Last year Fraud losses cost the UK £190+ Billion.
Unlike snowflakes and finger prints, all claims handling processes are not unique. As such it is possible to standardise many of the elements of the claims process by following best practice guidelines. Below is an excerpt from The Actuary magazine discussing this very point. You can read the whole article here.
Technology has come a long way in the last 10 years. So has the compliance landscape for risk management and data protection.
It’s important to keep up, so here’s a quick rundown of the top 7 advancements that affect you:
It's no secret that Insurance technology is on the rise...and it's about time too. It's something that the industry has been lacking and in terms of embracing technology, it has been falling behind somewhat.
Images of the Jetsons and suped up DeLoreans aside, what do these tech advances mean for the industry. Will we even need insurance...
In the last 5 years, we have seen an immense rise in the number of Insurance Tech startups joining the insurance market.
The majority of these startups are coming to fruition on the back of investment from Venture Capitalists and big Insurers branching out and trying something new. In this post I will tell you about some of the most innovative, so make sure to keep an eye out for them kicking up a storm in the insurance industry!
Claims handling can be an extremely fast-paced profession, especially for those working for the Public Sector.
Huge case loads and minimal resources mean that simple mistakes can easily be made and result in unnecessary costs that most local authorities can really do without.
So how can this common problem be fixed? Continue reading to find out...
Topics: claims handling
I spoke about the importance of Data Integrity in a previous post titled 'You Can't Make Decisions Without Data'. The post outlined and discussed just how hard it is to make correct operational decisions without clean and accurate data.
In this post, I will give you some tips that you can implement today and start using data to your advantage.
The Insurance Act 2015 (IA2015) came into force on 12 August 2016. We're pleased to present this guide, written by Joanne Staphnill from Triton Global, an international firm of solicitors specialising in the defence of insurance claims.
Topics: Insurance Act
As belts continue to tighten, self-insurance is becoming an increasingly attractive prospect for saving money within public and private sectors alike.
It has been around since the swinging 60’s but really started gaining ground back in the late 80’s and early 90’s. During this time there was a limited market for commercial public sector insurance such as Public Liability, Employers Liability and Property Damage.
As a result insurers were able to command very high premiums to cover any risks. Commercial insurance (e.g. covering catastrophes) had large deductibles of anything between £250k to £1m.
So organisations were left with two choices: Pay the higher premiums or self-insure becoming self-insured was the logical option. Since that time people have become more comfortable with higher deductibles.
So how exactly do you take on self-insurance? Continue reading to find out...
Topics: Insurance Act