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
The reinsurance industry relies on processing accurate treaty data. Yet, in many cases, treaty information is misfiled, misunderstood, or even missing. Which is a huge risk because if your organization is processing erroneous data, it can lead to large financial adjustments. Reviewing treaties allows you to validate that reinsurance is being processed accurately and identify errors that could be causing financial issues. So when is it the right time to conduct a treaty review? Like many things in life, there is never a 'right' time. It really depends on a reinsurance company's current state, business strategy, operations and processes to name a few. Based on our experience, we've identified the most common scenarios reinsurance companies approach us to conduct treaty reviews below.
In today’s digital world, information technology and data are at the center of our day-to-day lives. Whether you are browsing the internet on your smartphone, tracking your steps on a FitBit, watching Netflix or making a purchase online, there is a constant exchange of data. And these are just examples from your personal life. It’s hard to imagine a profession that doesn’t have at least one touch point with information technology or digital data. The insurance industry is no exception, holding a wealth of private data on millions of individuals and companies.
With the recent launch of Ardent, TAI's new security program, we've been receiving inquiries on how the program works, how to get recent updates and more. This FAQ blog was inspired by these inquiries. If you don't see the answer to your question, don't hesitate to reach out.
Spatulas, baking pans, cookie scoops and stand mixers are amongst the essential items bakers must have in their kitchen. Similarly, there are a handful of essential tools that reinsurance analysts use in their day-to-day work. Whether you are submitting claims, querying data or trying to manage data errors, I've curated a list of tools for reinsurance analysts to use based off of my experience:
