As part of the partnership, Australian-based Wilbur will integrate its claim suite with the BAIS policy administration solution and they are expecting this to gain strong interest both nationwide and internationally.
The partnership comes after the companies developed integrations between their respective platforms to provide better data and process management solutions using a common data source.
How will this affect the insurance industry?
“As a business, we have always maintained a keen focus on providing best-in-class services and solutions to manage insurance claims,” Wilbur CEO Mark Cohen explained.
“BAIS, on the other hand, has historically focused on creating a rock-solid feature set around policy administration, accounting, and financial workflow.”
The companies have been working together for some time and have found that they share many of the same values which has resulted in this industry collaboration.
“We've enjoyed working with the Wilbur team and found our strong alignment of values helped lead to the rapid development of this exciting new solution,” BAIS CEO David Hampton added.
“Few solutions have given underwriters, insurers and brokers a comprehensive view of a client's policy and claims data along with the services to manage the claims process.”
Greg Johnson, Head of distribution partners at Wilbur, will head up the joint insurtech solution and existing customers of both companies will soon be able to test drive the new system to see first-hand how it can improve insurance operations and service.
Despite the challenges faced by the insurance sector in 2020, global investment in the insurtech sector reached a new annual high of US$7.1 billion for 2020. The funding came through 377 deals, the most in any year to date, according to the Quarterly Insurtech Briefing from broking company Willis Towers Watson.