The Insurance Industry is opening its doors to new forms of insurance. In this new scenario, the concept of “Open Insurance” is generating a world-wide project that draws on the experience of the Open Banking initiative. Open databases allow insurance providers to share with each other, what information they have available about the insured. The outcome are tailored policies for each insured, less time spent on dataRead more
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The case of a series of consolidated lawsuit against 10 insurers for ‘business interruption’ during the pandemic in the U.S. district assigned to the Judge Barbara J. Rothstein leaves room for a deeper discussion on claims interruptions. In mid-March of this year, the judge decided to dispose some lawsuits filed presented by a number of professional associations, retailers and even the Seattle Symphony Orchestra. Rothstein mentioned in her ruling that each of theRead more
To understand what a mortgage clause is and what an additional insured on a mortgage is, you must first understand what a mortgage is. According to Investopedia, “A mortgage is a loan that the borrower uses to purchase or maintain a home or other form of real estate and agrees to pay back over time, typically in a series ofRead more
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
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
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
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
An Insurance Industry Debate “The insurance industry needs to increase transparency and rebuild trust” is the name of a speech given by Richard Harding at the Insurance Council of New Zealand Conference of Tower Insurance. According to his conclusion’s, and the best way for a company to rebuild trust is “with a culture of transparency.” Something very important that has been buildingRead more
