Machine learning and artificial intelligence are hot topics right now – and for good reason. Machine learning (ML) and artificial intelligence (AI) are unlocking new insights, capabilities, efficiencies, and opportunities across industries and sectors. Life insurance is no exception. Getting a grasp of what it is and how it can impact life insurance is critical to rethink challenges, spot solutions, and adapt in a changing industry.
The 2018 User Group is quickly approaching and one of the topics we’ll be discussing in a breakout session is what customers can expect during a TAI software upgrade. Before diving into that journey, let’s touch on why implementing TAI upgrades are important to your business in the first place.
Tackling a reinsurance treaty can be a comparable experience to tackling an obstacle course. You’re not sure when a surprise will pop up, there is little consistency between obstacle courses and it can be down right frustrating when you can’t find what you are looking for.
Our latest installment of TAI FAQ regards TAI .NET's recent compatibility issues with Chrome. The bug that was causing the issues has now been resolved. If you use Chrome as your browser of choice for the TAI .NET application, you may have experienced compatibility issues. Chrome normally updates itself, but if you are still having problems, please visit Chrome's update page for instructions on manually updating.
Last week I had a chance to moderate a round table on Entrepreneurship and Innovation at the 2017 SOA Annual Meeting. It was a great session with a lot of alternative view points on the future of insurance. Topics of discussion ranged from the displacement of production and distribution to Amazon and Walmart, to regulatory understanding across different jurisdictions and why this complexity is a necessary reality, and more philosophical arguments around insurance’s role in society and whether we are optimizing these duties for the “jobs that need to be done”.
Disruption. It is something that the life insurance industry has been experiencing a lot of lately. And according to EY, the US life annuity insurance market will continue to be subject to disruption in the coming year, making it a competitive environment. Some of the disrupting factors influencing industry players to reassess their strategies include:
What are the risks of having inaccurate treaty data in your reinsurance administration system? Are those risks top of mind for actuaries? While the impact of inaccurate treaty data might not be apparent on a day-to-day basis, over the long term, they present serious risk for insurance companies.
As life reinsurance professionals, we know that reading and interpreting a treaty is no easy task. While treaty language has progressed over the years, to a more standardized language, the older agreements are still relevant in today’s reinsurance eco-system. On any given day, reinsurance analysts could be working with treaties that look very different from one another. The lack of consistency makes it increasingly harder to accurately interpret the intentions of treaties. When intent and clarity are not clear, misinterpretations occur which can put your company at risk. Find out what happens when treaty language is misinterpreted, why it occurs, and how to prevent it from happening.
The September FAQ includes a combination of questions on TAI Mainframe vs. NET, general system questions, INSIGHTS and CONNECTOR.
This FAQ article was inspired by the questions we received at User Group 2017 and common ones I get from talking to reinsurance professionals about INSIGHTS and CONNECTOR. Continuing with the momentum from our summer newsletter in sharing resourceful content, I hope this article answers your questions on the latest additions to our software suite