InsurTech start-up Hourly.io has partnered with Origami Risk to bring automation and accelerated underwriting to their insurance platform.
The partnership will see Origami Risk, a leading provider of multi-tenant Software-as-a-Service (SaaS) P/C core solutions, complete the initial implementation of their cutting-edge technology into Hourly’s breakthrough offering.
The firm is seeking to utilise the partnership to streamline its rate-to-bind process, driving down costs, and enhancing relationships with its network of agents and brokers.
As a result of this implementation, Hourly can now deliver instant quotes for policies in California and other states, supporting its rapid expansion across the U.S.
The platform seamlessly integrates rates and rules from NCCI and other bureaus, combining payroll with time and attendance data to determine workers’ compensation premiums with pinpoint accuracy in real-time.
Hourly specialises in offering full-service payroll and workers’ comp insurance tailored for small and medium businesses with hourly workers.
Established in 2018, it stands out in the industry by offering workers’ comp insurance and an integrated platform that seamlessly connects workers’ comp, time tracking, and payroll in real-time.
Tom Sagi, Co-founder and CEO, Hourly, said, “We’re pleased that the implementation of Origami’s scalable rating solution took fewer than 90 days from start to finish; by streamlining our rate-to-bind process we’re able to drive down costs, strengthen relationships with our network of agents and brokers, and win more business. We now look forward to completing the full implementation of Origami’s policy administration system to help us maintain speed, efficiency and accuracy as we grow.”
Christopher Bennett, chief strategy officer, Core Solutions division at Origami Risk, said ,“We’re able to work closely with Hourly’s team to accommodate their accelerated timeline for implementing our API and our entire policy administration system. These proprietary capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
