Jewelers Mutual Insurance Group has built and deployed a new claims system for one of its lines of business, using revolutionary technology developed by Chicago-based insurtech startup DAIS Technology.
The development of this system took just five months, due to Jewelers Mutual’s decision to use DAIS’s flexible, agile services-based insurance platform. The development and launch of similar claims systems can take years to develop, at a cost of many millions of dollars with deployment following afterwards.
“Jewelers Mutual was looking for a claims solution for a new line of business that required substantial configuration and integration with a new type of policy. Existing systems were not able to meet our needs for speed, flexibility and automation,” said Scott Murphy, Jewelers Mutual president and CEO.
“DAIS’s platform provides substantial configuration capabilities, rapid deployment, and a more scalable and secure environment than existing systems,” Murphy said. “This will give us the ability to drive a superior customer experience. In addition, our work with DAIS highlighted the difference between a traditional system approach and what a purpose-built insurance platform enables, truly affirming our decision to be an early investor in and strategic partner for DAIS.”
“Jewelers Mutual challenged us to do what some might have thought as almost impossible, and we did it together,” said Jason Kolb, DAIS’s CEO. “Many insurance companies have said you cannot build a claims system in less than 3-5 years. We proved them wrong. This success shows the power of bringing modern technology and a platform approach to the insurance industry.”
“It also shows Jewelers Mutual’s forward-thinking approach to business and technology that will give them unparalleled new execution capabilities,” Kolb added. “The claims system we built for Jewelers Mutual is proof that our microservices-based architecture is ready for deployment across a wide range of core carrier systems.”
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Jewelers Mutual’s claims system is the first full line of business deployment of DAIS’s claims system built on DAIS’s flexible, cutting-edge carrier platform, instead of building on the features of a rigid point solution. DAIS’s platform microservices cover key functions like claims, policy, collaboration and distribution. These microservices can be integrated into coherent systems in months, instead of years or decades, giving carriers unprecedented flexibility and ability to innovate.
About Jewelers Mutual Jewelers Mutual Insurance Group was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual offers products and services nationwide and throughout Canada that enable jewelry businesses to run safe, secure, and successful operations. Consumers also put their trust in Jewelers Mutual to protect their personal jewelry and the special moments it represents. The group’s strong financial position is reflected in its 32 consecutive ratings of “A+ Superior” from A.M. Best Company. To learn more, visit JewelersMutual.com.
About DAIS Technology, Inc. Chicago-based DAIS is an insurtech startup that is committed to bringing the insurance industry into the 21st century. DAIS’s primary focus is connecting agencies and carriers with a cutting-edge software platform purpose-built to handle the complexity of insurance. DAIS has a simple vision: a day in which agents, carriers, and policyholders are connected in real-time through a cooperatively-owned digital network creating a win-win-win for everyone involved.