Insurance policy software

best practices for saas integration

Best Practices for SaaS Integration

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,…

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should your public entity participate in a risk sharing pool

Hot Topic Issue: What is The Tax Shelter Captive?

When the federal government adopted The Tax Shelter Captive IRC 831(b), captive insurers were provided the opportunity to deduct premiums from their tax bill. The benefits are obvious. Unfortunately, those benefits led to an abuse of the system. Some captive insurance groups are merely tax shelters that offer little to no risk coverage. How do…

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what a saas model should incorporate to be successful

What a SaaS Model Should Incorporate to Be Successful

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…

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gig-economy

Insurance software solutions for the 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…

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Digital Insurance Kids

Small Insurers and Digital Insurance

Are Small Insurers at Risk of Becoming “Blockbuster Videos” in a Netflix World?   Having just attended the Digital Insurance Dig-In 2018 annual conference, I felt like I drank innovation from a firehose.  The conference showcased real use-case technology innovations from insurers large and small as well as the latest technologies from upstart and incumbent…

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risk-sharing

How Risk-sharing pools have surpassed commercial insurance for public entities

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…

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workers-compensation

Key benefits of implementing Digital RMIS Technologies for 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…

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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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Captive Insurance

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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