What do you get when you combine changes in customer behavior, expectations, and demographics with the rise of insurance start-ups and new insurance models? Pressure on insurers to pivot, invest, and develop new competencies to stay connected with the next generation of consumers. Connected devices, robo-advisors, P2P Insurance, and IoT are just a handful of many buzzwords and evolving business models making headlines in every industry conference and publication in the recent years. While a lot of discussion around insurance innovation is focused on the future – there are changes happening now. Which begs the question, are we already experiencing the future of insurance? To help you discover the insurance innovation eco-system, we hosted an Innovation and InsurTech Panel Discussion at the 2017 TAI User Group. Below is a sneak peek of what our panelists shared at the meeting.
Are you currently using LinkedIn? If no, you've come to the right place! If yes, are you optimizing your profile to get the most value for your professional development? Could you be doing more? I am a huge fan of LinkedIn. Of course, being a millennial, it is natural for me to gravitate towards social media. BUT you should know that LinkedIn is NOT just for millennials. It is a powerful platform used by professionals from a wide variety of industries and stages in their careers. Professionals in the reinsurance industry are no exception. To understand why, I'm sharing 5 ways reinsurance professionals can benefit from LinkedIn below.
Let’s be honest. How much time is your company currently spending processing reinsurance claims? How many hours are you wasting copying, printing or faxing claims to your reinsurers? Are you submitting claims individually or in multiple monthly batches? Are you concerned about missing or erroneous data? Is it difficult to reconcile open or pending claims with your reinsurer? Wouldn’t you love a way to streamline this process? Well, guess what? There is a way! Our TAIB300 (Claims Notices) Program provides a simple method of submitting claims electronically. It significantly reduces the time expended on this manual process while also mitigating the risk of data errors or inconsistencies. And the best part, shifting reinsurance claims submission to an electronic format benefits both ceding companies and reinsurers. Are you curious yet? For those unfamiliar with TAIB300, I’ll share how it can be used and provide a bonus job aid to walk you through set-up. And if you are looking for even more, we’ve also dedicated a specific breakout session to Claims Updates and Processing at our upcoming User Group in Arizona. Now let's dive in!
It's that time of year again! Registration has officially opened for the 2017 User Group in Scottsdale, Arizona, May 10-12. We invite you to join us for an exciting program that will help both users and non-users learn how to get more value from TAI software. If you are wondering what to expect from this year’s User Group, you’ve come to the right place. Below I’ll give you a quick breakdown of what to expect plus all of the information necessary to register.
Big data analyst, data scientist, data miner. What do these three jobs have in common? Well, besides all of them being related to data, none of them existed ten years ago! While millennials may be aware of, and even occupy these jobs in other industries today, they might not realize that the insurance industry is one of the top five industries that are hiring for big data related jobs. These roles definitely go beyond what one would typically consider a career in insurance. However, they are definitely attractive opportunities for millennials, and in my opinion, another reason why millennials should seek careers in the insurance industry (check out three others here). We can’t expect millennials to seek these opportunities out if they don’t know about them. Join me in discovering 4 emerging job titles in the re/insurance industries below.
Are several members of your staff planning to retire in the next 3-5 years? Do you have a plan in place to fill this talent gap? What about the resources necessary to onboarding and training the next generation of reinsurance professionals? These are just a few of the questions that the insurance industry is currently facing because, as we learned at TAI’s 2016 User Group meeting, concerns over a retiring insurance workforce are increasing. While it is a discussion that may be somewhat concerning, it is also a sign that the discussion is active. It means that the industry is thinking about how to close this gap without having a great deal of impact on the business. The good news is, if you put a plan in place early you can start onboarding new professionals before your ‘veterans’ leave the company giving yourself the opportunity to transfer knowledge. Which will be extremely beneficial during the training process.
One of the reasons we love connecting with clients at our annual User Group meeting is to share modifications and enhancements on our software. We are constantly committed to meeting the needs of the reinsurance industry and hope to do so each year with improvements to our reinsurance platform. So what drives our software enhancements?
Can you believe we hosted our 27th annual TAI User Group in May! Every year we strive to make it bigger and better for our attendees. Thanks to your feedback we ensure we are delivering the highest quality of content and insight to help you achieve your business objectives. This year was especially monumental as we launched two brand new products to our suite of software; CONNECTOR and INSIGHTS. Attendees also had the opportunity to hear from one of the world’s leading futurists on global trends Daniel Burrus, who led an intriguing discussion on technological innovation. We are always eager to keep things fresh by introducing new elements to User Group but also maintain the segments you look forward to most. Whether you had the chance to attend this year or not, I’ve pulled together the top highlights from the 2016 TAI User Group below!
If you are in the realm of business, regardless of your field, you’ve more than likely read about, discussed or researched the topic of data and its impact on you. I know I have more than a handful of times! In our digitally driven world, the topic of data has been prominent over the past few years. Recently, I came across an article that, at least for me, discussed data with a fresh perspective. The author described data as a language that is used to tell stories – and not just in the business world but in everyday life. Running an upcoming marathon? The distance, your level of fitness and goal for time will inform the amount of training you need to do. Saving for retirement? Your standard of living, current income and family size are just some of the data that will inform how much you need to save annually. I could go on, but the point is, almost everything you do involves some kind of data that is used to tell a simple story. But so often in business we can get overwhelmed and caught up in data overload. This inspired me to think about how you can use data to tell a simple story about your business.
As you know, approximately every four years we have what's called a leap year, a year with 366 days as opposed to 365. This additional day comes to us in February as the 29th day of the month. Intuitively, many of our clients would assume that 366 days in a year would affect the annual billing of their premiums, as one of the golden rules of annual premium calculation is to always divide by 365. So what happens in a leap year? Well, ultimately, I will address this question with this blog post, and share with you how leap years will not affect the calculation of your billed premiums. Let's learn more on how this is done.