As part of the partnership, Australian company Wilbur will integrate its claims suite with the BAIS policy administration solution and expects this to generate significant interest both nationally and internationally.
The partnership comes after the companies developed integrations between their respective platforms to deliver better data and process management solutions using a common data source.
How will this affect the insurance industry?
âAs a company, our focus has always been on providing top-notch services and solutions to manage insurance claims,â said Wilbur CEO Mark Cohen.
“BAIS, on the other hand, has historically focused on building a strong feature set around policy administration, accounting, and financial workflow.”
The companies have been working together for quite some time and have discovered that they share many of the same values, which has resulted in this industrial collaboration.
âWe have enjoyed working with the Wilbur team and found that our strong alignment of values ââhas contributed to the rapid development of this exciting new solution,â added BAIS CEO David Hampton.
âFew solutions have given underwriters, insurers and brokers a complete view of a client’s policy and claims data and the services to manage the claims process. “
Greg Johnson, head of distribution partners at Wilbur, will lead the joint insurance solution and existing customers at both companies will soon be able to test the new system to see how it can improve insurance operations and service.
Despite the challenges facing the insurance industry in 2020, global investment in the insurtech sector reached a new annual high of US $ 7.1 billion for 2020. Funding was achieved through 377 deals, the largest number of all years to date, according to the Quarterly Insurtech Briefing. of the brokerage firm Willis Towers Watson.