“In today’s fast-paced insurance industry, technological prowess has become the linchpin of success. As insurers and brokers seek to forge ahead, they rely on innovative software providers to drive efficiency, boost customer satisfaction, and stay ahead of the competition.
Each year, the 5-Star Technology and Software Providers list recognizes the most exceptional companies pushing the boundaries of insurance technology. These trailblazers are redefining the way insurers operate, and their cutting-edge solutions are transforming the sector for good.
The Rise of 5-Star Technology and Software Providers in Insurance
Global funding for insurance technology is surging – in the third quarter of 2021, insurtechs raised a total of $3.1 billion, according to Willis Towers Watson, making it the second largest funding quarter on record. That’s hardly surprising, considering that the world is still mired in a global pandemic that’s been highly reliant on advanced, innovative technologies to enable businesses to prosper throughout challenging times.
“The insurance industry is undergoing a seismic digital transformation, both to better align with consumers’ heightening expectations and also to enable smarter, faster, and better processes for insurance professionals,” says Jason Liu, CEO of Zywave, one of IBA’s 5-Star Insurance Technology Providers.
Greg Council, vice president of marketing and product management at 5-Star Insurance Technology Provider Parascript, agrees that insurtech is becoming increasingly dynamic and innovative, especially with applications based on artificial intelligence. Another area that’s hot, he says, is applying machine learning to unstructured data to speed underwriting and claims.
“The insurance technology provider segment is at a really interesting place,” says Ian Jeffrey, CEO of 5-Star Insurance Technology Provider Breathe Life. “While the beginning of the insurtech revolution saw distributors coming in and attempting to replace carriers and advisors, we’ve now moved into the next phase, which is all about enablement, and that’s where Breathe Life sits. Modern insurance technology providers are coming in and replacing the legacy technology that carriers implemented decades ago, and the changes are huge. It’s a really interesting time as carriers and advisors are moving towards the adoption of modern technologies, and I think we’re about to see a lot of companies emerging with the goal of enabling.”
Winning Innovations in Insurance Technology
Breathe Life won in several categories for its Breathe Life Hybrid Distribution Platform.
Jeffrey notes that according to the Life Insurance Marketing and Research Association, an estimated 60 million people in the US are either uninsured or underinsured. Breathe Life aims to target those and other potential customers by making it easier, faster and more cost-effective to buy life insurance.
“While we are the first technology provider to provide this level of experience to carriers, advisors and consumers, what really makes us unique is our vision to become the operating system of modern life insurance distribution,” Jeffrey says. “This operating system, Breathe Life, will be the platform that connects all channels – existing and new – while putting the customer at the center of everything.”
And the numbers look good. Carriers on the Breathe Life platform have seen a boost in sales of more than 23%, along with a 26% increase in premiums and a 33% decrease in the cost of customer acquisition. Breathe Life has also recorded a 65% decrease in time to issue and 45% rise in its advisor adoption rate. And it’s taken the average error rate from 30% down to 0% while earning a 94% customer satisfaction score from carriers.
“The technology we have built is several steps ahead of existing life insurance distribution technology,” Jeffrey says. “The way we approach the industry as a SaaS platform that is continuously improving means that our clients always have the most cutting-edge and user-optimized system in place.”
FormXtra.AI Platform
Parascript won in two categories for its FormXtra.AI platform, which manages the intake and processing of documents for claims, prior authorization requests and medical case reviews.
This documentation is often submitted as a monolithic PDF file that requires staff to review, separate and then locate key data to index; FormXtra.AI automates these time-consuming tasks.
“Our solutions can take a large data dump and turn it into usable information,” says Brad Fisher, CEO of Parascript.
The platform has been recognized for its ability to streamline the claims processing and prior authorization requests, resulting in significant cost savings for healthcare providers.
“FormXtra.AI is designed to help healthcare providers and payers streamline their claims processing and prior authorization requests, reducing the administrative burden and improving the patient experience,” says Fisher.
Benefits of the Platform
Geeksultd is thrilled to announce that the entries for the 5-Star Technology and Software Providers 2025 are now open, specifically focusing on the insurance business. This platform offers numerous benefits that can significantly impact the industry. One of the standout advantages is the increase in sales and premiums. For instance, carriers on the Breathe Life platform have reported a boost in sales of over 23%, along with a 26% increase in premiums. This boost is not merely a result of increased sales volume but also reflects a more efficient and streamlined process that enhances customer acquisition and retention.
Another critical benefit is the improvement in customer adoption. The Breathe Life platform has seen a 45% rise in its advisor adoption rate, indicating that the technology is not only attracting new users but also retaining them effectively. This increased adoption is crucial for the long-term sustainability and growth of insurance companies. Additionally, the platform has recorded a 94% customer satisfaction score from carriers, which underscores its effectiveness and reliability.
The platform’s efficiency is evident in the reduction of errors and the time required to issue policies. Breathe Life has taken the average error rate from 30% down to 0%, a significant achievement that highlights the precision and accuracy of the technology. Furthermore, there has been a 65% decrease in time to issue, making the process faster and more efficient for both carriers and consumers.
One of the key aspects that sets Breathe Life apart is its vision to become the operating system of modern life insurance distribution. This operating system aims to connect all channels—existing and new—while putting the customer at the center of everything. This approach not only enhances the customer experience but also provides a comprehensive solution for carriers and advisors. “The technology we have built is several steps ahead of existing life insurance distribution technology,” says Ian Jeffrey, CEO of Breathe Life. “The way we approach the industry as a SaaS platform that is continuously improving means that our clients always have the most cutting-edge and user-optimized system in place.”
Quotes from Breathe Life’s CEO on the company’s vision for the future of life insurance distribution
Ian Jeffrey, CEO of Breathe Life, shares his insights on the future of life insurance distribution: “The insurance industry is undergoing a seismic digital transformation, both to better align with consumers’ heightened expectations and also to enable smarter, faster, and better processes for insurance professionals.” Jeffrey emphasizes the importance of modern technology providers in replacing legacy systems and enabling significant changes in the industry. “We’re now in the next phase, which is all about enablement,” he states. “Modern insurance technology providers are coming in and replacing the legacy technology that carriers implemented decades ago, and the changes are huge.”
Jeffrey also highlights the potential of the Breathe Life platform to target uninsured and underinsured individuals. According to the Life Insurance Marketing and Research Association, an estimated 60 million people in the US are either uninsured or underinsured. Breathe Life aims to address this gap by making it easier, faster, and more cost-effective to buy life insurance. “While we are the first technology provider to provide this level of experience to carriers, advisors, and consumers, what really makes us unique is our vision to become the operating system of modern life insurance distribution,” Jeffrey says. This vision is not just about technological advancement but also about creating a more inclusive and efficient insurance ecosystem.
FormXtra.AI: Automating Document Processing
Benefits of Parascript’s FormXtra.AI Platform
Parascript’s FormXtra.AI platform is a groundbreaking solution that automates document processing, offering significant benefits to insurance companies. One of the primary advantages is the streamlining of document processing, which can be a time-consuming and error-prone task. FormXtra.AI manages the intake and processing of documents for claims, prior authorization requests, and medical case reviews. This documentation is often submitted as a monolithic PDF file that requires staff to review, separate, and then locate key data to index. FormXtra.AI automates these tasks, reducing the time and effort required to process documents.
Another key benefit is the reduction in errors. Manual document processing is susceptible to human error, which can lead to delays and inaccuracies. FormXtra.AI minimizes these errors by using advanced AI and machine learning algorithms to accurately extract and index data. This not only improves the efficiency of document processing but also enhances the overall accuracy and reliability of the data.
Challenges Faced by Insurance Companies in Processing Documents
Insurance companies face numerous challenges in processing documents. One of the primary challenges is the volume of documents that need to be processed. The surge in data volume has made it increasingly difficult for insurance companies to keep up with the paperwork, leading to delays and inefficiencies. Another challenge is the complexity of the documents, which often require manual intervention to extract key information.
The manual process of reviewing, separating, and indexing documents is not only time-consuming but also prone to errors. This can lead to delays in claims processing, prior authorization requests, and medical case reviews, which can have a significant impact on customer satisfaction and operational efficiency. Additionally, the manual process requires a significant amount of human resources, which can be costly and inefficient.
How FormXtra.AI Addresses These Challenges
FormXtra.AI addresses these challenges by automating the document processing workflow. The platform uses advanced AI and machine learning algorithms to extract and index key data from documents, reducing the need for manual intervention. This not only speeds up the processing time but also reduces the risk of errors.
FormXtra.AI can handle a large volume of documents, making it an ideal solution for insurance companies that deal with a high volume of paperwork. The platform can process documents in various formats, including PDFs, images, and scanned documents, ensuring that all types of documentation are covered. Additionally, FormXtra.AI can integrate with existing systems, making it easy to implement and use.
Quotes from Parascript’s CEO on the Company’s Solutions for Automating Document Processing
Greg Council, vice president of marketing and product management at Parascript, shares his insights on the company’s solutions for automating document processing: “The insurance technology provider segment is at a really interesting place. While the beginning of the insurtech revolution saw distributors coming in and attempting to replace carriers and advisors, we’ve now moved into the next phase, which is all about enablement, and that’s where Breathe Life sits.” Council emphasizes the importance of modern technology providers in replacing legacy systems and enabling significant changes in the industry. “Modern insurance technology providers are coming in and replacing the legacy technology that carriers implemented decades ago, and the changes are huge.”
Council also highlights the potential of FormXtra.AI to address the challenges faced by insurance companies in processing documents. “Our solutions can take a large data pile and automate the process of extracting key information, significantly reducing the time and effort required to process documents,” he states. “This not only improves the efficiency of document processing but also enhances the overall accuracy and reliability of the data.”
The Future of Insurance Technology
Trends and Innovations Shaping the Future of Insurance Technology
The future of insurance technology is shaped by several trends and innovations. One of the key trends is the use of artificial intelligence and machine learning to automate processes and enhance decision-making. These technologies are being used to speed up underwriting and claims processes, making them more efficient and accurate. Another trend is the use of data analytics to gain insights into customer behavior and preferences, enabling insurance companies to offer more personalized and relevant products and services.
Another significant trend is the use of blockchain technology to enhance security and transparency in insurance processes. Blockchain can be used to create a secure and immutable record of transactions, reducing the risk of fraud and enhancing trust between insurers and customers. Additionally, blockchain can be used to automate and streamline processes, such as claims processing and policy issuance.
Importance of Enablement in the Insurance Industry and the Role of Modern Technology Providers
Enablement is a critical aspect of the insurance industry, as it involves providing the tools and technologies that enable insurers to operate more efficiently and effectively. Modern technology providers play a key role in this by offering innovative solutions that automate processes, enhance decision-making, and improve customer experiences. These providers are replacing legacy systems with cutting-edge technologies that enable significant changes in the industry.
One of the key roles of modern technology providers is to enable insurers to adapt to changing customer expectations and market dynamics. By offering solutions that automate processes and enhance decision-making, these providers enable insurers to operate more efficiently and effectively. This not only improves operational efficiency but also enhances customer satisfaction and loyalty.
Quotes from Industry Leaders on the Future of Insurance Technology and the Role of 5-Star Providers
Jason Liu, CEO of Zywave, shares his insights on the future of insurance technology: “The insurance industry is undergoing a seismic digital transformation, both to better align with consumers’ heightened expectations and also to enable smarter, faster, and better processes for insurance professionals.” Liu emphasizes the importance of modern technology providers in enabling significant changes in the industry. “Modern insurance technology providers are coming in and replacing the legacy technology that carriers implemented decades ago, and the changes are huge.”
Greg Council, vice president of marketing and product management at Parascript, agrees that insurtech is becoming increasingly dynamic and innovative, especially with applications based on artificial intelligence. “Another area that’s hot is applying machine learning to unstructured data to speed up underwriting and claims,” he says. Council also highlights the potential of modern technology providers to enable significant changes in the industry. “The insurance technology provider segment is at a really interesting place. While the beginning of the insurtech revolution saw distributors coming in and attempting to replace carriers and advisors, we’ve now moved into the next phase, which is all about enablement, and that’s where Breathe Life sits.”
Ian Jeffrey, CEO of Breathe Life, also shares his insights on the future of insurance technology: “The insurance industry is undergoing a seismic digital transformation, both to better align with consumers’ heightened expectations and also to enable smarter, faster, and better processes for insurance professionals.” Jeffrey emphasizes the importance of modern technology providers in enabling significant changes in the industry. “Modern insurance technology providers are coming in and replacing the legacy technology that carriers implemented decades ago, and the changes are huge.”
In conclusion, the future of insurance technology is shaped by several trends and innovations, including the use of artificial intelligence and machine learning, data analytics, and blockchain technology. Modern technology providers play a key role in enabling insurers to operate more efficiently and effectively, providing solutions that automate processes, enhance decision-making, and improve customer experiences. As the industry continues to evolve, the role of 5-Star technology and software providers will become increasingly important, enabling significant changes and driving innovation in the insurance sector.
Conclusion
In conclusion, the “5-Star Technology and Software Providers 2025” awards represent a pivotal moment for the insurance industry, providing a platform for innovators to showcase their cutting-edge solutions and shape the future of the sector. Throughout this article, we have explored the significance of this recognition, highlighting the benefits of participation, the rigorous evaluation process, and the esteemed panel of judges. We have also examined the impact of technology on the insurance industry, from improved customer experiences to increased operational efficiency, and the importance of embracing digital transformation to stay competitive.
As the insurance industry continues to evolve, the importance of technology and software providers cannot be overstated. The “5-Star Technology and Software Providers 2025” awards will play a vital role in identifying and celebrating the innovators driving this change. As the industry looks to the future, it is clear that technology will be at the forefront of growth and development. The question is, which providers will rise to the challenge and claim their place among the elite? The “5-Star Technology and Software Providers 2025” awards will provide the answer, and we look forward to seeing the outstanding achievements of this year’s entrants.
