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LIMRA and Equisoft report reveals 78% of global life insurers believe data readiness is the biggest challenge to getting value from AI

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Equisoft commissioned LIMRA to conduct research in collaboration with UCT to assess data readiness for AI in the life insurance industry. This report enables life insurance carriers to evaluate their data readiness and benchmark critical areas for data modernization investment and prioritization.

MONTREAL and PHILADELPHIA, Jan. 15, 2025 /CNW/ – Equisoft, a leading global digital solutions provider to the financial industry, and LIMRA, in collaboration with Universal Conversion Technologies (UCT), a global leader for insurance data services, published the findings of the Assessing Data Readiness for AI in the Life Insurance Industry report, which enables insurers to assess their data foundation and implement data strategies that will deliver significant organizational results.

The report found that 78% of respondents believe data readiness is the biggest challenge in getting value from artificial intelligence (AI) and that while most companies rank as “progressive” in terms of their data perceived readiness, 46% of respondents say they aren’t ready to implement AI.

“Data is foundational to everything a carrier does, now and in the future. But carriers aren’t necessarily data ready for AI because they haven’t yet considered a wholistic view of their data practices. Data quality and integrity are still work-in-progress,” said Mike Allee, President of UCT. “While insurers have done a good job building their data infrastructure and are making progress on aligning data strategy with business objectives, many have yet to realize AI’s vast potential because their data practices aren’t fully aligned with their AI strategy and therefore aren’t fully mature. You can’t be AI ready if you’re not also becoming data ready.”

At the heart of the report is the Global Data Readiness Benchmark, a data maturity model that analyzed carriers across six key dimensions: organizational alignment, infrastructure, sourcing and integration, quality and integrity, governance, and analytics. The model reveals the relative preparedness of life insurance carrier data for implementing AI solutions and enables carriers to assess and compare their position on the spectrum to their peers.

“High-quality data is the bedrock of any AI initiative, and without it, the outputs of AI systems will be fundamentally flawed. Bad data leads to bad AI,” said Kartik Sakthivel, Ph.D., Vice President & Chief Information Officer at LIMRA and LOMA. “It is imperative that organizations prioritize data governance, quality, and integrity to harness the full potential of AI and drive meaningful business outcomes.”

Other key global findings from the report include:

Global Maturity Score: Globally, carriers scored themselves “Progressive” in AI data readiness. Australian insurers led in their assessment of data readiness maturity across all dimensions, while North America scored somewhat lower than other regions.87% of respondents are currently using AI in some operational areas like underwriting, operations and new business. Machine Learning is the most widely adopted AI technology, with rapid future growth expected for Natural Language Processing and Large Language Models.Data governance is also a significant area of concern, with many reporting that governance guidelines have been created but adoption and accountability are low. This is clearly an opportunity for progress globally.Carriers that have already implemented AI solutions are encountering project challenges due to unexpected issues with technology, scaling challenges or the negative impact of erroneous assumptions made during planning.

Key regional findings from the report include:

Australia was a top performer across all dimensions, with 38% of carriers being “Optimal” in readiness.Latin America outperformed global benchmarks; 82% of carriers are “Progressive.”66% of United States life insurance carriers feel unready for AI, with organizational alignment as the strongest dimension and sourcing & integration as the weakest.Canada scored the lowest regionally with infrastructure as the strongest dimension, but sourcing & integration needs improvement.

Download the full Assessing Data Readiness for AI in the Life Insurance Industry report from Equisoft and UCT to learn more: https://hubs.li/Q032tX-q0 

LIMRA and LOMA
LIMRA and LOMA represent more than 700 members, including most of the world’s largest life insurance companies, in 71 countries worldwide. Together, they provide members with substantive, timely, and relevant research and education. LOMA is committed to business partnerships with over 700 members worldwide in the insurance and financial services industry. Their goal is to improve company management and operations through quality employee development, research, information sharing, and related products and services.

About Equisoft
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 300 of the world’s leading financial institutions, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back-office services and unique data migration expertise. The firm’s flagship solutions include SaaS policy administration, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and multicultural team of experts based in North America, the Caribbean, Latin America, Europe, Africa, Asia and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information, please visit www.equisoft.com.

About Universal Conversion Technologies (UCT)
Founded in 1992, UCT is recognized as the only North American company dedicated to life insurance data migration. An Equisoft subsidiary, UCT is a one-stop partner and solution provider for data analysis and auditing, data cleansing, conversion, integration, balancing and reporting. The firm specializes in complex, high-volume data conversion projects that frequently involve multiple systems. UCT also offers its advanced proprietary data conversion toolset under licensing agreements. Having successfully completed over 350 data projects globally for hundreds of insurance companies and policy admin vendors, UCT has developed a unique expertise, methodology and technology stack that dramatically reduces the risk and cost associated with data projects. For more information, please visit www.uctcorp.com. 

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SOURCE Equisoft Inc.

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Big Frog Custom T-Shirts & More Ends 2024 With Steady Growth and Major Innovations

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Big Frog celebrates a year of progress with five new locations, the launch of an e-commerce solution and additional initiatives to enhance franchisee success nationwide.

DUNEDIN, Fla.  , Jan. 15, 2025 /PRNewswire-PRWeb/ — Big Frog Custom T-Shirts & More, a leader in custom apparel franchising with over 75 locations across the U.S., is celebrating a successful 2024 full of new initiatives and growth.

“Our focus in 2024 was on launching and refining our new point-of-sale system, a critical investment in the future of our franchisees,” said Tina Bacon-DeFrece, founder and CEO of Big Frog. “This initiative laid the foundation for even greater success as we continue to enhance operations and support our stores.”

Revenue growth for the year was approximately 5%, supported by robust digital marketing efforts and the introduction of Big Frog’s Success Program, which encourages franchisees to engage more actively in marketing planning. Stores that followed their plans closely experienced notable growth, showcasing the program’s potential.

Five new franchise locations opened in 2024, including exciting expansions into Stockton, California, and Albuquerque, New Mexico. Although two additional locations were delayed due to permitting issues, they are set to open in early 2025.

“This year marked exciting expansion for Big Frog, including our first locations in Northern California and New Mexico,” said Bacon-DeFrece. “Our growth strategy, under the leadership of our new chief development officer, David Braun, is heavily focused on leveraging broker networks, digital initiatives, public relations, and organic search. It really has ignited interest across the country in our brand. We’re thrilled to expand into new regions while also strengthening our presence in areas like Florida, where local support is right in our backyard.”

Complementing these development efforts have been Big Frog’s existing franchisees, which have proven to be an excellent referral source and point of validation for prospective owners interested in the brand.

“We’ve refined our process over the years and now set up formal calls, which have been really nice for candidates because it sets expectations and dedicated times for them to speak one-on-one with our franchisees,” Bacon-DeFrece said. “That’s really made the validation process a lot easier for everyone since there is less back and forth.”

Big Frog is also taking a major step forward in leveraging technology to enhance its services and support franchisees. This year, the company focused on developing an innovative e-commerce platform that combines the convenience of online shopping with the personal touch of local fulfillment, setting the stage for its beta launch.

“Our e-commerce initiative has been one of the most exciting projects for Big Frog this year,” said Bacon-DeFrece. “We’re in the process of launching a national platform where customers can design and purchase custom apparel online, with fulfillment handled by our local stores. A key priority for us is ensuring fair revenue distribution across all locations, so every franchisee benefits whether they’re in a major metro area or a smaller market.”

In custom apparel trends, the brand saw increased demand for high-end corporate products like Carhartt and North Face items, as well as continued interest in promotional products. These offerings cater to clients seeking premium-quality branded merchandise.

“We now have access to a lot of those types of blank apparel to decorate,” said Bacon-DeFrece. “Our B2B customers really like that they get some really high end products, either for corporate gifts or for their team.”

Looking ahead to 2025, Big Frog aims to achieve double-digit revenue growth for its stores while exploring advancements in artificial intelligence to simplify store operations. The e-commerce solution, once fully launched, is expected to play a pivotal role in boosting franchisee revenue.

ABOUT BIG FROG CUSTOM T-SHIRTS & MORE:
Founded in 2008 and headquartered in Dunedin, Florida, Big Frog Custom T-Shirts and More, Inc. is an international franchise system with over 75 independently owned and operated stores serving consumers and businesses across the U.S. and Canada. Big Frog specializes in direct to garment printing (DTG) and is a one-stop shop for all custom apparel decorating techniques, as well as branded promotional products. Big Frog offers free design help, no minimums, no art/setup fees, and fast turnaround. Find a store at BIGFROG.COM, U.S. franchise opportunities at BIGFROGFRANCHISE.COM, Canadian franchise opportunities at BIGFROG.CA, and Big Frog on YouTube.

Media Contact

Chad Cohen, Mainland, 3125263996, ccohen@hellomainland.com, www.hellomainland.com 

View original content:https://www.prweb.com/releases/big-frog-custom-t-shirts–more-ends-2024-with-steady-growth-and-major-innovations-302351517.html

SOURCE Big Frog Custom T-Shirts & More

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New Website Helps Consumers Navigate an Important Battery Choice for their EV or Hybrid Vehicle

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East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles.

LYON STATION, Pa., Jan. 15, 2025 /PRNewswire-PRWeb/ — East Penn has developed a new website to help navigate through the new ways batteries are being used in EV and Hybrid vehicles. These vehicles are more complex with different battery voltage systems within the same vehicle. They use both lithium and lead battery solutions, which are dependent on each other to operate a vehicle.

The lithium batteries that power the high voltage system are designed by the automotive manufacturer and most likely last for the life of the vehicle. However, the battery for the low voltage system will eventually need to be replaced. Making the right choice when replacing the 12-volt battery will protect both voltage systems. The battery that’s chosen could either enhance or hinder the overall performance and safety of the EV or Hybrid vehicle over time.

Traditional vehicles use a 12-volt battery to start the engine and to stabilize the electronics. Electric and Hybrid vehicles use the 12-volt battery for all types of safety critical and auxiliary power reasons. Here are a few:

Start-stop functions in micro hybridsStarting assistPowering cabin accessoriesSteer-by-wire power backupBrake-by-wire power backupOther smart controls or enhanced functions

It is more important than ever that the consumer understands the capabilities of the replacement battery for their EV or Hybrid. Battery manufacturers and distributors are beginning to designate their products so that the consumer has the reassurance that they have the right type of replacement battery to meet these safety-critical demands. East Penn has designated its Deka Intimidator line of AGM batteries with the EHP symbol that stands for Electric Hybrid Performance to help give the consumer added reassurance. It’s also important to note, that these lead batteries have achieved the highest Recycled Content (98%) Environmental validation from UL further accrediting them as one of the most sustainable products in the world.

East Penn is a leading manufacturer of high-quality lead batteries and accessories for the automotive, commercial, marine, motive power, UPS, and telecommunication markets. The company’s quality and environmental systems for its entire 520-acre complex have been certified to ISO 9001:2015, ISO/TS 16949:2016, and ISO 14001:2015 requirements. To learn more about the company visit https://www.eastpennmanufacturing.com. To learn more about the power you have to recycle visit https://www.eastpennmanufacturing.com/power2recycle.

Media Contact

Joel Brady, East Penn Manufacturing, Co., 1 610-682-6361 2740, jbrady@dekabatteries.com, https://www.eastpennmanufacturing.com/

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SOURCE East Penn Manufacturing, Co.

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Get Covered Welcomes Dharmesh Shroff as VP of Engineering

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NEW YORK, Jan. 15, 2025 /PRNewswire/ — Get Covered, a leading renters insurance technology company, is thrilled to announce the appointment of Dharmesh Shroff as VP of Engineering. Dharmesh brings over 18 years of experience driving technology innovation in the PropTech space, where he has consistently delivered scalable platforms and seamless integrations.

“We are excited to welcome Dharmesh to the Get Covered family,” said CEO, Brandon Tobman. “His deep expertise in building robust integrations and API ecosystems will be instrumental as we continue to redefine the renter’s insurance experience for our customers and partners and expand our offering.”

Proven Expertise in Technology Leadership

Dharmesh joins Get Covered following a distinguished career that includes serving as SVP of Engineering at Entrata and other leading Property Management Systems companies. “I’m excited about the opportunity to bring transformative technology to the insurance industry, much like I did in the PropTech space,” Dharmesh said. “The parallels between PropTech and InsurTech—both dealing with highly fragmented data and the need for seamless integrations—make this an exciting new challenge.”

Vision for the Future

As VP of Engineering, Dharmesh aims to enhance the customer experience by advancing real-time data integration, incorporating AI-driven capabilities for smarter interactions, and setting new standards for API security and interoperability. His goal is to help create a highly adaptable integration framework that empowers partners and developers while delivering faster, more personalized insurance solutions.

“APIs are more than just tools; they’re the backbone of connected, smarter customer experiences,” Dharmesh explained.

Building on a Culture of Excellence

In addition to his technical expertise, Dharmesh is known for his leadership in building world-class engineering teams. At Pattern he hired over 95 employees across development roles, while at Entrata, he built a robust operation which grew to over 800 employees.

“Attracting and retaining top talent starts with creating a culture of innovation, ownership, and growth,” Dharmesh said.

Dharmesh’s leadership style is also influenced by his commitment to mindfulness, which helps him stay empathetic, focused, and resilient in high-pressure situations.

About Get Covered

Get Covered is revolutionizing the renters insurance industry with cutting-edge technology that simplifies the insurance process for tenants, landlords, and property managers. By combining innovative solutions with a customer-centric approach, Get Covered is setting a new standard for insurance technology.

For more information about Get Covered and its leadership team, visit www.getcovered.io

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SOURCE Get Covered

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