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I was intrigued by a recent article written by Pat Speer and published by Digital Insurance that included a quote from Rich Karlgaard, publisher at Forbes Media, who compared the digital evolution to the Death Star from Star Wars. “First it pulls your industry, company and career into its orbit. Then it wipes out your old, tired (but alas, nicely profitable) business model. Then it...

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In a constantly changing business environment, small to medium-sized insurance companies are finding that in order to remain competitive, real-time analytics must be employed on a greater basis than ever before.   The term "real-time analytics" refers to the practice of using data immediately upon its inception, and in order for its use to be maximized, it must be gathered and disseminated through the use of technology...

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Once a preferred tool for managing accounts and assessing the health of a small to medium-size insurance company, spreadsheets have gone the way of the floppy disk and Walkman radio in favor of insurance management software that just does a better job.   There are several reasons why companies that may still be relying upon spreadsheets should rethink this method of accounting and business analytics. The first...

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risk-exposure

Machine learning is disrupting numerous industries and the insurance industry is no exception. The rise of automated processes that include artificial intelligence-generated risk assessment and analysis stands to change the industry for the better, for both large-scale organizations and small-to-midsize insurance firms. Here are a few ways smaller organizations can gain better insights into risk exposure by using automated risk analytics. Integrated Perspectives and Single Platform...

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insurtech-word-illustration

The cycle of doing more with less is starting to catch up with the insurance industry. This year, 25 percent of insurance professionals are expected to retire, notes David Coons, SVP of the Jacobson Group. Further, by 2020 the industry will need to fill approximately 400,000 positions to remain fully staffed. Meanwhile 40 percent of demand for managerial and technical talent will be met by...

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Connections’ portals help deliver value to MACo‘s individual members, drive efficiencies throughout organization. Risk-sharing pools have surpassed commercial insurance for public entities- cities, counties, schools, and others, notes the Association of Governmental Risk Pools, because they demonstrate effective government collaboration, and the collaborative work undertaken by pool members reduces all members' risks and associated costs. Read the full case study here: case-study-maco(1) ...

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Play by the digital rules, or you die. Not just one time, but again and again.” Against this digital and cultural call to action, the insurance industry faces a couple of huge hurdles: risk aversion and a culture that is also very averse to change. Read more about managing your digital transformation here. https://www.dig-in.com/opinion/managing-the-cultural-challenges-of-digital-transformation...

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Generating-Value-Customer-Portals-CHSI

Insurance-specific software packages that include portals improve agent and broker productivity, ease data collection and analysis, and sustain data security. All of this occurs behind the scenes. In a best case scenario, brokers or policyholders can experience swift responses to their quote applications, concerns, and/or claims. Ultimately, the value of a software package depends on the quality of information supplied by its users. This is why...

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InsurTech-Benefits-CHSI

InsurTech might not receive the same level of publicity as biotech or fintech, but that doesn't mean the insurance industry isn't adapting to technological change or embracing younger employees. As Baby Boomers retire, their positions need to be filled with talented young people who are committed to the insurance industry. This is especially true for small to mid-size insurance firms seeking to remain competitive by...

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Millenials-CHSI

A crisis is brewing in the nation's insurance sector, and it is one that could have disastrous effects if left unaddressed.   The crisis is an approaching workforce shortfall within the insurance industry. As Baby Boomers continue to retire, a gap is beginning to appear in the number of millennials entering the insurance workforce to replace them.   A number of factors may contribute to the problem, and the...

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