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.
As part of the re/insurance eco-system you are likely aware that insurance companies are expected to pay claims in a timely manner. And rightly so as all parties involved can benefit from this. Direct writers and assumed reinsurance deals get their expenses paid, ceding reinsurers receive their income/assets and claimants get their coverage. The expected 'timely manner' is a 90-day period. Unfortunately this doesn't always happen which can have consequences. So how can you strive to keep outstanding claims under the 90-day old threshold? Read on to find out!
Spring has sprung and you know what that means? Time for a little spring cleaning. What’s on the top of your list? The garage? Your closet? Kitchen cabinets perhaps? While it may not be everyone’s favorite thing to do, you can’t deny the fantastic feeling you get from a little refresh! Why not experience that feeling at work, too? And no, I’m not taking about cleaning up your desk (although it may not hurt). I’m talking about brushing up on some professional resources to get a fresh start to the season.
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.
Can you believe we are already counting down the days until 2017?! I find there are always two types of people around this time of the year. 1) The ones that rush to squeeze everything in before the year ends. 2) The ones that are already looking forward to 2017 and everything they can do to kick off a new year. Whether you are one (or both) of these - this list of must-read articles will be up your alley. We put together a list of top articles published in 2016 for reinsurance professionals. They cover everything from navigating treaties to improving reinsurance quality and everything in between! So whether you missed out on these insightful reads in 2016 or are planning for a successful 2017, check out the list below.
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.