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
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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
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 together for risk management. What is Indemnity? According to Investopedia “Indemnity is a comprehensive form of insurance compensation for damages or loss. When the term indemnity is used in theRead 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
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
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
What is Self-Insurance? According to Investopedia, “Self-insurance is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss.” Self-insurance can be summed up as the decision to retain risk. For example, it means that if your house burns down you must pay for everything, rather than the insurance company, since you own yourRead 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
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