The adage “Time is money” proves more truthful for the insurance industry than most industries. When a claim takes time, it tends to become more expensive. It brings up the question, how much faster can you process claims? When an insured files a claim, they need to attend to an occurrence. Whether it’s a carRead more
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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
Claim management and how you make it work are two critical components of any insurance claim. For the insurer, when a claim arises, it is important to have a hands-on approach to make claim handling as effective as possible. For the insured, how claim management performs often means the difference between a successful claim and anRead more
Workers’ Compensation is a form of insurance that exists to attend job concerns for both Employers and Employees. Also known as Workers’ Comp, this benefit helps workers in the case of injuries within the workplace. In other words, if an employee hurts themselves during workhours, Workers’ Compensation insurance provides the medical expenses and protects the employer form a civil lawsuit. Laws regarding Workers Compensation vary by state and the compensation deliberation is different according to each state. ThisRead more
In the insurance industry, success in Claim Management is as important as having the right ingredients when you are cooking. Regardless of the type of insurance, managing claims is unavoidable. When the insured files a claim, it must go through the complex process that involves evidence gathering, coverage analysis and, finally, restitution. There is a way to make this process fast, cost effective, and even automated. Therefore, liberating insurersRead more
InsureTech Connect (ITC) Returns this October and TerraClaim is going to be part of this historical event! Since 2016, the world’s largest Insurtech Event has offered exclusive access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents. This year, the conference is back for 3 days of the latest innovations of the industry, top notch speakers, more than 500 hours of content, and 30,000 one-to-one meetingsRead more
Recently, the Cyber Insurer Coalition published a joint report with federal organizations showing that cyber-attacks have increased dramatically during the first half of 2021. The investigation analyzed 50,000 claims from policy holders in the United States and Canada in their words, the H-1 2021 Cyber Insurance claims report shows that “cyber-attacks involving ransomware increased 50% from January to July compared with the same time period of 2020. At the same time, theRead more
Are you considering moving your time-consuming manual claims process to an automated system? If so, you need to choose the right solution that directly addresses your specific claims goals. Switching to software, that helps your company save time and money, will depend on a series of factors. However, sometimes users are not familiar with ITRead 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
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
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