Spreadsheets versus automated system. When it comes to reinsurance programmes, this is a popular debate since spreadsheets have traditionally been used to store reinsurance data. However, when considering the disadvantages of spreadsheets, it appears to be a much riskier option. As Denizon pointed out, spreadsheets can cause major issues in any business enterprise and the reinsurance industry is no exception. Below I’ll share various ways spreadsheet disadvantages apply to the reinsurance world and why an automated system is a safer, more efficient and cost effective for your business. Download the full list of reasons why spreadsheets aren't the answer for reinsurance programmes here.
True or False. Companies should be concerned if their employees are on LinkedIn. The answer – false! I recently led a session at the 2017 User Group meeting on the importance of leveraging LinkedIn for building a personal brand and developing professionally. Two things that companies should be encouraging their employees to do. One of the attendees in my session voiced concerns over what their employer or colleagues would think if they were on LinkedIn (‘aka will they think I am job hunting’). While the social media network for professionals can be used for finding new employment opportunity – this is only ONE of the many use cases. As you’ll see below, LinkedIn can be used for so much more – which is why companies should encourage their employees to be active on the network. Whether you are an employee or employer wondering if LinkedIn is the right place to be – I hope to convince you that it is indeed.
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.
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!
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.
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.
There is an old saying that ‘Everyone is a rookie at least once’. For me, that’s exactly what I was last month when I attended my first RAPA Conference. Set against the backdrop of beautiful Phoenix, Arizona, we spent 2+ days exploring reinsurance topics ranging from data quality, client audits, post level term, and ending the final day with breakout sessions on best practices and lessons learned from our shared community of experts. I sat on a discussion panel with LOGiQ3's Brittainy Pratt, who has also shared her insights. What follows are some thoughts and reflections from that great event, in no particular order, from the perspective of a RAPA rookie: