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Underwriting software Tag

Captive management is a multi-faceted endeavor with two basic objectives: to manage risk and preserve assets for the insured. One of the primary aspects of captive management is the matter of underwriting. Regardless of premium rate structures and other aspects of captive management, the functionality of the underwriting system can make or break the captive. Before spending thousands of dollars on insurance software, including insurance policy...

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At the heart of every successful small insurance company is a claims processing department that operates efficiently and accurately to protect the company's assets to the greatest degree possible while delivering the products and services necessary to meet the needs of its customers. Studies show that the costs involved with claims processing often comprise as much as 80% of companies' operational costs. Therefore, it makes sense...

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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 you know that the captive you are joining, or the one...

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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...

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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...

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Small insurers hold an advantageous position in the industry. Their flexibility allows for speed and customization. They offer and manage traditional and non-traditional insurance policies while accessing similar digital tools and insurance underwriting software as their larger, and less personable, competitors. By leveraging the power of ERM frameworks, small insurers are able to assess risk across multiple factors and provide deep data analysis that positively...

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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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