APL invests in FINEOS platform to streamline legacy systems
APL, a leading provider of supplemental worksite benefits, is hoping the move will streamline the customer experience and enhance core services that have previously been reliant on manual legacy systems for its quoting, rating and underwriting processes.
Founded in 1945, APL is one of the leading insurance providers in the US. The company has offices in Jackson, MS and Oklahoma City. APL is also licensed to conduct business in 49 states with sales through select independent brokers.
APL legacy systems
APL’s CEO and President, Jerry Horton, explained, “By leveraging the FINEO S Platform, we’ll be able to improve user experience with a powerful core system that automates processes which have historically been manual for us.”
He continued, “This partnership will enable us to speed up quote turnaround time, improve accuracy, and reduce risk to drive our organization’s growth and strategic innovation. Our customers will benefit from better service because of our decision to move from on-prem legacy systems to the cloud-based FINEOS Platform.”
For FINEOS, the new deal comes after 12 months of stratospheric success, with 10 major carrier clients going live with eight new installations and seven upgrades of the FINEOS Platform for Employee Benefits.
The company is a leading provider of core systems for life, accident and health insurers globally with seven of the 10 largest group life and health carriers in the US as well as six of the largest life insurers in Australia.
APL digital transformation
APL has been investigating ways in which it can improve operational efficiency for some time. The investment comes as APL prepares to roll out three new product lines which they will license via the FINEOS Platform, along with five existing lines of business.
Additionally, the cloud-based FINEOS Platform for New Business & Underwriting automates workflows and decision-making throughout the quoting lifecycle, from request for proposal intake to policy implementation.
The platform’s ultra-cutting-edge API service layers offer a streamlined integration with legacy systems and third-party ecosystems.
Speaking about the news, Michael Kelly, COE at FINEOS, said, “We’re thrilled about this partnership with APL and look forward to supporting them in achieving their organizational goals.”
He added, “With the FINEOS Platform for New Business & Underwriting, APL will be able to provide a superior digital user experience at every touchpoint of their quoting, rating and underwriting processes.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8