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Author: CHSI Technologies

cyber-insurance

Data breaches are on the rise, and companies across the globe are realizing with an ever-growing intensity that the negative impact of such occurrences can be devastating. In addition to the enormous risk to companies' assets, data breaches can result in loss of customers, sales, revenues and professional reputations. The following eight points are provided to help to inform and clarify how cyber insurance is...

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artificial-intelligence

Artificial intelligence technology has become more pervasive than ever. Complex algorithms within this technology enable companies across multiple business sectors to gather information and profile current and potential customers. This has enabled companies to easily provide solutions that fit customers' needs.   However, new legislation enacted by the European Union (EU) may make it difficult for insurance software providers to fully integrate AI into their platforms. The...

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blockchain-prototype

The realm of blockchain technology is affording new opportunities for growth and optimization globally in the processing of financial transactions, and now a new prototype has been developed and is being successfully used in the captive insurance market.   The prototype, developed and implemented by Allianz Global Corporate & Specialty (AGCS) in cooperation with Ernst & Young, Citi Treasury and Trade Solutions, and Ginetta, has successfully passed...

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software-as-a-service

Software As A Service Brings Immediate Return on Investment Software-as-a-service providers frequently promote the long-term savings offered by cloud technology. Smaller insurers might not have the time to wait for a return on an investment. Here are a few ways cloud-based insurance management software immediately brings a return on investment. Lower IT Costs The first savings you will notice after putting insurance management software in place will...

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gig-economy

The global corporate landscape is changing and small to medium-sized insurance companies have excellent opportunities to capitalize on these changes. The buzzword fueling the change is known as the "Gig Economy" and it is taking the small business world by storm.   The Gig Economy consists of an ever-growing demographic of individuals who work as independent contractors or freelancers in various capacities. Examples include drivers for Lyft...

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risk-sharing

For public entities, such as cities, counties and school districts, risk-sharing pools have provided a viable alternative to commercial insurance plans. Created in the 1970's and revived in the 1980's, public entity pools offer the means to stabilize taxpayer funds for public employee insurance plans.   Public entity risk-sharing pools differ from commercial insurance plans in several ways including funding sources, goals and administration. Commercial insurance carriers,...

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workers-compensation

Self-insured businesses not currently using workers compensation software to manage their risk and claims cost may be doing themselves and their employees a disservice. This is especially true for companies in areas such as construction, energy, and mining that have typically higher risks for on-the-job injuries. For these companies, software designed to manage workers compensation claims can greatly reduce the negative impact to the bottom line...

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insurance-underwriter

Automation has long been seen as a harbinger of the future. When machines can do the thinking, human employment is expected to decline. Underwriting software holds a different promise. Current day insurance companies, even small-to-midsize firms, can see the value of their underwriters intensify. Here are a few ways insurance underwriting software makes the underwriter of the future stronger. Integrated Tools With a combination of mostly analog...

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Forming a captive is almost identical to forming a company. The parties involved must clarify goals, consider potential partners and follow established protocols. Indeed, when forming a captive, you and your partners are forming a limited liability insurance company. Here are some factors to consider, and some captive insurance technology solutions to implement, before forming your company. Assess Financials A captive insurance company requires start-up funds that...

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blockchain

The insurance industry is starting to take a hard look at Blockchain's open-ledger, encrypted, data storage holds a great deal of potential for insurance technology. Every transaction is recorded. Blockchain could potentially eliminate the need for legacy data storage. In addition, claim histories would be easily accessible across third-parties. In Vermont, where many captive insurers are headquartered, blockchain technology is finding friends in the legislature....

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