Data integrity is essential to reinsurance administration. A key part of our role as analysts is maintaining data accuracy throughout the entire chain of business. Which means we are responsible for data throughout its entire life cycle. Having the right people, processes and technology in place can be extremely beneficial for maintaining data accuracy throughout its life cycle. One tool our team of analysts uses to ensure accuracy while processing policies is TAI’s exception reports. This tool generates an itemized report of any policy that was not successfully processed as intended. The ultimate goal in reinsurance administration is to get a zero exceptions report. Why?
You know that feeling you get at the end of a conference? The energetic burst of inspiration and readiness to implement everything you learned into your everyday work? But then you get back to the office and unfortunately, allow other priorities to get in the way of implementing new learnings. While writing this blog and reflecting on my takeaways, I also thought about how we can make time for new learnings instead of putting them on the back burner. So in addition to the User Group highlights I shared in Part I and below, I'll also discuss how to keep the momentum going post conference. For now, let's dive back into highlights from the 2017 User Group.
Can you believe we just wrapped our 28th User Group?! More than 170 re/insurance professionals joined us in Arizona last week to connect, strategize, learn and soak up the sun. This year, we focused on providing attendees with the opportunity to fuel their strengths on an individual, team, organizational, and industry basis. The action-packed week included: Educational breakout sessions A panel of InsurTech experts And an exciting Keynote that led a finger fencing battle! (More on that later). I hope everyone left feeling energized, refreshed and ready to channel their takeaways into their daily routine. If you missed out on the action or want a quick recap from our 28th User Group meeting, check out my highlights below.
Now that you've had an introduction to the Frasier method including what to consider when using it and when errors commonly occur, I'm hoping the concept is a little less scary to you. As I mentioned in my previous blog, reinsurance analysts usually fear the Frasier method because of the potential for errors. But what is the best way to address a fear? Take it head on (at least for some!). When it comes to Frasier, this means getting an understanding of where the most common errors can occur.
In my previous blog, I explained various factors Information Technology (IT) teams should consider when implementing solutions for reinsurance operations. I also touched on the fact that IT and reinsurance operations should go together like peanut butter and jelly. But I realized that this is not always the case. In fact, our 2015 Industry Study on Life Reinsurance Operations & IT uncovered gaps in the relationship between the two departments. So why do these gaps exist and what can you do to improve the relationship between IT and reinsurance operations? Find out below.
Growing up did you ever have a fear of something? Maybe it was the boogie monster under your bed, or a scary character from a movie – maybe it was even something your parents always said when you got in trouble. Was there one word, sound or action that always reminded you of this fear? My sister and I always knew we were in trouble whenever we heard the following words from our mother ‘girls, front and center!’. Every parent has their way! But then you grow up and realize the monster under the bed was just in your imagination, the scary movie character was just that, a character and your parents – well let’s just say you mastered the art of getting out of trouble! Essentially, you conquered your fear by understanding it. So how does this relate to reinsurance? Well if you are wondering how to strike fear during a reinsurance premium review: mention the word “Frasier”.
Reinsurance operations and IT go together like peanut butter and jelly. Or at least they should to ensure smooth operations. An integral part of ‘smooth operations’ in the world of reinsurance is data management. Since IT and reinsurance operations are both stewards of data, they need to work together to find flexible solutions for data management. These solutions can take the form of systems, technologies, and processes (or ideally a combination of all three). The goal is to ensure consistent, reliable, and consumable data is available to work with. From an IT perspective, what should you consider when determining the best solutions for your reinsurance operations?
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.
The first part of this series explained the importance of moving a claim through to completion within a 90-day period. To help you strive for this, I shared barriers that could prevent it from happening and key components to aid the process. To recap, the three components are: Streamline your process for submitting claims Identify & address any retention/ceding issues as soon as possible Initiate dialogue between the ceding assumed entities on any discrepancies or concerns early in the process The first component, streamlining your process for claims submission, can be accomplished by using electronic reinsurance claims. The second and third components can be accomplished by developing a consistent stream of communication with your business partners. Throughout my experience, I've found the following five phases can contribute to strong communication, resulting in timely payments under 90 days.
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.