#digital insurance platform

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Important Role Data Science And Analytics Play In E&S Markets

Data science and analytics have emerged as pivotal tools for transforming the insurance industry. It is helping to drive innovation, improve risk assessment, and boost operational efficiency, especially in the excess and surplus (E&S) sectors where traditional insurance solutions fall short. With the use of these cutting-edge analytical tools, insurers can better understand complicated and singular risks and create customized insurance plans and pricing models that better satisfy the changing needs of their customers.

Features that Define E&S Markets

High-Risk Nature: E&S markets frequently handle risks that traditional insurers would consider too high or unusual. This covers companies with a bad track record of losses, unusual business models, or a history of catastrophic incidents.

Specialized Coverage: These markets offer a wide range of distinctive insurance solutions, including excess liability, professional liability, and specialty lines of insurance that are customized to meet the needs of particular clients. They specialize in providing coverage for hard-to-place risks.

Flexibility in Underwriting: Rather than following strict rules and regulations, E&S insurers are able to underwrite policies based on the particular risks involved. This enables them to create individual insurance solutions that cater to the particular difficulties that each of their clients faces.

How can Data Science Help with the E&S Market?

Better Risk Assessment: The enormous volume of data provided by data science helps find patterns, trends, and correlations associated with certain risks, which facilitates the creation of more precise and customized risk profiles.

Predictive analytics: Data science can forecast future claims and losses by using predictive models. This allows insurers to foresee risks and take proactive steps to reduce them. Proactively managing risks can result in lower claim payouts and improved risk management.

Dynamic Pricing: Data science makes it possible to implement dynamic pricing strategies that change in real-time in response to variables, including risk profiles, consumer behavior, and market conditions. Because of this flexibility, insurers can provide customized insurance plans at a cost that accurately represents the risk involved.

Customized Coverage: Data science may assist insurers in creating insurance solutions that are tailored to the particular requirements and preferences of each client, thus increasing customer satisfaction and retention. This is done by evaluating market trends and consumer data.

Fraud Detection and Claims Processing: By automating the processes involved in claim validation and settlement, advanced analytics can expedite the claims processing process. Additionally, by identifying potentially fraudulent claims, data science techniques like anomaly detection and pattern recognition can lower fraudulent payouts and safeguard the insurer's bottom line.

The Role of Cogitate in the E&S Market

The Cogitate team recently attended the WSIA Insurtech Conference 2024, where their CEO and co-founder, Arvind Kaushal, demonstrated POCs of their insurance underwriting platforms to facilitate discussions on predictive modeling, AI and data. This Roundtable included 20 insurance executives. The POCs included:

Predicting quote to bind success probability rating

AI underwriting assistant

Prominent figures in the industry joined them to facilitate three distinct discussion topics:

Piyush Singh, director of Signal Mutual, will chair a discussion on the role of predictive analytics in the establishment of new businesses.

Insurance House CEO Jacqueline Schaendorf will host a discussion on AI's role in addressing E&S concerns.

Rachael Hudson, Vice President, Head of Data and Analytics at Bridge Specialty Group, will moderate the data priorities for 2024.

If you are interested in joining an executive round table, you can contact them to be notified about their next events.

About Cogitate

Cogitate is a digital insurance platform that constantly develops innovative technology products, especially when fulfilling the need to modernize and transform how insurance products are accessed and delivered.  They help insurance companies transform their business models to create a competitive advantage in the rapidly changing insurance industry. Their innovative insurance software solutions are helping insurance carriers, brokers, MGAs, and agents to accelerate digitalization and expand their business. Check out their website to learn more about their services.

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Digital insurance refers to a group of technologies that have altered the way insurance companies operate. It refers to insurance companies that use a technology-first operation model to handle insurance policy sales and management. While following traditional practises, most insurance companies have a separate digital wing of their business for this. Differentiators for digital insurance service providers include the following.https://www.dunitech.com/DeFi-Insurance-Platform-Development-Services.aspx

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Choosing the right insurance integration platform helps insurers provide a better customer experience and improve efficiency. Visit website to know more.

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https://newsmantraa.us/digital-insurance-platform-market-to-see-huge-growth-by-2028-oracle-sap-ibm/

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Treaty Oak selects Cogitate’s MGA core platform to increase speed-to-market and accelerate market share growth in commercial transportation insurance

Atlanta, Georgia, December 15, 2022 Treaty Oak General Agency will adopt Cogitate DigitalEdge, a cloud-native policy and distribution platform, the company's fast-growing roster of MGA clients, according to an announcement made today by Cogitate, a pioneer in property and casualty insurance technology. Cogitate's DigitalEdge insurance platform solutions platform is designed to provide MGAs, Carriers, and Program Administrators with the highest level of flexibility, enabling them to easily expand into new markets, broaden their product offerings, and provide a smooth and intuitive client and agent experience.

We knew we had found a team that comprehends the insurance industry and its issues from the moment we spoke with Cogitate. With the help of this partnership, we will be able to improve our relationships with insurers, broaden our distribution, make use of a sizable pool of third-party data and microservices for underwriting and customer experience, and offer new products like auto liability, physical damage, general liability, and cargo insurance quickly and simply. Geoffrey Crater, President of Treaty Oak General Agency, said, "We are thrilled to have found the proper technology partner to accelerate our speed to market and provide more operational savings.

"Moving to Cogitate's automated workflow and modernized rater will enable agents to process applications 5–6 times more quickly, solidifying us as the go–to MGA. According to Dani Harris, COO of Treaty Oak General Agency, "the technology also enables us to quickly join new markets by effortlessly managing regulations, rates, and forms through the platform's built-in low-code no-code configuration studio."

"Treaty Oak is an innovative and forward-thinking MGA that appreciates the necessity of implementing a flexible and modern solution with the proper technology partner who brings with it decades of insurance operations experience," stated Arvind Kaushal, CEO & Co-Founder, Cogitate. We anticipate playing a significant role in Treaty Oaks' rapid expansion and ongoing success.

Incorporating more than 30 third-party data providers and carrier integrations, Cogitate's pre-integrated digital insurance ecosystem "enables our customers with data pre-fills for better risk selection during the submission process and ensures a complete digital engagement throughout the binding process and beyond." Jacqueline Schaendorf, a Cogitate co-founder, stated.

Cogitate offers native integration with its numerous apps, namely AIM and ImageRight, which are a part of Treaty Oak's current technological environment, as an Orange Partner of Vertafore. The seamless data flow increases operational effectiveness, lowers costs, and sets the stage for future expansion and scalability.

With regards to Treaty Oak General Agency

A creative and quickly expanding MGA with a Texas base that specialises in Commercial Auto and Cargo Insurance is called Treaty Oak General Agency, LLC. The business offers a wealth of tools, resources, and expertise in commercial transportation to offer its agents and clients the finest coverage at a competitive price. Visit www.treatyoakga.com for more information on Treaty Oak General Agency.

About Cogitate Technology Solutions®

Cogitate Technology Solutions, Inc. delivers the most innovative digital insurance platform & technology and ecosystem of third-party micro-services to insurers, MGAs, brokers, and agents. The company’s highly configurable and automated DigitalEdge platform creates unparalleled speed-to-market and accelerated growth with effortless implementation, no matter the complexity or ingenuity of the insurance product or business model.Cogitate is a trusted technology partner serving clients throughout the insurance value chain and maintains 100% client retention since it was established in 2015.

For more information about Cogitate, please visit www.cogitate.us .

[cogitateus]

Tushar Bhole joins Cogitate as Executive Vice President of Sales & Partnerships

Marietta, Georgia, 11/16/2022 — Cogitate Technology Solutions, a future ready P&C technology innovator, announced the appointment of Tushar Bhole, an experienced Professional in Core Insurance Platforms as Executive Vice President for Sales and P artnerships.

Tushar will be at the helm of driving Cogitate’s market expansion initiatives by building strategic partnerships with prospective customers and other insurance ecosystem and technology companies. “With over two decades of experience in the insurance technology space, Tushar will be responsible for the overall growth of Cogitate's DigitalEdge Insurance Platform (DEIP) in the US and expansion in the broader global market. Tushar’s experience, knowledge of the insurance landscape and deep understanding of its challenges and opportunities will help us tap the market aggressively with our solutions,” says Arvind Kaushal, CEO and Co-founder, Cogitate.

Throughout his career Tushar has focused on delivering business value to insurers with applications & platforms that transform the core business processes in Underwriting, Policy, Billing and Claims. Prior to joining Cogitate, Tushar led sales and business development in various roles at Five Sigma, Majesco, Infosys and Oracle.

Jacque Schaendorf, Co-Founder and Director, of Cogitate added, “In the last few years, Cogitate has made a significant impact in the insurance technology market, bringing innovation and thought leadership through a broad set of modern solutions powered by our extensive insurance technical experience in numerous P&C lines of business. Tushar will lead the effort to help Cogitate rapidly penetrate the market with our value-added knowledge of the business and highly modern technology solution set.” 

“I am humbled with the commitment & vision that Cogitate Co-Founders have for the P&C industry as it bridges the divide with the InsurTech players and thrilled to work with an amazing team of Cogitators to deliver on that commitment. I look forward to expanding our sales team to engage with Carriers, Wholesalers, MGAs, Program Administrators, and Brokers and empower them with Cogitate DEIP’s transformative capabilities for launching new products & programs with low-code no-code technology.” says Tushar Bholé while taking on his new role with Cogitate.

Tushar holds a Master of Business Administration Degree in Financial Management from Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai, India.

About Cogitate Technology Solutions®

Cogitate Technology Solutions, Inc., develops modern and innovative technology products and solutions for the Property & Casualty Insurance Industry. It helps insurance companies transform their business models to create a competitive advantage in a time of rapid industry change. Cogitate’s next-generation technology products and solutions are helping insurance carriers, brokers, MGAs and agents to accelerate digitalization and expand their businesses.

Tags:-  digital insurance platform, insurance software solutions

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Dovetail: Creating a superstore for small commercial insurance

Dovetail: Creating a superstore for small commercial insurance

Small business shouldn’t mean small insurance solutions. For agents serving small commercial enterprises, getting the right policies for their clients should be easy and effortless from start to finish. Enter Dovetail for Agents. Mike Ferber, CEO of Dovetail Insurance, said the relaunched platform aims to be the equivalent of Amazon for small commercial agents. Dovetail is part of global managing…

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Extremely offput by the post on my dash about Tumblr's staff downsizing due to lack of profitability immediately followed by a poll asking people what app they'd move to if tumblr went down 👁👄👁

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Sun Life's D.E.A.L.: Empowering first-time insurance buyers with a new digital platform

As a new wave of college graduates prepares to enter the workforce, it is crucial to ensure they start building their financial portfolios on a solid foundation. Sun Life recognizes this need and is committed to promoting its digital life insurance products through GCash, the leading mobile wallet in the country. The Importance of Insurance for Young Adults Many young individuals overlook the…

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Insurance software applications are smartly designed to resolve complex tasks and activities. Software engineers work with insurance experts for developing applications for their client companies. Read more here about Digital Insurance Platforms, Health Insurance Policy Administration Software, and much more.

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msg life and IBM strengthen insurance digitization by leveraging leading End-To-End platform capabilities for the life insurance & pensions industry outside the German-speaking countries

msg life and IBM strengthen insurance digitization by leveraging leading End-To-End platform capabilities for the life insurance & pensions industry outside the German-speaking countries

(Leinfelden-Echterdingen/Ehningen, 27 July 2021) – msg life and IBM Germany are collaborating on the implementation of the msg.Insurance Suite Life, combined with IBM Global Business Services’ core competencies of consulting, implementation and migration. The joint value proposition by IBM and msg life supports insurance companies in the end-to-end digitisation of their life and pension business…

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Speed, Security, and Savings: How ePayments are Reshaping the Insurance Industry

In a time of digital innovation, the insurance industry has seen a significant shift in the way it operates, and two main drivers of this change have been the emergence of insurance management software and electronic payments. The shift from manual to electronic payment systems has simplified procedures and changed the way customers interact with businesses. In this blog, we will examine the significance of electronic payments in the insurance industry, as well as how this technological revolution is changing the business.

Quickness and Effectiveness

The unmatched speed and efficiency that electronic payments offer to financial transactions in contrast to manual processing and laborious paperwork associated with old systems is its greatest advantage. It’s much quicker and safer.

Enhanced Client Experience

In the insurance business, electronic payments are essential to improving the client experience. Thanks to digital wallets, smartphone apps, and web portals, policyholders may now conveniently make payments whenever and wherever they choose.

Increasing Security and Preventing Fraud

Financial transaction security is crucial in the insurance industry due to the sensitive nature of the information shared. Compared to conventional paper-based systems, electronic payment methods offer a higher level of security because they are supported by cutting-edge encryption technologies.

Insurance Companies and Policyholders can Save Money

Adopting electronic payment systems leads to significant cost reductions for both insurance firms and policyholders. Insurance companies can cut down on administrative costs, optimize internal procedures, and lower the risks involved in manually processing paper-based payments. On the other hand, policyholders avoid paying for postage, transportation, and other costs related to using traditional payment methods.

Combining Innovation and Insurtech

The acceptance of electronic payments has been intimately linked to the growth of insurtech, or insurance technology. Insurtech innovations are redefining the insurance landscape and propelling the sector ahead, from secure transactions made possible by blockchain technology to smooth payment experiences provided by mobile apps.

Challenges Insurance Companies Face when Adopting ePayment Technology and Solutions

Data privacy issues

Challenge: Insurance businesses deal with a lot of private client information. When switching to electronic payments, it is essential to guarantee the privacy and confidentiality of this data.

Solution: Adopt strict data protection procedures, such as encryption and safe data storage. Assess privacy on a regular basis to find and fix any issues.

Security Issues

Challenge: Security is a major issue for electronic payments in the insurance sector due to the increase in cyber threats and financial crime.

Solution: To keep up with changing cyberthreats, put strong encryption methods, multi-factor authentication, and constant security measure updates into place.

Customer Education and Acceptance

Challenge: Customers may be accustomed to traditional payment methods and may be hesitant or resistant to adopt electronic payment options.

Solution: Launch thorough customer education campaigns to highlight the advantages of e-payments, such as convenience, speed, and improved security. Provide user-friendly interfaces and customer support to make the transition seamless and address any concerns.

Cogitate x ePay Policy

On the 30th of January, Cogitate, a digital insurance platform announced its partnership with ePay Policy with the goal of offering flexibility and convenience to policyholders. The ePay Policy is one of the best when it comes to the easiest, quickest, and safest way to transfer money for insurance. They are mobile-friendly and can be integrated with your AMS. One of their clients, Hannah Callihan from North Central Insurance, said, “We love that we don’t have to mess with collecting the fee and extra work in our escrow account. I highly recommend using them! Also nice that we don’t have to wait for a check and can bind faster.”

Their excellence, along with Cogitate’s digital and core technology platform for casualty and property insurance, makes them perfect partners. During the event, Tushar Bhole, EVP sales and partnerships at Cogitate, said, “Electronic payment capabilities contribute to the ease of doing business between insurers, their distribution networks, and policyholders. The integration of ePayPolicy with DigitalEdge Policy and DigitalEdge Billing represents a continued commitment to expanding Cogitate’s ecosystem of third-party solutions that offer insurers and Delegated Underwriting Authority Enterprises (DUAEs) enhanced customer service and user experience capabilities."

Conclusion

It is impossible to exaggerate the significance of electronic payments in the insurance industry. Electronic payments are a driving force behind innovation, efficiency, security, and consumer pleasure as the sector navigates the digital age. In addition to helping policyholders and insurers, the use of these technologies sets up the insurance ecosystem for a future in which financial transactions are frictionless, secure, and driven by cutting-edge technology. Insurance firms must embrace electronic payments as a strategic necessity to remain competitive and satisfy the demands of their increasingly tech-savvy clientele.

You can check out Cogitate’s website to learn more about their insurance software solution. Cogitate has an expertise of over a hundred years in the insurance sector. Their products and solutions are the result of these years of experiences. Visit their website TODAY!

Source: https://www.cogitate.us/news/cogitate-partners-with-epaypolicy/

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Importance of Digital Platforms in the Insurance Industry

The insurance industry has historically been slow to adopt innovation and technologies. However, to meet the needs of modern customers and stay ahead of the competition, insurers are now paving the way for digital transformation. This blog discusses why modern insurers need digital insurance platforms and how they can choose the best one for their business.

Read more: What are the Benefits of Insurance Integration Platforms?

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"Uber Eats drivers in South Africa are unionizing"

(Article date: July 20, 2023)

Article quotes:

Uber Eats delivery drivers in South Africa are looking to form a union to hold the company accountable. -

Drivers say they lack basic equipment and benefits, and that Uber Eats has not been responsive to their grievances, forcing them to consider unionizing. -

Uber says it has done its best to create flexible and rewarding work conditions for its drivers, including providing insurance. But drivers say they have not received any such benefits.

The working conditions for gig workers in South Africa are far worse than their peers in other parts of the world,

according to studies by Fairwork — a global research project that analyzes digital labor platforms — and the University of the Witwatersrand’s Southern Centre for Inequality Studies. [...]

Globally, unionizing has been effective in helping gig workers fight for their rights.

In 2021 the U.K. Supreme Court ruled that two dozen of its drivers were workers — and not independent contractors — which set a precedent for the tens of thousands of drivers who operate in the country. [...]

According to the Uber spokesperson, the company offers both funeral and accidental insurance to all its drivers in South Africa.

But drivers allege they have been unable to access these benefits.

“As drivers, we are having to find our own way to survive by contributing money for funerals, forming our own security teams to guard against bike theft, and doing cash stokvels [community-based savings schemes] to assist each other in the case of robberies, sickness, or accidents,” Dlodlo said.

“Uber must be pushed to play its part and that’s where a union comes in.” [...]

The union, with its over 90,000 members, is attempting to unite all South African gig workers — including cabbies and food delivery drivers — under one body, Tamela told Rest of World.

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The Top 7 Features That Insurance Solutions Must Have

Claims are a crucial component of your organization when you provide insurance solutions. Even if your business is smaller than Allianz or Axa, it is a wise choice to spend money on effective claim management software because of its many advantages. The client's perspective and expectations have changed from 15 years ago.

According to a recent poll, 71% of clients looked about insurance products online before making a purchase. To access services without difficulty, 67% of customers were prepared to download and utilise an app from their insurance. In short, the insurance industry is rapidly changing to focus more on the customer. Additionally, your team members and customers want access to user-friendly claims management software in order to enhance the customer experience and streamline the communication process.

The top seven advantages of purchasing a claim management software system are discussed in this article. However, let's first define a claims management software system before delving into its benefits.

Describe the CMSS. The administration of different insurance products, from application processing to customer interaction and insurance claim settlement, is made simple by the claim management software system. Users of this software can control insurance products by assessing and rating the effectiveness of the claims procedure.

Claims Management Software's Advantages

1. First, customer satisfaction

Because of the intense market rivalry today, service quality has evolved into a key component in determining a customer's loyalty to an insurance. Investing in a claim management software system ensures that all data is processed accurately and quickly. Therefore, it will result in better service and increased client satisfaction. As a result, this strategy aids in your ability to prosper in a highly competitive market.

2. Conserve time

The manual procedure typically takes a long time and might occasionally result in mistakes. By removing the need for manual procedures, this programme also prevents work from being done again. In short, data accuracy increases staff productivity and saves time.

3.  Budget-Friendly

Any insurance carrier or agency will find it difficult to handle the claim process at the lowest possible cost without making an investment in the claim management system. This type of software solution accelerates the processing of claims and enables staff to operate effectively. As a result, it raises productivity and assists in lowering operational costs by eliminating waste.

4) Permitted Access

The claim management software system incorporates a system architecture that restricts data access to each user to their unique set of credentials. This system doesn't ever allow anyone else to access the data. As a result, it guarantees the protection of any sensitive information.

5. Detection of Fraud

This insurance claims fraud detection software system enables you to quickly identify fraud and expedite the investigative process in the event that a claim contains fraud allegations. In order to identify fraud related to any case, the system does proactive analysis based on historical data.

6. Data Integration In a system of this type, advanced data can be integrated, providing the following advantages.

It gives you access to real-time information, an improved workflow, and data access in a predetermined manner.

7. Standardization of Process

The claim settlement process is standardized by the claim management software. It integrates different claim operations carried out by several systems. 

Conclusion

 In a nutshell, the common elements that help in determining the insurer's capacity to turn prospects into customers are claim processing, settlement, and fraud detection. Insurance companies may find the claim management software to be a useful tool and helping hand in their efforts to boost customer happiness while also generating more revenue. In other words, by investing in such digital insurance solutions, your firm can grow faster.

If you wish to use a digital insurance system to speed up your business, contact Cogitate at https://www.cogitate.us/. We are experts at creating component-based, modern software for your insurance company.

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Cogitate DigitalEdge Platform replaces legacy systems at Southern General Insurance

Southern General Insurance Company ("SGIC") plans to replace its legacy Sapiens SIS system with the Cogitate Digital Insurance Platform. SGIC announced a partnership with Cogitate, a pioneer in accelerated digital insurance for Wholesale Brokers, MGAs, and Carriers, to provide readiness and relevance as the industry rapidly evolves.

Cogitate DigitalEdge is a full stack, cloud native digital underwriting and distribution platform that provides insurance providers with modern policy administration systems. DigitalEdge is powered by industry-leading Low Code No Code capabilities and includes a third-party data and service ecosystem that has been pre-integrated.

"We found a partner in Cogitate who understands insurance as well as we do." "The Cogitate team will not only provide a modern digital insurance solution, but will also assist us in streamlining our processes to improve underwriting, increase efficiency, and reduce operational costs," said Diane Boyer, Vice President of Operations at Southern General Insurance Company. "We chose Cogitate DigitalEdge for its future-ready digital capabilities combined with a wide range of cutting-edge features." We will implement Cogitate DigitalEdge Policy, Billing, and Claims modules, eliminating the need to integrate our decades-old SIS system with third-party user interfaces."

"For automatic risk capture and data prefill, DigitalEdge is pre-integrated with multiple third-party data providers." Its robust analytics provides line-of-business specific details via built-in dashboards, charts, and reports with drill-down on key data points," said Edward Cologgi, Vice President of Sales for Southern General. "DigitalEdge is equipped with a best-in-class Low Code No Code platform, which will enable us to significantly increase market speed and respond quickly to market changes."

"One of Cogitate's strongest advantages is that we can integrate with customers' existing core and legacy systems with a digitalization layer or replace them with our modern solutions," said Arvind Kaushal, CEO and Co-Founder of Cogitate.

DigitalEdge is truly cloud native, which means that our customers can choose the modules their businesses require today while the scalability ensures their future growth. We are thrilled to be working with Southern General Insurance Company to provide a modern, contemporary user experience to their customers, employees, and channel partners.