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small-insurers-fall-behind

As client businesses amp up their digital processes, their efficiency increases and their businesses grow, both in scale and geography. In turn, these businesses expect their insurers to keep up with both their speed and growth. Fortunately, digital insurance technology makes use of agile solutions to solve thorny organizational problems. Insurtech improves customer satisfaction across growing businesses because insurance infrastructure works best when it aligns...

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risk-assessment

There are several categories of risk that insurance companies should be monitoring to identify potential exposures for loss. Some of these categories include the risk of sickness, risk of unemployment, liability risks, catastrophic loss risk, and risk of death. However, there are two additional areas that should be included in risk models: vulnerability and velocity. Without these two components factored in, a risk management model...

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captive-insurance

Cloud technology makes it easier for small businesses to spread their influence across state lines, but non-digital traditional insurance has failed to provide the coverage, flexibility and customization such inter-state businesses require. Bound by regulations and low-tech solutions, businesses have turned to risk retention groups to resolve jurisdiction-based regulatory differences. Other organizations choose to form captive liability insurance companies to better manage members' overall risk...

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risk-retention-group

Captive insurance groups have long been a means for small organizations to band together and manage risk. However, captive insurers lacked the flexibility required by emerging business models and were unable to remain competitive in hard markets. These conditions led to legislation for the creation of risk retention group. Since the mid-1980s, RRGs have provided organizations with the ability to access to liability insurance, remain...

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transforming-insurance

Traditional insurance companies don't have to reinvent themselves to maintain relevance, but they do have to speed their processes to keep pace with an increasingly digital world. Software for insurance companies contain tools that are industry-specific and capable of integrating with existing systems so that your small-to-midsize organization can maintain its core values while catering to the speed new clients and talent expect. Here are...

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the-cloud

Once considered nothing more than a futuristic concept, cloud computing has not only become a standard term used among business professionals, it is changing the face of the insurance industry as well as the insurance software vendors who provide it. While most of the information about cloud computing tends to concentrate on how it affects a company's IT department, the possibilities extend further into other...

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health-care

The healthcare industry is rapidly changing and small to medium-sized insurance companies need to keep pace with these changes or risk sinking along with the numbers of small medical clinics with general practitioners that are shrinking in number. A common underlying factor exists for both healthcare and insurance providers and that factor is risk.   The malpractice crisis has played a major role in fostering the shift...

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insurance-industry

New markets and products, shifting regulations, areas of increased risk and the rise of fintech are influencing the insurance industry in 2018. With so many different pieces in motion, it might be difficult to find a common element that's driving the industry. A close look reveals that the biggest change is speed. Customers expect fast service, speedy claims management and easy-to-access, personalized options. Whether your...

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insurance-fraud

While insurance companies are primarily tasked with risk management in order to grow their businesses and succeed, a focal area of concentration is increasingly that of the risk of fraud. The rise of technology has, unfortunately, provided enhanced opportunities for fraudulent practices both by company staff members as well as those who are insured.   In years past, fraud detection and management was assigned to claims representatives...

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insurance-CRM-software

The business environment for insurance companies is changing, and smaller insurance companies are gaining ground in their efforts to compete with their larger counterparts. There is no question that technological advances in areas such as insurance management software have helped tremendously in this endeavor, but as these companies grow they must have a strategic plan in order to retain existing customers while gaining new ones.   Many...

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