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?
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!
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.