What Is Benchmarking? “Benchmarking is the practice of measuring a system’s performance against a standard.” – International Risk Management Institute, 2022 Benchmarking is a term used in various industries to set the precedent of how good (or bad) a company is performing against industry standards. Benchmarking allows industries to set guidelines to track goals, paceRead more
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When it comes to claim management, time is a vital thing consideration for efficient claim processing the time it takes to solve a claim affects the outcome, especially considering that the longer it takes to solve a claim, the more it costs. Therefore, a successful claim processing workflow relies on the effectiveness of gathering claims information, processing it, and reporting it. At the same time, claim reporting is a critical part of the claim management process. There are simpleRead more
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
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
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
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
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
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
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
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