhile, regulatory uncertainty can compel you to put new, desirable innovations on the wait-and-see list when they could bring ROI and value now.

The solution

The Irix® suite of identified data products instantly interprets vast amounts of real-time electronic consumer and clinical data and delivers an consistent underwriting decision on the spot. You can automate most decisions, find groundbreaking efficiencies, and realize cost savings without compromising (and often improving) accuracy. Predictive model-generated risk scoring tools stratify risk with more precisions and speed and can be strategically used to issue more business, slash mortality, or balance both. All products can be calibrated to your risk thresholds and underwriting guidelines and are HIPAA- and FCRA-compliant.

Business benefits

• Add distribution channels and product offerings
• Modernize risk management and decision-making workflows
• Enter new markets and extend coverage to the multibillion-dollar middle market
• Find unprecedented protective value

Industry challenge

The insurance industry needs to quickly assess risk factors and to price efficiently, without either over- or under-valuing each policy. This move toward personalization requires verified location-based information.

The solution

Loqate address verification solutions are integral to various aspects of insurance operations, including risk assessment, fraud prevention, regulatory compliance, customer service, and data analytics. We offer a faster, easier way to capture addresses in real-time in any single-line address field or online form. In as few as three keystrokes, our technology will suggest complete and precise locations anywhere in the world – even when your customer makes a mistake.

Business benefits

• Loqate solutions combine the richest globally curated data from multiple postal, geospatial and local sources with a sophisticated matching and verification engine, ensuring the most accurate address data
• A single source of truth for customer data, makes transferring money, opening accounts, and sending and receiving necessary documentation seamless
• AI is only as good as the data input
• Global Address Verification with AI Parsing
• Standardisation across all systems, consistency + trust for your MDM

Industry challenge

Almost all insurers are exposed to currency risk, from overseas premiums, auxiliary revenues, cross currency claim payments, or a mismatch in currency flows. Many struggle to implement the necessary steps and strategy to correctly manage this unwanted risk, with insurers exposed to potential profit erosion and huge fluctuations in cash flows as a result of inadequate FX policy considerations.

The solution

As a specialist in international payments and currency risk management, Lumon has been delivering bespoke hedging and execution services for over 20 years. We’ll work closely with you to develop, execute, and maintain a tailored strategy that complements your operational model and business goals. Our risk management strategies are designed to limit the impact of currency volatility on overseas exposures and significantly reduce execution and payment costs.

Business benefits

• Cost Savings – we deliver wholesale execution pricing through our syndicate of tier 1 liquidity providers and £9.2b in annual FX turnover
• Uncollateralised Credit – we offer clean credit and hedging facilities extending up to three years out with no upfront collateral or cash required
• FX Policy Creation – working closely with some of the largest insurers, Lumon specialises in delivering bespoke FX policies that ensure a systematic and data driven approach to optimise your FX risk management
• Data & Analytics – we extend real-time forecasting and probability data sourced from over 50+ global banks, providing an impartial and precise view of market sentiment that’s customised to your specific requirements
• Integrated Trading Platform – our platform enables self-serve spot and forward along with full reporting functionally, drawdown facilities and risk management tools for a true all-in-one currency experience

Industry challenge

A perfect storm of increased costs, medical inflation, post-COVID backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork, jeopardizing their profit margins. Streamlining claims processes and reducing costs is on top of their agenda to remain competitive, yet is challenging to execute due to the complexity of medical claims data requiring a specialized approach, non-scalable operations and legacy systems.

The solution

Qantev is an end to end AI claims platform helping health & life insurers reduce claims leakage, improve loss ratios and improve customer experience. The modular platform, built with a specialized layer of artificial intelligence replicating the decision making process of a medical expert, enables claims automation, fraud waste and abuse detection, provider network optimization, and specialized data acquisition/OCR to capture, clean and enrich & digitize data from any types of medical document.

Business benefits

• Increased claims straight through processing
• 10% reduction in total claims costs
• 75% FWA hit rate and 25% increase in SIU team efficiency
• 25% increase in customer satisfaction
• 2-5x return on investment within 12 months
• 99% OCR accuracy for printed, 90% for handwritten, any languages, template free

Industry challenge

Property and Casualty insurance companies and claims adjusters need location data to exactly identify the structure they’re insuring. An address alone is insufficient for risk analysis. Many insurance companies struggle with large mapping providers that may only deliver a street front and sometimes not even the correct address. These errors lead to lost business, higher loss runs, and adjusters dispatched to incorrect locations.

Business benefits

• Carriers improve their loss ratio with accurate risk analysis with Smarty’s US Rooftop Geocoding
• Claims adjusters expedite First Notice of Loss (FNOL) and arrive at the right location with Smarty’s US Address Autocomplete
• Insurance agencies get more quotes and online conversions with Smarty’s US Address Autocomplete

Industry challenge

In competitive marketplaces, the need to identify and underwrite profitable risks and portfolios for sustainable top and bottom line growth becomes ever more critical for results and shareholder return. Underwriting inefficiencies, quality of data and fragmented data sources puts even more pressure on operational expenses and costs of acquisition, whilst the challenge of ESG within portfolios and at point of risk assessment is increasingly under scrutiny.

The solution

Commercial Insurance Insights, which runs on on Swiss Re plug-and-plug analytics platform Impact+, brings together P&C risk information and market insights covering over 100 million SME and Mid-Market companies globally, that can be accessed seamlessly via APIs with the data embedded with Sapiens’ underwriting workbench. Insights modules include Market Insights, Man-made and NatCat, Liability and Sustainability risk insights.

Business benefits

• Identify the most attractive target segments in granular industry and client level
• Extensive risk assessment with integrated Swiss Re risk models
• Sustainability risk assessment
• Portfolio data integration and benchmarking
• Single risk evaluation on fingertips
• Automatic due diligence on company evaluation

Industry challenge

In today’s accelerated and dynamic healthcare marketplace, there is a crucial need for Medical Professional Liability carriers and Workers’ Compensation underwriters to have access to accurate provider data to mitigate risk in real-time. The current issue of maintaining provider databases through data sharing, outreach, and self-reporting is never accurate. The process is costly, inefficient and is a manual effort for every insurer.

The solution

TruthMD understands how accurate provider data transforms into effective, desirable provider networks and has been delivering industry-leading, trusted provider data solutions to Medical Professional Liability (MPL) and Workers’ Compensation insurers. TruthMD’s propriety algorithms combine artificial intelligence and machine learning to continuously monitor every MD, DO, NP and PA in the United States. MPL and Workers’ Compensation insurers are able to access TruthMD’s data in near real time this includes all Federal and State provider data allowing each insurer to manage risk, accelerate decision making, optimize the underwriting process and convert providers to policyholders. Insurers may research core demographic and practice affiliation information as well as monitor provider exclusions and sanctions.

Business benefits

• The most accurate provider data, obtained directly from primary sources, in near real-time from thousands of data sources
• Auto populate new and validate renewal MPL and Underwriting applications
• Proactively monitor locations, affiliations, licensure, disciplinary actions, investigations, sanctions, and other legal activities of each insured
• Complete sanctions database to identify and determine renewal actions

Industry challenge

Modern insurance companies are built on enterprise software. Technology adoption challenges with insurance applications and frequently changing rules and regulations significantly impact productivity and processing policies or claims errors. This results in higher-than-planned operational costs & low technology returns for insurers. Insurance companies also face challenges like:

● A lack of self-service experiences for agents & customers, resulting in a loss of productivity and higher support volumes.
● Slow, ineffective management of changes in internal processes, rules, and external regulations leading to errors.
● High employee churn that requires focused agent training experiences.

The solution

Insurance applications click better with Whatfix. Whatfix enables insurance companies to maximize technology investments with three products: Whatfix DAP, Mirror, and Product Analytics. With Whatfix DAP, enable end-users with in-app guidance to support end-users in the flow of work with contextual help. Mirror provides sandbox environments to train insurance agents with hands-on training, without risking live software usage. With Product Analytics, identify areas of user friction and optimize workflows.

Business benefits

• Accelerated time-to-proficiency for new insurance agents and policyholders with hands-on training
  experiences
• Maximize insurance technology ROI by achieving optimal end-user adoption
• Easily facilitate change
• Defect support issues and enable end-users with on-demand self-service experiences
• Reduction in insurance technology training costs
• Track and analyze end-user behavior to identify areas of improvement and optimize workflows

Industry challenge

Dozens of eMerge-based solutions are currently operated on IBM Z platforms. As eMerge has evolved through the years, most of the solution’s investment was exposed to external technologies adjusted that needed support of eMerge versions.

The solution

Together with eMerge IBM Z customers, Sapiens continues to enhance IBM Z platform capabilities. We are continuously improving our eMerge product to support the latest releases and functionality of IBM Z Systems customers to maintain their workload.

Business benefits

• Consistency The new back-office applications have a unified look and feel, with the reuse of web services across the various applications.
• Repository System All data from the applications are centralized in IBM Z. This can save unnecessary web services when an application needs data from a second application.
• Compliance with regulations The new application is regulations oriented.
  Digital services No more paperwork, hand files and file cabinets, no duplicate data, no business errors, everything is validated by the application.
• Accessibility The new eMerge applications on IBM Z are accessible for intern

Industry challenge

Today’s insurance industry is facing rapid change and heightened customer expectations. This is in addition to the “cost-conscious” customer, who frequently switches carriers. Now more than ever, insurance leaders are seeking transformation, innovation, and reduced expenses.

The Solution

Sapiens, in partnership with Microsoft, is an extensive technology and go-to-market strategic partnership enabling intelligent insurance and empowering more personalized and enhanced experiences.

Business benefits

• Microsoft Azure is our cloud provider for Sapiens Cloud
• Sapiens & Microsoft – integrated across Microsoft’s portfolio, including Azure, Microsoft 365, Power BI. Roadmap: Dynamics 365.
• Sapiens’ solutions are surfacing in the Azure Marketplace
• Sapiens is working closely together with MS product teams