OwlSurance to Offer New Underwriting Solution for AAIS Members in Early 2023

OwlSurance, a cloud business unit of ValueMomentum, will offer AAIS Members rate-quote capabilities for Commercial Output Program and Inland Marine Guide starting in early 2023, accessible anywhere and anytime in the cloud.

Piscataway, NJ – November 08, 2022 – OwlSurance, a cloud business unit of ValueMomentum, Inc., and the American Association of Insurance Services (AAIS) announced the launch of a new rate-quote platform for Commercial Output Program (COP) and Inland Marine Guide.

 The new OwlSurance platform supports AAIS COP, using the exact rates, rules and forms that AAIS provides alongside an
enhanced user experience and a faster quoting process. AAIS Members will be able to access OwlSurance’ fully managed, cloud-based platform anywhere and anytime. The OwlSurance quoting platform will also be kept current with AAIS COP
Bulletin updates. Support for COP will be ready by the end of 2022, with Inland Marine Guide support to follow in 2023.

 “We’re thrilled by the possibilities this new guide platform offers to AAIS Members,” said Anant Iyer, President of Markets and Outreach at OwlSurance. “We’re able to offer AAIS Members faster quoting capabilities in a modern user experience, based in the cloud for 24/7 availability. The solution will have full compliance with AAIS rates, rules, and forms.” 

 John Kadous, VP of Products at AAIS, added, “OwlSurance from ValueMomentum is a long-time, trusted partner of AAIS. We’re excited to expand our relationship with the rollout of this new offering for AAIS Members on a countrywide basis.”

 “We have an ongoing collaboration with AAIS- to ensure quality. This takes our relationship to a whole new level,” added Bob Ridinger, VP of Business Development at OwlSurance. “We look forward to helping AAIS Members adopt the new OwlSurance platform over the next few months.”

ABOUT VALUEMOMENTUM

 ValueMomentum provides IT services and solutions to insurance, financial services, and health care. Customers choose ValueMomentum due to the company’s track record of delivering value and driving momentum to customers’ business initiatives. ValueMomentum accomplishes this by applying a time-tested formula of combining strong technology expertise with deep industry experience. For more information, visit https://www.valuemomentum.com.

About OwlSurance

OwlSurance, a cloud business unit of ValueMomentum, provides affordable and simplified cloud solutions and enterprise-class services that insurers need to succeed in a digital world. For more information, visit https://www.owlsurance.com.

About AAIS
Established in 1936, AAIS serves the property casualty insurance industry as the modern, Member-based advisory organization. AAIS delivers custom advisory solutions, including best-in-class forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture, and personal lines insurers. Its consultative approach, unrivaled customer service and modern technical capabilities underscore a focused commitment to the success of its Members. AAIS’s strategic work and partnerships led to the creation of openIDL, the data and information sharing platform for regulatory reporting built on distributed ledger technology, now a Linux Foundation Project. For more information about AAIS, please visit www.AAISonline.com.

Media Contacts

OwlSurance, a cloud business unit of ValueMomentum
Lis Maguda
Senior Manager – Content Strategy
elisabeth.maguda@valuemomentum.com
617.335.2076


The American Association of Insurance Services (AAIS)
John Greene
Director – Marketing & Communications
johng@AAISonline.com
630.457.3238

All Together Now: Unifying Your Data For Exceptional Customer Service

Table of Contents

Context is one of the most powerful tools we can give customer service representatives (CSRs). When they have the ability to see the person on the other end of the phone line, chat window, or email program as an individual rather than a transaction, CSRs can make the leap from “good enough” customer service to “everyday extraordinary.” And context hinges on information – or, in digital terms, data.
When your data is siloed between multiple systems, you’re never seeing the complete picture of a single customer. Pulling data from those various sources together is possible, but it’s a lot to ask of a (CSR) during a phone call.

Customer-360 Makes It Easier

A better approach is through Customer-360 technology, which automatically brings all that data together into a unified view, reducing hurdles and giving critical context to any interaction with that customer.
Customer-360, or a 360-degree view of the customer, gives you the ability to see all the information and activity surrounding a particular policyholder at the same time, often through a dashboard. It unifies data from all kinds of different internal systems, like policy administration, claims, and billing, alongside past service interactions and external data such as credit history and data from IoT or telemetry. Embedded analytics use that data to recommend the “next best step” to a CSR, be that up-sell or cross-sell, retention conversations, avenues of customer service, or “trusted advisor” interactions around necessary coverage and customer education.

Getting the 360-Degree View of Other Stakeholders

Unifying your data helps your CSR see the context on the whole relationship with a policyholder, but there are plenty of other compelling uses for the technology that supports a unified data view.
Since it can provide the whole picture on any number of individuals or other moving parts within an insurance company, you can use it to answer critical contextual questions about an individual agent or agency, stakeholder, business unit, product, or line of business.
  • With an Agency-360 view, you can analyze an agency’s performance from multiple angles. What populations are their best buyers of multi-line products? How can we evaluate their ability to use digital tools to increase sales or to provide more bindable quotes? Have performance incentives helped their momentum in the past?
  • A Partner-360 view shows you the range of all of your supporting partners, such as law firms, independent claims adjusters, and body/repair shops. Should a claims adjuster’s extraordinary efficiency be celebrated or re-evaluated, if they investigate claims separated by a large distance on the same day? Should repairs be consolidated with a single repair shop? Are particular law firms seeing higher settlement rates?
  • A Product-360 gives you the ability to monitor how products are performing within the larger portfolio to provide both a granular and global perspective. With an accurate, timely view of product-centric claims and underwriting, how could you improve financial modeling and day-to-day management decisions? Are there external factor affecting product growth, such as a rise in unemployment leading to changes in BOP sales patterns?

Where Do You Go Next?

If you don’t yet have the ability to answer critical contextual questions for these different stakeholders with a unified data view, you can get started by planning which data to bring together and how to incorporate it into your business processes.
If you’ve already made progress on unifying your data, are you really at a point where you’re enjoying all of the benefits detailed above to their fullest extent?
Data fluency is a process, not an end state, and incorporating data driven insights into business processes and value added services is a continuous evolution. Accelerating that evolution is the key promise of unified data.
Read more on the power of the unified data view and a real-life example in the Summer 2022 edition of Pulse, published by PAMIC, the Pennsylvania Association of Mutual Insurance Companies.

About OwlSurance

At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at www.owlsurance.com.

On-Demand Webinar: Increasing Speed to Market in Commercial Lines with Verisk ISO ERC, Featuring Ryan Specialty

Enjoy our on-demand webinar featuring Bryan Guilbeault of Ryan Specialty and Mark Sheehan of  Verisk ISO ™, and learn how to increase speed to market with cloud-based rating and OwlSurance Verisk’s ISO Electronic Rating Content™ (ISO ERC™).

New Insights on Accelerating Speed to Market for New Insurance Products

How fast can you launch a new insurance product? The usual answer we hear from insurers, regardless of size or line of business, is, “Not fast enough.” According to 2021 industry research, property and casualty insurers need more than eight months, on average, to launch a new product.
Let’s look past the numbers here. Even the outliers who are at the front of the bell curve still report product development and launch as a key area of improvement. Basically, it doesn’t matter where you are on the spectrum – you want to roll out products faster.
That’s easy to say and hard to do. Even the most efficient insurer in the market faces significant regulations to navigate when launching a new product, especially if they’re looking to roll it out in multiple US states. Since there’s no getting around that, we have to look for areas of improvement elsewhere.
We believe one way insurance carriers can speed up product development is to increase the efficiency and effectiveness of how they handle rating content. Verisk’s ISO Electronic Rating Content™ (ERC™) has been a significant tool in that process for our own clients. In fact, we’re proud to be an ISO™ partner. Using ISO™ rating content has long been a way for insurers to speed up product development, giving them a foundation for products they may tailor to their own business strategy and markets. ISO ERC™ digitizes that process, proving to be an important enhancement of capabilities and timelines. Research from analyst group Celent last September has quantified those benefits.
To illustrate these benefits in real life, we invited Bryan Guilbeault, Vice President of Technical Services at Ryan Specialty, to talk about his own experience in accelerating the launch of new insurance products. Bryan explained the best practices in increasing speed to market with ISO ERC™ and how they were able to leverage solutions from ValueMomentum, their long-standing vendor partner. We also welcomed Mark Sheehan, Vice President of Underwriting Solutions at Verisk, to discuss more of the details around ISO ERC™.
If speed to market matters to you, you’ll want to hear this story. You can access the full recording here.
We’re excited to showcase our customers and their successes in upcoming webinars! If you’d like to learn more about our customer success stories in the meantime, check out our collection of Case Studies.

About OwlSurance

At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at www.owlsurance.com.

What Does “Ease of Doing Business” Mean to You?

While attending InsurTech Boston in May 2022, I had the opportunity to talk with a number of carrier representatives who are interested in partnerships and improving how they do business with advanced technology. Ease of doing business came up again and again in our conversations.
This was a critical topic among all of the organizations in the room, not just carriers. Insurance as an industry is notorious for complex documents, black box operations and timelines, and the almost mystical reputation of actuaries. That’s not the way it has to be! The goal is to improve ease of doing business throughout the insurance lifecycle, for every stakeholder. We can agree on that.
An intriguing question came up in one discussion with a large mutual. How would you actually define “ease of doing business”?
Let’s leave the industry talk for a moment, and look at what people as individuals value in their own experience. What’s most important to you when you’re interacting with a company?
For me, my first realization is that a speedy turn around with an opaque process is less important to me than a longer process with excellent transparency. I don’t mind complexity, especially in a process and product that I know is extremely complicated, highly regulated, and has a lot of moving parts. Honestly, I just want to know what’s going on. You may have different priorities than I do, and that’s OK.
In fact, your company will have its own answer, based on your organizational values and strengths. What matters most is that we engage in this thinking before embarking on the journey. It’s easy to be caught up in the excitement of making it easier to do business with your company without having a clear path the how you will actually tackle that extremely complicated process.
I use that language deliberately. We as an industry excel at dealing with complexity. What policyholders, agents, and other stakeholders value may vary based on individual preference, but in the end, our job as an industry is to provide a complex product with associated services while making it easier for all stakeholders to play one’s role within that product’s lifecycle.
Organizations must answer this question for themselves, knowing that the answers are interdependent, but setting a clear target based on their own identity and strategies. The specific ways to determine your company’s individual goal come through technology that enables change and progress toward that value. We’ve done it as much as we can with the technology that we have. It’s time to look beyond our current state and see where technology can take us.

We at OwlSurance appreciate the complexity of this charge. What we promise our customers is a commitment to their priorities, backed up by the best technology we can offer in the cloud. Cloud technology has changed the way we do business, and it should be accessible by everyone, no matter how big or how small. The great thing is that as you pursue one goal which cloud technology, you reap all of the associated benefits. Want more transparency? Cloud also increases your systems availability and speed of transactions. Want better user experience? The APIs embedded in our cloud technologies make that possible.

Wherever you decide to start as you improve the ease of doing business with your company, you can depend on OwlSurance to prioritize your individual goals.

About OwlSurance

At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at www.owlsurance.com.

Welcome to Our New Blog on Innovation in Business and Technology

Piscataway, NJ – May 18, 2022 – OwlSurance, a cloud business unit of ValueMomentum, is thrilled to announce the launch of the OwlSurance blog. Check back soon for thought-provoking content on business and technology trends.

About OwlSurance

At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at www.owlsurance.com.

Boost and OwlSurance Announce New Partnership

Piscataway, NJ – February 24, 2022 – OwlSurance, a cloud business unit of ValueMomentum, announced today that it is partnering with Boost, an insurance infrastructure-as-a-service platform that enables businesses to offer white-labeled, embedded insurance. This partnership will allow OwlSurance’ clients to efficiently deploy new insurance products and experiences to their agents and customers, powered by OwlSurance’ applications and Boost’s infrastructure, without requiring in-house development resourcing.

Additionally, OwlSurance’ intuitive applications are ready to support quote and buy journeys for Boost’s products. Boost’s cyber product is the first one to be made available on OwlSurance and additional products – management liability insurance for startups and Business Owners Policy insurance are slated to be next in line.

Boost is a pioneer in developing the insurance infrastructure-as-a-service sector with its API-driven digital insurance platform. Boost’s platform helps leading InsurTechs easily build and manage their digital business by packaging the necessary technological, operational, compliance, and capital components into one turnkey solution. Boost is a fully licensed insurance managing general agency and its programs are 100% backed by ‘A’-rated insurers and global reinsurance companies.

As a Technology Concierge, OwlSurance provides and operates fully managed cloud infrastructure, applications and modern data platforms for insurers. OwlSurance also provides cloud gateways and API management tools to help insurers make their offerings easily available through various distribution channels and end-points and to connect to core systems and vendors. These are underpinned by OwlSurance’ modern technology platform that helps insurers gain an innovation edge while keeping capital and maintenance costs low. Insurers rely on the platform to build on their strengths in distribution, segment leadership, digital operations, and ecosystem partnering.

“We are excited to collaborate with OwlSurance to reach more of the potential market,” said Anthony McKelvy, Vice President of Strategic Partnerships at Boost. “Boost’s infrastructure-as-a-service platform helps any licensed insurance entity to quickly and easily deploy new, white-labeled insurance programs, broadening their insurance offering with new and highly relevant products. OwlSurance’ technical expertise, intuitive applications and cloud gateway services will create access for more insurers to grow their revenue with programmatically-underwritten digital insurance products.”

“Insurers are operating in an evolving environment. On one side, they have to meet the expectations of digital-first consumers while on another, they have to fend off threats from tech-savvy giants and hyper-specialized tech startups. Sustainable growth in this fluid landscape requires adaptive business models and proficiency in partnering with ecosystems. OwlSurance’ cloud gateways provide an easy way for insurers to integrate with an ever-expanding set of leading ecosystems, keep these integrations up to date, without incurring high set-up costs and maintenance budgets. OwlSurance’ modern platform makes it possible to rapidly capitalize on these ecosystem services when building engaging channel and customer relationships, multi-channel quote & buy journeys and services. Boost’s modern insurance products and insurance infrastructure-as-a-service platform represent a great opportunity for our customers to seamlessly expand their insurance offering within their existing platform,” said Anant Iyer, President – Markets & Outreach, OwlSurance.

About Boost
Boost enables companies to offer digital insurance products to their customers through a fully embedded experience within their own front-end environments. Boost’s insurance-as-a-service infrastructure platform unlocks the $700 billion insurance market through a simple API integration to create a new source of meaningful recurring revenue for InsurTechs and embedded channel partners. Learn more at boostplatform.io.

About OwlSurance
OwlSurance, a cloud business unit of ValueMomentum, Inc., provides affordable and simplified cloud solutions and enterprise-class services that insurers need to succeed in a digital world. For more information, visit www.owlsurance.com.

Digital and Cloud-First Approach Fuels Pioneering Insurers in 2021

OwlSurance, a cloud business unit of ValueMomentum, congratulates its Clients on a year of successful transformation of engagement, distribution and rating-quoting operations by embracing a digital and cloud-first approach

Piscataway, NJ – December 22, 2021 – OwlSurance, a cloud business unit of ValueMomentum, Inc., congratulates its clients on a successful year of transformation in engagement, distribution and rating-quoting. “Despite its challenges, 2021 has been a great year for our Clients,” said Srini Vasireddy, President – Customer Success. “Our Clients are reaping the benefits of cloud-native services in their transformations. Now they can deliver more for their customers, agents and partners at speed while embracing lower-cost business models. We are proud to be a part of our Clients’ exciting journeys, and we wish them a productive and successful year in 2022 alongside several new Insurers who have joined our thriving Client community.”

  • McKee Risk Management, a program administrator for specialty insurance, is leveraging OwlSurance in multiple areas as part of a strategic transformation of their business. Clyde McKee IV, Co-Lead: Small Business Unit at McKee, commented, “A few years ago, we recognized that we needed to rethink the value proposition that we bring to the evolving insurance ecosystem. By modernizing our operations, we saw an opportunity to enhance nearly every facet of our business, especially how we engage and transact with our key partners.” He added, “ValueMomentum has helped shape our technology roadmap for the future in addition to their work in implementing new technologies. Today, we’re working with them on digital capabilities for rating, claims, risk control and premium audit.”

    Hanover Excess & Surplus, an RPS Company, looks forward to building on its rate and quote capabilities over the coming months with OwlSurance’ cloud technologies. “In 2021, we reached a milestone in this project, and we’re excited to extend online rating and quoting to our agent partners in 2022,” said Geoff Crater, Area Vice President, Underwriting at Hanover.

    VGM Insurance Services, which offers specialized insurance programs designed for the unique needs of businesses in the Allied Healthcare industry, a long-standing OwlSurance Client, is finalizing implementation of General Liability and an enhanced underwriter experience, complimenting the Property program already implemented.

    First Capital-AWIS, a leading insurance wholesaler, completed its implementation of OwlSurance Rating services in 2021.

“At OwlSurance, we believe the only measure of success that matters is delivering successful outcomes for our Clients,” said Srini. “We bring that mindset to every project, and it makes all the difference in helping our Clients achieve their unique business goals. At the same time, we’re thankful for the opportunity to serve such a pioneering group of digital-savvy Clients. We’re thrilled to fuel their exciting journeys in 2022 and beyond.”

About OwlSurance
OwlSurance, a cloud business unit of ValueMomentum, provides affordable and simplified cloud solutions and enterprise-class services that insurers need to succeed in a digital world. For more information, visit www.owlsurance.com.

Socotra and OwlSurance (formerly BizDynamics) Strengthen Partnership

Piscataway, NJ – September 23, 2021 – OwlSurance, a cloud business unit of ValueMomentum, announced today it has become a strategic partner for Socotra, the first cloud-native core platform for insurers. This partnership gives insurers easy access to advanced cloud technology and exceptional services to rapidly roll out digital-first products with enriched experiences. OwlSurance will support new and existing Socotra customers around the world as a cloud solutions provider.

As a Technology Concierge, OwlSurance helps insurers in building, operating, and maintaining an enterprise-wide technology core that allows them to achieve a scalable digital operating model at a low upfront cost and low ongoing maintenance expenses. These technology cores are crucial as insurers strive to build on their strengths in distribution, segment leadership, digital operations, and ecosystem partnering.

Socotra delivers a powerful combination of cloud-native architecture, open APIs, and a flexible data model to help insurers complete digital transformation 3x faster than legacy systems. With Socotra, insurers can easily launch, update, and scale digital-first products, as well as power engaging customer experiences across the entire policy lifecycle.

“We’re pleased to welcome ValueMomentum’s cloud business unit, OwlSurance, as the newest partner in our modern insurtech ecosystem,” said Ekine Akuiyibo, VP of Business Development and Deployments at Socotra. “ValueMomentum’s rich capabilities and impressive track record of outstanding client service are just a few reasons why this partnership is an attractive value proposition for our shared customers. Together, we look forward to helping insurers of all sizes leverage powerful technology to accelerate digital transformation and unlock new market opportunities.”

“Insurers have to serve more touchpoints than ever before, creating more challenges—but also many more opportunities to delight customers and partners,” said Anant Iyer, President – Markets & Outreach, OwlSurance. “These engagements must be managed holistically, keeping customer and partner relationships and digital engagement journeys in context. A digital-first operating model and a digital tech stack are a necessity for this new era. Socotra’s cloud-native insurance core platform is an integral part of the digital tech stack that insurers need to compete effectively. We are very excited by the possibilities this partnership represents for our mutual customers.”

About Socotra
Socotra is the modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Insurers trust Socotra’s modern technology to rapidly develop products that better serve their customers and manage their existing books of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. Learn more about Socotra at www.socotra.com.

About OwlSurance
OwlSurance, a cloud business unit of ValueMomentum, provides affordable and simplified cloud solutions and enterprise-class services that insurers need to succeed in a digital world. For more information, visit https://www.owlsurance.com.