Tag Archives: Insurtech

Commercial Insurtech Juniper Labs Announces Open Data Launch at Plug and Play Winter Summit

SUNNYVALE, Calif. /ScoopCloud/ -- Automated underwriting insurtech Juniper Labs today announced that it is launching the first ever open-sourced data set purpose built for commercial insurance. Juniper Labs plans to release over 40 million business records it acquired to train its underwriting models for anyone to use.

"We are open-sourcing our data because we believe data is not a product. Data is a platform. We are setting out to dramatically change the way the industry views data - we believe the future of insurance is open," said Lance Poole, Juniper Labs CEO. "The thing that excites us about the philosophy of open-source, is that it allows for solutions to emerge that we couldn't have never created on our own."

Juniper Labs will give the carrier partners of Plug and Play the first opportunity to use the open dataset. "As we've had the privilege of being a part of Plug and Play, we've been in a position to see how forward-thinking the partners of Plug and Play are. Because of that, we want to invite the Plug and Play partners to be the anchor members of this open data community" said John Stevenson, Juniper Labs CTO.

By moving to an open source platform, Juniper Labs follows in the footsteps of other tech companies like Databricks, GitLab, MongoDB and Docker. Mr. Poole went further to state, "We believe that data in insurance has to be open. We want to establish a data protocol and if everyone is building their own walled gardens, that will never happen. We take a lot of inspiration from the world wide web. Tim Berners-Lee knew that the web would have never gotten critical mass if it wouldn't have been open. We can't own the data. We can only work with the community to be stewards of the data."

Carriers and executives interested in Juniper Lab's open data project are invited to sign up at openjuniper.com

About Juniper Labs:
Founded in 2019, Juniper Labs builds automated underwriting solutions for commercial insurance carriers. They have a suite of APIs that automate the application process and the challenge of properly classifying businesses. They are stewards of OpenJuniper, the first ever open dataset purpose built for commercial insurance.

Connect with Juniper Labs:
- https://www.juniperlabs.io
- https://twitter.com/labsjuniper

*PHOTO link for media: https://www.Send2Press.com/300dpi/19-1209s2p-lance-poole-300dpi.jpg
*Photo caption: Lance Poole, CEO of Juniper Labs.

Automated underwriting insurtech Juniper Labs today announced that it is launching the first ever open-sourced data set purpose built for commercial insurance. Juniper Labs plans to release over 40 million business records it acquired to train its underwriting models for anyone to use.

Related link: https://www.juniperlabs.io

Matic named to InsurTech100 list of the world’s top insurance technology providers

COLUMBUS, Ohio /ScoopCloud/ -- Matic, a fully licensed digital insurance agency that partners with mortgage servicers and originators to sell insurance products to borrowers, has been named to FinTech Global's InsurTech100. The annual awards program, now in its second year, recognizes the pioneering tech firms leading today's global insurance industry.

A panel of industry experts selected Matic from a field of more than 1,000 insurtech companies curated by data and research firm Fintech Global. Matic was recognized for helping mortgage lenders and servicers tackle the challenge of integrating homeowners insurance into the mortgage process. Its proprietary technology condenses the timeframe required to compare and purchase policies from an average of two to three days to about two to three minutes, greatly speeding up loan transactions and helping mortgage customers save money.

"Matic provides the missing link between insurance carriers and mortgage companies, adding considerable value for both parties - and their customers - along the way," said Matic CEO Ben Madick. "Carriers can leverage Matic to deliver a quality-focused online bind experience that decreases claims ratios and underwriting risk, while mortgage lenders and servicers can 'wow' customers by making it simpler than ever before to compare and purchase the homeowners insurance required for a home loan. We're honored to be recognized among this esteemed list of companies transforming the insurance industry through technology."

"The insurtech industry has seen huge growth in the last two years as insurance companies grapple with the challenges of digital transformation and new demands from customers," stated Fintech Global in a press release. "Nearly $10 billion has been invested in insurtech companies since the beginning of 2017."
A full list of the InsurTech 100 can be found at https://fintech.global/insurtech100/.

About Matic

Matic is a digital homeowners insurance marketplace built for mortgage servicers and lenders. Matic's proprietary technology analyzes data from loan origination and servicing software to give homebuyers multiple policy options within seconds - without any manual data entry or lengthy questionnaires. With more than 20 A-rated carrier partners and industry-leading customer service ratings, Matic helps loan officers close deals faster and enables mortgage servicers to delight customers with an average of $617 per year in unexpected savings.

For more information, visit https://matic.com or follow Matic on LinkedIn.

Matic, a fully licensed digital insurance agency that partners with mortgage servicers and originators to sell insurance products to borrowers, has been named to FinTech Global's InsurTech100. The annual awards program, now in its second year, recognizes the pioneering tech firms leading today's global insurance industry.

Related link: https://maticinsurance.com/

Showbiz Shows a Better Way to Pay: Insurance Industry Alert issued by EraNova Institute

LOS ANGELES, Calif. /ScoopCloud/ -- Today the EraNova Institute issues a business alert: "Showbiz shows a better way to pay." EraNova's Director and author of the report, Dick Samson, says, "For non-employees in entertainment and insurance, getting the money due you has often been a chore. Now, for the likes of Tom Hanks and Lady Gaga, it's more of a breeze; and soon may be for everyone involved in insurance."

For decades complexity has been a sore spot in both industries, according to the alert. Then in 2011, Mike Hurst and Jason Hiller established Exactuals, LLC in Los Angeles.

Focusing initially on entertainment, their objectives were clear. "We wanted to get rid of the millions of tiny payment checks," says Hurst. "So we built a model to accomplish that and more, saving studios, unions and other entertainment entities a tremendous amount of time and money."

Hurst and Hiller also attacked the issue of fair compensation. "Musicians and composers were losing about $2 billion per year in unpaid royalties," says Hurst. "This was due to irregularities such as confused coding embedded in digital media."

Their solution was PaymentHub, an automated software-as-a-service (SaaS) platform. "It's designed to help large enterprises pay thousands of non-employees who are compensated through multiple means such as commissions, royalties, and residuals," says Hiller.

Exactuals soon acquired other technical assets such as R.AI (Royalty Artificial Intelligence), which uses machine learning to track songwriting information and rights.

Then the company went through growth pains that can now profit the insurance industry:
* Raised $20.6 million.
* Used the money for development, trials, and deployment with film and TV studios, unions, music labels, publishers, and payroll companies.
* Secured large industry players like SAG-AFTRA, the union representing film and TV actors and other showbiz professionals worldwide.
* Delivered new efficiency. For example, all of SAG-AFTRA's 160,000 members can now have their residuals deposited directly into their bank accounts.
* Increased visibility and trust by making statements accessible online.

Implications for Insurance

According to an insurance executive who is evaluating payment technology, "Our industry is only marginally better off than entertainment before Exactuals. There are fewer paper checks than there used to be, and some carriers consider themselves technically advanced. But it's a hodgepodge. There's a lack of standardization and grey areas where information gets sidetracked."

"The entertainment industry is living proof that a fully-functional, high-tech digital system really works," the executive continues. "It has the potential to supercharge all complex payments in our $5 trillion industry."

Two steps toward insurance deployment

STEP 1: In August 2018, Exactuals was acquired by RBC's US banking arm, City National Bank, long known as "the bank to the stars." City National provides Exactuals with deep pockets for expansion and potential customers in all industries (including insurance).

STEP2: In September 2018, Exactuals hired finance and insurance veteran Andrew Mauritzen as CFO. According to a company statement, "Mauritzen will now spearhead entry into the insurance market, adapting Exactuals' best-in-class payment and royalty technology to streamline insurance commissions, refunds, and claims payments while establishing partnerships with insurance carriers and brokerages."

Alternatives?

There are many "fintech" and "insurtech" suppliers but no known competitors offering the breadth and depth of Exactuals' payment services for large organizations.

In specialized niches, however, big change appears afoot, Samson reports. In May, 2019, JP Morgan announced acquiring health-care payments firm InstaMed, which automates medical billing in the $3.5 trillion U.S. health-care market. "This deal shows that banks view the fast-changing world of payments as a space they need to be active in."

The full report is available at: https://medium.com/eranova-institute/insurance-industry-alert-showbiz-shows-a-better-way-to-pay-ff1b40f47447

About EraNova Institute:

The EraNova Institute is a small think tank with a big mission: helping selected changemakers implement their solutions faster, ushering in an advanced, sustainable future. Learn more at: https://medium.com/eranova-institute.

Learn more about Exactuals LLC at: https://www.exactuals.com/#home-intro.

Twitter: @Exactuals #EraNovaInstitute #RoyaltyAI #fintech #InsuranceTech #Insurtech

Today the EraNova Institute issued a business alert: "Showbiz shows a better way to pay." EraNova's Director and author of the report, Dick Samson, says, "For non-employees in entertainment and insurance, getting the money due you has often been a chore. Now, for the likes of Tom Hanks and Lady Gaga, it's more of a breeze; and soon may be for everyone involved in insurance."

Related link: https://medium.com/eranova-institute

Matic Insurance Services Debuts Integration with Roostify During TechCrunch Startup Battlefield, Advances to Competition’s Final Round

SHERMAN OAKS, Calif. /ScoopCloud/ -- Matic Insurance Services (Matic), a digital insurance agency that enables borrowers to purchase homeowner's insurance during the home-buying transaction, has forged a partnership with automated lending technology provider Roostify. The company announced the news Tuesday afternoon from the stage of TechCrunch's Startup Battlefield, part of the TechCrunch Disrupt SF conference held in San Francisco this week. Matic was one of just six elite startups chosen to advance to the final round of the competition.

"Homeowner's insurance has long been a missing element in mortgage innovation," said Matic co-founder and CEO Aaron Schiff, who demonstrated the integration "By relocating the insurance purchase decision to where it belongs - within the mortgage transaction - Matic is bridging the gap between mortgage tech and insurtech and meaningfully improving the experience of borrowers and lenders alike."

"Our partnership with Roostify makes it as easy as the tap of a button for borrowers to purchase homeowner's insurance during the loan application process," added Matic co-founder and COO Ben Madick. "We make the policy information simple to understand, and the entire process takes just minutes, alleviating unnecessary borrower stress and enabling loan officers to close loans faster."

"The integration of homeowner's insurance into the home loan process is a big step forward for the mortgage experience," said Roostify VP of Products Sandeep Aji, whose team worked closely with Matic to prepare for the TechCrunch competition. "Roostify is on a mission to improve the home-buying process, and we welcome the opportunity to partner with companies like Matic that share our vision and can help us execute on it."

Roostify's digital mortgage platforms, preferred by leading lenders including tier-1 banks and large independent mortgage banks, accelerate the mortgage loan process by eliminating unnecessary paperwork and making it easy for borrowers to apply for a loan, submit the required documentation and communicate with their loan officer and other loan participants from any web-enabled device.

Matic was among just 22 startups selected to compete in TechCrunch's Startup Battlefield, the world's pre-eminent startup competition. Each Battlefield event invites a select group of early-stage startups to pitch their businesses in front of a live audience of thousands, including members of the press, investors and potential business partners. Pitches are critiqued by a panel of judges that includes leading venture capitalists and entrepreneurs. The winning pitch earns a place at the top of the Startup Battlefield leaderboard and a $50,000 cash prize.

More than 648 startups have participated since the first Startup Battlefield in 2007, including such household names as Mint, Dropbox and Yammer. In aggregate, these companies have raised over $7 billion, and nearly 100 have been acquired or gone public.

For more information, download Matic's press kit from https://maticinsurance.com/presskit.pdf.

About Matic Insurance Services

Matic Insurance Services (Matic) was founded in 2014 by Aaron Schiff and Benjamin Madick. Based in Sherman Oaks, California, Matic is a technology-driven insurance agency focused on helping lenders and loan officers better integrate homeowner's insurance into the lending process. By using loan application information and first-of-its-kind technology, Matic provides homebuyers multiple policy options within seconds, helping loan officers close their loans faster.

Matic delivers the most trusted, affordable insurance policies available thanks to its partnerships with a diverse network of insurance carriers. Today's borrowers expect a digital home-buying experience, and Matic gives them the digital insurance experience to match.

For more information, visit https://maticinsurance.com.

About Roostify

Founded by consumers looking for a better way to buy a home, Roostify leads the industry in delivering accelerated and transparent online mortgage experiences. From enterprise banks to independent brokerages, dozens of lenders across the United States trust Roostify to speed up closings, reduce unnecessary work and give their customers a smooth, anxiety-free mortgage experience. Since 2014, Roostify has helped close thousands of home loans nationwide.

Roostify is privately funded and headquartered in San Francisco. For more information, please visit https://www.roostify.com.

*LOGO for Media: Send2Press.com/300dpi/17-0921s2p-matic-insurance-300dpi.jpg

Matic Insurance Services, a digital insurance agency that enables borrowers to purchase homeowner's insurance during the home-buying transaction, has forged a partnership with automated lending technology provider Roostify. The company announced the news Tuesday afternoon from the stage of TechCrunch's Startup Battlefield, part of the TechCrunch Disrupt SF conference held in San Francisco this week. Matic was one of just six elite startups chosen to advance to the final round of the competition.

Related link: https://maticinsurance.com/

LevelFunded Health Selected For Plug and Play Insurtech Program

BOCA RATON, Fla. /ScoopCloud/ -- LevelFunded Health is excited to announce that it was recently selected as one of the new top innovative insurance businesses by one of Silicon Valley's most active venture group, Plug and Play.

The 12-week program connects promising start-ups, early and growth stage companies, to some of the world's largest insurance corporations. The official corporate partners include Farmers Insurance, Maiden Re, Munich Re, Nationwide, The Hartford, Travelers, Aflac, USAA, AON and many more.

The selection process is vigorous. It begins with 1,000 companies and is then narrowed down to a final 25. Selection criteria are based on factors such as high growth, past proof of concept, current industry traction and products with the potential to be disruptive.

"This is not only a great honor for us, but an amazing opportunity as well. Having been selected into the final 25 we're getting connected to industry powerhouses, which truly benefits our clients with expanded products, services and capabilities from major Fortune 1000 insurance companies," Russ Carpel, CEO of LevelFunded Health, says.

In turn, these market leading companies can invest in new and innovative businesses that promise to enhance the insurance industry's ability to deliver new products and services to clients.

Plug and Play scours the globe for companies that it can invest in and accelerate. And to date, it's apparent that this venture group knows how to pick top entrepreneurs. Companies in its community have raised more than $3.5 billion in funding, with successful portfolio exits that include Dropbox, Lending Club and PayPal.

"Plug and Play clearly provides a platform where new companies and investors can thrive," Carpel says.

About Plug and Play Tech Center:

Plug and Play Tech Center is a global investor and technology accelerator that specializes in growing tech startups. Headquartered in Sunnyvale, Calif., Plug and Play's network includes more than 300 tech startups, 180 investors, and a community of leading universities and corporate partners.

For more information, visit: http://plugandplaytechcenter.com/.

About LevelFunded Health:

LevelFunded Health is a national, direct to employer wholesale benefits' brokerage focused on level and self-insured benefit programs for small to mid-size employer groups. For businesses with employees ranging from 50 to 1,000, it can help to immediately save these businesses anywhere from $50,000 to $2 million per year on healthcare costs, while simultaneously improving benefits.

For more information, visit: http://www.levelfunded.com/.

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Media Contact:
Russell Carpel
of LevelFunded.com
+1-312-719-9028
russ@levelfunded.com

LevelFunded Health is excited to announce that it was recently selected as one of the new top innovative insurance businesses by one of Silicon Valley's most active venture group, Plug and Play. The 12-week program connects promising start-ups, early and growth stage companies, to some of the world's largest insurance corporations.