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insurance-underwriter

Insurance Underwriting Software is Here and The Future is Now

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…

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5 Key Factors a Company Must Consider Before Forming a Captive

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…

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blockchain

Blockchain: The Next Digital Step?

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…

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small-insurers-fall-behind

Falling Behind on Tech Disadvantages Small Insurers

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…

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risk-assessment

Including Vulnerability and Velocity in Risk Assessments

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.…

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captive-insurance

Bridging Risk Retention Groups and Captives

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…

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risk-retention-group

The Differences between Captives and Risk Retention Groups, Explained

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…

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transforming-insurance

Transforming The Traditional Insurance Company

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…

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the-cloud

How the Cloud will Revolutionize the Insurance Industry

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…

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health-care

Insurance Risk Management Software offers healthcare new options for liability

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.  …

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