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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Digital transformation, digitalization, digital maturity; these are all labels for the change from manual, cumbersome and time-consuming processes to digital, automated and efficient operation. It is based around the use of digital components, such as cloud services, Software as a Services, Infrastructure as a service, platform as a service, artificial intelligence and machine learning replacingRead more
Recently, Sonoma County in California has decided to enter a contract with a South Korean technology firm, Alchera. This partnership will give the county an extra set of eyes to help alert for danger of wildfires embodied by drones. When they spot a fire or signs of one, the drones will alert first responders. The two-year contract was funded through 3 MillonRead more
A concept that has been gaining traction in the last 3 years is Customer Satisfaction when talking about websites, software and procedures across the board that involve a client performing an action in a platform. Customers want a product that is easy to use. If a product or product integration is not streamlined enough, customers will not be satisfied with theRead 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
While both indemnity and insurance are ways to manage risk and avoid financial losses, what makes them different is the way they undertake risk. This article is going to focus on how indemnity and insurance work, and why they take different approaches to managing risk. What is Indemnity? According to Investopedia “Indemnity is a comprehensive form of insurance compensation for damages or loss. When the term indemnityRead more
What is improvements and betterments insurance? “Improvements and Betterments refers to upgrades done by a business owner to a property that is rented from a landlord. According to IRMI, the International Risk Management Insitute improvements and betterments are “permanent additions or changes made to a building by a lessee at his or her own expense that may not legally be removed.” These improvements andRead more
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 can be done remotely. The digital landscape is where insurers struggle while others are able to thrive. That is the reasonRead 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
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
