Live Insurance News

How Claims Management Software Empowers Insurance Professionals

June 26, 2023 Live Insurance News

In the fast-paced world of insurance, effective claims management is crucial for insurers to streamline processes, minimize risks, and provide exceptional customer service. As technology continues to advance, insurance professionals are turning to claims management software to gain a competitive edge. This powerful tool empowers insurance professionals to take control of their operations, resulting in improved efficiency, accuracy, and customer satisfaction. A recent study conducted by Allied Market Research revealed that the worldwide market for claims processing software reached a value of $33.9 billion in 2020. The report further predicts…

Veridion raises $6 million to finance their proprietary APIs’ to benefit insurance industry

February 24, 2023February 24, 2023 Angela Linders

Veridion aims to “deepen” AI comprehension within the business landscape. The new-age data vendor is making the most of the AI (artificial intelligence) revolution and has announced the $6 million round financing and launch of their proprietary, self-service “Match & Enrich APIs”. Specializing in Firmographic Data, Veridion has specifically trained their APIs (Application Programming Interfaces) to understand the global business landscape, providing their clients – a number of which are high-profile insurtechs and insurance carrier – with the ability to access reliable data on 80 million businesses around the world.…

Here’s Why Your Carrier Needs to Adopt a Greenfield Approach Today

September 3, 2021September 3, 2021 Guest Author

Over the past decade, insurance companies have begun modernizing their core systems and digital capabilities in response to the growing demand for services delivered over the internet. With more customers looking for convenient online options to purchase policies, make claims, and pay insurance bills, insurance carriers must accelerate their digital transformation initiatives. This move enables carriers to deliver life insurance innovation solutions that effectively cater to modern customers’ needs. To successfully implement a digital-first strategy, insurance companies must adopt a greenfield software development approach. The greenfield approach is the process…

Hippo insuretech agrees to $5 billion merger with Reinvent Technology Partners Z

March 8, 2021March 7, 2021 Julie Campbell

Insurance News Hippo insuretech has announced that it will be merging with SPAC #insurancenews

This makes the insurance business the latest of many to fuse with special purpose acquisition companies. Hippo insuretech has announced that it will be merging with special purpose acquisition company (SPAC) Reinvent Technology Partners Z. The deal has valued the Californian insurance technology company at about $5 billion. Hippo Enterprises first launched in 2015. The Hippo insuretech sells homeowners insurance directly to consumers, promising fast quotes in a minute or less and the ability to purchase a policy within 5 minutes. Once the transaction closes, the insurance technology company will…

USAA and State Farm blockchain platforms go live

February 2, 2021February 1, 2021 H. Cutner

The insurers have launched this new form of processing all subrogation claims. The USAA and State Farm blockchain platforms have gone live for processing all subrogation claims. They are hopeful that other US carriers will also choose this strategy throughout this year. Many large insurance companies have been investigating blockchain platform strategies. The State Farm blockchain interest first started in 2018 in investigating its potential for subrogation. The partnership between that insurer and USAA started in 2019. The two companies represent a combined 12 percent of the $620 billion American…