In the insurance industry, success in Claim Management is as important as having the right ingredients when you are cooking. Regardless of the type of insurance, managing claims is unavoidable. When the insured files a claim, it must go through the complex process that involves evidence gathering, coverage analysis and, finally, restitution. There is a way to make this process fast, cost effective, and even automated. Therefore, liberating insurersRead more
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Business Interruption insurance is a type of coverage that a business owner turns to when they are forced to close their business for a period. The reasons behind this “non-voluntary” closure could be internal or external factors that make owners lose their ability to generate sales and income. Internals: such as a gas leak, a fallen tree, a broken water pipe, etc. Scenarios that force a company to stop businessRead more
After the COVID-19 pandemic and the subsequent move from offices to virtual work environments, employers have started paying serious attention to cyber security. According to the Report “Cost of a Data Breach” from IBM, during 2020 the average cost of a data breach was 3.86 million dollars. More specifically, in the health care industry theRead more
There is a part of the insurance industry, Insuretech, that contrary to the industry as a whole firmly says, “We embrace change.” Both In their own internal channels –blogs, websites, forums- and in their external actions. While a traditional broker may still be on the phone, Insurance technologists are ready to give fresh solutions a go. This adaptability is making insurance policies easier to manage. The reality, especially after COVID– 19 is that Insuretech has provided solutions that were not expected to surface for years to come. Although theseRead more
Whether you have insured a small business or a multinational enterprise, commercial general liability insurance should always be present. It is a fantastic way to protect property, and yourself, against damages that could be experienced by you or others because of professional negligence during business operations. But in a digital world, manual entry of claims is disappearing so it is time to start considering Commercial General Liability in the 21st Century According to Investopedia, Commercial General Liability insurance is commonlyRead 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
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
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
