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Captive Insurance Tag

In an ever-changing economic environment, businesses are looking for new and innovative ways to effectively manage capital and assets. Some companies are seeking alternatives to traditional insurance coverages through the use of a captive insurance company.   What is Captive Insurance? Basically, a captive insurer is an insurance company that is completely controlled and owned by its insured. However simplistic as this may sound, the scope and administration...

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Public entities, such as government agencies and municipalities, have unique needs when it comes to insurance and risk management. Because their sources of revenue are public funds, i.e. taxpayer dollars, they are held to a higher level of stewardship than businesses in the private sector. In order to help mitigate risk while preserving revenue, some public entities are joining risk-sharing pools. While there are advantages to...

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HENDERSON, NV – July 23, 2018 - CHSI Technologies Inc., a provider of core enterprise-class software, is pleased to announce that, for the second consecutive year, it has been named to the official shortlist of finalists for the US Captive Awards in the category of Technology Initiative.  In 2017, CHSI was awarded the top honor in this category.   In its 7th year, The US Captive Review...

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gig-economy

The global corporate landscape is changing and small to medium-sized insurance companies have excellent opportunities to capitalize on these changes. The buzzword fueling the change is known as the "Gig Economy" and it is taking the small business world by storm.   The Gig Economy consists of an ever-growing demographic of individuals who work as independent contractors or freelancers in various capacities. Examples include drivers for Lyft...

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risk-sharing

For public entities, such as cities, counties and school districts, risk-sharing pools have provided a viable alternative to commercial insurance plans. Created in the 1970's and revived in the 1980's, public entity pools offer the means to stabilize taxpayer funds for public employee insurance plans.   Public entity risk-sharing pools differ from commercial insurance plans in several ways including funding sources, goals and administration. Commercial insurance carriers,...

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workers-compensation

Self-insured businesses not currently using workers compensation software to manage their risk and claims cost may be doing themselves and their employees a disservice. This is especially true for companies in areas such as construction, energy, and mining that have typically higher risks for on-the-job injuries. For these companies, software designed to manage workers compensation claims can greatly reduce the negative impact to the bottom line...

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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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