Benekiva, an insurance software company, has partnered with Management Research Services (MRS) to bring together the companies insurance solutions: Benekiva’s SaaS claims and servicing platform and MRS’ comprehensive underwriting rules engine.
Founded in 2018, Benekiva is on a mission to bridge the gap between life/annuity carriers, policyholders, and beneficiaries with what it calls a “beneficiary-first” mindset.
The technology platform offers proactive beneficiary management and a claims platform that is cloud-based, secure, and easily connectable to legacy systems.
This collaboration, according to Benekiva, will enable carriers to offer new insurance and financial services products to claimants during the claim disbursement process through a technologically enabled new business automation.
The company said that capitalising on claimants is low hanging fruit for carriers, and its configurable rules-based, reflexive technology will facilitate an “exceptional experience” after the claim is paid, making claims a revenue driver.
The partnership will see the two InsurTech companies offer a highly secure, automated, complex application process initiated when a claim is paid out by combining their insurance solutions. Beneficiaries will have a simple underwriting experience and claims associates will not have to manage any manual data extraction and data entry.
Tim Dineen, chief executive officer at Management Research Services, said, “We are really excited about this partnership with Benekiva. The combination of MRS’s no-code, reflexive rules engine with Benekiva’s claims process will provide a powerful tool for carriers to retain assets.
“Our robust API layer combined with our extensive network of 3rd party data providers enables us to automate the underwriting process for all life, health, and annuity products. Together, our platforms will enable a frictionless, straight through process for consumers and carriers. We look forward to its success.”
Last year, Pie Insurance, an InsurTech company specialising in workers’ comp insurance for small businesses, partnered with commercial insurance platforms Bold Penguin, Talage, and Tarmika.
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