Insurance software Tag

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...

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,...

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...

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...

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...

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....

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...

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...

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...

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...