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SCOR Global Life: Velogica–SCOR Global Life’s Innovative Underwriting Solution

Top 10 Underwriting Consulting/Service Companies - 2019

The insurance industry, conventionally a slow adopter of new tools and technologies, is now taking early strides to technological advances to reimagine their rigid processes and enhance the customer experience. Underwriting, considered as the heart of the insurance process, has undergone significant transformation with the adoption of these disruptive technologies. By deploying them across the value chain, underwriters are automating manual processes and performing a flexible risk assessment for providing customized policy programs to the customers.

Artificial intelligence, with its ability to improve claims turnaround cycles and reduce human intervention, continues to be the prominent technology utilized. Besides, data analytics is revolutionizing underwriting by availing real-time customer data for risk analysis. This real-time data that is obtained from numerous connected devices, particularly smart wearable devices, assist underwriters for analyzing trends and patterns. The analysis brings in the capability of risk assessment as well as prevention of some risks by notifying the policyholders of potential threats. Further, social media mining enables the insurers to understand customer’s behavior and risk profile bolstering customized offerings and modeling various aspects of the policies such as appropriately ascertain the price of insurance. This also facilitates the devising of offers and discounts matching their data-sharing preferences.

In light of the significant technology advancements today, Insurance CIO Outlook has compiled a list of top 10 underwriting solution providers/top 10 underwriting service providers to guide insurers in harnessing the power of technology to boost customer experience, increase efficiency, and mitigate risk assessments.

With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in robust technology solutions/services for the insurance industry. We hope this issue of the Insurance CIO Outlook helps you build the partnership you and your firm need to technologically-transform your insurance underwriting process.

We present to you Insurance CIO Outlook’s Top 10 Underwriting Service Providers – 2019.

Top Underwriting Consulting/Service Companies

Trean Corporation is uniquely integrated to provide insurance management, consulting, reinsurance placement, program partnerships, claims services, and fronting relationships Trean Corporation formed in 1996, and the purchase of Benchmark Insurance Company in 2003, followed by American Liberty Insurance Company, allowed Trean to become what it is today: a full-service, insurance management company. With a seasoned and creative group of insurance, reinsurance, claims, and regulatory professionals, Trean Corporation and their affiliate insurance services related companies have a wide range of customizable products on hand for those entities searching for real solutions

www.treancorp.com

DroneBase

DroneBase

DroneBase is the largest drone operations firm in the world. It offers affordable, fast, and reliable data from the air so customers can make better, real-time decisions over their most critical assets. Access to aerial data and imagery will become an indispensable means of vital business information not previously accessible, and DroneBase is quickly becoming the leading medium through which companies are acquiring it. DroneBase has a network of tens of thousands of drone pilots across the globe. Thus, DroneBase is able to service its clients in every industry for various aerial data needs

Equisoft

Equisoft

Equisoft has emerged as the best system integrator of Oracle Insurance Policy Administration OIPA with the largest as well as the most experienced team. Also, Equisoft designs and integrates eApp applications and illustration, InsuranceElements that tie into the Oracle system, re-using calculations in connected and disconnected modes. Equisoft has the top investment planning tools, while the chief among them is the WealthElements suite of software. The elements contain the Asset Allocation Analyst software, and insurance, best in class simple financial planning, and education calculators. With offices in Canada, Latin America, United States, South Africa, and India, Equisoft not only provides proximity to its customers but has critical knowledge of the local financial environment

Insurance Technologies

Insurance Technologies

Insurance Technologies is a fully stacked custom software development company based in the US. The company offers digital business solutions for any size enterprise. Insurance Technologies has built various successful multiplatform applications that help its clients achieve their enterprise aims and objectives. The company’s comprehensive knowledge and experience of software and application development, coupled with exceptional insurance expertise, enables Insurance Technologies to provide unprecedented solutions to the clients within the business insurance sector. Insurance Technologies constantly innovates to revolutionize the insurance industry. Insurance Technologies scans the horizon for best practices, new ideas, and emerging trends that drive our successes forward in the marketplace

OneShield Software

OneShield Software

OneShield Software offers core business software solutions to the global insurance and broader financial services sector. The firm’s portfolio of standalone, subscription and cloud-based software products contain enterprise-class policy management, billing, rating, claims, product configuration, business intelligence, and analytics solutions that utilize a tool-based open architecture and single data model platform to streamline a business. OneShield Software simplifies and automates the complexities of core systems with seamless upgrades, targeted solutions, collaborative implementations, and lower total cost of ownership. OneShield Software Inc. offers a total of 46 products in production across the P&C and Life insurance markets with corporate headquarters in Marlborough, MA, and offices in Australia, Canada, and India

SoluSoft

SoluSoft

SoluSoft is a trusted software development company that specializes in business process management and enterprise content management for over 19 years within the US as well as internationally. The company offers a full spectrum of software development and IT consulting services and products to SMBs and Fortune 500 enterprises. SoluSoft’s innovative software solutions aid businesses and government agencies in unleashing new levels of information integration, enable collaborative governance and offer knowledge-based decision-making tools for our customers to achieve improved levels of performance. The firm caters to various needs with a range of services and products for companies of all sizes

Stoppler Solutions

Stoppler Solutions

Stoppler Solutions Inc. is a major supplier of innovative products for the global insurance market. The company has been successfully offering solutions to insurance companies since 2006 in both the USA and UK. The firm’s affiliation with DataPro Corporation Ltd, which is placed in London, has allowed Stoppler Solutions to develop and implement products for Underwriters, Brokers, and Coverholders. The company’s geographic locations in both the UK and USA, along with its first-class client support, means that Stoppler Solutions can be there for its clients irrespective of where they are based

Systems Consulting Services

Systems Consulting Services

SCSI holds expertise in the underwriting software landscape. The firm has over 30 years of experience in underwriting and promises excellent customer support. The firm’s massive success can be attributed to the jBIAS system, which represents a Java-based Business Information Analysis System. jBIAS is a premiere, one-of-a-kind automated data retrieval system utilized by insurance carriers across the United States. jBIAS enables the firms with the ability to interface with most of the third-party data service providers, allowing the firms to avoid the expense of creating and maintaining a custom solution in-house. At present, SCSI can boast of having more than 11,000 users

Utilant

Utilant

Utilant is one of the fastest emerging global InsurTech software companies aimed at creating modern and intelligent loss control technology for Property and Casualty insurance firms. Utilant’s Loss Control 360 is the highly effective Loss Control Survey Management Platform for Global P&C and high-risk engineering companies, establishing a hub networking insurance core systems, inspection firms, as well as InsurTechs to provide automation to spot, manage and reduce risks. Utilant’s software development is centralized out of Buffalo, NY, with solid professional service implementation capabilities, as well as relevant customer-centric resources that collaborate closely with client or system integrators

Xceedance

Xceedance

Xceedance has emerged as the global provider of strategic operations support (SOS), which comprises of consulting, data sciences, managed services, and technology across the entire insurance lifecycle. Insurance firms can achieve their target operating models with the aid and experience of Xceedance. The company’s proficiency encompasses underwriting, actuarial services, policy services, claims, BI and reporting, catastrophe modeling and exposure management, finance and accounting, and application development. By using Xceedance’s technical knowledge and extensive understanding of insurance processes, clients gain massive enhancements to their direct distribution platforms, pricing and rating, and policy and claim management workflows