insurance products - FinTecBuzz https://fintecbuzz.com Fintech News Fri, 16 Aug 2024 03:54:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://fintecbuzz.com/wp-content/uploads/2019/04/cropped-Original-black-FinTech-512-32x32.png insurance products - FinTecBuzz https://fintecbuzz.com 32 32 Insurity Launches New Spreadsheet API Solution https://fintecbuzz.com/insurity-launches-new-spreadsheet-api-solution/ Wed, 14 Aug 2024 13:30:28 +0000 https://fintecbuzz.com/?p=63545 Insurity Spreadsheet API is set to modernize the insurance industry by offering a rating platform that integrates seamlessly with existing systems, ensuring faster, more efficient product launches

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Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, announced the launch of Insurity Spreadsheet API, a solution designed to help insurance organizations launch new insurance products faster by transforming the business logic in spreadsheets into easy-to-use APIs. This highlights Insurity’s commitment to providing innovative solutions that meet the evolving challenges of the insurance market.

Insurity Spreadsheet API, developed in partnership with Coherent, enables insurers to convert complex spreadsheet logic into streamlined, reusable APIs. This notably enhances product deployment speed, cutting the time to launch new products from months to just 30 days or less. Additionally, the product offers an impressive 75x faster runtime, allowing insurers to handle tasks quickly and efficiently.

Insurity Spreadsheet API significantly improves operational efficiency and cost-effectiveness by accelerating time to revenue by transforming spreadsheet workflows into reusable APIs and reduces product development costs by 83% on average. The API streamlines compliance management by centralizing risk governance and version control in a secure, cloud-based location. Additionally, it maximizes business logic management while leveraging advanced cloud performance, supporting multiple version inputs, and enabling historical comparisons. Insurity Spreadsheet API allows for confident strategy validation through user-defined bulk case generation and process visualization with version comparison charts.

“Partnering with Insurity and embedding Coherent software into Insurity’s industry leading insurance platform enables insurance professionals to bring new products to market in an accelerated, cost effective, and innovative manner,” said John Brisco, Coherent Co-Founder and CEO.

“Insurity Spreadsheet API represents a significant leap forward for insurers looking to modernize their operations,” said Chris Lafond, Chief Executive Officer at Insurity. “By converting business logic from spreadsheets into APIs, our solution not only accelerates product launches but also reduces development costs by hundreds of thousands of dollars. This integration will drive greater efficiency and agility in day-to-day operations, allowing insurers to stay ahead of the competition.”

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defi SOLUTIONS Announces New Partnership with F&I Sentinel https://fintecbuzz.com/defi-solutions-announces-new-partnership-with-fi-sentinel/ Tue, 16 Jul 2024 16:00:19 +0000 https://fintecbuzz.com/?p=62159 Two industry leaders partner for the good of the lending industry.

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defi SOLUTIONS, the leading provider of originations, servicing, and managed servicing software and services, is pleased to announce the addition of F&I Sentinel to the defi family of providers partnering to improve fintech for the lending industry.

F&I Sentinel provides technology-enabled risk management solutions for the full lifecycle of automotive finance and insurance products (F&I). More than 100 lenders, including six of the top 10 auto lenders in the U.S., rely on F&I Sentinel solutions to gain efficiencies, and mitigate the reputational, litigation, financial, and business risks inherent in the origination, servicing, and cancellation of F&I products.

The auto finance industry regulatory and compliance landscape continues to evolve, as regulators hold auto lenders accountable for non-compliance during any phase of an F&I product’s lifecycle. The increase in number and variety of F&I products offered during the car buying process (sometimes referred to as voluntary protection products) – vehicle service contracts, GAP waivers, vehicle value protection agreements – increases a lender’s risk and responsibility.

The integration with F&I Sentinel’s CITADEL® Platform offers defi XLOS and defi ORIGINATIONS clients finance and insurance aftermarket form validation and product regulation expertise. Onboarding is quick and gives lenders access to F&I Sentinel’s repository of current and compliant aftermarket forms to ensure a consistent and accurate form selection process for various loan product types.

“F&I Sentinel provides compliance peace of mind and loan portfolio tools that will help our lenders avoid the potentially high cost of not knowing and meet legal and ethical obligations,” said Tom Allanson, CEO, defi SOLUTIONS. “We’re happy to have them onboard.”

“In today’s complex regulatory environment, automotive lenders must implement the right automation solutions that deliver efficiencies while protecting themselves and their customers from non-compliant F&I products,” said F&I Sentinel CEO Stephen McDaniel. “Our partnership with defi underlines our ongoing commitment to becoming the automotive finance industry’s hub for the efficient and compliant origination and servicing of F&I products.”

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FinTech Interview with Ali Hamriti, Co- founder and CEO of Rollee https://fintecbuzz.com/fintech-interview-with-ali-hamriti/ Fri, 17 May 2024 13:30:01 +0000 https://fintecbuzz.com/?p=59660

Uncover strategies to tackle financial challenges for gig workers. Explore innovative solutions for enhanced financial inclusion, from flexible banking to tailored credit access.

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Ali Hamriti, CEO and co-founder of Rollee

Ali Hamriti is the CEO and co-founder of Rollee, the infrastructure that uses verified alternative data to underwrite the diverse workforce. As a Data scientist, Ali has a deep understanding of how alternative, open data points can help financial institutions to increase their acceptance rates on loans and credit applications.

Greetings Ali, we’re delighted to have you for this interview, Could you please share with us your professional journey and how you came to co-found Rollee?
Thanks for inviting me, it’s great to be here. I’m a former data scientist, and in the past I was responsible for creating a credit score engine to assess independent workers. During my research I noticed that the data necessary for this project was scattered across hundreds of different data sources, making it very complex to address this growing part of the population. This gave me the idea to found Rollee and make it easier for financial institutions to assess independent workers with a fair credit rating.

In your experience, what key obstacles do traditional banks face when it comes to serving gig workers with their risk assessment and application processes?
In my experience, traditional banks face several key obstacles when serving gig workers, particularly in risk assessment and application processes. First, the variable and unpredictable income of gig workers complicates standard credit and risk assessment models that banks traditionally use, which often rely on consistent income streams to forecast creditworthiness. Second, the lack of formal employment documentation in gig work poses a challenge in the application process, as traditional banks typically require extensive paperwork and proof of income stability. Lastly, the rapid pace of change in the gig economy can outstrip the banks’ ability to adapt their processes and products quickly, leading to a gap in service to this segment. Addressing these challenges requires a shift towards more flexible and innovative banking solutions tailored to the needs of gig workers.

As the CEO of Rollee, what strategies have you employed to address the challenges faced by gig workers in accessing financial services?
Our research found that xx% of gig workers have been denied a load, despite having affordability.
Our strategies to address the financial service challenges faced by gig workers center on leveraging technology to enhance data accessibility and reliability. We’ve developed advanced APIs that allow gig workers to aggregate and share their income data with financial institutions. This has facilitated smoother income verification processes, which are often a barrier for gig workers seeking loans or credit. Additionally, we supplement our technology to company who create tailored financial products that account for the variable income patterns typical in gig work. Our focus is on making financial inclusion a reality for gig workers by providing tools that ensure their financial profiles are comprehensively and accurately represented.

How do you see the gig economy evolving in the context of a recession, and what opportunities does it present for banks in terms of offering financial products to gig workers?
In the context of a recession, the gig economy is likely to expand as more individuals seek flexible work options to supplement their income.
This shift presents a significant opportunity for banks to design financial products specifically geared towards gig workers, who may face more financial variability. Financial institutions can offer innovative solutions such as flexible savings plans, emergency credit lines, and insurance products tailored to the unique risks and cash flow patterns of gig workers. Additionally, banks can utilise advanced data analytics to better understand and predict the financial needs of this growing workforce, enabling them to offer more personalised and timely financial support.

From your perspective, what lessons can traditional banks learn from the agility and adaptability of fintech firms in catering to the needs of gig workers?
I believe traditional banks can learn a great deal from the commitment and adaptability of fintech firms in serving gig workers. Firstly, the commitment to rapidly develop and deploy new technology tailored to the unique needs of these workers is crucial. Fintechs often excel in using alternative data & analytics insights to understand and predict customer needs, enabling a holistic overview of their customers finances. Secondly, embracing a customer-centric approach that values flexibility in product offerings and communication can make a significant difference. Traditional banks should look to integrate these elements into their operations to remain competitive and relevant in the evolving financial landscape.

What specific innovations or technologies do you believe traditional banks should adopt or develop to better serve gig workers and adapt to the changing landscape of the gig economy?
Traditional banks should focus on adopting and developing technologies that enhance flexibility and accessibility, crucial for serving gig workers effectively. Key innovations might include dynamic infrastructure platforms that integrate seamlessly with various gig economy marketplaces for real-time income tracking and verification, therefore increasing their acceptance rate with verified and up-to-date income data points. These technologies not only cater to the needs of gig workers but also help banks stay relevant in a rapidly evolving economy.
The key developments banks can make is to update their infrastructure tools and therefore increase their acceptance rate due to verified, updated income data points.

In your opinion, what role can collaboration between fintech firms like Rollee and traditional banks play in addressing the financial needs of gig workers more effectively?
By combining Rollee’s infrastructure and access to gig economy data with the regulatory framework of traditional banks, these partnerships can lead to innovative financial products tailored for gig workers. Such collaborations can improve access to credit, streamline income verification processes, and offer more flexible banking solutions that adjust to the fluctuating incomes typical of gig work. Ultimately, this cooperative approach can drive greater financial inclusion and stability for this growing segment of the workforce.

Could you share any success stories or case studies where Rollee has successfully facilitated financial inclusion for gig workers, despite the challenges posed by traditional banking systems?
Rollee has made significant strides in promoting financial inclusion for gig workers. One notable success story involves a platform that integrated Rollee’s API to streamline income verification processes for gig workers. This integration allowed workers to swiftly and securely share their income data with financial institutions, leading to a higher acceptance rate for loans and credit applications.
Another case saw Rollee helping gig workers consolidate their financial data from various platforms into one accessible report, enhancing their ability to manage finances and prove income stability.

These case studies highlight Rollee’s role in overcoming traditional banking barriers and enabling fair access to financial services for gig workers. We’re going one step ahead with our AI-driven models to help financial institutions reduce their default events.

What personal advice would you offer to gig workers who may be struggling to access traditional banking services or financial products?
For gig workers facing challenges with traditional banking services, I recommend exploring digital banks and financial technology platforms. I see an emergence of young companies who specialise in addressing a diverse workforce: lending for gig workers, earned wage access, benefits for freelancers… These often offer more flexible options and easier access compared to traditional banks. Always stay informed about all available options and choose services that best suit your needs.

Finally, what are your thoughts on the future of banking in relation to the gig economy, and what steps do you believe banks should take to embrace this growing segment of the workforce?
The future of banking in relation to the gig economy appears increasingly digital and inclusive. Banks should adapt by offering more flexible banking solutions that accommodate the variable income patterns of gig workers. Implementing innovative technology to simplify the application processes and improve access to financial services can also be a game-changer. Additionally, implementing new data infrastructures could facilitate better financial products directly tailored to the needs of gig workers. Embracing these changes will not only help banks stay relevant but also support the financial stability of a significant and growing segment of the workforce.

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Joshu achieves SOC 2 Type II Recertification https://fintecbuzz.com/joshu-achieves-soc-2-type-ii-recertification/ Fri, 26 Apr 2024 16:30:30 +0000 https://fintecbuzz.com/?p=58814 Joshu, the platform to build, distribute, and grow digital insurance products, is pleased to announce the company recently achieved System and Organization Controls (SOC) 2 certification. The American Institute of Certified Public Accountants (AICPA) SOC 2 certification assures Joshu customers the highest recognized standards of information security compliance in the world are in place. The SOC 2 Type II certification specifically ensures all information stored on the Joshu Platform is secured to the design and structure of the proper...

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Joshu, the platform to build, distribute, and grow digital insurance products, is pleased to announce the company recently achieved System and Organization Controls (SOC) 2 certification.

The American Institute of Certified Public Accountants (AICPA) SOC 2 certification assures Joshu customers the highest recognized standards of information security compliance in the world are in place. The SOC 2 Type II certification specifically ensures all information stored on the Joshu Platform is secured to the design and structure of the proper controls, policies, and procedures.

“Security was built into the DNA of the Joshu platform,” said Shimi Bornstein, CTO and co-founder of Joshu. “As more insurance organizations rely on Joshu for complete automation of the insurance policy lifecycle, the importance of remaining SOC 2 compliance was evident. This recertification demonstrates our commitment to earning and maintaining the trust of our customers by protecting their data and their businesses.”

Joshu achieved their SOC 2 Type II compliance recertification through an external audit of the company’s internal controls around data security, firewall configurations, change management, logical access, backup management, business continuity and disaster recovery, security incident response, and other critical areas of the business by Johanson Group, a licensed CPA firm which provides readiness assessments, examinations, and audits for organizations looking to achieve SOC 2 compliance.

Founded by InsurTech experts, Joshu is laser-focused on helping insurance product owners bring new programs to market quickly with a complete tech solution that accelerates product development, underwriting, and distribution. The Joshu Platform is purpose-built to harness digital growth, maintain high underwriting standards, and win new markets faster.

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Matic Insurance launches strategic partnership with USA Mortgage https://fintecbuzz.com/matic-insurance-launches-strategic-partnership-with-usa-mortgage/ Tue, 23 Apr 2024 15:00:50 +0000 https://fintecbuzz.com/?p=58618 Insurtech leader to provide property & casualty insurance offerings for USA Mortgage customers

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Matic, a leading digital insurtech platform, and USA Mortgage have joined forces in a strategic partnership to provide property & casualty insurance products to USA Mortgage customers.

Under the partnership, Matic’s innovative insurance marketplace will be integrated into the USA Mortgage home lending experience, allowing borrowers to shop for personalized rates and coverage as part of the mortgage process. Matic’s proprietary matching technology enables borrowers to quickly compare insurance options from a network of over 50 national and regional carriers, helping them identify the right choice for their unique needs and reducing the time it takes to purchase a policy.

“This partnership represents a significant milestone in our commitment to provide impactful solutions that enhance the borrower experience,” said Ron Mueller, President of USA Mortgage. “Matic’s comprehensive carrier network with coverage across the US, and their ability to combine cutting-edge technology with an internal agency was a clear choice to meet the needs of our diverse customer base.”

USA Mortgage customers will gain access to a wide array of P&C insurance products through Matic’s digital platform. In addition to home and auto insurance, Matic will offer umbrella, jewelry, flood, dwelling fire, pet, and other personal lines of insurance to meet customer needs within the mortgage originations lifecycle.

“Matic was built for the mortgage industry to simplify the insurance shopping process during the home buying experience,” said Ben Madick, CEO and Co-Founder of Matic Insurance. “We are honored to partner with USA Mortgage to provide value for their customers while streamlining the closing process.”

As a leading embedded insurance platform for the mortgage industry, Matic partners with over 100 lenders, servicers, and banks that collectively process 20% of home loans available in the US, including five of the top 15 mortgage servicers in the US, a top 10 global bank, and a top 10 US bank.

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CL Life announces appointment of Douglas Brown to Chief Actuary https://fintecbuzz.com/cl-life-announces-appointment-of-douglas-brown-to-chief-actuary/ Thu, 18 Jan 2024 14:30:56 +0000 https://fintecbuzz.com/?p=54350 Mr. Brown brings more than two decades of experience developing life insurance and annuity products

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CL Life and Annuity Insurance Company, a provider of insurance products designed for retirement assets that seek to offer policyholders stable growth, tax deferral and income planning, announced the appointment of Douglas Brown as Chief Actuary. In this new role, Mr. Brown will be responsible for providing strategic insights and actuarial advice to the Firm’s senior management team, as well as play a critical role in driving financial success and managing risk.

“We’re pleased to welcome Douglas to the team and look forward to leveraging his decades of experience as we continue to expand both the scope and scale of the CL Life and Annuity platform,” said Rick Hodgdon, President of CL Life and Annuity Insurance Company. “Douglas offers a wealth of knowledge and specialized expertise that will be paramount to driving the Firm through its next stage of growth.”

“I’m thrilled to be joining the CL Life team during such an extraordinary period in the Firm’s evolution,” said Douglas Brown, Chief Actuary for CL Life and Annuity Insurance Company. “CL Life maintains a premier senior management group, representing decades of collective experience driving innovation, partnership and a vision to deliver outsized impact for its clients throughout the life insurance industry. I look forward to contributing to its continued success.”

Prior to joining CL Life, Mr. Brown was a Founding Partner of Trilogy Actuarial Solutions. Mr. Brown started his career in 1996 performing life insurance and product development for industry-leading life insurance companies before transitioning to consulting roles in 2012, culminating in the founding of Trilogy Actuarial Solutions in 2020. As a consultant, Mr. Brown acted as both the appointed and illustration actuary for a range of companies supporting them in valuation, financial reporting, and management consulting.

CL Life provides insurance products to independent agents through tax-deferred fixed annuities, which offer lifetime income options and penalty-free withdrawals. The firm was acquired by Crestline Investors, Inc., an institutional investment management firm with approximately $17 billion in assets under management, in August 2022.

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Foxquilt announces strategic collaboration with Markel https://fintecbuzz.com/foxquilt-announces-strategic-collaboration-with-markel/ Tue, 16 Jan 2024 15:00:46 +0000 https://fintecbuzz.com/?p=54270 Foxquilt, North American digital MGA, will broaden distribution of their proprietary insurance products in the US through a key collaboration with Markel.

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Foxquilt, a leading North American company specializing in embedded small business insurance technology, is thrilled to announce a strategic and long-term capacity relationship with global specialty insurance provider, Markel. This meaningful collaboration spearheads embedded insurance innovation for more small business owners, agents/brokers, and enterprise partners across North America.

Foxquilt utilizes a full-stack underwriting platform, powered by data analytics, to recommend tailored coverage and pricing from Foxquilt’s own proprietary commercial insurance products. Small business and micro-enterprise owners can also, in turn, quote and bind entirely online – creating a true end-to-end insurance journey. All of Foxquilt’s IP has been built in-house, allowing for an agile response in integrating to each unique agent, broker, and enterprise partner’s ecosystem – ultimately creating embedded success and enhanced underwriting profitability.

“In a world where buyer autonomy and instant end-to-end results have been normalized, the insurance space has lacked the technology investment that affords this, now, table-stakes experience. Small business owners should have the opportunity to access fair value business insurance at any point of sale or trading experience with an enterprise partner,” says Mark Morissette, Foxquilt CEO and Co-Founder. “Our disciplined focus on innovating great technologies and products as the bridge between small business owners and their enterprise partners has translated into valuable, compounding returns of growth and underwriting profitability. This collaboration with Markel not only supports the distribution of Foxquilt’s proprietary insurance products but also validates that an innovation leader like Markel believes in our forward-thinking vision of insurance as well.”

Foxquilt and Markel both believe in empowering small business owners with innovative access to tailored coverage. By leveraging Markel’s deep knowledge of small business insurance and Foxquilt’s embedded insurance technology, their aligned synergies will continue support for business owners and the agents, brokers, and enterprises that they work with.

Markel’s Scott Whitehead, Managing Director, Markel Insurtech Underwriters, says, “We are very excited to collaborate with Foxquilt and support their efforts to remove friction from the insurance buying process for small business owners throughout the country. They have a very capable team of industry veterans and forward thinkers who share our philosophy of putting customers first and delivering products in a way that consumers have grown to expect and demand.”

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Quility announces Significant Investment from F&G https://fintecbuzz.com/quility-announces-significant-investment-from-fg/ Fri, 11 Aug 2023 14:00:57 +0000 https://fintecbuzz.com/?p=48535 F&G's investment will expedite Quility's advancement of its proprietary insurance technology and automation platforms, as well as its products.

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Quility, a leading insurtech company, announced a significant investment from F&G Annuities & Life, Inc.for a minority stake in Quility. F&G is a leading provider of insurance solutions serving retail annuity and life insurance customers and institutional clients. The investment is targeted at accelerating deployment of Quility’s advanced technology, automation, and leads platforms – removing barriers to make life insurance more accessible for agents and clients alike.

Quility offers a frictionless experience for insurance agents, insurance distribution companies, and the clients they serve. Starting from quote to underwriting to policy placement, Quility fast tracks the application process in as little as 10 minutes.

F&G’s investment will advance Quility’s proprietary insurance technology and automation platforms:

  • Navigator: Quility’s user-friendly platform provides a one-stop shop for agents to instantly offer a broad range of insurance products. Navigator’s pre-underwriting and quoting tools allow agents to confidently select best-fit insurance solutions for clients.
  • Switchboard: Quility’s automated client engagement platform accelerates agents’ workflow and the prospect pipeline. From initial outreach with potential clients to appointment setting, it offers an omnichannel purchasing and nurturing experience.
  • Data Products: Quility will drive true AI and machine learning through its proprietary data products and advanced data science offerings.

The investment will also enable Quility to further expand its sales channels through its Symmetry Financial Group, Quility B2B (including wholesale and affinity), and direct to consumer (DTC) distribution networks.

“F&G’s investment will expedite the innovative technology that has become synonymous with the Quility brand,” said Brandon Ellison, co-founder and CEO of Quility. “This is a meaningful step in our mission to transform the way life insurance is bought and sold.”

F&G’s investment in Quility aligns with our own diversified tech-enabled strategy, while providing Quility the capacity to drive growth and secure its position as a leading insurtech company,” said Chris Blunt, CEO of F&G Annuities & Life, Inc. “We are excited to partner with Quility as they embark on developing an innovative operating platform built with Generative AI capabilities to enhance and simplify the end-to-end insurance policy experience for agents and customers.”

Broadhaven Capital acted as the exclusive financial advisor to Quility through this transaction with Norton Rose Fulbright acting as Quility’s legal counsel.

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North American Digital MGA, Foxquilt, secured $12M Funding https://fintecbuzz.com/north-american-digital-mga-foxquilt-secured-12m-funding/ Thu, 27 Jul 2023 16:00:44 +0000 https://fintecbuzz.com/?p=47869 Foxquilt, a leading North American insurance technology company specializing in small business and micro-enterprise markets, is pleased to announce a successful raise of $12M. The financing spanned two rounds with the initial closing at the end of 2022, led by ICM, and the latter in recent weeks with participation from both existing and new investors. This substantial investment underscores the confidence in Foxquilt’s innovative approach to insurance and its potential to transform the industry landscape. Founded...

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Foxquilt, a leading North American insurance technology company specializing in small business and micro-enterprise markets, is pleased to announce a successful raise of $12M. The financing spanned two rounds with the initial closing at the end of 2022, led by ICM, and the latter in recent weeks with participation from both existing and new investors. This substantial investment underscores the confidence in Foxquilt’s innovative approach to insurance and its potential to transform the industry landscape.

Founded in 2016, Foxquilt’s success can be attributed to a combination of proprietary technology and insurance products – combined with large-scale growth through B2B enterprise and Broker/Agent distribution channels. As the only cross-border platform of its kind, the company uses a combination of data analytics and dynamic underwriting logic to deploy fully automated, multi-operational coverage to meet the needs of both affinity partners’ insurance requirements and associated small business customers.

Mark Morissette, CEO & Co-Founder of Foxquilt explains, “This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered. We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers.”

Embedded insurance technology lies at the core of Foxquilt’s disruptive strategy. By seamlessly integrating insurance products into various platforms and services, Foxquilt is enabling businesses and communities to provide tailored coverage solutions to their customers and networks with ease. This approach empowers consumers to seamlessly gain access to insurance products by eliminating traditional barriers and delivering a superior user experience.

The Series B funding will fuel Foxquilt’s North American expansion plans, enabling the company to scale its embedded enterprise capabilities, further enhance its technology infrastructure, and broaden its product offerings. The increased resources will also support the development of cutting-edge data analytics capabilities, helping Foxquilt to better understand customer needs and refine its insurance solutions for different markets. By leveraging the power of advanced technology, data analytics, and customer-centricity, Foxquilt is driving a paradigm shift in the insurance sector – empowering businesses and communities to better serve their customers’ unique needs. Foxquilt is well positioned for continued growth throughout 2023, forecasting profitability by end of year.

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Insurance Software Automation Launches “Best Plan Pro 2.0” https://fintecbuzz.com/insurance-software-automation-launches-best-plan-pro-2-0/ Mon, 19 Jun 2023 18:00:19 +0000 https://fintecbuzz.com/?p=46405 Insurance Software Automation has released a new version of its flagship product, Best Plan Pro. Best Plan Pro has been a pioneer in the InsurTech space since 2019 as the most powerful underwriting tool for life insurance agents. Best Plan Pro’s patent-pending technology uses AI to compare dozens of insurance products instantly and provide agents with quotes and product recommendations based on a client’s medical conditions and the underwriting criteria of the carrier. Version 2.0...

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Insurance Software Automation has released a new version of its flagship product, Best Plan Pro.

Best Plan Pro has been a pioneer in the InsurTech space since 2019 as the most powerful underwriting tool for life insurance agents. Best Plan Pro’s patent-pending technology uses AI to compare dozens of insurance products instantly and provide agents with quotes and product recommendations based on a client’s medical conditions and the underwriting criteria of the carrier.

Version 2.0 couples Best Plan Pro’s world-class tech with an upgraded interface and data entry system to provide agents with a superior user experience, faster processing, and more accurate product recommendations. Now agents can automatically pre-qualify a client for final expense, term life, and/or Medicare supplement products in seconds.

Zachary Bornheimer, lead developer of Best Plan Pro, says his goal is to leverage linguistic and pattern-driven AI to help agents make better decisions.

He said: “We’ve let our system learn and evolve over the last few years. If there’s a new medication or new typo, AI learns from it. We have so much data now that Best Plan Pro 2.0 can infer what medication or condition someone is trying to find and fix typos instantly. It adapts to every carrier’s requirements and finds the most appropriate products for clients. If an agent doesn’t know something, the system does.”

David Paul, Director of Simplified Issue Life at AmeriLife, has been using the software since 2022.

He said: “If you’re doing business in the final expense/life Insurance market and you’re not using Best Plan Pro, you’re making a very big mistake. Best Plan Pro is the most consistent and reliable field underwriting tool our industry has to offer. Stop guessing what the carriers will approve and start knowing.”

Insurance Software Automation (ISA) is an industry-leading insurance software development company and a subsidiary of IIP Group. ISA provides a variety of business process automation tools for both agents and carriers that are transforming the industry. Best Plan Pro 2.0 is the latest addition to ISA’s suite of agent sales tools. For more information, visit bestplanpro.com/about-2.0 or email press@bestplanpro.com.

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