Toll Free: 855-976-2026        SUPPORT

 

Risk Management software Tag

Captives are a risk management strategy currently experiencing growth across industries as a result of a healthy economy and subsequent growth of business sectors. As organizations, both large and small, expand across geographies, they are challenged by complexity, regulations, employee benefits and shifting business alliances. Captive insurance technology has kept pace with a growing demand, enabling captive insurers to access data across geographies and expedite...

Read More

The Bermuda Monetary Authority has opened an application process designed for insurers interested in experimenting with new technologies within a relatively risk-free and carefully modified regulatory environment. A regulatory sandbox is a new and extremely relevant concept as the insurance industry expands in non-traditional ways and leverages new technology. Here are a few examples of how a regulatory sandbox would be of interest to a...

Read More

Small to medium-sized insurance companies are turning to Software-as-a-Service (SaaS) with an ever-increasing frequency. It is important that data channeled through SaaS is safe and secure to the greatest degree possible against being lost, stolen or corrupted. There are recommended measures that can be taken to help protect sensitive data from being compromised.   Avoid Deadline Vulnerabilities The rush by insurance software providers to complete development or updates to...

Read More

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 better compete with their larger peers. SaaS is available on many...

Read More

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...

Read More
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...

Read More
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,...

Read More
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...

Read More
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...

Read More

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...

Read More