Who's using what in P&C insurance: August 28, 2023
Insurance technology news from Gradient AI, INSTANDA, Origami Risk and more.
Gradient AI partnered with MEMIC, an A.M. Best “A” rated workers’ compensation insurer, to enhance its claims management outcomes. MEMIC will leverage the advanced capabilities of Gradient AI’s Claims Benchmarking and Total Incurred Prediction solutions. These innovative tools empower MEMIC to identify trends and outliers, improve the decision-making process and refine its reserve management processes so that sufficient funds are set aside to address anticipated claim costs.
INSTANDA partnered with InsCipher, a Utah-based insurtech corporation specializing in automation of surplus tax calculation and tax filing for surplus lines. Through its no code software, INSTANDA enabled carriers, MGAs and others serving the insurance industry to build and implement complex products quickly and efficiently.
Velocity Risk Underwriters selected Guidewire‘s InsuranceNow to quickly launch new products to meet changing market demands, grow its business and deliver more value to its producers, brokers and customers. The company implemented InsuranceNow to its small commercial lines of business in early 2022.
Origami Risk selected One Inc’s best-in-class digital payments solution, ClaimsPay. Integrating One Inc’s ClaimsPay into Origami’s unified cloud-based platform empowers insurance carriers to easily distribute claims payments to their policyholders using widely adopted consumer payment platforms including Venmo and PayPal.