platform

What is no medical life insurance

Wawanesa and ProNavigator Introduce New Tool to Support Brokers

Customer growth and funding validate ProNavigator’s unique ability to increase productivity within insurance brokerages and carriers

Toronto, ON (Apr. 13, 2021) – The Wawanesa Mutual Insurance Company (Wawanesa), Canada’s largest mutual insurer, and ProNavigator, a provider of software products to property and casualty organizations, are pleased to announce that Wawanesa has successfully integrated ProNavigator’s Ask Sage platform to benefit its broker partners with simplified access to information.

Ask Sage, a knowledge management platform, has an intuitive search and retrieval interface designed to help answer a broad range of underwriting questions, in simple language, across multiple products, regions, and documents. Because Ask Sage is specifically built for Insurance, Wawanesa and its broker partners will benefit from a simplified, intuitive, and overall faster experience finding the most accurate and current information, right when they need it.

“At Wawanesa, we’re committed to brokers, and to investing in innovative ways to ensure each and every customer transaction is as friction-free as possible,” said Graham Haigh, Wawanesa’s Senior Vice President and Chief Marketing Officer. “With the implementation of ProNavigator’s Ask Sage platform, we are proud to give our broker partners another tool to help deliver even better service to our mutual policyholders.”

“We have enjoyed partnering with Wawanesa to provide a platform to better service their brokers,” said Joseph D’Souza, CEO of ProNavigator. “Insurance is information-driven—it’s the lifeblood of the industry—and the need for information management tools is more vital than ever. We chose to focus on a single problem that’s been affecting productivity in the industry – discoverability; by using some of the advancements in AI to search and retrieve information quickly, productivity is enhanced.”

About ProNavigator

ProNavigator provides a knowledge-sharing platform, Ask Sage, used by some of the largest insurance organizations in North America to save time, provide superior service, and seize revenue opportunities. The platform leverages the latest advancements in artificial intelligence and natural language understanding to instantly, automatically, and accurately retrieve answers to employees’ questions. For more information, please visit pronavigator.ai.

About Wawanesa

The Wawanesa Mutual Insurance Company, founded in 1896, is one of the largest Canadian Property and Casualty Mutual insurers, with $3.9 billion in annual revenue and assets of $10.5 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With more than 5,700 employees, Wawanesa proudly serves more than two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. For more information, please visit www.wawanesa.com.

SOURCE: ProNavigator

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Read the original article at Insurance-Canada.ca

What is no medical life insurance

Moving into the Digital Mainstream: NUDE Solutions

A 2021 ICTA nomination

Toronto, ON (Apr. 12, 2021) – Nude Solutions brokerage partners use our technology in two main ways:

  • Additional revenue-generation tool: brokerages use Nude Solutions in tandem with their current BMS, to generate another revenue stream.
  • Entire broker management system: brokerages switch from their traditional BMS to Nude Solutions. In addition to quote, bind, issue, change, cancel, and renew capability, brokerages have underwriting capabilities (pre-screening clients before writing risks), a built-in client portal, a marketing and sales integration (via HubSpot), and more through our platform.

Nude Solutions is on a mission to empower the insurance industry by leveraging technology. Our goal is to remove the pain and friction in the insurance process for brokers, clients, and carriers. Our platform is built by a team of insurance professionals and software developers, all on Canadian soil.

We have built a modern platform made up of eight fully integrated modules (more details below) on an infrastructure that is cloud hosted and API driven. Nude Solutions is committed to helping our brokerage partners survive and thrive in our evolving digital world by creating operational efficiencies and transforming the customer experience. We drive ROI, top-line growth and push bottom-line profit.

We value the relationships we have with our clients and nurture these partnerships by remaining steadfast in our values of collaboration and transparency. Lastly, we are continuously enhancing and improving the platform and are openly collaborative to implementing new features for an overall better experience.

The Nude Solutions platform was first implemented by Nuera Insurance in 2015. It was publicly launched for distribution in Canada on May 15, 2018.

The essential features of the technology:

  • Bond is our user-friendly, digital BMS.
  • Thru is the quote, bind, and issuance funnel with a built-in automated payment processor.
  • Periscope is our API-tied underwriting module.
  • Pocket is our client portal.
  • Podium is our referral management module.
  • Engage is our marketing and sales module.
  • Insights is our built-in data analytics tool.
  • Black is our accounting software.

Benefits:

  • 50% increase in gross written premium (GWP)
    • Brokers can write up to $3M annually using our platform. In comparison, a broker using a traditional BMS can write up to 1.5M in GWP annually.
  • Over 80% decrease in policy issuance time
    • Brokers and consumers using Nude Solutions can issue a policy in 3-5 minutes. On average, it can take a broker and consumer using a traditional BMS upwards of 30 minutes for the same task.
  • 73% of clients bind insurance without a broker
    • On average, 73% of clients who purchase insurance from a brokerage using Nude Solutions don’t need broker assistance. With some of our brokerage partners, this percentage goes up to 91%, leaving brokers more time to provide exceptional customer service and sell more policies.
  • 33% increase in broker productivity
    • This is just one of many data points from a recent study with a Nude Solutions brokerage partner. For more insights about this study view our “Partner Case Study” below.
  • $146,000 in additional revenue earned
    • A recent study with four brokerage partners showed that combined, they had additional earnings of $146,000. Many brokerages choose to use Nude Solutions in tandem with their existing BMS for the purpose of driving new revenue.

About NUDE Solutions

Founded in 2018, Nu Digital Experience (NUDE) Solutions is a Canada-based, software-as-a-service business. The Nude Solutions platform allows brokerages to thrive in our evolving digital economy by providing an online broker management system (BMS). Brokers and their clients can quote, bind, issue, change, cancel, and renew insurance policies from any internet-connected device. The platform is cloud hosted and driven by carrier application program interfaces (API). Nude Solution’s ability to connect to carrier APIs allows brokers and clients to get quotes for carrier insurance products.

Source: NUDE Solutions

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Read the original article at Insurance-Canada.ca

What is no medical life insurance

Insurance Made Easy: APRIL Canada

A 2021 ICTA nomination

Toronto, ON (Apr. 9, 2021) – APRIL Canada has always had the strong belief that investing in technology is the best avenue to truly bring an excellent service to brokers. The benefits are, of course, internal because team members have more time to concentrate on tasks which require more expertise. They have more time to speak with brokers, be more responsive and more flexible in finding insurance solutions. As for benefits to brokers, APRIL believes that they can only be generated if the technology is harnessed by a co-creation effort with brokers.

When we started our APRIL ON quoting platform journey, we knew we wanted to have an in-house development team. Four people strong, the internal digital team was strengthened externally by user experience experts who helped us include our brokers at every stage of the development process. We conducted many broker interviews, trying to grasp their everyday challenges. We ran numerous user studies both on the design and on the functionalities of APRIL ON. Our goal was to offer an intuitive quoting platform that could enter brokers’ daily lives seamlessly and be quickly adopted thanks to immediate operational benefits.

APRIL ON was launched as APRIL employees and all our brokers were working from home, in the middle of lockdown. This was a challenge, but also an opportunity that showcased all the benefits and ease of use of a digital quoting platform. Brokers were able to quote at any time of the day. Their information being directly sent into our internal systems, making the underwriting much more straightforward for our teams.

Two of our driving principles behind APRIL ON was to provide brokers:

  • with a premium estimate after the shortest number of questions possible (most of the times 5 questions). This enables the broker to know right away if the price point could fit their clients wishes;
  • with a decline message (if applicable) as he/she fills our questionnaire. This is to avoid filling pages of information, sending them through and getting a decline message after some time;
  • APRIL ON is able to automatically decline the risk “live” as the information is being filled/

We now have over 1.700 brokers actively using our platform and growing every day. We also work tirelessly to improve the tool as we continue to gather user feedback. Thanks to an Agile project team working in sprints, we work on constant improvements and the introduction of new tools and features.

We have seen our service level improve drastically over the last few months, as well as broker satisfaction. We also feel our team is even more tight knit towards a common goal of modernizing our ways of working as well as keeping our broker service at the top of our agenda.

Here is what one of our brokers had to say about APRIL ON: “APRIL has been without a doubt the best MGA to work with in my experience. Not only are they providing innovative quoting services through their APRIL ON site, but they are very easy to work with and quick to respond. For example, their launch of APRIL ON went extremely smooth from a broker perspective. The website is extremely straightforward and saves a ton of time filling out questionnaires and waiting for underwriting responses.”

Benefits:

Here are some of the KPIs we follow to track broker adoption of APRIL ON, digital business volume and service level:

  • Since its launch 8 months ago, 1.700 brokers across Canada have created their account on APRIL ON. That number is rapidly growing thanks to the efforts of our Business development team, who is not only giving out credentials but also accompanying brokers as they take their first steps on our portal.
  • Thanks to APRIL ON and its ever expanding list of quoting tools (personal marine, residential, personal auto, contractors, COC, student housing…), over 35% of our gross written premium is now handled online.
  • Since June 2020, 71% of quotes in APRIL ON are quoted in less than 2 hours and 92% in less than one business day, which help us address the number one need from brokers, which is fast turnaround time.

About APRIL Canada

APRIL Canada Insurance is an insurance wholesaler (MGA). They work towards making insurance easy all over Canada. They exclusively deal with insurance brokers in order to satisfy their clients’​ needs on commercial, transport, automobile, residential and boats coverage. APRIL Canada offer a personalized service from a common mindset based on 4 values that guide our working habits: building trust, innovating, pushing boundaries and keeping things simple. For more information, please visit www.april.ca.

Source: APRIL Canada

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Read the original article at Insurance-Canada.ca

What is no medical life insurance

Continuation – the least understood benefit of group insurance?

By Hans Frauenlob, Co-Founder, Sentro

Group insurance often has a hugely important feature that is really poorly understood.  It is called a Continuation Option.  Let’s look at it from the perspectives of the employer, the employee, and the insurer. Finally, we’ll look at some recent improvements in our Sentro platform that make handling continuation properly less painful for everyone.

What is a continuation option?

When you are covered by an employer-paid group insurance scheme, that’s great, as long as you remain in employment.

But when you decide to change jobs, you will no longer be covered by that group insurance scheme. Fortunately, many group insurance schemes offer a ‘continuation option’.

The ‘continuation option’ means that the person who has left their job can apply to the insurer to have their insurance coverage continue as an individual. The person is responsible for paying for the coverage themselves. There is usually a set time limit after a person leaves employment for them to apply to have their coverage continued.

In many countries, insurers must offer a continuation option as a feature of their group insurance schemes.  In the USA, COBRA legislation outlines when group health insurers must offer continuation. In other jurisdictions, similar continuation or portability options may be mandated.

But even when not required by regulation, most group insurers offer a continuation option as a feature of their group plans. Why? It is usually in their interests to try and maintain a relationship with a customer they already know.

This all sounds pretty good right?  But continuation in group schemes is something that is rarely handled well. To learn why that is, it is helpful to look at it from the perspectives of the various parties involved – the employee, the employer, and the group insurer.

The employee perspective

Why should a departing employee care about a group insurance continuation option?  A very important one – maintaining a relationship with an existing insurer is often simpler than starting a new relationship with a new insurer. As a member of their group scheme transitioning to an individual policy, the insurer may offer benefits like recognition of continuous coverage, waiving medical examinations, or acceptance of existing medical conditions, as part of their continuation service.   Starting afresh with a new insurer means that these benefits may not be offered.  So investigating whether a continuation option is worthwhile is usually worth a look.

So why isn’t continuation exercised more often by departing employees?

In many situations, the first and only time they look at their employer-paid group insurance information is on their first day of employment. It will be one of the countless things new employees get shown as part of new employee onboarding.  For many, it is promptly forgotten. Or if they do look at it, it will be with a view to what their coverage and benefit limits are – they won’t spend much time understanding what their options might be when they leave employment.

Fast forward to the day when the person leaves their job.  If they leave voluntarily, they usually won’t be spending a lot of time thinking about what they are leaving behind – they’ll be more focused on ‘what’s next?’.  If they have an exceptional employer, they may get an exit interview, but chances are low that the interviewer will point out things like an insurance continuation option to the leaving employee.

If in the less happy case of the employee leaving involuntarily due to redundancy or restructure, the chances are higher that the employer will point out exit support they will make available.  But again, this tends to focus on redundancy payouts and job-seeking support, with less attention paid to the nuances of group insurance continuation options.

The burden for exercising continuation options lies mainly with the employee – but they are often poorly informed or poorly motivated to act on it.

The employer perspective

When a person leaves employment, it triggers a lot of activity for the employer. The first priority will be recruiting and replacing the departing employee, then ensuring a smooth handover of responsibilities.  In practice this rarely happens smoothly, so there is a lot of scrambling to temporarily cover roles. When the person actually leaves, the employer responsibility is naturally quite focused on their obligations – processing the final pay, retrieving company property, securing access and so forth.  Explaining to the departing employee their rights to possibly exercise an insurance continuation option will often be well down the list of to-dos – if it is on the list at all.

The employer will have already met their obligation on employee onboarding time – explaining that the employee has cover, providing the policy information (which will include text about any continuation options).  So at the point of employee departure, an employer could believe that at that point, the action burden is now on the leaving employee, not on them as an employer.

The group insurer perspective

You would think that the group insurer would be the most motivated party to ensure that a departing employee considers the opportunity to apply for continuation of a policy as an individual. However, the design of most group insurer’s business processes means that the opportunity is lost before they are even aware of it!  Here’s why.

Many group insurers only process information from an employer once a year – at plan renewal time. Let’s say that happens in December.  Let’s also say that their continuation option can only be exercised within 45 days of the person leaving a job.

Now let’s imagine one of the employees left in July.  The employee would have had until mid-August to exercise their continuation option. But the insurer doesn’t even know that the employee has left the company until December!

The insurer will make right with the employer, and process a credit for the employee who left. But any chance the insurer might have had to be proactive and actually reach out to the departed employee during the continuation period is well and truly gone.

At Sentro we believe that annual processing of plan member information at renewal time is quite arcane industry practice.  We favour ‘continuous enrollment’ – adding and removing plan members continuously though the year, and also letting plan members adjust their cover options more frequently. Sentro allows group insurers adopt this method of continuous processing, confident in the knowledge that billing proration and policy management changes are handled smoothly.

If the group insurer knows closer to the time of actual employee departure that the employee has actually left, they may be able to better inform the person of the continuation options they have while they still exist!

Sentro – making continuation easier to manage for group insurers

We’ve recently added new capabilities to Sentro Hub. These features help the group insurer manage the transition of a plan member onto an individual plan much more efficiently.

Individual policy renewal dates

Sentro now supports policy renewal intervals at the individual member level.  In group schemes, these renewal dates are aligned to the overall group policy. But when an individual transitions to a self-funded individual scheme, they can have their own unique policy renewal cycle.

So now, an insurer can relocate a plan member onto an individual scheme much more simply and easily. The plan member’s base information is preserved through the process, making the transition process less error-prone and more capable of being automated.

Voluntary payments

Sentro already supports the ability of a plan member to make voluntary contributions to their group plans. Applied to continuation, this means the person can continue to use their existing payment details, or amend to new payment details.

Data-driven workflows

Sentro’s cloud-native, API-centric platform makes it easier for insurers to use automation and workflow technology to initiate the continuation conversation with the departing employee.

Making it better for working people

Improving how continuation options are understood and handled is better for everyone.  The insurer, the employer, and most importantly, the insured person. Please talk to us about how Sentro can help your continuation performance!

Learn More

About the Author

Hans Frauenlob is the Co-founder of Sentro. A technology innovator, he has led successful online business projects in North America and Australasia. He has introduced new online service channels for the Toronto Blue Jays, Loblaws, ASB Bank, New Zealand Trade and Enterprise, and others. He also played on the first curling team to represent New Zealand at the Winter Olympics in 2006 in Torino.

About Sentro

Sentro launched in April 2019. Our customers are group insurers. We are enterprise SaaS. We are Microsoft Partners. We won best insurtech startup at Plug and Play USA 2019. We are headquartered in Auckland, New Zealand. Please visit us at www.sentro.co.

Source: Sentro

Read the original article at Insurance-Canada.ca