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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Artificial Intelligence: An answer for Insurance Claim Management? Artificial Intelligence (AI) is much more than a buzz word in the insurance industry. AI has promoted changes across the industry in various practices: Chatbots. Claim Management. Evidence Gathering for Auto and Health Insurance via wearables. Telematic Devices. Massive Data Production and Analysis, and more. Changes brought by AI are not only being adopted in the industry, but they are also changing insurance permanently. But before digging deeper into this subject, let usRead 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
According to the U.S. General Services Administration, Blanket Purchase Agreements are “agreements established by a government buyer with a contractor to fill repetitive needs for supplies or services.” These agreements are crafted to simplify the acquisition of certain goods or services that are going to be required as time passe with the customer’s specific requirements in mind. Are there different typesRead more
Captive Insurance is another way to protect your organization against financial risk. With Captive Insurance, the ‘insurance company’ that provides coverage is owned by the insured. That means that the insurer who owns the risk, also owns the insurance company who does the captive coverage. This Insurance Company -created to create the captive insurance policy- is subjected to the same regulations as any other insurance company and needs to have CapitalRead more
Risk assessment and the approach you take on challenges, are two fundamental aspects of a cybersecurity plan. It may sound complicated, but it does not require any specific equipment to create a plan. You only need a few documents, trustable data about your own company, and a lot of drive from yourself and employees to put the planRead 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
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
