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insurance technology Tag

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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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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Insurers come in all shapes and sizes, from Tier 1 monolithic operations to the smallest captives and self-insured groups.  One thing has been made clear to me in the 30-plus years I’ve served this industry: Regardless of size, many insurers do not fully understand their technology requirements. I’m not saying this because I want to sell them something they don’t need; I’m saying it because...

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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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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 technology solution providers.   From what I saw at this conference, it appears that...

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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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