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What is Omnichannel

What Is Omnichannel and How Does it Affect Insurers?

The omnichannel trend is affecting every industry. The term is often used to refer to omnichannel marketing, which places the customer at the center of a multi-pathway communications network. In omnichannel marketing, companies create an integrated experience with touchpoints selected to serve a particular purpose. The result is a personalized customer relationship with a consistent…

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CAJPA Conference Attendees Share Greatest Challenges

To find out what keeps joint power risk pool leadership and technology professionals up at night, the CHSI team played detective at the recent California Association of Joint Power Authorities’ annual conference Sept. 10-13 in South Lake Tahoe, Calif. Gathering qualitative data from more than 25 random, anonymous attendees, the team asked a simple question: …

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Is the Captive Industry Ready to Compete Tomorrow?

Capital preservation, one of the main financial objectives of captives, is also a critical element to a captive’s success.  Along with conservative investments, captives must be able to manage costs in a both a hard and soft market. Consider that between 2014 and 2018, captives added $3.1 billion to their year-end surplus and paid $1.6…

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Ways to Avoid Ransomware Attacks for Self-Insured Municipalities

In today’s insurance marketplace, the benefits of technology cannot be overstated; however, the dark side of technology—namely ransomware attacks—is now infiltrating self-insured municipalities. Ransomware attacks occur when criminals find a way into the organization, encrypt as much data as possible, and then extort money from you to get your own data back.  If the ransom…

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Insurance Rules Engine

4 Tips to Improve Your Insurance Rules Engine

  There is a quiet revolution sweeping through the insurance industry. New data storage options and artificial intelligence solutions are allowing smaller insurance companies to use the same technology as their larger counterparts, giving them access to previously unattainable levels of data security and operations efficiency. This innovation represents a real game-changer for small insurance…

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Captive Owners Sue Legal Advisors After IRS Levies Penalties

The owners of an 831(b) captive that the Internal Revenue Service ruled did not qualify for various tax benefits is now suing the lawyer who allegedly advised them to establish the microcaptive, Business Insurance reports. Last month, Benyamin and Orna Avrahami, the owner of a jewelry firm and various other businesses in Phoenix, last month…

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Fewer Property and Casualty Agents on the Horizon?

The property and casualty industry will see a change in the distribution channel, namely fewer agents, says an insurance advisor for EY.  During a recent Insurance Journal “On Point” podcast with Peter van Aartriik, an insurance industry marketing and communications specialty company, EY’s Ed Makowski noted that those agents that remain will be larger and…

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AI: For Workers’ Comp, a Promise to Be Fulfilled

The term “artificial intelligence” (AI) is weaving its way into the mainstream of insurance companies of all sizes.  It’s a hot topic:  Consider that at the recent Dig|In event in Austin, Texas, at least half a dozen exhibitors classified themselves as “AI” or “AI/Fraud” companies. For many smaller carriers, however, especially those in workers compensation,…

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Senior Leaders Offer 5 Lessons on AI Adoption

Many small- to medium-sized insurers are still grappling with the concepts of artificial intelligence (AI) and its power to transform the business.  Some are beginning to incorporate big data into workflows, and others are using AI to increases outreach, customize customer service efforts, improve processes and boost productivity. It’s clear that some are farther along…

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Risk Retention Groups Attract Young Talent

Risk Retention Groups, like other smaller insurance companies, face an uphill battle when it comes to finding great talent.  In an article published on the National Risk Retention Association (NRRA) site, Joe Deems, the group’s executive director, laments the fact that young people have little or no interest in starting and building a career in…

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