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
Animal collision on vehicles is often a subject of questions since most people don’t have a clear understanding of how it works. Animal collision will be the focus of this article as well as the dangers, the precautions and the actions to take to ensure protection. Driving in the outskirts of any city can be relaxing. The airRead 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
According to Investopedia, Commercial Car Liability Insurance is part of a car insurance policy. It provides financial protection to a driver who harms someone else or their property while operating a vehicle. Commercial car insurance is like personal car insurance in many ways. The difference is that Commercial insurance is designed specifically for vehicles that are used by or for a business. Commercial car insurance offers both liability coverage and collision coverage for business vehicles and theirRead 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
What is Commercial General Liability? What happens when someone is shopping at the supermarket and a display of soda cans collapses on them?. In a case like this, commercial general liability provides coverage to the grocery store for bodily injury, personal injury, and property damage. 1. Does commercial general liability cover everything surrounding my business? Although it is considered “comprehensive,” not all risksRead more
Implementing technology in insurance claims can automate the process, leaving you with more time and improve the overall claims process. We’re breaking down the top five ways that insurance claims automation can help your business, and how claims management creates a powerful feedback loop that can automate claim processing. 1. Prevent Insurance Fraud There areRead more
Six tricks to prevent fraud Through this series on how to prevent insurance fraud, we’ve gone over what fraud is, and how can technology help prevent fraud. This is the last entry. It’s time to take action to prevent insurance fraud. Read on for our 6 tips to stop fraud in its tracks. 1. Automate ThroughRead 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 beenRead more
