The medical professional liability carrier chose for the configurability and ease of the Platform, as well as the ability to implement the Duck Creek Suite quickly via the OnDemand SaaS delivery option.
EMC plans to leverage Betterview’s predictive analytics and risk management platform in commercial lines underwriting.
Coomer will be responsible for leading technology functions and IT strategy to enable strategic growth across all SFG member companies.
The startup’s platform seeks to address and manage the overabundance of data produced by incompatible software and legacy systems across the insurance industry.
Recent trends suggest that the general availability of fully autonomous vehicles will not come as soon as formerly thought, but insurers still need to think strategically about its eventual impact on premium.
Since deployment, the insurer has enjoyed greater growth and profitability in Deluxe BOP and its flagship personal auto product.
The research forecasts that industry cost savings from AI will grow from $340 million in 2019 to $2.3 billion by 2024, as insurers exploit efficiencies achieved through the automation of resource-intensive tasks.
The company rapidly implemented the solution, including deployment of an Adviser portal, sales administration, integrated underwriting engine, commissions processing, reinsurance reporting and CRM and data warehouse integration.
Betterview’s strategic departure clarifies its core competency and exemplifies an InsurTech’s ability to adapt or ‘pivot’ in a way that fosters not only its own success, but that of its customers and the insurance industry generally.
Insurer IT leaders should showcase high-value use cases from the outset to bolster support from the leadership team, ensure data and analytics stay top of mind, and realize benefits early on.