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insurance-underwriter

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 of the future stronger. Integrated Tools With a combination of mostly analog...

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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 your company. Assess Financials A captive insurance company requires start-up funds that...

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blockchain

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 are headquartered, blockchain technology is finding friends in the legislature....

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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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May 1, 2018 – Henderson, NV - CHSI Technologies, Inc., a provider of enterprise-class insurance software, is pleased to announce that CIC Services, LLC, a risk management consulting firm that specializes in captive management, has chosen CHSI’s Connections® core enterprise insurance management software to facilitate efficiencies in its operations and position the firm for growth.   The implementation will leverage Connections flexible core enterprise modules for CIC...

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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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