Cogitate to implement digital underwriting and distribution of commercial transportation for ENGS

Atlanta, Georgia, 10/10/2022 – Cogitate Technology Solutions, a future-ready P&C insurance technology innovator, announced today that ENGS insurance will be digitizing their systems with Cogitate DigitalEdge for their commercial transportation business.

Cogitate DigitalEdge is a cloud native, full tech stack platform. DigitalEdge is powered with industry leading Low Code No Code (“LCNC”) capabilities and brings pre-integrated API functionality for third-party and carrier data integration services.

With the Commercial Transportation solution for ENGS, Cogitate will implement the digital underwriting and distribution elements of the DigitalEdge Platform which will enable ENGS to rapidly expand its revenue base and operating footprint initially across the U.S., and then into Canada.

“In Cogitate, we found a partner that understands insurance and the industry as much as we do, which is invaluable from my perspective. The Cogitate team is helping us to deliver a modern digital insurance solution, which places us in a leading competitive position relative to our customer partner experience with ENGS. This allows us to streamline processes that improve underwriting, increase internal efficiency, and ultimately reduce our operating expenses,” said Cliff Dunigan, Managing Director for ENGS Insurance. “The Cogitate DigitalEdge solution provides future-ready digital capabilities with options to self-manage rates, rules, forms, workflows, and territory expansion. Beyond that, Cogitate’s LCNC module is incredibly intuitive, and we are looking forward to the ability to pivot and implement changes quickly to our business and product screen. We also liked the fact that Cogitate has pre-integrated billing and claims solutions and will look to expand with those solutions soon.”

Arvind Kaushal, CEO and Co-Founder of Cogitate commented, “One of Cogitate’s key strengths creates a great advantage for our customers. This is our ability to integrate our solutions with the customer’s existing core and legacy systems with a digitalization layer. We can also replace that core with our future ready solutions. DigitalEdge is truly cloud native which means the modularity of DigitalEdge allows our customers the freedom to choose the modules that their business needs today while the scalability options to assist their future growth. We are excited to partner with ENGS Insurance to provide their customers, employees, and channel partners a modern user experience.”

About ENGS Insurance Agency, LLC

ENGS Insurance Agency, LLC. (EIA) is a full-service commercial brokerage firm offering insurance, risk management, and underwriting solutions for the Transportation, Construction, Industrial, and medium to small business market. As a member company of the Mitsubishi family, ENGS helps its customers acquire and protect their most valuable business assets. From commercial auto, general liability, property, inland marine, excess, cyber liability, and workers compensation, it offers insurance solutions to those industries that keep the economy moving forward. For more information about ENGS, please visit www.engsinsurance.com .

About Cogitate Technology Solutions®

Cogitate Technology Solutions, Inc., develops modern and innovative technology products and solutions for the Property & Casualty Insurance Industry. It helps insurance companies transform their business models to create a competitive advantage in a time of rapid industry change. Cogitate’s next-generation technology products and solutions are helping insurance carriers, brokers, MGAs, and agents to accelerate digitalization and expand their businesses.

For more information about Cogitate, please visit https://www.cogitate.us/. 

Top 5 Advantages of Investing in Claim Management Software

There is no universal definition of insurance solution, but in general, it is software or a set of technological solutions provided for the economical management of insurance businesses. It includes some independent components such as fund management and offer presentations. Insurance solutions primarily seek to resolve issues such as product definition, settlements, and underwriting. Problems with policy operations and claim processing, as well as reporting, are the most pressing concerns for insurers. A dependable insurance solution must be able to assist with the aforementioned issues.

Without a doubt, insurance solutions must support a variety of options, including insightful mobile products.

Features may differ greatly depending on the software's intended audience. However, when it comes to insurance software solutions, the following features are required.

1. Pre-installed Metrics

Profitability indicators such as loss ratio, burning costs, risk cost per policy, net basis, and reinsurance are included in insurance solution software. The built-in KPIs enable analysis and advanced reporting right out of the box.

2. Monitoring Claims Activity

Complete claim information, including claim payments, outstanding claim reserves, payment components, deductibles, perils and event codes, and relevant claim activity dates, can be captured by software. It provides the claim manager with the detailed information required to manage and monitor claim activity effectively.

3. Calculation of Lapse and Renewal

The premiums and policies that are up for renewal are organised by the date of renewal. The system provides data on lapse analysis, renewal lists, and renewal rate comparisons. The functionalities focus on the characteristics of insurance products, distribution channel behaviour, and active marketing and sales support.

4. Insurance Exposure/Sum Insured Estimates

Insurance is more than just cash flow and premium claims. Companies must monitor the risk regardless of whether it is based on the sum insured or the unit base. Insurance solution software provides insurers with methods of pre-built calculations and measurements to monitor and analyse underwriting risk exposure on a gross, retained, and ceded basis.

5. Encourages Organizational Structure Change

Multiple hierarchical chains and asymmetric organizational structures must be supported by the insurance solution. When the organizational structure changes, it should provide various scenarios. It ensures accurate reporting of profitability performance and sales channel distribution.

To summarize

Digital insurance solution development, like any other industry, necessitates professionalism and exceptional expertise. When selecting the best software solution, the insurance company must be well-versed in industry best practises and regulations.

Choose Cogitate, which has a proven track record of successful projects, to get the best possible results from your initiative. Cogitate has worked with industry leaders and has the experience and skills to assist you in developing user-friendly and modern mobile and web applications for your insurance company. Cogitate's artificial intelligence and machine learning-powered claims solutions work in tandem with your existing Claims Management Systems.

The best insurance software solution must be a modern and user-friendly platform for handling the various functions of the insurance value chain. So, contact Cogitate today at https://www.cogitate.us/ to enhance your existing claim management system capabilities and features and provide first-class, hassle-free services to your clients.

Cogitate to implement digital underwriting and distribution of commercial transportation for ENGS

 Atlanta, Georgia, 10/10/2022 – Cogitate Technology Solutions, a future-ready P&C insurance technology innovator, announced today that ENGS insurance will be digitizing their systems with Cogitate DigitalEdge for their commercial transportation business. 

Cogitate DigitalEdge is a cloud native, full tech stack platform. DigitalEdge is powered with industry leading Low Code No Code (“LCNC”) capabilities and brings pre-integrated API functionality for third-party and carrier data integration services. 

With the Commercial Transportation solution for ENGS, Cogitate will implement the digital underwriting and distribution elements of the DigitalEdge Platform which will enable ENGS to rapidly expand its revenue base and operating footprint initially across the U.S., and then into Canada.   

“In Cogitate, we found a partner that understands insurance and the industry as much as we do, which is invaluable from my perspective. The Cogitate team is helping us to deliver a modern digital insurance solution, which places us in a leading competitive position relative to our customer partner experience with ENGS. This allows us to streamline processes that improve underwriting, increase internal efficiency, and ultimately reduce our operating expenses,” said Cliff Dunigan, Managing Director for ENGS Insurance. “The Cogitate DigitalEdge solution provides future-ready digital capabilities with options to self-manage rates, rules, forms, workflows, and territory expansion. Beyond that, Cogitate’s LCNC module is incredibly intuitive, and we are looking forward to the ability to pivot and implement changes quickly to our business and product screen. We also liked the fact that Cogitate has pre-integrated billing and claims solutions and will look to expand with those solutions soon.” 

Arvind Kaushal, CEO and Co-Founder of Cogitate commented, “One of Cogitate’s key strengths creates a great advantage for our customers.  This is our ability to integrate our solutions with the customer’s existing core and legacy systems with a digitalization layer.  We can also replace that core with our future ready solutions. DigitalEdge is truly cloud native which means the modularity of DigitalEdge allows our customers the freedom to choose the modules that their business needs today while the scalability options to assist their future growth. We are excited to partner with ENGS Insurance to provide their customers, employees, and channel partners a modern user experience.”

About ENGS Insurance Agency

ENGS Insurance Agency, LLC. (EIA) is a full-service commercial brokerage firm offering insurance, risk management, and insurance underwriting platforms for the Transportation, Construction, Industrial, and medium to small business market. As a member company of the Mitsubishi family, ENGS helps its customers acquire and protect their most valuable business assets. From commercial auto, general liability, property, inland marine, excess, cyber liability, and workers compensation, it offers insurance solutions to those industries that keep the economy moving forward. 

For more information about ENGS, please visit www.engsinsurance.com .

About Cogitate Technology Solutions®

Cogitate Technology Solutions, Inc., develops modern and innovative technology products and solutions for the Property & Casualty Insurance Industry. It helps insurance companies transform their business models to create a competitive advantage in a time of rapid industry change. Cogitate’s next-generation technology products and solutions are helping insurance carriers, brokers, MGAs, and agents to accelerate digitalization and expand their businesses.

For more information about Cogitate, please visit www.cogitate.us .