AcordPay Loose Change Newsletter - Logo_

VOLUME 3

APRIL 2021

Hello Acordians - 

Welcome to the latest edition of Loose Change. Here, we will try to keep you up to date on news and trends in the industry, as well as announcements specific to AcordPay.

1 | Carrier Corner

"Before the pandemic, about 15 percent of US auto claims were settled using photos rather than in-person visits by adjusters, says Bill Brower, the head of Auto Claims at LexisNexis Risk Solutions, a data and analytics company. Now, that’s 60 percent, and he expects it to reach 80 percent by 2025."

 

The Takeaway

There is an increase in start-ups focusing on the claims process all of it trying to streamline the settlement process. Lemonade has made a lot of noise around how quickly they settle claims (3 seconds!). Expect to see continued innvovation in this area.

 

Read the full article: https://www.wired.com/story/ai-car-repair-shop-owners-not-happy/

Automate manual tasks and significantly reduce expenses related to collecting payments, reconciling with carriers and outbound disbursements.

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2 | Partners and Integrations

AcordPay has partnered with Vertafore Canada to enable email payment requests directly from the SIG platform. The ease and convenient of this solution has long been sought by brokers using both SIG and AcordPay.

 

“As the AcordPay solution became a staple for our brokers to meet their needs for more payment options, we realized that payment technologies were a significant priority.,” says Stacey Miranda, Director of Product Management at Vertafore Canada. 

 

Read more the full release of how AcordPay and Vertafore are working together here.

3 | Digital Developments

Tech trends that will transform the insurance industry in 2021.

 

Terrific insights in to key trends from the team at Insurance Business Canada. Not surprisingly, topping the list is the need to digitize easily, without massive investment into complex development, Automation, IoT and Blockchain.

 

“2020 has been a year when many digital transformation projects that were previously put on a backburner made their way to the front of the line,” wrote Tal Daskal, chief executive officer and co-founder of digital insurance platform EasySend, in a recent blog.

Read more here

In other news...

 

  • First Insurance Funding announces the appointment of a Chief Sales Officer: Congratulations to David Caringi on the appointment! David is a leader in the insurance payments space and has been involved in the premium finance world for over two decades! Read the full release.
     

  • Trufla restructured following the sale of Sharp Insurance: In an exciting move, Sherif Gemayel has sold his stake in Sharp Insurance to focus on helping brokers win in the digital era. “While I will be focused on launching our new technology this year, I am committed to providing all our brokers with outstanding customer service and will be working very closely with our customer success team to build systems that support our brokers and users alike.” Says Gemayel. Read more here.

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