The role of insurance is to bring some predictability, manageability and stability to a chaotic and uncertain world. In essence, it is a risk mitigation tool. The role of the Chief Risk Officer (CRO) is to manage the overall risk strategy for the insurance company. They are responsible for defining
Business analytics is about dramatically improving the way an organization makes decisions, conducts business and successfully competes in the marketplace. At the heart of business analytics is data. Historically, the philosophy of many insurers has been on collecting data, data and more data. However, even with all this data, many
Insurance can be a complex business, so filing an insurance claim can be daunting task for many small businesses. When an incident does occur, be it property damage, business interruption, professional indemnity or public liability among the myriad of other potential causes of loss, it is typically a period of
According to analyst firms, consulting companies and various other research, customer experience is the primary priority for insurance companies. But is customer experience overrated? Let’s start by considering the primary interactions between an insurance company and its customers: new business, billing, renewals and claims. Ask any insurance executive, especially property
Over the past decade in insurance, the rise of the aggregators (organisations that compare quotes between different insurers) and direct channels has had a profound impact on personal lines distribution in the UK. However, personal lines brokers remain a critical route to market, especially at a time when many insurers
Special Investigation Units (SIU) are extremely process-oriented and follow well-documented procedures to decide when a claim should be referred for investigation and what actions should be taken. Most of the staff are seasoned investigators who may be more inclined to trust their experience and tried-and-true processes than analytical techniques that
~ This article is co-authored by Binod Jha, Global Product Manager for Insurance Solutions at SAS, and Amol Kokane, Senior Development Manager for Insurance & Risk Management Solutions at SAS ~ How might insurance policies change if sensor data could be automatically transmitted and analyzed from your car, your home and even your
I cannot speak from experience, but predominately an Insurance CEO has three primary objectives: Grow the business Reduce expenses Ensure compliance. Let’s individually consider each of these objectives in more detail. Grow the Business How does an insurance company grow from a $2bn to a $3bn organization? Essentially, insurance has
It is clear from many of the comments arising from this year’s Insurance Times Broker Service Survey that brokers value underwriters who are open-minded and willing to adapt wordings and terms where possible to accommodate clients’ individual needs. They also value a close dialogue and partnership with underwriters who are
According to broker’s “best” and “worst” verbatim responses in this year’s Insurance Times Broker Service Survey, insurers who act quickly to verify and settle claims are their preferred partners. This year’s importance scores reveals brokers are placing a stronger emphasis on claims in comparison to previous surveys. Those instances where
