Underwriting software
What to Look for in Automated Underwriting Software
Sometimes an underwriting task is unusually complex, requiring special attention to its unique circumstances. Every experienced underwriter has seen a few cases like this. While unique cases require critical thinking and a hands-on approach, many underwriting tasks are not unique. Some do not require much in the way of creative thinking or adaptability. From…
View from the Captive Cockpit Needs A Technology Parachute
In a recent IRMI Captive.com blog post (“A View from the Cockpit: Systems and Controls of Good Captive Managers”) the team at Atlas Insurance Management Limited compared the successful management of a captive insurance company to flying a plane. “It’s a whole lot less intimidating once one understands the controls and systems that need to…
With the Right Technology, Insurers See Green in More Ways than One
As more state regulators approve cannabis as a legitimate line of business, how will insurers manage its risk — and capitalize on the industry’s future? Such is the question posed in the 2018 Fall/Winter edition of the Insurance Accounting & Systems Association’s Interpreter magazine. The discussion is an important one, as an increasing number…
Cloud-Based Technology: Four Common Questions
As traditional enterprise insurance software applications continue to take a back seat to Software as a Service (SaaS) through cloud-based technology, smaller insurance companies may be intrigued yet hesitant to commit to migrating to the cloud. In an effort to ease the consternation associated with moving to the cloud, below are four questions that commonly…
Six Questions to Ask Your Potential SaaS Providers
Small to mid-size insurance companies are moving to SaaS (Software as a Service) more than ever before, and with good reason. The cost savings in technology equipment and personnel can amount to thousands of dollars, allowing companies to place greater focus on growing their business and less time on dealing with technological issues. However, companies…
The Benefits of SaaS Versus Traditional Software
In the ever-changing world of technology, smaller insurance companies may be finding themselves struggling to stay abreast of the most current trends of their businesses while ensuring compliance with state and federal regulations. Relying upon traditional in-house software can be problematic for companies looking to grow their businesses. Small insurance companies including captives are often…
Captives Creating Ease With Underwriting Administration
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.…
Improving Adjuster Efficiency and Accuracy
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…
Hot Topic Issue: What is The Tax Shelter Captive?
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…
Will Captives Use BMA’s Regulatory Sandbox?
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…
