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Insurance Software Solutions
We help insurance businesses create their digital footprints and enable digital insurance delivery for their customers through
our innovative technology and mobility products.
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3 Keys to Proactive Underwriting
What is the advantage of insurance technology built by insurance people? It has been designed with a passion to solve problems and meet your needs based on real-life experiences by people who have held your roles. Those who have done the job of producer, underwriter, product manager, CFO, and CIO, know firsthand the functions and features that impact speed to market and your ROI at a granular level. Welcome to Cogitate and an introduction to future-ready underwriting on a modern policy administration platform.
The following describes key elements of the intelligent underwriting workbench critical to managing the profitability of your book of business while excelling in the marketplace. We support a new balance between art and science in underwriting with tools to reduce premium leakage, make smarter pricing and selection decisions, and transition to a ‘predict and prevent’ model in a world of growing risk and uncertainty.
Stop the Premium Leakage & Reduce Loss Frequency You don’t know what you can’t see, and you can’t always trust what you’re told. That is an unfortunate truth – and why data validation is critical in the elimination of policyholder and agent leakage. The application of third-party data provides you with a source of truth to validate those data points most critical to your underwriting decisions. Real-time data prefill functionality also eliminates input errors and conclusions drawn from outdated information, which can lead to underwriter leakage. The integration of structured and unstructured data to enable advanced analytics in underwriting - before you accept the exposure - remains a challenge for the industry. The intelligent underwriting workbench solves this with its strong ecosystem of pre-integrated data sources, predictive modeling, and a flexible rules engine to facilitate automated recommendations based on your risk selection criteria and the data you want to rely on most. The advantage of the API-enabled platform is the ease of integration with API-enabled data partners and best-in-class solutions of your choice. This includes your billing and claims systems, for unified data sharing and 360-degree policyholder risk attributes for true exposure visibility. The extensibility of the platform is critical to future integrations as new data sets and solution providers emerge to further support underwriting risk assessment.
Driver & Vehicle Intelligence in Auto Lines POV from Confianza Undisclosed drivers represent a risk you are not being paid to take.
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DigitalEdge Claims Insurance Technology by Insurance People
Cogitate DigitalEdge Claims is designed to provide your adjusters and claims professionals with the tools and digital experience to engage and respond with speed, accuracy, and the personalized service each policyholder and claimant deserves.
Our cloud-based microservices architected platform promises scalability, flexibility, and extensibility today and into the future, eliminating concerns of obsolescence. The advanced claims functionality, powerful data analytics, and integration with leading third-party data and solution providers offer enterprise capabilities at a SaaS price. With the efficiencies you gain, you’ll reduce claims cycle time and provide the exemplary customer service that defines your commitment to your policyholders at the most critical moments.
Through seamless integration with your policy system, we’re not just automating policy and coverage verifications, we’re operationalizing your loss data with predictive analytics to enrich underwriting decisions and automate cancellations and non-renewals for flagged risk. It’s so rewarding to replace sticky notes and personal reminders with automation and insights! Save time, improve accuracy, remove administrative drag, and focus your team on the claims that need their attention most.
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Secure Our World
October is Cybersecurity Awareness Month and as providers of digital insurance solutions, we are participating in spreading the word to our industry. First, we share the official theme of 2024, “Secure Our World.”
The four critical steps CISA recommends for individuals to maintain a secure profile are outlined in this year’s theme:
Recognize and report phishing, delete messages
Use at least 16 characters in your passwords and use a secure password manager
Use multifactor authentication
Keep your software updated to protect against security bugs
The above are critical to each and every one of us to protect our personal and our business environments. Maintaining a heightened awareness of potential threats means questioning what looks legitimate and taking extra steps to validate and confirm the communications we receive.
Is that text message really from our founder?
Is there actually a package being delivered from UPS?
Has there truly been a $1000 charge on my Amazon account?
Is that actually Verizon calling with a discount?
Fraudulent messages like these appear across our email, text, and phone messages every day and at first glance, may seem legitimate. Remain on high alert as the creativity of these nefarious messages is always evolving.
What would we add to the above list, especially targeted to our insurance network? Know your solution providers and and choose like-minded organizations that prioritize security in design, implementation, and maintenance.
Work with an insurance digital platform with a trusted, well vetted ecosystem of partners that share your security framework. These partners should be mature, well-funded, best-in-class solutions to ensure their commitment to security matches yours. Make sure their knowledge of the insurance regulatory environment is advanced and compliance assured.
Cogitate’s digital insurance platform securely integrates with over 50 best-in-class, third-party data and solution providers. We take that role very seriously, vetting and evaluating all partnerships across policy, billing, and claims to ensure the security of our platform and your data. Meet our partners here and reach out for more information about Cogitate Adaptive APIs.
Secure Our World is a theme that extends throughout the year, beyond Cybersecurity Awareness Month. At Cogitate, it starts with our own personal vigilance and extends to every feature and function of our digital insurance platform and the ecosystem of partners we trust.
Originally published here: https://www.cogitate.us/blog/secure-our-world/
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Maui Fires: The Latest Spotlight on Cost to Rebuild in Inflationary Times
The recent wildfires in Maui, Hawaii – a profitable market for insurers and long considered low-risk – have been an eye-opener for insurers as the damages are assessed and rebuild anticipated. With damages estimated between $4-$6 billion, a number of factors, including Hawaii’s stringent regulations and longer construction permitting timelines, are predicted to contribute to the elevated reconstruction costs. According to estimates from Verisk, a global insurance data analytics provider, construction costs in Hawaii are approximately 44% higher than those on the mainland with building material requirements such as pretreating all imported lumber for termites, contributing to increased costs. One can only hope insurance coverage accurately reflects the replacement value of the homes and commercial properties in Maui, which is not always the case.
With the rising cost of catastrophic events, accurate property replacement valuation has become paramount to the protection of policyholders and adequate pricing of policies. While policyholders may be shocked by increasing premiums associated with revaluations, current valuation of replacement costs is critical to keep pace with localized inflation, labor markets, and building codes. According to a recent CoreLogic report, reconstruction costs over a period of 5 years (Q1 2018 to Q2 2023) have increased by 33.5% in California alone. The 2022 Marshall fires in Colorado, underscore the impact of underinsurance, with 83% of damaged homes found to be underinsured – ranging from $99,000 to $240,000 per risk.
Faced with inflationary replacement costs, it is crucial for insurers to implement accurate underwriting tools and practices to generate reliable estimates that reflect the cost to rebuild or replace property improvements (personal /commercial) in the event of a loss, such as a fire or natural catastrophe.
In an illuminating conversation, Skip Coan, Senior Vice President of e2Value, sat down with Cogitate to discuss the evolving landscape of homeowners and commercial property insurance, and risks associated with undervaluation of replacement costs. Skip shed light on e2Value’s efforts to educate the industry and rectify this longstanding problem, “Test your book all the time, as often as you can, as effectively as you can. Run your book and run your renewals. Look for outliers and make adjustments. Everyone is afraid they’ll lose business if they raise rates. We’re just advising that you understand your gaps in value and begin to make adjustments before the losses impact your policyholders and your ratios.”
Cogitate’s pre-integration with data partners including e2Value, Confianza, Verisk, and HazardHub through the DigitalEdge Platform, ushers in a new era of underwriting efficiency by equipping underwriters with real-time, accurate property data. Sourcing and effectively utilizing property data independently is no small feat, even for large corporations. e2Value’s platform successfully converts non-uniform large datasets from public record data into meaningful insights in less than two seconds, with an accuracy rate of 90%. For insurers, the critical need to access an ecosystem of data providers from a unified platform is evident, as underwriters cannot afford to toggle between multiple systems for intelligence gathering.
The insights shared by Skip Coan highlight the urgency of addressing property undervaluation and the power of accurate property intelligence. As insurers harness the potential of digital technologies, they not only enhance their processes but also ensure that policyholders receive the protection they truly deserve. Click here to read more about the insightful interview and how Cogitate and our growing partner ecosystem are revolutionizing underwriting with data, automation, and advanced analytics. For more information on intelligent underwriting, read our new whitepaper, 3+ Keys to Proactive Underwriting.
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Cogitate is a Serious Contender in the MGA Core Systems Space
On September 7, 2023, Datos-Insights released its Property/Casualty MGA Core Systems: Overview and Solution Providers Report. This comprehensive report reviewed the relative capabilities of 27 digital insurance solutions and designated Cogitate’s DigitalEdge Insurance Platform as a Contender.
Datos-Insights defines the Contender as a solution having substantial customer experience and momentum, while the Established Player category is defined as in the market longer with more customer experience. Cogitate is a well positioned Contender with more MGA clients than 50% of those Established Players, and 100% retention since established in 2012. Momentum is an on-point description as Cogitate continues to innovate with new and existing customers and ecosystem partners to prepare MGAs for the future.
Cogitate excels across the differentiators highlighted in this report with a strong insurance underwriting platform, expansive ecosystem of pre-integrated data and solution partners, comprehensive quoting, billing, claims, Bordereaux management, agent and customer portals and so much more.
We thank Datos-Insights for including Cogitate in this report as we keep the momentum going and the client list growing!
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Ecosystem Partner Profile: Confianza on Intelligence and Underwriting Auto Lines
As research for the eBook, 3+ Keys to Proactive Underwriting, Cogitate’s team spent time with John Petricelli, Chief Data Officer of our ecosystem partner Confianza. Integrated with Cogitate’s DigitalEdge Platform, Confianza helps insurers accelerate digital transformation. One of their trending use cases is the identification and prevention of premium leakage and fraud. Confianza’s risk intelligence identifies key policyholder motivations and behaviors as well as scoring/flagging of submissions by risk appetite and selection criteria.
Combining over 50 accurate consent-compliant and non-FCRA data sources with submission data such as driver name, address, and birth date, Confianza’s proprietary risk modeling detects undisclosed drivers, false garaging, likelihood to exaggerate claims, prior vehicle damages, synthetic identities, and more.
At Confianza, John Petricelli has engineered the intelligence that produces a 360 view of your prospects and policyholders with underwriting quality, to make smart decisions for your company and offer your policyholders the best possible coverage. Our conversation is summarized to provide you with an overview of the how, what, and why of Confianza’s risk intelligence and the benefits brought to underwriting auto lines.
How vast is the database?
Confianza has been nicknamed by its clients as “the database of America.” The data includes every adult, every household, and every property in the US. With just a name, address, and date of birth, Confianza identifies all vehicles (VIN), members of the household, and much more. Confianza also maintains data on every business in the US and every commercial property, by type.
How does the risk modeling work?
The power of the data is in the proprietary engineering intelligence that interconnects and gives rise to real insights about people and their assets. For example, a very detailed utility that looks at addresses with 29 different conditions will trigger address exceptions, while some competing providers will not flag the error or omission which could lead to hidden, material risk indicators. Confianza will flag that submission as a failed lookup, signaling a requirement for corrective action.
The data intelligence will confirm the proper identity of the consumer presented, the territory, address, risk exposure, the asset – its current condition, use of the asset, details of the driver(s) presented – and uncover those not disclosed, rate variable integrity for all household drivers and share a motivation field, which indicates financial capability and the likelihood of purchase. The auto details also include full registry ownership, title status, and events. Confianza links this information to the people and households. It also confirms that the current personal or business use of the vehicle matches the registered use.
All of these factors provide the transparency required to evaluate price risk based on a source of truth that fact-checks possible omissions, unintended errors, and concealment of information that can lead to losses.
The fight against premium leakage
The first step Confianza takes with many clients is to scan their book for premium leakage based on a very conservative model. Most often, discovery finds undisclosed drivers account for a minimum of 15% premium leakage. Non-standard auto can be upwards of 25%. On-going book monitoring is extremely important as Confianza has found at least 15% of policies have a material change before renewal, which may not be captured at renewal if reliant on the policyholder to disclose the change. This illustrates the importance of data validation at renewal as well as submission.
Streamlining the underwriting process
Integration of Confianza with Cogitate DigitalEdge Policy streamlines the underwriting process by providing a digital 360 view by flagging the high conversion leads, eliminating the early no-goes, and reducing the time discussing exception handling with agents from an average of 20 minutes to 2-3 minutes. Insurers can screen submissions against very specific underwriting criteria for early decisions, saving time and investment in additional data. For example, if the model identifies a submission as a synthetic identity, the process stops before any additional data is called.
For more information on our technology ecosystem, visit our partner page here.
Originally published here: https://www.cogitate.us/resources/insurance-underwriting-software-risk-intelligence-ecosystem-auto-insurance/
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Ecosystem Partner POV: e2Value on Property Intelligence and Underwriting
Skip Coan, SVP of e2Value joined Cogitate to discuss the recent economic trends impacting homeowners and commercial property insurance. Skip addressed the undervaluation of properties due to escalating replacement costs and how e2Value is working hard to educate the industry on rectifying this problem.
Cogitate’s DigitalEdge platform integrates with e2Value to place current, accurate property data at the fingertips of underwriters to easily evaluate property risks and calculate the replacement value of improvements– solving a historic problem for the insurance industry exacerbated by today’s inflationary conditions.
How big is the problem of undervaluation?
“Undervaluation has been a problem for decades – but now with rapidly rising building, labor, and shipping costs, the gap is widening dramatically, leaving an even greater risk of underinsurance. We urge insurers to run evaluations of their books often enough to clearly understand any gaps in coverage to allow property owners to make educated decisions about the level of protection they purchase.
As of April of 2023, we had run tens of millions of policy addresses through our data sets and on average found at least 50% underinsured based on current replacement values. In addition to inflationary impact, additions, alterations, and improvements to homes are unlikely to be reported to insurers. Without third-party data sources to identify material changes, these also contribute to underinsurance.
While the problem is industry-wide, we most often hear about this post-disaster when a state DOI study is conducted. These studies often reflect demand surge which can also exacerbate the problem in the short term. A perfect example is the Marshall fires of Colorado in 2022 where 83% of the damaged homes were found underinsured – ranging from $99,000 to $240,000 per risk.
When a catastrophe hits, if a property is underinsured, even a partial loss can become a total loss because the replacement cost often hits the policy limits.”
Policyholders do not have readily available replacement cost indicators and are most often reliant on market values (Zillow or real estate assessments) to self-evaluate their coverage needs. This can lead to surprise, disappointment, and financial hardship when the policyholder becomes a claimant.
What type of data is necessary?
“Property intelligence that includes accurate, local material and labor costs, shipping costs, and current building codes are critical to the quoting process to properly price risks at the outset and eliminate this potential value gap from compounding year over year among your best, long-term customers. For commercial properties, access to building codes is particularly important, especially for large, older buildings. Our replacement cost for commercial properties will always reflect a commercially viable space based on local building code because, for example, the code may restrict you from replacing a brick and wood structure with anything other than steel and masonry.
Commercial property occupancy data is also critical to risk evaluation. Nearly 50% of the occupancy information insurers have on commercial properties is inaccurate. Depending on the usage, the risk can increase considerably, and changes go unnoticed unless the insights are available to identify those changes that occur post-underwriting. Finally, geographical details for all property types are essential to exacting distance from natural hazards such as coastal proximity.”
How hard is it to independently source and ingest property data?
“It’s a hard thing to do, even in very large companies. Data is not uniform, so you have to ingest it and convert it into useful insights. Our platform does that by converting public record data into meaningful values 90% of the time with just an address and we do it in less than 2 seconds. For insurers, accessing an ecosystem of providers from a single platform is critical. Underwriters can’t work effectively accessing multiple systems for intelligence gathering.”
Are there other benefits to these insights?
“Our customers have shared that in the current market, the conversations with reinsurers are difficult. When they tell the reinsurers that they work with e2Value, test and run their books often and monitor cost differentials, it helps those conversations considerably. We spend a considerable time with the London markets and they’ve expressed frustration with the US market valuations. They want the right data, the right values, and more importantly, they’re holding the US markets accountable for it.”
Any final advice for insurers?
“Test your book all the time, as often as you can, as effectively as you can. Run your book and run your renewals. Look for outliers and make adjustments. Everyone is afraid they’ll lose business if they raise rates. We’re just advising that you understand your gaps in value and begin to make adjustments before the losses impact your policyholders and your ratios.”
Powered by data-driven and digital automation technologies Cogitate DigitalEdge Policy brings transformational efficiencies to the traditional underwriting process. To learn how Cogitate can help your underwriting team contact us today!
Originally published here: https://www.cogitate.us/resources/ecosystem-partner-pov-e2value-on-property-intelligence-and-underwriting/
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How Cogitate helped an insurance company overcome their challenges
Cogitate was the result of insurance veterans joining hands with tech experts, making them perfect for insurance companies that are looking to automate or digitize their services. We are leaders in accelerated digital insurance for wholesale brokers, MGAs, and carriers. In this blog, we will cover one of our clients, Southern General Insurance Company (SGIC), their challenges, and how our team overcame those challenges and improved their results. Let’s take a deeper dive into all of the details of this incredible journey.
About Southern General Insurance Company (SGIC)
Through MGA Wholesale Insurance Broker and Insurance House, Southern General Insurance Company (SGIC), a provider of property and casualty insurance, offers independent agents personal lines insurance products. Coverage is sold in Alabama, Delaware, Georgia, Florida, Maryland, North Carolina, Pennsylvania, South Carolina , Tennessee , Virginia , and Washington D.C.
Challenges faced by SGIC
SGIC faced slippage in the identification of attorney demand letters, and adjusters overlooked a number of cases that resulted in claims of bad faith. Their team also claimed that managing responses and keeping track of conversations with the claimants' solicitors proved to be challenging tasks.
The manual approach that they had been using was time-consuming, expensive, and prone to errors, and the danger of bad-faith exposures to SGIC was always substantial. In certain cases, these problems resulted in litigation with hefty defense and settlement costs. To automate the demand letter detection and monitoring process, SGIC chose Cogitate DemandAssist.
How we helped SGIC
One of the major factors that helped SGIC gain our trust was our understanding of insurance. After going through all the challenges they were facing using their previous methods, we instilled four features that could help them overcome all the challenges. Here is the list of those features:
OCR and text mining of documents from ImageRight (SGIC’s document management system)
AI and machine learning for high-precision pattern identification of attorney demand letters
Automated, integrated notification service to alert the adjuster team of demand letters and response deadlines for zero slippage.
Track negotiation details with attorneys, such as offer amounts and the dates presented.
All these features helped them successfully navigate through their challenges and get the desired results.
Results
These were the results that SGIC obtained after our input:
99.20% demand identification accuracy from their previous 64.36%.
$2.4 million in demands identified (monthly average).
A massive 48% reduction in demand handling cycle time
New demand identification is down from 5 days to less than 24 hours.
15,000+ pages of accelerated identification processed daily.
Conclusion
Our partnership with SGIC was an exciting project that turned out to be a massive success. "We have opted for Cogitate DigitalEdge for its future-ready digital insurance platform capabilities coupled with the wide range of state-of-the-art features," said Diane Boyer, Vice President of Operations at Southern General Insurance Company. You can visit our website to contact us or learn more about our services.
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Cogitate: Revolutionizing the Insurance Landscape since the Last Decade
Insurance sector faces numerous challenges that can affect its growth and effectiveness. One such difficulty is the complicated and time-consuming underwriting and claims assessment procedure, which is frequently prone to delays and errors. But these challenges can be overcome with the use of technology.
We at Cogitate believe that the future belongs to those who can embrace technology to drive operational excellence in the constantly evolving insurance industry. With the help of our cutting-edge digital technologies, we strive to simplify insurance services. Our digital insurance software is expertly designed to empower insurance providers by integrating all facets of their business processes. Our technology completely transforms how the insurance industry operates, from policy management and claims processing to client engagement.
At the heart of our range of services lies the Insurance Agent Portal, a dynamic gateway that transforms how insurance professionals communicate with customers and policies. The agility and effectiveness of insurance agents are improved by this user-friendly portal's real-time access to crucial customer information, policy data, and underwriting tools. Additionally, by orchestrating the whole insurance lifecycle and using data-driven insights to improve customer experiences, our digital insurance platform optimizes business operations.
First Tier Underwriters Selects Cogitate
We are happy and proud to announce that First Tier Underwriters, a Georgia-based specialty insurance wholesaler, has chosen us to replace its proprietary policy system, help digitize and streamline its new business, underwriting, and policy administration processes, and enable future growth and scale. While the proprietary policy system has its own sets of advantages, there are some challenges with the system. Some of them include time consuming processes, lack of expertise and expensive software development. We aim to overcome those changes with the tools at our disposal.
Ty McGinty, President of First Tier Underwriter, talked about their future plans and their decision to work with us. He explained FTU's goal to replace their proprietary system with the out-of-the-box offering of DigitalEdge Policy and secure this long-term partnership. He also added "The value proposition allows us to establish our base functionality today, with the option to address greater operational needs as we expand".
Tushar Bhole, Executive Vice President of Sales and Partnerships at Cogitate, also shared his excitement about working with FTU. He stated, "This is a great example of the launch of out-of-the-box capabilities to hit the ground running with expanded functionality over time in a manner that meets FTU’s ROI requirements."
About Cogitate’s Digital Edge Policy
Insurance companies, MGAs, wholesalers, and program managers may update their operations using Cogitate's DigitalEdge Policy to improve their efficiency, accelerate time to market, and quickly respond to changing consumer demands. By linking with core and legacy systems, it speeds up the digitalization of insurance and offers the advantages of third-party data interfaces.
DigitalEdge Policy improves the channel partner and customer experience by providing a variety of insurance technologies, like digital sales and service infrastructure, integrated mobile apps, chatbots, artificial intelligence, machine learning, and advanced analytics.
For instance, an insurance business can use DigitalEdge Policy to cut the time it takes to develop new products by almost 50%. This would also allow them to quickly provide a variety of unique coverage options to the market, giving them a competitive advantage and boosting client satisfaction.
Additional products by Cogitate
DigitalEdge Billing: DigitalEdge Billing allows end-to-end billing lifecycle management for both personal and business lines with a scalable design for your current and future needs. It enables increased agility and responsiveness in a continually changing industry and develops customer expectations through real-time information processing and a user-friendly interface.
DigitalEdge Claims: Cogitate DigitalEdge Claims, with its comprehensive, innovative, and highly flexible solutions, adds value to businesses by reducing claim response time and providing superior experiences for your customers. Furthermore, it streamlines claims processing through the use of a variety of modern technology, resulting in lower expenses and leaks as well as increased productivity and efficiency.
If you are an Insurance company that is looking to take the next step and embrace technology, you can contact us. We have worked with numerous insurance companies including Southern General Insurance Company, Preferred Mutual Insurance Company, Rothert Insurance and more. Visit our website to learn more about our services.
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Prioritizing User Experience, FTP Moves to Cogitate DigitalEdge Policy Platform
Atlanta, Georgia 7/19/23- FTP Inc., one of New Jersey’s largest insurance wholesalers of commercial and personal property and casualty lines, partners with Cogitate Technology Solutions. Offering over 100 insurance programs with top admitted and non-admitted carriers, FTP is modernizing its policy administration and agent user experience with the adoption of Cogitate DigitalEdge Policy. Cogitate’s product suite has been purpose-built for insurance intermediaries and carriers to reduce costs, improve operational efficiencies, and provide a frictionless, modern customer experience.
“With offices in New Jersey, New York, Chicago, Florida, and California, we’re now writing in over 40 states and need a unified platform to streamline the workflows that support the full policy lifecycle and offer a superior streamlined and integrated experience for our agent/broker network and our staff,” shared Steve Powell, Executive Vice President at FTP. “We pride ourselves on being quick and competitive. The service we provide our brokers and the ease of doing business with us is critical to who we are in the market. This move to DigitalEdge Policy strengthens that advantage and ensures we can continue to innovate as we grow.”
Momentum around Cogitate’s policy, billing, and claims platform stems from the flexible architecture. The ease of integration and growing ecosystem of third-party solutions create a powerful platform for risk evaluation and speed-to-market. The platform solves workflow, connectivity, and operational challenges of simple and very complex lines of business faced by intermediaries and insurers.
“We’re excited to work with FTP to bring a new level of automation, data insights, and integration partners to its operation. The unified agent portal across multiple lines of business will streamline workflows between agents/brokers, underwriters, and insureds throughout the policy lifecycle. Our product roadmap promises continued commitment to data analytics, AI, and predictive modelling to support the automation and data-driven decision-making the market requires,” said Arvind Kaushal, CEO and Co-founder of Cogitate.
About FTP, Inc.
Founded in 1957, FTP Inc. is an insurance wholesaler providing services to independent insurance agents and brokers. FTP’s business is generated through its network of licensed insurance brokers. Representing both admitted and non-admitted insurance companies, FTP offers over 100 insurance programs including property and casualty, commercial and personal lines. In addition, markets are available for almost all classes of business or situations on a package or mono-line basis. For more details, visit www.ftpins.com.
About Cogitate Technology Solutions®
Cogitate Technology Solutions, Inc. delivers the most innovative insurance technology with an integrated ecosystem of third-party solutions for insurance carriers, program managers, MGAs, and wholesale brokers. The company’s highly configurable and automated DigitalEdge platform creates unparalleled speed-to-market and accelerated growth with effortless implementation, no matter the complexity or ingenuity of the insurance product or business model. Cogitate is a trusted technology partner serving clients throughout the insurance value chain and maintains 100% client retention since it was established in 2015. For more information about Cogitate, please visit www.cogitate.us.
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Rothert Insurance to modernize personal property business with Cogitate DigitalEdge Platform
Rothert Insurance, a Portland-based regional MGA and wholesale broker, has announced a partnership with Cogitate to modernize its personal property business. Cogitate, a leader in accelerated digital insurance, partners with wholesale brokers, MGAs, and carriers to provide the best, most modern agent and broker experience and is a preferred insurance technology provider to its customers.
Rothert Insurance specializes in personal, commercial lines, and flood insurance, and sought to enhance the experience of agents and underwriters with increased productivity in the application submission, quoting, rating, binding, and issuance process. They wanted to achieve this without disrupting their current AMS and Document Management System landscape, consisting of Vertafore’s AIM and ImageRight systems.
“Our goal was to provide ease of doing business to our agents and underwriters to attain our growth objectives in the selected markets without an overhaul of our existing IT systems. Cogitate’s understanding of the industry and integration capabilities with our current systems will help us realize it,” said Mark Rothert, CEO of Rothert Insurance. “The new Personal Property Platform will bring unmatched speed and agent experience to complete the application process and for the underwriter to assess and write the correct risks with the third-party data enriched application submission.”
Leslie Ballard, Vice President at Rothert Insurance commented, “We were looking for a partner that can provide highly configurable application submissions portal and rating capabilities and narrowed down to a handful of providers that offered both. We really liked the overall user experience with intuitive workflows and ready-to-use functionality that Cogitate offered with data pre-fills and other third-party integrations. It also includes built-in capabilities to model multiple carrier partners’ ratings and a form factory for generating custom forms and posting the data and images onto Vertafore’s systems for downstream functions.”
“Our deep understanding of the industry domain has enabled us to embed functionality and user experience that creates significant value for customers. We are thrilled to be working with Rothert Insurance and help them achieve their business goals with our DigitalEdge platform,” said Arvind Kaushal, CEO and Co-founder of Cogitate. “Future-ready capabilities of the DigitalEdge platform allows insurance providers to streamline and/or modify processes, to improve underwriting by leveraging data, manage rates and enable rapid product and geographic expansion.”
About Rothert Insurance
Founded in 1961, Rothert Insurance is a family-owned company in its third generation. Rothert Insurance is a managing general agent (MGA) and wholesale broker specializing in personal lines, commercial lines, and flood insurance. They write hard-to-place and high-risk business which would not traditionally be accepted in admitted/standard insurance markets. The underwriting team of Rothert Insurance boasts 287 years of experience in excess and surplus lines, which brings unmatched expertise and knowledge that couples with their exceptional professionalism to provide their retail agents with “the best service anywhere”. For more details, visit www.rothertinsurance.com .
About Cogitate Technology Solutions®
Cogitate , with its more than 100 years of insurance domain knowledge and industry experience, has invested in a comprehensive P&C Core Platform Suite, the Cogitate DigitalEdge Insurance Platform, that digitalizes the insurance value chain from insurance carriers, program managers, MGAs, and wholesale brokers. Cogitate DigitalEdge Platform on cloud covers policy, billing, and claims with built-in integrations and can be implemented as a P&C Core Suite of applications or on a stand-alone basis with adaptive API-based integrations into the client’s existing applications.
DigitalEdge’s LOB agnostic, highly configurable, and robust functionality goes beyond speed-to-market, accelerating digitalization, and enabling transitioning to cloud-native and cloud-ready core platforms no matter the complexity or ingenuity of the insurance product or business model. Cogitate is a trusted technology partner serving clients throughout the insurance value chain and maintains 100% client retention. For more details, visit www.cogitate.us .
digital insurance solution, insurance underwriting platforms
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Tushar Bhole joins Cogitate as Executive Vice President of Sales & Partnerships
Marietta, Georgia, 11/16/2022 — Cogitate Technology Solutions, a future ready P&C technology innovator, announced the appointment of Tushar Bhole, an experienced Professional in Core Insurance Platforms as Executive Vice President for Sales and P artnerships.
Tushar will be at the helm of driving Cogitate’s market expansion initiatives by building strategic partnerships with prospective customers and other insurance ecosystem and technology companies. “With over two decades of experience in the insurance technology space, Tushar will be responsible for the overall growth of Cogitate's DigitalEdge Insurance Platform (DEIP) in the US and expansion in the broader global market. Tushar’s experience, knowledge of the insurance landscape and deep understanding of its challenges and opportunities will help us tap the market aggressively with our solutions,” says Arvind Kaushal, CEO and Co-founder, Cogitate.
Throughout his career Tushar has focused on delivering business value to insurers with applications & platforms that transform the core business processes in Underwriting, Policy, Billing and Claims. Prior to joining Cogitate, Tushar led sales and business development in various roles at Five Sigma, Majesco, Infosys and Oracle.
Jacque Schaendorf, Co-Founder and Director, of Cogitate added, “In the last few years, Cogitate has made a significant impact in the insurance technology market, bringing innovation and thought leadership through a broad set of modern solutions powered by our extensive insurance technical experience in numerous P&C lines of business. Tushar will lead the effort to help Cogitate rapidly penetrate the market with our value-added knowledge of the business and highly modern technology solution set.”
“I am humbled with the commitment & vision that Cogitate Co-Founders have for the P&C industry as it bridges the divide with the InsurTech players and thrilled to work with an amazing team of Cogitators to deliver on that commitment. I look forward to expanding our sales team to engage with Carriers, Wholesalers, MGAs, Program Administrators, and Brokers and empower them with Cogitate DEIP’s transformative capabilities for launching new products & programs with low-code no-code technology.” says Tushar Bholé while taking on his new role with Cogitate.
Tushar holds a Master of Business Administration Degree in Financial Management from Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai, India.
About Cogitate Technology Solutions®
Cogitate Technology Solutions, Inc., develops modern and innovative technology products and solutions for the Property & Casualty Insurance Industry. It helps insurance companies transform their business models to create a competitive advantage in a time of rapid industry change. Cogitate’s next-generation technology products and solutions are helping insurance carriers, brokers, MGAs and agents to accelerate digitalization and expand their businesses.
Tags:- digital insurance platform, insurance software solutions
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Cogitate DigitalEdge Platform replaces legacy systems at Southern General Insurance
Southern General Insurance Company ("SGIC") plans to replace its legacy Sapiens SIS system with the Cogitate Digital Insurance Platform. SGIC announced a partnership with Cogitate, a pioneer in accelerated digital insurance for Wholesale Brokers, MGAs, and Carriers, to provide readiness and relevance as the industry rapidly evolves.
Cogitate DigitalEdge is a full stack, cloud native digital underwriting and distribution platform that provides insurance providers with modern policy administration systems. DigitalEdge is powered by industry-leading Low Code No Code capabilities and includes a third-party data and service ecosystem that has been pre-integrated.
"We found a partner in Cogitate who understands insurance as well as we do." "The Cogitate team will not only provide a modern digital insurance solution, but will also assist us in streamlining our processes to improve underwriting, increase efficiency, and reduce operational costs," said Diane Boyer, Vice President of Operations at Southern General Insurance Company. "We chose Cogitate DigitalEdge for its future-ready digital capabilities combined with a wide range of cutting-edge features." We will implement Cogitate DigitalEdge Policy, Billing, and Claims modules, eliminating the need to integrate our decades-old SIS system with third-party user interfaces."
"For automatic risk capture and data prefill, DigitalEdge is pre-integrated with multiple third-party data providers." Its robust analytics provides line-of-business specific details via built-in dashboards, charts, and reports with drill-down on key data points," said Edward Cologgi, Vice President of Sales for Southern General. "DigitalEdge is equipped with a best-in-class Low Code No Code platform, which will enable us to significantly increase market speed and respond quickly to market changes."
"One of Cogitate's strongest advantages is that we can integrate with customers' existing core and legacy systems with a digitalization layer or replace them with our modern solutions," said Arvind Kaushal, CEO and Co-Founder of Cogitate.
DigitalEdge is truly cloud native, which means that our customers can choose the modules their businesses require today while the scalability ensures their future growth. We are thrilled to be working with Southern General Insurance Company to provide a modern, contemporary user experience to their customers, employees, and channel partners.
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Cogitate to implement digital underwriting and distribution of commercial transportation for ENGS
Atlanta, Georgia, 10/10/2022 – Cogitate Technology Solutions, a future-ready P&C insurance technology innovator, announced today that ENGS insurance will be digitizing their systems with Cogitate DigitalEdge for their commercial transportation business.
Cogitate DigitalEdge is a cloud native, full tech stack platform. DigitalEdge is powered with industry leading Low Code No Code (“LCNC”) capabilities and brings pre-integrated API functionality for third-party and carrier data integration services.
With the Commercial Transportation solution for ENGS, Cogitate will implement the digital underwriting and distribution elements of the DigitalEdge Platform which will enable ENGS to rapidly expand its revenue base and operating footprint initially across the U.S., and then into Canada.
“In Cogitate, we found a partner that understands insurance and the industry as much as we do, which is invaluable from my perspective. The Cogitate team is helping us to deliver a modern digital insurance solution, which places us in a leading competitive position relative to our customer partner experience with ENGS. This allows us to streamline processes that improve underwriting, increase internal efficiency, and ultimately reduce our operating expenses,” said Cliff Dunigan, Managing Director for ENGS Insurance. “The Cogitate DigitalEdge solution provides future-ready digital capabilities with options to self-manage rates, rules, forms, workflows, and territory expansion. Beyond that, Cogitate’s LCNC module is incredibly intuitive, and we are looking forward to the ability to pivot and implement changes quickly to our business and product screen. We also liked the fact that Cogitate has pre-integrated billing and claims solutions and will look to expand with those solutions soon.”
Arvind Kaushal, CEO and Co-Founder of Cogitate commented, “One of Cogitate’s key strengths creates a great advantage for our customers. This is our ability to integrate our solutions with the customer’s existing core and legacy systems with a digitalization layer. We can also replace that core with our future ready solutions. DigitalEdge is truly cloud native which means the modularity of DigitalEdge allows our customers the freedom to choose the modules that their business needs today while the scalability options to assist their future growth. We are excited to partner with ENGS Insurance to provide their customers, employees, and channel partners a modern user experience.”
About ENGS Insurance Agency
ENGS Insurance Agency, LLC. (EIA) is a full-service commercial brokerage firm offering insurance, risk management, and insurance underwriting platforms for the Transportation, Construction, Industrial, and medium to small business market. As a member company of the Mitsubishi family, ENGS helps its customers acquire and protect their most valuable business assets. From commercial auto, general liability, property, inland marine, excess, cyber liability, and workers compensation, it offers insurance solutions to those industries that keep the economy moving forward.
For more information about ENGS, please visit www.engsinsurance.com .
About Cogitate Technology Solutions®
Cogitate Technology Solutions, Inc., develops modern and innovative technology products and solutions for the Property & Casualty Insurance Industry. It helps insurance companies transform their business models to create a competitive advantage in a time of rapid industry change. Cogitate’s next-generation technology products and solutions are helping insurance carriers, brokers, MGAs, and agents to accelerate digitalization and expand their businesses.
For more information about Cogitate, please visit www.cogitate.us
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Innovations in Demand Management Solutions for Insurance
If you are in the claims or claims management business, chances are that you have a more than casual acquaintance with time limit demands (TLDs). Insurance providers receive thousands of documents every day, including demand letters from claimants’ attorneys, and time is not the insurer’s friend when it comes to TLDs. Settlement communications, while a powerful litigation tool for attorneys of an insured, are notoriously hard to handle for the insurer and can lead to recovery in excess of the policy limit in certain cases.
Any action leading to strengthening of the claims validation and vetting process stands an insurer in good stead. In this article, we examine the challenges, the requirements of a typical claims department and demand management solutions for insurance companies in the context of TLDs.
Challenges
Not only is the sheer volume of attorney demand letters a challenge for insurance providers, the complexity of the letters poses an additional dimension of difficulty. The demands can be buried in thickets of complex legal verbiage, leading to ambiguity on key information. In addition, the manual review and tracking of milestones for numerous demands is prone to greater errors.
A TLD that is not identified and managed in time puts an insurer at risk for bad faith exposure and potential litigation, possibly with higher settlement costs. Investing in a demand management solution that can significantly reduce the margin of error in identifying, tracking and managing offers a crucial extra level of protection for insurers.
Serving the Needs of the Claims Team
Adjustors handle multiple claims every day, each associated with multiple documents in turn. Responsible for identifying demand letters and evaluation of the related documents, their most critical responsibility is to understand the specifics and respond to the letters in the stipulated time. Most adjustors manually identify, assess and track demand letters — a process that is both error-ridden and time consuming.
A demand management solution that has the capability to identify demand letters from other correspondence, cull the key information from them and track them through their lifecycle is the need of the hour for adjustors. The volume of TLDs also creates the need for a concise dashboard that can reflect the stage of each demand, has tracking and notification capabilities and has built-in assistance features can be a powerful aid for adjustors. Coupled with modern tools for rapidly processing thousands of documents, it would enable adjustors to gain early awareness of demand letters and increase efficiencies in identifying high-risk demands. It’d also help reduce human error and eliminate losses due to misinterpretation of attorney demand letter response dates.
Claims managers who lead a team of adjustors perform the critical function of ensuring that the TLDs received by the team are processed accurately and on time. A demand management solution that can help claims managers track the status of TLDs under process, raise flags for unanswered demand letters, notify imminent milestones and help configure the team as per need can support managers in increasing the effectivity of the team.
The effectiveness of the claims division lies with senior management who bear the onus for reducing losses due to missed demands. While they need an overall view of the claims, their specific responsibilities require support for their intervention at critical stages, handling exceptions and the ability to reassign personnel to create the most effective teams. They also require their demand management solution to enable them to help track the total demands and exposure values as well as track negotiation offers.
Cogitate Demand Management Solutions for Insurance Carriers
Cogitate Demand Management, a part of the Cogitate Intelligent Claims suite for insurance companies, is a powerful tool for attorney demand letter identification and management. One of its kind, it offers protection against bad faith exposures, loss in claims and mitigates the risk of a missed demand letter that may lead to significant settlement costs. Cogitate Demand Management is capable of parsing complex legal verbiage, identifying demand letters and tracking key dates and offers made in negotiations. A special feature is the use of OCR, text mining and ML to automate identification and management of demand letters. The solution offers complete life cycle management with configurable tracking and notifications, flexible team management features and easy integration with many existing Document Repository Systems and Claims Management Systems. Talk to us today to learn more about how demand management solutions our for insurance carriers and MGAs can help them achieve greater control over attorney demand claims exposure and surpass the needs of your claims division.
#demand management solutions our for insurance carrier s#demand management solution#demand management solutions for insurance companies
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How Insurers Are Using Technology to Deal with Insurance Claims Fraud
This post details the growing menace of insurance claims fraud. It is a problem that nearly all insurers are battling, but with limited success. The fact that fraudsters are always a step ahead by misusing technology to achieve their nefarious deeds makes it even more difficult to manage the problem. Technology is the only way of mitigating the instances of claims fraud and empowering insurers to deliver their services more effectively.
Insurance claims fraud is an area of serious concern for insurance providers, as the instances of such scams are proliferating globally. Scammers indulge in inflating claims by manipulating facts and making a pile of cash illegally. It forces insurance companies to invest heavily in system upgrades, technology, and manpower to proactively detect such fraud attempts and mitigate potential losses.
The Challenges:
Insurance providers have been relying primarily on the judgment of agents and industry experts to detect instances of frauds. While this was a reliable method in the past as there were limited number of cases, in the modern world it is impossible to keep a track on fraud using human resources.
• It is virtually impossible to scrutinize all claims manually.
• Fraudsters are using newer and more sophisticated ways of perpetrating such crimes.
• This has entailed the need to use technology to deal with this growing and serious crime.
The rise of technology such as data analytics has created a world of endless potential for organizations operating in the insurance sector. While cost concerns and regulations have been the reasons for slow adoption of data analytics by the insurance sector in the past, all that is rapidly changing because of the intense pressure on the industry to cut down the colossal losses caused by claims fraud.
There is a lot of regulatory importance placed on protection of personal information, with new layers of security being added regularly. This has made it extremely tough for insurance companies to access data from various sources for fraud predictions. Data analytics has proved to be a game-changer for the industry and is helping insurers manage claims fraud instances better.
Fraud Analytics Software
Insurers are incorporating insurance fraud analytics software into their business processes to detect fraudulent practices and detect such incidents early and proactively.
Fraud analytics software systems can reduce claims fraud by gathering data from various sources and collating it into meaningful and valuable information. Predictive capabilities of the software can help companies apply the process to a large area of business operations and improve fraud detection significantly. The software can be used for:
• Identifying optimal risk level
• Gaining qualitative insights from data
• Mitigate fraud risk at insurer’s end
• Eliminating fraud risk at the agent’s end
• Moving from manual to automated underwriting
• Establishing accepted limits of risks
• Automating procedures to identify risk assessment for determining various factors such as coverage, profitability and others
Understanding Legacy Systems
One of the biggest challenges of adopting analytics software is the need to upgrade systems to the latest versions. With technology evolving rapidly and continuously, this might entail a fairly substantial investment. Also, there are concerns around use of a third-party service or software because of privacy protection issues. Insurance companies might not have absolute control over data which can result in significant liability.
Insurance Fraud Detection Solutions:
Advanced claims fraud detection solutions are driven by technology. It works in the following ways:
Detection of Anomalies:
Multiple metrics are created to compare the behavior of various entities. The system makes use of statistical analysis to detect any anomalies that deviate from the normal behavior patterns of agents and customers.
Analysis of Claim Notes
Analytics can help in extracting information by going beyond structured data. In simple terms, it means that it can pull data about circumstances of a specific incident, the parties involved, the damage caused, treatment costs and other related data vital for claims settlement.
Investigation of Anomalies:
Agents and customers pointed out as anomalous on more than one count are singled out and detailed analysis carried out to find out the reasons for the anomalies. Business rules can be set up to prevent misuse and future frauds.
Conclusion
Insurance frauds are generally carried out in a very organized manner across the globe. In the modern world, it will be difficult to detect them without using sophisticated analysis methods. Insurers must leverage newer technologies to prevent, detect, and filter frauds. This will help improve claim adjustment expenses and improve the efficiency and performance of the industry.
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Who's using what in P&C Insurance?
California Mutual Insurance Company selected Invoice Cloud to implement a payment processing platform that significantly reduced administrative inefficiencies while greatly enhancing the user experience for policyholders. The premium payment process is an important and frequent touchpoint between insurance companies and their insured policyholders.
Berkshire Hathaway GUARD Insurance Companies selected IMS for a new commercial fleet insurance program, TrackMRI. TrackMRI is a safety-focused commercial fleet insurance telematics solution, powered by the DriveSync connected car and telematics platform to provide an easy-to-use fleet management portal, device logistics support, data collection, scoring, fleet behavior assessment and program analytics, as well as hands-on customer support to fleet manager customers.
Nationwide joined Verisk Cyber Data Exchange as part of a growing effort across the insurance industry to gain new insights into the rapidly changing world of cyber risk. By joining the Verisk Cyber Data Exchange, Nationwide will contribute premium and loss records to an expanding pool of aggregated, anonymized insurance data from participating cyber insurers around the world. In return, Nationwide will obtain access to an interactive platform powered by the exchange and be able to use its robust analytics to better manage risks, develop products, build models and guide strategic planning.
Orchid Underwriters Agency, LLC partnered with Better view to gain access to the InsurTech’s remote property intelligence platform. The partnership aims to enhance Orchid’s CAT-exposed property underwriting operations. An early adopter of data-driven underwriting, Orchid’s Commercial Lines division has a history of teaming with InsureTech companies, such as Betterview, to deliver best-in-class underwriting results to its partner carriers.
925 Partners Insurance selected Applied‘s Analytics® data analytics solution built for independent agencies. Integrated with Applied Epic, 925 Partners Insurance will leverage data-driven dashboards to better track sales momentum, employee operations and insurer relationships, enabling them to make more informed decisions and reach business goals.
CompSource Mutual Insurance Company selected One Inc Digital Payments Platform to expand digital payment capabilities. CompSource Mutual has been serving Oklahoma’s business community for more than 80 years. Since transitioning to a mutual insurance company in 2015, CompSource Mutual has been building and implementing an innovation strategy to modernize processes and products, while fostering a corporate environment that fuels continual improvement and growth. As part of the company’s mission to deliver superior service and innovative solutions, CompSource Mutual chose One Inc’s inbound payment services product to upgrade payment capabilities and enhance the overall customer experience.
Transverse Insurance Group selected Cloverleaf‘s business intelligence solution. Transverse is a property and casualty insurance company specializing in program business and providing a broad range of commercial and personal lines products through partnerships with program administrators and reinsurers. Transverse provides admitted and non-admitted solutions and actively collaborates in all phases of program administration by engaging a team of insurance professionals with diverse backgrounds of technical skills including underwriting, product development, actuarial and financial analysis, compliance and claims administration.
Risk Placement Services selected Marietta, Ga.-based Cogitate to effect a digital transformation for RPS. As an add-on platform, Cogitate’s technology doesn’t replace RPS’s core systems, meaning there will be no down-time for RPS. This strategic partnership is designed to rapidly bring Risk Placement Services into an integrated, digital environment, enabling:
• Improved channel partner connectivity
• Enhanced end-user and customer experience
• Seamless and uninterrupted business processes during the transition
TransUnion announced a partnership with The Floow, a leading telematics services provider. TransUnion will begin introducing The Floow’s four main telematics solutions — FloowDrive, FloowFleet, FloowKit and FloowScore — that capture real-time driving behavior, to help insurers create greater pricing sophistication, identify market risks and improve customer experiences.
Insurers also will benefit from The Floow’s seamless implementation process. The device-agnostic nature of The Floow’s telematics data refinery, coupled with Scoring as a Service solutions, limits friction by allowing customers to use telematics from any device, 3rd-party telematics program, or connected car. Further, the accuracy and predictive power of the solutions allow insurers to better measure risk and price policies compared to traditional risk models.
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