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
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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
Artificial Intelligence (AI) in the insurance industry is a form of technology that allows computer systems to accomplish tasks without human intervention. Examples are: Gathering information. Analyzing data by running models. Automatically making decisions. AI is turning the insurance industry around. The uses of AI in the insurance industry range from underwriting, customer service, claims, marketing, and most importantlyRead 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
This is the second entry in our series on Insurance Fraud. In our last post we covered what insurance fraud is. In this entry you will learn the benefits of using smart systems to prevent fraud. How can Smart Systems prevent fraud? The Coalition Against Insurance Fraud summarizes the relation between artificial intelligence and insuranceRead more
To reduce costs in workers’ compensation used to be tricky. Not only because it must obey the law of each state (leading to cost variation), but because it can get really expensive if not carefully planned. So, we’re going to try to share a couple of important points to keep in mind. These will helpRead more
When someone mentions the claims management processes, what comes to mind? Do you think of an abundance of claims data piling up and feel the desperate need for a streamlined claims-related solution? Solve this problem by using the correct claims management and benchmarking system is the common solution that often brings more questions than answers.Read more
