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Treaty Oak selects Cogitate’s MGA core platform to increase speed-to-market and accelerate market share growth in commercial transportation insurance

Atlanta, Georgia, December 15, 2022 Treaty Oak General Agency will adopt Cogitate DigitalEdge, a cloud-native policy and distribution platform, the company's fast-growing roster of MGA clients, according to an announcement made today by Cogitate, a pioneer in property and casualty insurance technology. Cogitate's DigitalEdge insurance platform solutions platform is designed to provide MGAs, Carriers, and Program Administrators with the highest level of flexibility, enabling them to easily expand into new markets, broaden their product offerings, and provide a smooth and intuitive client and agent experience.

We knew we had found a team that comprehends the insurance industry and its issues from the moment we spoke with Cogitate. With the help of this partnership, we will be able to improve our relationships with insurers, broaden our distribution, make use of a sizable pool of third-party data and microservices for underwriting and customer experience, and offer new products like auto liability, physical damage, general liability, and cargo insurance quickly and simply. Geoffrey Crater, President of Treaty Oak General Agency, said, "We are thrilled to have found the proper technology partner to accelerate our speed to market and provide more operational savings.

"Moving to Cogitate's automated workflow and modernized rater will enable agents to process applications 5–6 times more quickly, solidifying us as the go–to MGA. According to Dani Harris, COO of Treaty Oak General Agency, "the technology also enables us to quickly join new markets by effortlessly managing regulations, rates, and forms through the platform's built-in low-code no-code configuration studio."

"Treaty Oak is an innovative and forward-thinking MGA that appreciates the necessity of implementing a flexible and modern solution with the proper technology partner who brings with it decades of insurance operations experience," stated Arvind Kaushal, CEO & Co-Founder, Cogitate. We anticipate playing a significant role in Treaty Oaks' rapid expansion and ongoing success.

Incorporating more than 30 third-party data providers and carrier integrations, Cogitate's pre-integrated digital insurance ecosystem "enables our customers with data pre-fills for better risk selection during the submission process and ensures a complete digital engagement throughout the binding process and beyond." Jacqueline Schaendorf, a Cogitate co-founder, stated.

#insurance platform solutions #Digital Insurance Platform

The Top 7 Features That Insurance Solutions Must Have

Claims are a crucial component of your organization when you provide insurance solutions. Even if your business is smaller than Allianz or Axa, it is a wise choice to spend money on effective claim management software because of its many advantages. The client's perspective and expectations have changed from 15 years ago.

According to a recent poll, 71% of clients looked about insurance products online before making a purchase. To access services without difficulty, 67% of customers were prepared to download and utilise an app from their insurance. In short, the insurance industry is rapidly changing to focus more on the customer. Additionally, your team members and customers want access to user-friendly claims management software in order to enhance the customer experience and streamline the communication process.

The top seven advantages of purchasing a claim management software system are discussed in this article. However, let's first define a claims management software system before delving into its benefits.

Describe the CMSS. The administration of different insurance products, from application processing to customer interaction and insurance claim settlement, is made simple by the claim management software system. Users of this software can control insurance products by assessing and rating the effectiveness of the claims procedure.

Claims Management Software's Advantages

1. First, customer satisfaction

Because of the intense market rivalry today, service quality has evolved into a key component in determining a customer's loyalty to an insurance. Investing in a claim management software system ensures that all data is processed accurately and quickly. Therefore, it will result in better service and increased client satisfaction. As a result, this strategy aids in your ability to prosper in a highly competitive market.

2. Conserve time

The manual procedure typically takes a long time and might occasionally result in mistakes. By removing the need for manual procedures, this programme also prevents work from being done again. In short, data accuracy increases staff productivity and saves time.

3. Budget-Friendly

Any insurance carrier or agency will find it difficult to handle the claim process at the lowest possible cost without making an investment in the claim management system. This type of software solution accelerates the processing of claims and enables staff to operate effectively. As a result, it raises productivity and assists in lowering operational costs by eliminating waste.

#insurance claims fraud detection software #Digital Insurance Platform

Top 5 Advantages of Purchasing Claim Management Software

Although there isn't a single definition for an insurance solution, the general idea is that it is software or a collection of technology solutions offered for the efficient operation of the insurance industry. There are some autonomous components in it, such as fund management or presentation options. Insurance solutions mostly seek to address problems with product definition, settlements, or underwriting.

Problems with reporting, claim processing, and policy administration are the main issues that insurers deal with. The aforementioned issues must be resolved by a trustworthy insurance option.

Insurance solutions must unquestionably enable a variety of options, including mobile-savvy goods.

The functionality of software may differ greatly depending on who it is intended for. However, the following characteristics are essential when discussing insurance options.

1. Internal Metrics

Profitability metrics including loss ratio, burning expenses, risk cost per policy, net basis, and reinsurance are included in insurance solution software. The built-in KPIs offer analysis tools and sophisticated reporting right out of the box.

2.Monitoring Claims Activity

Complete claim information, such as claim payments, unpaid claim reserves, payment components, deductibles, peril and event codes, and pertinent claim activity dates, can be captured by software. It gives the claim manager the in-depth information they need to shrewdly handle and keep an eye on claim activity.

#digital insurance solution #Digital Insurance Platform

Top 5 Advantages of Purchasing Claim Management Software

Although there isn't a single definition for an insurance solution, the general idea is that it is software or a collection of technology solutions offered for the efficient operation of the insurance industry. There are some autonomous components in it, such as fund management or presentation options. Insurance solutions mostly seek to address problems with product definition, settlements, or underwriting. Problems with reporting, claim processing, and policy administration are the main issues that insurers deal with. The aforementioned issues must be resolved by a trustworthy insurance option.

Insurance solutions must unquestionably enable a variety of options, including mobile-savvy goods.

The functionality of software may differ greatly depending on who it is intended for. However, the following characteristics are essential when discussing insurance options.

1. Internal Metrics

Profitability metrics including loss ratio, burning expenses, risk cost per policy, net basis, and reinsurance are included in insurance solution software. The built-in KPIs offer analysis tools and sophisticated reporting right out of the box.

2. Monitoring Claims Activity

Complete claim information, such as claim payments, unpaid claim reserves, payment components, deductibles, peril and event codes, and pertinent claim activity dates, can be captured by software. It gives the claim manager the in-depth information they need to shrewdly handle and keep an eye on claim activity.

3. Calculation of Lapse and Renewal

The due dates for the renewal of the premiums and policies are grouped together. The system offers data on the comparison of renewal rates, renewal lists, and analysis of lapses. The functionalities highlight the traits of insurance products, the actions of the distribution channel, and proactive marketing and sales support.

4. Views on the Sum Insured and Insurance Exposure

Insurance is more than just claims about premiums and cash flow. Whether the risk is based on the insured amount or the unit base, businesses must keep an eye on it. The use of pre-built calculations and measures in insurance solution software gives insurers a way to track and analyse their exposure to underwriting risk on a gross, retained basis, and with ceded reinsurance.

5. Backing Organizational structure changes

Asymmetric organizational structures and multiple hierarchical chains must be supported by the insurance solution. Various scenarios for when the organizational structure changes ought to be provided. It guarantees accurate reporting of profitability performance and channel distribution.

#Digital Insurance Platform #cogitate

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.”

#digital insurance solution

Top 5 Advantages of Investing in Claim Management Software

There is no universal definition of insurance solution, but in general, it is software or a set of technological solutions provided for the economical management of insurance businesses. It includes some independent components such as fund management and offer presentations. Insurance solutions primarily seek to resolve issues such as product definition, settlements, and underwriting. Problems with policy operations and claim processing, as well as reporting, are the most pressing concerns for insurers. A dependable insurance solution must be able to assist with the aforementioned issues.

Without a doubt, insurance solutions must support a variety of options, including insightful mobile products.

Features may differ greatly depending on the software's intended audience. However, when it comes to insurance software solutions, the following features are required.

1. Pre-installed Metrics

Profitability indicators such as loss ratio, burning costs, risk cost per policy, net basis, and reinsurance are included in insurance solution software. The built-in KPIs enable analysis and advanced reporting right out of the box.

2. Monitoring Claims Activity

Complete claim information, including claim payments, outstanding claim reserves, payment components, deductibles, perils and event codes, and relevant claim activity dates, can be captured by software. It provides the claim manager with the detailed information required to manage and monitor claim activity effectively.

3. Calculation of Lapse and Renewal

The premiums and policies that are up for renewal are organised by the date of renewal. The system provides data on lapse analysis, renewal lists, and renewal rate comparisons. The functionalities focus on the characteristics of insurance products, distribution channel behaviour, and active marketing and sales support.

#digital insurance solution #insurance software solutions

Top 6 Must-Have Features of Insurance Solutions

When you are into insurance solutions offering business, claims are a critical part of your business. Even if your company is not as big as Allianz or Axa, it is a prudent decision to invest in efficient claim management software due to its various benefits. The client’s mindset and expectations are not the same as what they were 15 years ago.

As per the recent survey, 71% of customers did online research before investing in an insurance product. 67% of customers were ready to download and make use of an app from their insurer in order to access services in a hassle-free manner. In short, these days, insurance is moving quickly to become more consumer-centric. And, to improve customer experience and streamline the communication process, your team members and consumers need to have access to intuitive claims management software.

This article speaks about the top 7 benefits of investing in the claim management software system. But, before diving deep into its advantages let us first understand what claims management software system is.

What is the CMSS? The claim management software system makes it uncomplicated to administer various insurance products from application processing to dealing with clients and settling insurance claims. Using this software, users can manage insurance products by examining and judging the quality of the claim process.

Benefits of Claim Management Software

1) Consumer Satisfaction

These days, there is a lot of competition in the market, and because of it; service quality has become a decisive factor in ensuring consumer’s loyalty to the insurer. When you invest in a claim management software system it makes sure that all data get processed fast and in an accurate manner. So, it will lead to improved service and better customer satisfaction. Hence, this system helps you survive and thrive in an extremely competitive market.

2) Save Time

Usually, the manual process is quite time-consuming and sometimes leads to errors. This software eliminates the need for manual processes and avoids duplication of work. In short, data accuracy saves time and boosts up employee productivity.

3) Cost-Effective

Without investing in the claim management system, managing the claim process at an optimal cost is quite challenging for any insurance carrier or agency. This kind of software system streamlines the claim processing and let the personnel work efficiently. As a result, it improves productivity and helps in reducing the cost of operations by minimizing waste.

4) Authorized Access

The claim management software system integrates an architecture that lets each user access data only by using their individual set of credentials. This system never grants any unauthorized access to the data. Therefore, it ensures the security of all confidential data.

5) Fraud Detection

This software system lets you rapidly find fraud and speed up the investigation procedure in case of alleged fraud in a claim. The system utilizes proactive analysis based on historical data in order to find fraud associated with any case.

6) Data Integration

In such kind of system, you can integrate advanced data that offers the following benefits.

• It provides you with optimized work-flow.

• It enables data access in a definite format.

• It offers access to real-time information.

7) Process Standardization

The claim management software standardizes the claim settlement procedure. It combines various claim functions performed by multiple systems. Wrapping Up In nutshell, claim processing, settlement, and fraud detection are the common factors that facilitate in measuring the insurer’s ability to convert prospects into consumers. The claim management software could be an excellent tool and a great helping hand for insurers to perk up consumer satisfaction without ignoring the aspect of doing more business. In short, you can accelerate your business by investing in such digital insurance solutions.

Do you want to accelerate your business with digital insurance system then connect with Cogitate – https://www.cogitate.us/. We are expert in developing up to date and component-based software for your insurance business.

#claims management software #insurance solutions

Top 7 Benefits of Investing in Claim Management Software System

There is no universal definition of insurance solution but, according to a general idea, it is software or a set of technological solutions given for economical management of insurance business. It contains some independent parts like fund management or offers presentations. Mainly, insurance solutions aim to resolve issues like product defining, settlements, or underwriting. The prime issue insurers face are problems with policy operations and claim processing, along with reporting. A reliable insurance solution must be of help with the above-mentioned problems.

Insurance solutions must also provide support for the various options including insightful products for mobile without a doubt.

Depending on the software’s target audience, there might be a vast difference in features. However, when talking about insurance solutions, the following features are a must-have.

1. Built-in Metrics

Insurance solution software includes profitability indicators like loss ratio, burning costs, risk cost per policy, net basis, and reinsurance. The built-in KPIs provide analysis capabilities and advanced reporting out of the box.

2. Claims Activity Monitoring

Software’s can capture entire claim information that includes claim payments, outstanding claim reserves, payment components, deductibles, perils and event codes, and relevant claim activity dates. It provides the claim manager in-depth information needed to manage and monitor claim activity resourcefully.

3. Lapse and Renewal Calculation

The premiums and policies that are up for renewal are grouped according to their renewal date. The system provides information on the analysis of lapses, renewal lists, and renewal rates comparison. The functionalities draw attention to the characteristics of insurance products, the behaviour of the distribution channel, and active marketing and sales support.

4. Insurance Exposure/ Views Of the Sum Insured

Insurance is not just about claims of cash flow and premiums. Companies must monitor the risk whether it is in sum insured base or the unit base. Insurance solution software provides insurers with methods of pre-built calculations and measurements to monitor and analyse the exposure to underwriting risk on a gross, retained basis, and reinsurance ceded.

5. Supports Changing Organization Structure

The insurance solution must support multiple chains of hierarchy and asymmetric organizational structures. It should provide various scenarios when the organizational structure changes. It ensures correct reporting of profitability performance and distribution of sales channels.

6. Time Bases

It must manage insurance time dependencies with the calculation method and data model. The insurance software must enable you to analyze insurance information from a various time perspective, reporting, and providing the framework of analysis to underwriters, marketing executives, reinsurance managers, claims managers, and accountants. The system should provide financial accounting analysis, operational reporting, snapshot reports, and policy inception. The time base perspective alters the way measurements are calculated, and the inter-dependencies on them are supported by the system.

In Conclusion

Like any other industry, insurance solution software development requires professionalism and excellent expertise. When hiring the best software solution, the insurance company must have a solid understanding of the industry’s best practices and regulations.

To get the best possible result of your initiative, choose Cogitate that has a proven track record of successful projects. Having worked with the industry leaders, Cogitate has the experience and skills to help build a user-friendly and modern mobile and web applications for your insurance business. Cogitate’s Artificial Intelligence and Machine Learning driven solutions for claims integrate seamlessly with your existing Claims Management Systems.

The best software solution for insurance must be a modern and intuitive platform to handle various functions of the insurance value chain. So, connect with Cogitate today on https://www.cogitate.us/ to enhance your existing claim management system capabilities and features and provide your clients first-class and hassle-free services.

#insurance solution #insurance solution software #insurance software

Rapid Technology Innovation Makes Insurance Industry More Customer-Centric

The need for customer-centric, cost-effective and adaptable claims processing operations is crucial than ever for insurers, healthcare providers, and manufacturing companies in today’s complex economic landscape. Top companies in Information Technology and Management Consulting are coming up with innovative that adapts to the unique requirements of organizations. Futuristic business claims management software leaders are prioritizing on having an effective insurance claims management system in the environment to tackle several operational inadequacies and legal issues and reduce maintenance and training cost. They realized the need for adequate insurance solutions in place for ensuring the quality of customer experience.

Cogitate is a complete insurance solutions software developed by collaborating the ideas of industry-leading policymakers and entrepreneurs. It fits the need of the day for many organizations for enabling automated processes. This software can automate end-to-end claims processes to deliver highly intelligent, agile, and ready to deliver ROI. Cogitate is designed as an ideal claims software that will allow organizations to enable dynamic and intelligent business parameters that inculcates the best practices and objectives.

Cogitate offers various insurance solutions to meet the requirements of different industries and market segments like insurance carriers, wholesale brokers, general agents and insurance agents. The company has developed ever-evolving products like digital insurance and engagement platform, enterprise mobile app, mobile agent, demand assistant and mobile agent factory. The software makes for the optimal claims management automation by combining their technical expertise with enterprise insurance intelligence.

The tools and services provided by these digital insurance technology companies help organizations to ensure better service to clients. Companies like Cogitate are focusing on innovating their claims management solutions to help organizations grow their business and improve insurance delivery.

Enterprise Mobile App Brochure

One of the revolutionary offerings of the advanced claims management software providers like Cogitate is the enterprise mobile application that provides business reporting at your fingertips. The mobile application also facilitates timely monitor and management of corporate performance and results. The enterprise mobile app also enables fast and efficient access to market insights from decision-makers and associates of insurance carriers, wholesale brokers, general agents and insurance agents. The enterprise mobile app from Cogitate Technology Solutions enables customers to instantly quote in 3 easy steps with driver license and VIN scanning capability, requesting endorsements, reporting or filing a claim with photo, paying premiums using credit or debit card, viewing insurance identity cards and communicate with agents through push notifications and text messages.

Business Intelligence

The business intelligence feature of the claim management software enables organizations to gain valuable insight into many aspects of the business. It encourages management teams to make efficient and fact-based decisions. Insurance management teams can monitor customer behavior to analyze issues and opportunities, reverse unfavorable operating trends, optimize operating efficiencies, overcome resource wastage and design effective strategic plans.

The ever-evolving insurance industry is in demand for integrated software solutions that are applicable in unique use cases throughout the claim lifecycle. These insurance solutions have to lubricate the communication and risk management process to help customers avoid harm and prevent losses. This software will help improve the accuracy of claims payments and reduce human bias and fraud. Insurance technology specialists like Cogitate have been innovating solutions to connect the tools and data sources that are necessary for insurance companies.

Insurance solutions are built-in with rules-driven automation to allow customers for touch less claims. Advanced claim management software also consists of dynamically guided workflows, customized user interfaces, and team planning tools that streamline processes to resolve claims and help customers recover faster. Insurance customers may come across the need for a claim once in many years, and it is important to ensure them with seamless interactions and timely solutions. Efficient claims management software will impact insurance companies to respond quickly and empathetically to customer claims, thus enhancing customer loyalty and reputation.

#Insurance solutions software #claims management software #insurance solutions

Experience-Driven Technology Transformation for the Insurance Industry

With the rising complexity in insurance management, organizations are in the need for insurance solutions for enabling world-class customer experiences. The growing client base, in the insurance sector in web and mobile platforms, is prompting technology providers to develop innovative insurance technology with enhanced delivery and customer experience to facilitate growth in the sector. Many of the advanced insurance tools find the best application in processes ranging from underwriting to claims. Expert technology teams work with insurance carriers, agents and brokers for developing best in class software for accelerating the entire policy lifecycle. The software enables secure file storage of scanned images and digital documents thus, making signed policies secure, and organized.

Property casualty insurance software is crucial for improving their speed-to-market time, meeting new compliance requirements and eliminating high-cost legacy systems

Pre-Configured

The insurance solutions, from Cogitate Technology Solutions, are an innovative and transformative digital insurance technology pre-configured for various stages of the insurance lifecycle.

Low-Risk

The development of effective software involves proven expertise and strategic input to reduce project risk for the client.

Integrated Platform

These applications are integrated with various APIs, CRM and illustrations that allow features like real-time access and leverage of data for the clients to use.

Client & Agent Portals

Companies, like Cogitate, developed their platform to allow mobile access for clients and agents to policy information. Clients will be able to make real-time changes to insurance policies and automate commission reporting.

Maintenance Free

Many of the leading applications are designed to let the client free from charges for hosting the infrastructure, maintenance or development of the policy administration system.

Flexible Pricing

The application is designed to be flexible with a cost-efficient platform for optimizing the application usage to comply with policy inventory or pilot projects.

While investing in these platforms clients should focus on features and capabilities that can innovate their existing legacy systems. Technology platforms stay ahead in the competition by ensuring constant upgrades and replacements that will help the industry to undergo a transformation in the future market-share.

Most of the leading technology providers in the industry have a global research team that analyzes current customer trends of insurance software around the world. The team will gain quarterly data points based on certain vendors and their products. The research team will involve win-loss analysis of insurance customer from public and proprietary sources.

The property casualty insurance software from Cogitate is designed to fulfill the needs of agencies for life and health management. The application has scalable pricing options that fit the exact requirements of small insurance companies or start-ups. The platform has advanced reporting options that help clients to optimize their commissions, marketing, and products. Carriers, agents, brokers will be able to get a comprehensive view of client accounts and relevant customer information. The platform allows agents and staff to manage ongoing policy maintenance and view insurance documents, contact data and agency communications of customers.

The insurance solutions facilitate property and casualty insurance is available as both web and mobile solutions. It functions as an end-to-end digital integration platform for optimal productivity and efficiency for various client segments in the insurance lifecycle. The software is an all-in-one insurance solution that allows seamless management of quotes and claims to administration and sales. The pre-built features of the platform are customized, expanded and are updated with regulatory changes.

Property casualty insurance software from Cogitate is integrated with an efficient CRM that allows insurance agents to access important customer information such as contact history and current policies. The team focuses on bringing constant innovation on the self-service customer portal, thus allowing clients for seamless information changes and other operations

#property casualty insurance software #insurance solutions #insurance software

Overcoming the Challenges in Managing Confidential Insurance Contracts

Insurance companies are required to develop intelligent platforms that cover various stages of contract capabilities. This can enable them with comprehensive setup of the process as well as avoiding biases in authoring, approvals, negotiations, and other insurance contracts. Entrepreneurs have been working together with technology providers for developing advanced tools. This is to ensure optimum value in the execution of every contract across reporting, governance, risk and compliance. In this way, insurance providers and agents will be able to take off hidden risks and make sure that they comply with the contractual obligations.

The insurance solutions platform, developed by Cogitate Technology Solutions, has emerged as a comprehensive and flexible digital and mobility solution for insurance carriers, MGAs, wholesale brokers, insurance companies and agents. This platform undergoes constant advancements to provide seamless and intelligent management of enterprise contract. Companies look forward to deploying advanced technology in their environment for transforming insurance contracts into valuable corporate assets.

Technology leaders in insurance sector focus on developing an integrated and scalable platform with dedicated modules for policy management, claims processing, reinsurance, reporting and agency management. The insurance solutions for multiple lines of businesses, including P&C Insurance, Life Insurance, and General Insurance help businesses leverage most benefits.

Proven Track Record Cogitate’s experience of 50 years in the field of insurance solutions along with the superior talent of software developers has been reflected on the innovative platform for optimizing insurance. Their claims management software has been implemented in several insurance companies across the world. A strategic partnership with organizations globally in innovations, conceptualizations, and implementations of ideas is what leading insurance solutions and technology providers are focusing on.

Meeting Challenges In a global scenario of unexpected happenings, the core objective of every futuristic company providing insurance solutions should be of helping insurers overcome the rising challenges and demands. With the soaring demand for the best insurance platforms, companies, like Cogitate, are constantly innovating the efficiency in managing claims documentation, data feeding, claims verification and claims prioritization.

Lead Management As lead management is a crucial part of the present-day insurance ecosystem, business owners mostly prefers software that provides reliable data analysis and extraction to predict ideal policy combinations for improved marketing mechanism. Many insurance solutions are capable of generating personalized marketing which helps drive customers through product recommendations and natural language Q&A. The solutions have been adapted to enhance cross-sell and up-sell through analysis report of purchase history and potential spend of customers.

Intelligent setup

The advanced platforms are intelligently designed to align with complex insurance ecosystems and foster relationship among global organizations. Companies like Cogitate embrace innovations to match with ever-changing business dynamics in contracting processes. These systems can be seamlessly integrated with any type of agreement relationship, while users can get intuitive and customized access.

Insightful Reporting and Dashboards Efficient claims management software should necessarily have a cutting edge reporting system that allows decision-makers to access analytics report. This can potentially impact the decrease in contract cycle time, better negotiation outcomes and improved return on investment. These dashboards are configured to track key performance metrics and gain enhanced access into your overall insurance operations. The reporting module on most of the insurance platforms consists of dynamic and personalized dashboards that allow to scale and monitor contract performance. The contract analytics and reporting tools can impact with enhanced access to data and insurance agility, thus optimizing various contract management processes.

The insurance industry has been hugely impacted by the value-proposition put forward by digitalization. Insurance solutions software is taking a revolutionary approach in allowing insurers to work remotely for recovery and balancing amidst the challenges. According to the recent shortcomings in the insurance sector, the streamlining of insurance lifecycle has been accelerated at a faster pace.

#claims management software #insurance solutions #Insurance solutions software

Southern General Insurance replaces its legacy systems with Cogitate DigitalEdge Platform

Southern General Insurance Company (“SGIC”), is set to overhaul its legacy system – Sapiens SIS – with Cogitate DigitalEdge Insurance Platform. SGIC today announced its partnership with Cogitate, a leader in accelerated digital insurance for Wholesale Brokers, MGAs, and Carriers, offers readiness and relevance as the industry quickly transforms.

Cogitate DigitalEdge is a full stack, cloud native digital underwriting and distribution platform which delivers modern policy admin system essential for insurance providers. DigitalEdge is powered with industry leading Low Code No Code capabilities and brings pre-integrated third-party data and service ecosystem.

“In Cogitate, we found a partner that understands insurance as much as we do. Cogitate team will not only deliver a modern digital insurance solution but also will help us streamline our processes to improve underwriting, increase efficiency leading to reduction in operational cost”, said Diane Boyer, Vice President of Operations at Southern General Insurance Company. “We have opted Cogitate DigitalEdge for its future-ready digital capabilities coupled with the wide range of state-of-the-art features. We will be implementing Cogitate DigitalEdge Policy, Billing and Claims modules which will eliminate the need of integrating our decades-old SIS system with third-party user interface”

“DigitalEdge is pre-integrated with multiple third-party data providers for automatic risk capture and data prefill. Its robust analytics provides line of business specific details through built-in dashboards, charts, and reports with drill-down on key data points”, quoted Edward Cologgi, Vice President of Sales for Southern General. “DigitalEdge is equipped with best-in-class Low Code No Code platform which will help us significantly increase speed to market and react quickly to the market changes.” Arvind Kaushal, CEO and Co-Founder of Cogitate commented, “One of Cogitate’s strongest advantage is we can integrate with customer’s existing core and legacy systems with digitalization layer or we can replace them with our modern solutions. DigitalEdge is truly cloud native which means the modularity of DigitalEdge allows our customers the freedom of choosing the modules their business needs today while the scalability ensures their future growth. We are excited to partner with Southern General Insurance Company to provide their customers, employees and channel partners a modern contemporary user experience.

#DigitalEdge insurance platform #digital insurance solution

Insurance Solutions for Property-Casualty Insurance

Cogitate Technology Solutions takes a look at trends in property casualty insurance and how insurance providers can channel these changes to their advantage. As disruptions continue to transform traditional industries, insurance companies too are looking at a future that is hard to predict. Technological shifts continue to impact the very nature of the services and the role of insurance providers. The future, though unpredictable, can still be prepared for.

Cogitate Technology Solutions takes a look at the top trends that are trans-forming P&C insurance to help prepare insurers to meet these challenges:

Big Data and analytics: Good data will always remain an invaluable ad-vantage for any insurance provider. Now more than ever, P&C insurance companies have a gargantuan amount of data collected from direct interaction, smart-device usage, wearable and embedded sensors or even social media. However, the quality of insights from this data and their action ability is only as good as the analytics.

For insurance companies that can harness the power of predictive data analytics systems, improved pricing and risk selection, identifying frauds and quicker processing of claims hold the promise of increased customer satisfaction and loyalty.

Drone inspections: Certified drone operators could be the future of claims professional, especially for property casualty insurance. Drones are increasingly used to gather data before property insurance, assess damages after a catastrophic event and even assist in routine maintenance. Expect regulatory changes that will help insurance houses expand the nascent use of drones to more domains and tasks. Combined with geospatial analytics and AI sophistication, drones can give P&C insurance providers the competitive advantage.

Wearables: The face of workplace injury insurance solutions is set to change with the integration of wearable devices and sensors into traditional offerings. Smart wearable devices that track movements and can help establish risk profiles for employees will be invaluable for managers when planning trainings. The real-time safety data will have a tremendous impact in lowering injury risks, creating safety checklists and inspections.

Autonomous vehicles: As driverless cars accompanying safety and time efficiency become the norm, KPMG predicts a massive drop in traditional auto-mobile insurance the coming decades as the number of accidents and bodily injury liability reduce. Premiums might hold up in the short run as cost of individual accident go up due to expensive automobile technology and parts, but in the long run analysts predict a sharp fall. However, the loss in personal lines may be compensated by gains in commercial lines as more ridesharing and on-demand services rise. Also, with the convergence of ultra-connected automotive technology and mobility, breach of data privacy and malicious in-terference might see a commensurate rise in cyber liability insurance.

Robotics: As insurance companies seek to add more value through technology, robotics process automation (RPA) adoption will see a rise with P&C insurance companies. RPA is a technology that uses no-coding-required soft-ware bots to imitate human interactions like clicking, opening apps, typing, etc. RPA integrates these interactions with digital systems and helps insurance providers gain an artificially intelligent workforce that can handle time-consuming, routine tasks. RPA combined with human intelligence can help augment higher-value decision-making, increase efficiency and improve scalability across the P&C insurance value chain.

Insuring millennials: Millennials are a part of the market that insurance companies must learn to sell to, however steep the learning curve. Digital natives by nature, millennials demand ease and convenience. Insurers must establish a presence not just online, but also offer mobile insurance solutions and be accessible across multiple social platforms. Rich rewards in the form of edu-cating and engaging a whole new segment of the market awaits those that succeed.

Weather Analytics: As the frequency and severity of calamities like unseasonal cyclones, hurricanes, floods and fires increase each passing year, the insurance domain is struggling with underwriting these risks due to unavailability of data for assessing risks. P&C insurance providers need to arm themselves new monitoring and sensing technology, hyperlocal weather data in catastrophe-prone areas and focus on climate related risk management and investments.

Most property casualty insurance software providers are skeptical about the impact of these changes and believe the changes to be far in the future as most of these disruptions are in an embryonic stage. While this conservatism is understandable, insurers’ agility and preparedness in responding to these changes will play a key role in their survival. Partnering with the right technology partners to help ride the wave could be the differentiator between thriving on change or succumbing to it. To understand how Cogitate Technology Solutions can help you harness the power of change, visit www.cogitate.us

#property casualty insurance software #P&C insurance providers #p&c insurance companies #insurance solutions #property casualty insurance

Insurance Solutions for P&C insurance

The future is hard to predict, and the disruptions are forever transforming conditional industries. This is a challenge for insurance companies. The different technological developments are creating an impact on the services and the role of insurance providers. Even though we cannot predict the future, it is always better to prepare for it. P&C insurance is getting transformed by specific trends. And Cogitate Technology Solutions takes a look at the top trends to prepare the insurers to face these challenges.

Big Data and Analytics: For any insurance provider, good data is the most significant advantage. The need for data is increasing with passing years. And this data is collected by P&C insurance companies from different sources like direct interaction, social media, using smart devices or wearable and embedded sensors. But the quality of reports only depends on the analytics. But to increase customer satisfaction and loyalty, the insurance companies have to move one step ahead. They need to have the power of predictive data analytics system, better pricing and risk selection, identify frauds, and process the claims quickly. This is how the companies can hold their promise to the customers.

Drone inspections: Drones are being used in different fields today. Certified drone operators are highly needed as they can be the future of claims professionals, especially in the case of Property Casualty Insurance Software. In case of any catastrophic event, the companies can use drones to gather data before property insurance. They can also be used to assess the damages left behind by the disastrous incident and even help in routine maintenance. Different regulatory changes are expected that will assist insurance houses to expand the use of drones to further domains and tasks. And now, with the introduction of geos patial analytics and artificial intelligence, drones can prove to be a massive advantage for P&C insurance providers.

Wearables: By using the integration of wearable devices and sensors into traditional methods, the face of workplace injury Insurance Solutions can be changed. Smart wearable devices can track the movements and can assist in establishing risk profiles for employees. But this is not valuable for managers while planning training. By using real-time safety data, it will be of great help to lower injury risk, create safety checklists, and inspections.

Autonomous vehicles: Now, driverless cars are considered to be both safe and time-efficient. KPMG predicts that there will be a decrease in traditional automobile insurance in the coming years; the number of accidents and bodily injury liability is reducing. In the short run, premiums might hold up since the cost of individual accidents increases because of expensive automobile technology and parts. But this may fall in the long-run. But by gains in commercial lines, we can compensate for the loss in personal lines. Moreover, due to the convergence of ultra-connected automotive technology and mobility, the privacy of data and malicious interference might increase in cyber liability insurance.

Robotics: The insurance companies are seeking to add more value to the company through technology. Hence Robotics process automation (RPA) is seeing proper growth in P&C insurance companies. RPA Technology does not require coding software, and they used bots that imitate human interactions like clicking, opening apps, typing, etc. The digital systems help to integrate these interactions in RPA. It also helps the insurance providers to gain an artificially intelligent workforce, and that can handle time-consuming, routine tasks. When RPA combines with human intelligence, it can result in a higher level of decision making, increased efficiency across the P&C insurance companies.

Insuring millennial: Millennial are the youth of today. They are an integral part of the market, and the insurance companies need to learn to sell to them, even though the process might be challenging. Millennial crave comfort and convenience. So it is not enough that the insurers establish their presence online. They also need to offer mobile insurance solutions so that they can be accessed across different social platforms. For those who succeed, they will get rewards in the form of educating and engaging an entirely new segment.

Analysis of weather: With every passing year, the frequency and severity of different calamities like hurricanes, cyclones, floods, and fires are increasing. Since there is not enough data to assess the risks, the insurance sector is struggling to underwrite these issues. Hence the P&C insurance providers need to use weapons like the latest monitoring and sensing technology, hyper-local weather data in catastrophe prone areas, and they need to focus on climate-related risk management and investments. Most property casualty insurance providers have certain doubts regarding the impact of these changes. They feel the differences are far in the future as they are still in their initial stage. While it’s justified to think that the Insurance Software Companies in USA still need to be prepared so that they can respond to the changes in the future. This will play a key role in their survival. To adjust to the change and ride their way to victory, insurance companies need to build alliances up with the right technology partners. Cogitate Technology solutions can help insurance companies harness the power of change. To know how visit www.cogitate.us.

#Insurance Solutions #Insurance Software Companies in USA

Tips to Choose Claims Management Software

When you make errors while judging, it can become extremely exasperating in the insurance or any business world. Whether these errors you make due to lack of knowledge or your impatient nature, it can cost you high. However, if you want to ensure that you make no such errors and your business functions smoothly then you must consider investing in claims management software for your insurance business.

Of course, while choosing for claim management software you want to settle down for the right one. But, nowadays, there are a plethora of systems available. In such a case, how do you know which one is the best fit for your business? Well, do not worry. We have the answer for it.

Let us check out the below tips that you should follow while selecting claims management software

1) Consider Vendor/Company Experience

While selecting the claim management system, the vendor or company’s experience is highly important. It makes sense to go for a company that has experience in developing software related to the insurance field. Therefore, while choosing the software, the first thing you should check for is how long the company has been in the business.

2) Ensure the Software You Choose is Easy and Intuitive to Use

You should always select the software that is user-friendly and simple. In your insurance business, you have to go through lots of tasks. So, you must pick the software that is easy to learn, normal to use, and captivating to be in. Ensure it is easy to review and operate upon the data.

3) Make Sure the Software is Compatible With Your Insurance Field

You should always select the software that is highly compatible with your specific insurance claims processing field. The company or vendor you are choosing to develop your software must be able to fulfill your entire requirement to handle claims and risks.

4) Choose Cloud-based Software

You should choose cloud-based software for better inter-department communication. It will help them in taking real-time decisions. So, go for SaaS architecture which offers browser-based and state-of-the-art access to your data.

5) Never Compromise on Security

When it comes to managing and processing the claims insurance data, you cannot take any chance. The software you opt for must provide the security you will need to avoid any attempt of a data breach.

6) Emphasize on Cost Efficiency

While choosing the software its reliability and efficiency play an important role but it should not break your bank account. The software you select must also lie within your budget. So, do proper research regarding software costs and ensure there is no hidden cost associated with it. Make yourself well-versed regarding any per-user cost, data storage cost, periodic cost, and much more.

7) The Data Conversion Process Should Go Smoothly

While selecting and buying claim management software, ensure it provides you with the streamlined data conversion. If you face any issue then your vendor or company should be willing to help you in solving it. If you try to fix errors on your own it will create more problems. So, it is better to involve your vendor or company in the process.

To Sum Up

In nutshell, picking the perfect insurance claims management software might be a daunting task. However, by considering the above tips you can make this task easy for you. It is always better to be safe than feeling sorry and so you should do all the necessary research to ensure you are selecting the right system.

You should go for a highly reputable company like Cogitate -https://www.cogitate.us/ that has extensive experience in easily integrating intelligent claims solutions in your existing CMS. At Cogitate, we help our clients in integrating Cogitate Intelligent Claims solutions seamlessly with their accessible CMS in such a way that it aligns with the demand of their organization. In short, if you want to give your clients the best service possible then ensure the claims management solution that you integrate into your CMS best fit your company needs, has the above-discussed features, and does not end up costing you!

#Claims Management Software

Traders Insurance modernizes claims technology with Cogitate Claims Management System

Traders Insurance, a privately owned regional insurance company based in Kansas City, Missouri replaced its legacy claim system with Cogitate’s Claims Management System to modernize claims operations with the latest technology. Cogitate, a leader in accelerated digital insurance for Wholesale Brokers, MGAs, and Carriers, offers readiness and relevance as the industry quickly transforms.

Traders Insurance, which specializes in auto insurance, was using a home-grown claims system for several decades. While it served Traders very well, the technology did not support the robust integrations and other features that will reduce costs and improve the customer experience that Traders found in the Cogitate solution.

“We look at claims as an opportunity to deliver on our promises to our policyholders. The Cogitate solution supports us in being great at what we do and remain true to our vision and culture.” Mark Concannon, CEO of Traders Insurance explained. “As important as the software itself, we found a partner in the Cogitate team that cares about excellence as much as we do. The new system provides better, quicker claim management, leading to more efficient internal processes and comprehensive reporting.”

“Several of our friends in the business use the Cogitate solution. They highly recommended Cogitate for their industry expertise, solution capabilities and their friendly team who work with the customer to solve their issues”, said Patrick Concannon, COO of Traders Insurance. “Our new claims system engages users throughout the claim lifecycle. It is helping our team to reinvigorate claims processes to improve customer experience, increase efficiency, and reduce operational cost. It is pre-integrated with various third-party data services and also with our other internal systems for real-time exchange of information.”

Samir Salem, Executive Vice President at Cogitate quoted, “The most important need for Traders Insurance was to transfer complete data from the old claim system to the new one. Many solution providers were unsure about delivering this requirement. At Cogitate, we have worked on similar requirements for other insurance providers before. We took up this challenge and delivered successfully. This is the Cogitate culture – we partner with our customers to provide them the required solutions and solve their problems.”

#auto insurance #digital insurance

Requirements for the right insurance software solution

The insurance industry is a mammoth one that has been becoming massive in terms of size and complexity. The insurers today face unique challenges. The needs of the customers are expanding briskly as their expectations continue to grow, and retention has come up as a primary mandate. Product offerings have altered rapidly, and the sales channels are also getting redefined with every passing minute. The changes in regulation and risk environments are always present, and these factors are what changes the game. Hence the insurers cannot afford to take it lightly.

The time is challenging for sure.

But how can an organization ensure that it is choosing the right insurance software solution that will meet their needs of not only today but tomorrow too? Firstly, you need to make a fundamental decision where you have to choose between two options. You can develop the technical expertise in-house or team up with a technology provider who has the skills to deliver your requirements. Being a leading innovative insurance technology partner, we at Cogitate Technology Solutions believe that it is the quickest and the most practical way to collaborate with the experts. In this way, you can arrive at a perfect insurance software solution that will help your organization meet its tech needs in the long run.

But, even if you choose to meet your needs in-house or with the help of a technology solutions company like Cogitate, here is a list of must-haves:

Time – The climate around us is competitive, and you have to justify the expenditures on technology by a rapid ROI. The faster your insurance software solution is up and functioning, the quicker you will derive value from it. Whatever solution you choose, it should provide faster time-to-market for your goods and also offer better response time for your buyers and customers.

Agility – In this swiftly developing business ecosystem, you cannot absolutely afford to choose a technological solution that will bind you in an inflexible or stagnant position. Because no matter what, you have to keep up your pace, or you won’t survive. The chosen software must have the capability to cope with rapid change in this continually changing insurance environment. This will be a primary criteria for the success of your venture. It is better if this agility extends to processes and prefers to putting business users in-charge of process changes. Additionally, you will have to rely less on the IT team, and this will result in far quicker response time for your customers.

Seamless 360-degree support – While choosing an insurance software solution, it is also essential to consider another primary factor. What is it? You need to ensure that the software solution integrates and gels well with the current system. Also, it is vital to receive support for all the sales channels and multiple lines of business. There are numerous disparate systems in use, especially some third-party solutions. And the new insurance software solution needs to integrate with these. In the case of multiple segments, the insurance software solution must help integrate your systems with those of your business partners’.

A simple point to point integration that plugs in current systems into a new core will work a smaller framework with two or three systems. But there are multiple enterprises whose architecture has a large scale as compared to the regular ones. In that case, sturdy, stable, and scalable integration planning is of high priority.

Proven track record – If you choose to collaborate with a tech expert, they should be the finest and the best. Your tech expert literally needs to be an ‘expert.’ You absolutely do not have the time to ‘learn and grow together’ because even little delays can cause losses in your business. The competitors will get there first, and the industry will keep on evolving while you play ‘catch-up.’ Hence, before you decide on a partner, make sure that they have delivered measurable results consistently in the insurance domain.

Cogitate has always been on the front of the battleground of this rapidly expanding business of providing Claims Management Software to insurers. We incorporate 50 years of insurance knowledge remarkable technology talent to help the insurers stay ambitious and remain significant as they set up their businesses for the future. We arrange various portions of the insurance distribution value chain and cover end-to-end digital servicing, advertising, and marketing for your business. Please visit www.cogitate.us to know more about our full-slate, cost-effective products and technologies that are extremely easy to use.

#insurance software solution #Claims Management Software

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