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The Connections Blog

Your Dose of Insurtech Insights & News

5 Digital Disruptions Small Insurers Need to Navigate

5 Digital Disruptions Small Insurers Need to Navigate

In 2017, insurance companies and related enterprises accounted for over $600 billion, or 3.1% of the gross domestic product of the U.S., according to the Bureau of Economic Analysis. In 2018, insurance carriers employed over 1.5 million people. Despite the substantial contribution the insurance industry makes to the U.S. economy, it has been slow to…

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Insurance Value Chain Technology

How Technology Can Help Across the Insurance Value Chain

According to Charles Robinson, retired vice chairman of Rogers & Gray Insurance, technology has driven more change in the insurance industry over the past 10 years than anything ever did in the previous 30 years.   Some change relates to consumer use of technology—cell phones causing distracted driving, safety technology affecting premiums—but there are also…

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Laptop Workers' Comp Charts

Workers’ Comp Industry Is Stable

Despite recent weakening in workers’ compensation market fundamentals, this year the workers’ comp market should see a fifth consecutive year of underwriting profits. The industry’s statutory combined ratio fell to 86% in 2018, having averaged 93% annually since 2015, notes a Fitch Ratings report, “U.S. Workers’ Compensation Market Update – Fifth Consecutive Year of Underwriting…

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Insurtech Trends in 2019

Four Insurtech Trends in 2019 for Small Insurers

Insurtech, short for insurance technology, is disrupting the insurance industry and changing the way companies serve their customers. Once limited to the industry’s biggest names, Insurtech is now accessible to insurers of all sizes.      Larger companies still have more options simply because they have the resources to experiment with costly new technologies. Nevertheless,…

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Is the Captive Industry Ready to Compete Tomorrow?

Capital preservation, one of the main financial objectives of captives, is also a critical element to a captive’s success.  Along with conservative investments, captives must be able to manage costs in a both a hard and soft market. Consider that between 2014 and 2018, captives added $3.1 billion to their year-end surplus and paid $1.6…

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Passion, Vision and Creativity Spell Success for Terry Duke

The topic of successful cotton crops—or even agriculture for that matter—may not be common dinner table talk … unless you happen to be Terry Duke.  Providing viable insurance coverage for the industry for more than 40 years, Duke knows a thing or two about the agricultural industry in his home state of Louisiana, and his…

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insurance-management-software-security

Ways to Avoid Ransomware Attacks for Self-Insured Municipalities

In today’s insurance marketplace, the benefits of technology cannot be overstated; however, the dark side of technology—namely ransomware attacks—is now infiltrating self-insured municipalities. Ransomware attacks occur when criminals find a way into the organization, encrypt as much data as possible, and then extort money from you to get your own data back.  If the ransom…

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Insurance Rules Engine

4 Tips to Improve Your Insurance Rules Engine

  There is a quiet revolution sweeping through the insurance industry. New data storage options and artificial intelligence solutions are allowing smaller insurance companies to use the same technology as their larger counterparts, giving them access to previously unattainable levels of data security and operations efficiency. This innovation represents a real game-changer for small insurance…

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Insurance Company BI Solution

4 Ways a BI Solution Can Help Your Insurance Company

Although it might seem like old-fashioned customer service and advanced technology are incompatible concepts, that’s far from the truth. Cutting-edge insurance business intelligence (BI) software is helping companies streamline and improve their customer service across the board. From renewals and cancellations to customer outreach, BI software is making customer interactions easier at every step for…

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IRS-npr.org

Captive Owners Sue Legal Advisors After IRS Levies Penalties

The owners of an 831(b) captive that the Internal Revenue Service ruled did not qualify for various tax benefits is now suing the lawyer who allegedly advised them to establish the microcaptive, Business Insurance reports. Last month, Benyamin and Orna Avrahami, the owner of a jewelry firm and various other businesses in Phoenix, last month…

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