Want to give a shoutout to Several brokers, Carriers and BMS vendors working through the 100's of business cases for sending a request for data from a carrier and what data needs to come back to complete a number of transactions. Not fun but necessary work.
This has been a two-year volunteer marathon to make sure if brokers or carriers need data for a certain task, the API will know what to ask for and bring it back to the party asking for it using proper standards.
This page provides the JSON API standards for carriers, vendors, and brokers. https://lnkd.in/gFsmqCwE
As of today, 26 JSON API schemas have been published, incorporating 184 approved business use cases. This represents a substantial effort from all INNOTECH Working Groups. 100's more cases are being reviewed in 2024.
If you are an insurance company or vendor and implementing more JSON API's there is an implementation guide located here https://shorturl.at/PT0T8
You need a CSIO password to access it, but all company employees and vendors can get a username and password if you are a member of CSIO.
Companies need to build more APIs to reduce friction in the insurance industry and improve brokers' customer experience #CX and user experience #UX.
A group of carriers are working with the Wawanesa Insurance APIs, so carriers build APIs the same way to reduce connectivity costs with BMS and other insurtech vendors.
I have been involved with the CSIO - Centre for Study of Insurance Operations—Centre for Study of Insurance Operations Innotech and Insurance Brokers Association of Canada Technology team since 2019, helping to push our industry forward. The proper work has been happening. We just need more carriers to offer APIs and modernize and push past portals to full straight-through processing using API's .
We don't need faster portals (horses) we need APi's (Cars)
The evolution - Paper - EDI(Upload) - Portals - API's.
I am hopeful that AI will make building and connecting faster and easier when it is deployed properly to code and build these connections.
Thanks to PIMA for featuring a Technology column contribution by our CEO Paul Prendergast. 👏 Titled ‘Closing the Insurance Gap: A NEW ERA OF EMBEDDED INSURANCE DISTRIBUTION’, it features in the Spring 2024 issue of PIMA Insights Magazine. PIMA is a trade association and the premier community for executive leaders and innovators in the affinity market.
Paul outlines how Kayna Innovation enables embedded insurance distribution through vertical SaaS platforms whose features and functions are designed to meet the particular service and solution demands of an industry type and are increasingly where SMBs manage their business operations.
Kayna infrastructure leverages and tracks the unique and dynamic data of each business on any platform enabling tailored, personalized insurance. This capability also supports affinity insurance distribution, aligning well with the infrastructure of a vertical SaaS environment to enable insurance offers triggered by specific events to customers.
Interested in how Kayna works and the role it plays in closing the protection gap and opening new Insurance distribution channels? You can read the column here: https://lnkd.in/gYaQQGHX
If you would like to explore how our Kayna Embedded Insurance Infrastructure could help you – let’s talk!
Peter Bermingham |Ramona Hopkins | Alex Morales, M.Ed., CAE#affinityinnsurance#embeddedinsurance#insuranceinnovation#insurtech
“Many tech firms, especially software producers, do not provide tangible products,” says Matt Henry, senior underwriting officer for technology at Liberty Mutual GRS. “When their software doesn’t work, it doesn’t allow their customers to operate — and that sort of loss isn’t covered by traditional P&C insurance.”
Tech E&O insurance provides coverage for financial injury arising out of these types of contingencies.
In our recent blog for Liberty Mutual Insurance, you'll learn all the reasons why E&O insurance is a must-have for software companies and other tech firms.
#riskmanagement#contentwriting#insurance#SaaS#techhttps://lnkd.in/ewTmtCFr
Customer demands are rising and thus creating value for your customers is essential to gain and retain them.
Comadso’s technology helps insurers stay competitive by offering a comparison tool, including detailed insight into terms and conditions through an API.
With Comadso, insurers can put a customer’s risk profile into its software and get evidence of where their own insurance product better meets the customer’s needs, based on their specific risk profile in relation to where they are currently insured or where they are going.
The comparison tool improves service quality and customer loyalty, allowing companies to avoid price wars, and win and retain far more customers.
Learn more about Comadso right here: https://lnkd.in/e-nmnd63#insurtech#insurance#innovation#ITCDIAEU
Rasmus Meineke
We are delighted to announce our partnership with Insurity to modernize insurance product management and accelerate migrations from legacy systems. This partnership will enable P&C insurers to rapidly launch new products, ensure product compliance and governance, and manage rating and rules with spreadsheet logic.
"Coherent is thrilled to partner with Insurity and empower hundreds of P&C insurers to overcome the challenges of legacy systems and launch new products quickly,” said John Brisco, CEO at Coherent. “Our platform's ability to unlock business logic and seamlessly integrate with Insurity’s systems is just one example of how we simplify complexities for insurers at scale. Together, we’re delivering a powerful solution that reduces deployment times and operational costs and significantly enhances market responsiveness."
“This partnership with Coherent will help our customers launch products faster by unlocking the business logic in spreadsheets into easy-to-use APIs," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Coherent's technology compiles the logic within spreadsheets and generates an API, integrating effortlessly with Insurity's systems to simplify operations and boost responsiveness in the market."
Read more 🔗 https://hubs.la/Q02DGjB10#insurance#innovation#wearecoherent
What is Insurance Discovery:
When we lack complete information about a patient's insurance or when the patient's coverage is terminated, and we encounter difficulty in obtaining alternative coverage information from the patient or from hospitals, we employ insurance discovery.
How Insurance Discovery Works:
With minimal patient data such as first name, last name, date of birth, and zip code, eClaimStatus can conduct demographic searches across multiple insurance databases to identify billable insurances.
#hospitals#benefitverification#medicalbillingandcoding#clinicallaboratory#patientaccess#denialmanagement#rcmservices
Highwing has been recognized as one of the Top Insurance Broker Solutions Provider by Insurance Business Review.
Through its open data platform, Highwing connects brokers, carriers, wholesalers, and agents. Its focus on transparency and efficiency simplifies the broker workflow, eliminating manual tracking and enabling real-time access to process status.
“In the insurance industry, communication among insured parties, brokers, and carriers can be cumbersome and time-consuming. We solve this challenge through our broker operating system. It automates the documentation process and enables brokers to keep track of all email communication and stay organized, improving the overall efficiency of the workflow,” says Jim McKenney, CEO of Highwing.
Read More : https://lnkd.in/gkKeiUqn#InsuranceInnovation#WorkflowAutomation#InsuranceEfficiency#DigitalInsurance#InsuranceTransparency
Secfense is the strategic partner of the Insurance Live initiative hosted by Gazeta Ubezpieczeniowa / Insurance Weekly. On the next live session, the following guests will talk about strong authentication in Insurance and both legal and technological aspects of it.
Agenda:
✅ Łukasz Łaguna from Law4Tech will discuss the legal aspects of multi-factor authentication.
✅ Krzysztof Gozdz, Sales Director at Secfense, will share the technology provider and insurtech perspective.
✅ Iwona Kondracka from SALTUS Ubezpieczenia will talk about the biggest challenges of implementing multi-factor authentication from an insurance company's viewpoint.
✅ Marcin Bobruk, founder and CEO of SANDIS | Insurance Software, will cover the implementation of multi-factor authentication by distributors.
Event link: https://lnkd.in/dPxXs5tZ
Have you heard? Canopy Connect just released its insurance data intake platform.
Our 10,000+ agents already love how quickly and easily they can collect verified insurance information. Now, we've taken it up a notch to make Canopy Connect your one-stop-shop for all your data intake needs.
Our platform just underwent a major upgrade with several new features to streamline your data intake process:
✨ Redesigned interface for an even smoother user experience
✨ Standard and custom forms to help you gather ALL the client information you need
✨ Customizable link flow so you can meet your clients where they're at
✨ Data enrichment tools to look up household members, driver's licenses, claims, and more
✨ Easy document upload capabilities
These updates allow you to centralize your entire insurance data intake in one comprehensive platform. No more juggling multiple service providers or dealing with frustrated clients—just a seamless, efficient experience from start to finish.
With Canopy Connect, you can transform the way you collect critical client information.
#CannopyConnect#InsuranceAgents#ProductUpdate
