The insurance industry has been undergoing changes in the 21st century. Along with a majority of other industries in products and services, it had to adapt to a new landscape: a digital world, with a digital cloud over it, oceans of data, and an increased reliance on what you can be done remotely. The digital landscape is where insurers struggle while others are able to thrive. That is the reasonRead more
Blog
Reinsurance is defined as insurance for insurers. It works by insurers transferring portions of their risk portfolios to other insurers in some form of agreement. The insurer that “buys” risk, or that “reinsures” an insurance policy is known as the “ceding” party. The party that accepts that part of the risk is the reinsurer. The Insitute of Insurance Information cites the Reinsurance Association of AmericaRead more
What is Self-Insurance? According to Investopedia, “Self-insurance is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss.” Self-insurance can be summed up as the decision to retain risk. For example, it means that if your house burns down you must pay for everything, rather than the insurance company, since you own yourRead more
Social Inflation has factors that can influence it to be higher or lower at various times, but the fact is that it exists and its effects are being felt across the insurance industry. Let us start by clarifying what Social Inflation is. No matter the type of insurance you specialize in or the offers your company has available, you have probably heard the term ‘social inflation.’ Although many do notRead more
As discussed in part 1, cyber insurance can protect your business against cyberattacks. In the second part of the series, the focus will be on how costs are calculated in cyber insurance. How to Calculate the Cost of Cyber Insurance A study performed by AdvisorSmith Solution Inc found that the average cost of a cyber liability policy in 2020 was around $1,500 perRead more
What is Cyber Insurance? Navigating through the internet should be a seamless experience. The world wide web has the capacity to nourish us all with knowledge, goods, and culture. Sadly, much like the real world, it is not necessarily peaceful all the time. Rather, the internet is filled with dangers. Specially if you work in health, finance, insurance, or any other industry that relies on data and the protection ofRead more
Animal collision on vehicles is often a subject of questions since most people don’t have a clear understanding of how it works. Animal collision will be the focus of this article as well as the dangers, the precautions and the actions to take to ensure protection. Driving in the outskirts of any city can be relaxing. The airRead more
Artificial Intelligence (AI) in the insurance industry is a form of technology that allows computer systems to accomplish tasks without human intervention. These task involve Gathering information; Analyzing data by running models for example of projected sales. Finally, Automatically making decisions, which is essentially automating a task. AI is turning the insurance industry around. The uses of AIRead more
Starting from the top, insurance claim management is a term used to describe the process that takes place once a claim is filed. It involves guiding the insured from point A (claim) to point B (resolution) whether that includes payment, or if the claim is approved or denied. Process is everything when it comes to managingRead more
What is Commercial General Liability? What happens when someone is shopping at the supermarket and a display of soda cans collapses on them?. In a case like this, commercial general liability provides coverage to the grocery store for bodily injury, personal injury, and property damage. 1. Does commercial general liability cover everything surrounding my business? Although it is considered “comprehensive,” not all risksRead more
