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Software as a service, or SaaS, has been available to enterprise-level insurance firms for a decade or more. Now that cloud-computing costs have dipped, smaller insurance firms can use this IT structure to power apps, integrate services and store data as needed. Firms that serve public risk pools have been the first to see the value that SaaS can bring to the insurance industry. Though organizations...

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If your organization is sitting on piles of legacy data or if your company is facing the need for a costly server update or configuration, then you have probably heard about cloud-based insurance company software as an alternative to your current processes. However, making the switch to the cloud is daunting for a variety of reasons. You may be concerned about security issues or you...

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It’s common knowledge that due to a host of reasons, smaller insurers, municipal risk pools, captives and self-insured groups are hesitant to adopt new technology and thereby adapt their business processes for continuous improvement. We know that some of these reasons are beyond their control, but we also know that many of these companies exist in a culture exemplified by “it’s always been done this way;”...

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When the federal government adopted The Tax Shelter Captive IRC 831(b), captive insurers were provided the opportunity to deduct premiums from their tax bill. The benefits are obvious. Unfortunately, those benefits led to an abuse of the system. Some captive insurance groups are merely tax shelters that offer little to no risk coverage. How do you know that the captive you are joining, or the one...

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Captives are a risk management strategy currently experiencing growth across industries as a result of a healthy economy and subsequent growth of business sectors. As organizations, both large and small, expand across geographies, they are challenged by complexity, regulations, employee benefits and shifting business alliances. Captive insurance technology has kept pace with a growing demand, enabling captive insurers to access data across geographies and expedite...

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The Bermuda Monetary Authority has opened an application process designed for insurers interested in experimenting with new technologies within a relatively risk-free and carefully modified regulatory environment. A regulatory sandbox is a new and extremely relevant concept as the insurance industry expands in non-traditional ways and leverages new technology. Here are a few examples of how a regulatory sandbox would be of interest to a...

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Small to medium-sized insurance companies are turning to Software-as-a-Service (SaaS) with an ever-increasing frequency. It is important that data channeled through SaaS is safe and secure to the greatest degree possible against being lost, stolen or corrupted. There are recommended measures that can be taken to help protect sensitive data from being compromised.   Avoid Deadline Vulnerabilities The rush by insurance software providers to complete development or updates to...

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Smaller insurance companies are migrating away from traditional in-house hardware and software systems, and who can blame them? New and innovative cloud-based applications are now available that save these companies time, money and headaches. These systems, known as Software as a Service, or SaaS, are changing the landscape of insurers and allowing smaller companies to better compete with their larger peers. SaaS is available on many...

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Small insurers hold an advantageous position in the industry. Their flexibility allows for speed and customization. They offer and manage traditional and non-traditional insurance policies while accessing similar digital tools and insurance underwriting software as their larger, and less personable, competitors. By leveraging the power of ERM frameworks, small insurers are able to assess risk across multiple factors and provide deep data analysis that positively...

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Public entities, such as state agencies, municipalities and school districts, share a common bond in that their revenue comes from public funds or taxpayer dollars. In order to effectively manage risk with public funds, many public entities are forming public entity risk pools with immense success. For public entities considering joining or forming a risk pool, below are eight facts that may help to answer...

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