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captive insurance software Tag

Captive management is a multi-faceted endeavor with two basic objectives: to manage risk and preserve assets for the insured. One of the primary aspects of captive management is the matter of underwriting. Regardless of premium rate structures and other aspects of captive management, the functionality of the underwriting system can make or break the captive. Before spending thousands of dollars on insurance software, including insurance policy...

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Captive insurance programs are a great way for companies to manage and mitigate risk while protecting cash flows and expense outlays. Similar to public entity pools where insurance programs are administered specifically for the group being covered, captive insurance companies are actually owned by the entity or entities for which coverage is provided. In order for a captive to be profitable, and for the safety of...

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At the heart of every successful small insurance company is a claims processing department that operates efficiently and accurately to protect the company's assets to the greatest degree possible while delivering the products and services necessary to meet the needs of its customers. Studies show that the costs involved with claims processing often comprise as much as 80% of companies' operational costs. Therefore, it makes sense...

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Offerings such as SaaS (Software As A Service) and cloud technology are allowing smaller insurance companies to run state-of-the-art insurance management software and underwriting software through partnerships with companies serving as third-party providers of these services. While the improved, streamlined services for clients has helped to boost insurance sales and improve services to existing customers, the initial processes involved for transitioning to a SaaS system can...

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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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