Insurers - Be Aware of the Hidden Exposures in assessing the economic impact of Climate Risk

Climate change is a challenge for insurers in some obvious ways, such as stronger and more frequent natural disasters. Yet there are also more subtle risks to monitor, including changes to insured assets, risks, and exposures. Climate impacts the production quality and quantity of insured consumable goods, their location, and their supply chains.


The technology challenge of mergers and acquisitions in the insurance sector

Mergers and acquisitions are going on all over the market at the moment … and de-mergers as well, actually. Typically in a merger or acquisition, there’s some knowledge that it’s going to happen in advance. But until the Heads of Terms have been signed and there’s a Transition Service Agreement in place, people don’t really get moving with the activity needed to support the move, particularly on the technology side.


How database DevOps can enable the evolving insurance landscape

In 2020, Deloitte reported on The four trends that define insurance and showed that the future of the insurance marketplace is going to be significantly different. Life and Property and Casualty insurers, for example, estimated that 93% of their volume already came from propositions that were not offered five years ago. New propositions were expected to keep on rising, with nearly a quarter of investment spend in insurance allocated to new product development.


Rob Galbraith: The 7 Fatal Flaws of Insurance, Part 2

Last week, insurance industry expert Rob Galbraith introduced us to “The 7 Fatal Flaws of Insurance." This week, Galbraith weighs in on low-code automation as a competitive advantage in the $5 trillion insurance industry. “For a $5 trillion industry as mature as insurance," says Galbraith, “technology that can help solve any one of the seven fatal flaws would make a pretty good business. There's a lot of room for improvement.”


The Complete Guide to Data Breach Insurance

It’s been noted that there are two types of organizations – those that have suffered a data breach, and those that will fall victim to a data breach sooner than later (most likely sooner). The hard truth of this statement is reflected in the fact that according to some sources 97% of networks will experience a security compromise over any given six-month period. And with a staggering 9.7 billion data records having been breached since 2013, these numbers are only rising.


What the Months Ahead Look Like for Insurance

Insurers, reinsurers and intermediaries are under pressure to adapt to new customer expectations. Insurtechs have made omnichannel digital experiences the norm. And COVID-19 has forced the issue further, on top of necessary operational and claims process changes. Digital transformation is no longer a buzzword or something that can fix just one area of an insurance organization.

Cloud-Based AML Services That Will Benefit Midsized Financial Institutions

There is a prevalent misconception that, compared to larger banks, midsized financial institutions are less vulnerable to money laundering and other financial crimes. Given their ubiquity, though, such a conclusion can only be described as hasty at best. In fact, institutions with USD 1 billion to USD 10 billion in assets make up 97 percent of the total number of banks in the United States.

Combating Fraud in Insurance with Data

Well, it is International Fraud Awareness Week, focused on promoting fraud prevention and education. A fantastic initiative! Maybe I am naïve but I feel a bit sad that there is a need for “fraud week”. The insurance industry has a long and intimate relationship with fraud in many different ways. Insurance fraud can take place at a process or business function level, most notably in claims or underwriting.