Global financing for insurance technology is increasing – in the third quarter of 2021, insurtechs increased a total of $3.1 billion, according to Willis Towers Watson, making it the second-largest financing quarter on record. That was almost unexpected, given the world is still mired in a worldwide pandemic that relies heavily on cutting-edge and innovative technology to enable companies to succeed in challenging times.
“The insurance industry is undergoing a seismic electronic transformation, both to better align with consumers’ increasing assumptions and to enable smarter, faster and better processes for insurance experts,” said Jason Liu, CEO of Zywave, among 5 companies. IBA insurance. Star Insurance Technology Service Company.
Greg Council, deputy head of state for marketing and product management at 5-Star Insurance Technology Provider Parascript, agrees that insurtech is becoming more dynamic and innovative, especially with expert system-based applications. Another hot spot, he says, is using artificial intelligence to confound information to speed up financing and claims.
“The insurance technology provider part is going to a really interesting place,” said Ian Jeffrey, CEO of 5-Star Insurance Technology Provider. Take a breath Life. “While the beginning of the insurtech transformation saw suppliers available and trying to change providers and advisors, now we have moved it to the next stage, which is all about empowerment, and that’s where Take a breath Life leans. Modern insurance technology service companies are on the way and transforming traditional technology that This was a really exciting time as providers and advisors move towards developing modern technologies, and I think we’re ready to see a lot of companies emerge with the aim of enabling them.”
Against the backdrop of this evolving landscape, IBA surveyed brokers to find out which technology service companies have become one of the most formidable pioneers in the electronics world.
Take a Breath Life won several categories for the Take a Breath Life Cross Circulation System. Jeffrey recalls that according to the Life Insurance Marketing and Research Organization, about 60 million people in the US are uninsured or underinsured. Pull Nafas Life aims to target them and various other potential consumers by making it easier, faster and more affordable to buy a life insurance policy.
“While we are the first technology provider to provide this level of experience to providers, advisors and customers, what truly makes us unique is our vision to be the center of circulation of modern life insurance policies,” said Jeffrey. “This OS, Take a Breath Life, will be a system that connects all networks – current and new – while placing clients in the facility of everything.”
And the numbers look great. Providers on the Take a Breath Life system have seen a sales increase of more than 23%, along with a 26% increase in fees and a 33% decrease in client purchase costs. Take Breath Life also recorded a 65% decrease in publishing time and a 45% increase in its consulting coaching rate. And the average error rate is taken from 30% to 0% while making a client satisfaction score of 94% from the provider.
“The technology we have developed is a few steps forward from the current life insurance policy circulation technology,” said Jeffrey. “The way we approach the industry as an ever-evolving SaaS system means that our customers constantly have one of the most advanced and user-optimized systems in position.”
Parascript won in 2 categories for its FormXtra.AI system, which handles the consumption and processing of documents for claims, advance requests, and clinical situation reviews. These documents are often sent as monolithic PDF files that require staff to review, separate and then find key information to index; FormXtra.AI automates this lengthy job.
“Our solution can take large information discards of clinical documents and quickly define, separate and analyze them at a cost of close to 90% automation,” the Council said. “This enables a wide variety of applications, such as the work of preparing document information required for a claims review or to support quality of care audits where it may be expensive to evaluate a clinical problem through manual review.”
In addition, the system has pre-trained capabilities – knowledge of unstructured information built right into artificial intelligence models so customers can focus on more critical requirements. The thoughtful learning system supports all education and upgrading of FormXtra.AI and reduces the need to find skilled staff to invest days (or weeks) on information evaluation.
Parascript software parses more than 5 billion web pages of disorganized information every year. FormXtra.AI has the ability to help a single customer go from a system with approximately 50% automation – where the company needs to review every output – to a system with 75% automation and no acknowledgment required. For other customers, FormXtra.AI has the ability to reduce clinical document work from 22 workers to 2.
The Council attributes Parascript’s choice as a 5 Star Insurance Technology Provider to “our approach to disentangling complex, disorganized, friendly and reliable information production and evaluation. Often technology solutions come at a cost: either they are simple to be cost-effective, or they are highly effective but difficult. to organize. Our approach is essentially the equivalent of a Mars launch: to get highly reliable and useful solutions to complex and disorganized information needs without the need to bring information researchers and developers to the table.”
Zywave won in 7 categories for its Sales Shadow system. To generate leads, Sales Shadow provides instant access to countless industry prospects with long-lasting insurance insights such as brokers, providers, OSHA violations and current DOT quotes, retrieving information from over 40 resources. Marketing automation equips users to automate and enhance interactions with simple interactions and project functionality. And Sales Cloud’s setup, pricing, and estimating (CPQ) functionality automates the critical actions of every buyer journey.
Zywave has made 7 acquisitions in the previous 2 years – one of the most of any insurtech since 2019 – and is important to the top 100 US insurance brokers as customers. The company had 274 item launches in 2020 alone, maintains more than 800 workers on 3 continents, and processes more than 30 million estimates a year.
“Zywave is the fastest growing significant software systems provider and fair insurance provider offering front-office solutions for independent insurers across all business lines,” said Liu. “Zywave offers representatives and brokers an all-in-one cloud-based system, providing sales, marketing and management solutions for power development – their modern personal RevOps engine. Industry attention is shifting from back-office effectiveness to concentrating on how to attract new customers and expand current customers. And that’s where Zywave is the clear leader.”
Suggestions for future competitors
So what advice do Take a breath Life, Parascript and Zywave have for other insurtechs?
“Become obsessed with the customer,” says Jeffrey. “Concentrate on the needs of not only your customers, but also – and almost more importantly – your customers’ customers. It’s all about generating a first-rate user experience and meeting customers where and how they want to be met. It should continue to be the number one priority You.”
The Council recommends other insurers to “approach potential customers in the articulation of the technology used through their real business problems and processes rather than a feature-laden abstract discussion. Talk about results or outcomes, not the technology itself.”
Finally, Liu recalled that Zywave “uses an open API framework because our company believes partnerships are very important in this space. We will definitely motivate all software and technology suppliers to accept an open architecture view, requirements and integration. One of the best ways to ensure customers we enjoy a pleasant and efficient user experience.”
To select the best insurance technology services companies for 2021, IBA employs some of the leading industry experts. Over a 15-week process, the IBA research group conducted one-on-one meetings with brokers and surveyed thousands of others within the IBA network to gain a passionate understanding of what matters to insurance experts when choosing an innovation provider to work with.
Technology services companies were asked to submit nominations, outlining how their services stood out from those offered by rivals and what made their technology the best in the market. The IBA then contacted the broker, asking to rate their overall satisfaction with the insurance technology service company they worked with.