When it comes to administering a smaller life reinsurance business, many small to mid-sized insurers feel caught in a bind. It would be nice to use software to automate the business, but if you’re small it can seem costly to make the switch. Instead, they stick to homegrown manual systems, which can be clunky and prone to human error.
Artificial Intelligence (AI) and Machine Learning (ML) are already impacting customer expectations, service options, and how professionals operate. Recognizing the potential and understanding the impact of AI and ML is the first step to maximizing your organization’s use of the technologies. As the industry continues to grow and transform, life insurance companies and professionals can leverage emerging technology to remain relevant and successful in a fast-paced, service-driven marketplace. Demystifying the technology and embracing the huge potential it offers for insurance are essential as we continue to deliver faster, more adaptable, and more efficient insurance solutions.
This FAQ will focus on answering questions on TAI Annuity. If you are attending the 2018 TAI User Group, be sure to sign up for Breakout #2 – How to Process Annuity Reinsurance with Ease on TAI. I will be providing a more detailed look at the system and Jacqueline Barrett, Director of Reinsurance Operations of LOGiQ³, will share her team’s experience during a TAI Annuity implementation.
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.