The THiNK Blog

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3 Things The Insurance Industry Can Learn from Silicon Valley Insurance Accelerator

Oct 20, 2016 9:31:58 AM / by Chris Murumets posted in Innovation

If you had the chance to read my colleague’s article on our trip the Silicon Valley earlier this year, you’ll know that the visionaries and innovators in this space have a keen interest in the insurance industry.  During this trip, we learned about the Silicon Valley Insurance Accelerator (SVIA). An organization that connects the established insurance industry with the Valley’s network of innovative technology, InsurTech Startups, Venture firms and other global innovation hubs. The goal is to facilitate the flow of market, technology insights, and investment, ultimately accelerating innovation in the insurance industry.

They recently hosted the Insurance Disrupted Conference to talk about the next big wave disrupting InsurTech. We had the chance to hear about big data, analytics and AI from some seriously innovative companies including Lumiata, BanjoXL Innovate and NAUTO. All players in the Insurtech space. Being part of a company that is both facilitating and embracing the changing world of insurance, this conference left me feeling energized and excited for what is to come. Which inspired me to share 3 things the insurance industry can learn from the SVIA Insurance Disrupted Conference.  

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How Joining an Industry Committee Can Benefit Your Career in Reinsurance

Oct 11, 2016 1:32:35 PM / by Zaynib Al-Badry posted in Reinsurance

Were you ever involved in clubs, associations or committees back in your university, college or even high school years? For me, getting involved in these kinds of groups was always something I enjoyed. Not only was it a way to meet new people but I could also grow and develop my skills and knowledge in ways that I wouldn’t necessarily get exposure to at school. Knowing these benefits, I was eager to find similar opportunities to develop in my career as a reinsurance professional outside of my daily responsibilities.

Even if joining associations or committees wasn’t your thing during your student life – there is no reason why you can’t reap the benefits now as you get established in your career. Find out how I have benefitted from joining a committee in the reinsurance industry and what I’m looking forward to most at the 2016 RAPA Conference below!

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3 Reasons Every Reinsurance Professional Should Be Using an Issue Log

Oct 3, 2016 1:38:47 PM / by Holley Bettis posted in Reinsurance

I’m sure many of us who work in insurance, reinsurance, project management and consulting are quite familiar with issue logs. For those unfamiliar, an issue log is a list of open and closed tasks or issues with a given project or department. Somebody, usually a project manager or, um, your B-O-S-S probably keeps one in some form or another.  And, I’m sure I don’t need to explain the feeling you get when it comes to your boss reviewing your item(s) on the list! For myself, I know that having an issue log is important when it comes to documenting critical project issues.

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How does our North American Underwriting Expertise Apply to the European Market?

Sep 27, 2016 4:50:59 PM / by Miguel Ceron posted in Underwriting

In the first part of this series I explored the European Life Underwriting market and the must know health trends in this region. Now it's time to apply our knowledge of the North American underwriting market to this region. 

One thing we’ve learned from our experience in the North American underwriting market is the importance of building a strong team of underwriters. While there are several factors involved in this, the one I’ll touch on in this blog is education. This will ensure your team of underwriters has both the rudimentary knowledge of medical impairments plus an expert understanding of your market. So how do you set up your team for success,  equip them with the right knowledge and develop their ability to effectively manage risk?

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[Underwriting] Education in the Evolving World of Risk Assessment

Sep 22, 2016 5:07:16 PM / by Miguel Ceron posted in Underwriting

Continuous education is something we champion at LOGiQ3, not only as one of the 11 Maxims that drive the way we do business, but as a way to ensure our team of experts remain just that – experts. This is especially important for Life Underwriters as modern medicine is constantly evolving and new information about medical impairments is more readily available. The near constant stream of new information and advancements in medicine have an effect on the mortality rates of a population, making this knowledge a must-have in order for Underwriters to effectively assess a client’s risk profile.

There are, of course, numerous factors that contribute to an insured’s overall risk classification. Some are uncontrollable (family history, genetic predisposition, etc.) and others are controllable external factors (diet, lifestyle, etc.) – even Geographic Location can have an effect on the types of medical impairments that a life insured may be at risk for. Regardless, being aware of what your market is at risk for will be key to your success as an underwriter.

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How the switch from TAI Mainframe to .NET is like moving from the city to the suburbs

Sep 19, 2016 11:27:21 AM / by Robert Bouchard posted in Reinsurance

Sounds a little odd comparing a software upgrade to real estate right? Probably, but for those of you who will be going through a migration to the new system in the next few years – I think it will help you get a better feel for what to expect. To give some background for those who aren’t familiar with TAI – it is a powerful Reinsurance administration system that has been around for quite some time. However, with Microsoft ending its support for Windows Server 2003 (which is necessary for Mainframe), TAI introduced .NET to address this change.  I am one of the lucky ones that had the opportunity over the years to work with both TAI Mainframe and TAI.NET versions.  Older versions still exist but most of these are slowly upgrading to the latest and greatest versions.  When the time comes to upgrade, there is a lot to consider.

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4 Questions and Answers Revealing the Behind the Scenes of LOGiQ3 Underwriting

Sep 16, 2016 11:07:23 AM / by Seema Samad posted in Underwriting, LOGiQ3, Life Insurance

As a longer-standing member of LOGiQ3’s team of underwriters, I often get asked a lot of questions, both from an internal coaching perspective, as well as an external interested stakeholder perspective. On the external side, the number one question I get asked is, “HOW do you pronounce the name of your company!?” And I tell them, just exactly how you would think ;).

Once they get over that hurdle and blush from the fact that it is actually an easy name to pronounce, they move onto things like: “What is your workflow like?” or “What types of life insurance products do you handle?” “What resources do you have access to?” All very logical questions if you ask me! Below is actually a direct quote from a current colleague of mine who, prior to joining, was interested in working for us. And this is just a short snippet from the 21 questions game we played about the company in what was a very long (re: humorous & enjoyable) email chain indeed.

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7 Major Trends In Online Learning: How Does Our Program Stack Up?

Sep 15, 2016 1:55:04 PM / by Nick Durie posted in Training, E-Learning / Training

In a recent article posted on HRM Canada, Koreen Pagano, the Product Management Director at D2L identified “seven major trends dictating the online learning space”.  Naturally, we were intrigued not only to learn, but to shamelessly see how our Underwriting Training Program  stacked up !

Before we delve into the seven online learning trends and rate ourselves (shamelessly, remember), it’s important to consider what type of learning we are discussing. Usually when we think of learning, we harken back to grade school (awkward), high school (totally not awkward acid-washed jeans), or post-secondary (Frisbee in the quad!!).

This type of learning is fundamentally the same as it’s been for 3000 years - the “sage on the stage” model. One expert/teacher/professor lecturing to students. The benefits of this style are well documented (it’s been around for over 3000 years for a reason!!), but it’s important to note how vastly different learning experiences have become with the advent of modern technology. In fact, most would argue we don’t even truly know how we all learn online given how relatively new we are to it.

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3 Common Issues That Cause Premium-Related Treaty Errors

Sep 1, 2016 9:15:24 AM / by Mindy Epstein-Hinshaw posted in Reinsurance

Have you ever thought to yourself, “How did I possibly miss this?” You find yourself working on a process or project at work (or even in your personal life) for an extended period of time and realize one day that there is an error. An error that you’ve overlooked for months, maybe even years! Once the anomaly has been pointed out, it is impossible to forget. But the nagging question remains, “How could I miss that for so long?”.

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Aug 30, 2016 9:52:42 AM / by Garen Markarian posted in Underwriting, Life Insurance

Recently I wrote an article on Financial Underwriting and how it relates to Crime Scene Investigations. I loved seeing all of the discussions it sparked on LinkedIn! In that article, I outlined the concepts of underwriting financial life insurance products and thought I’d expand my reach by sharing some of my expertise on a hot topic that is definitely going to be having an impact on the life insurance industry; pharmacogenetics.

I’ve decided to break this out into two parts. In part 1 of this series, I’ll walk you through the definition of pharmacogenetics, various related concepts and dive into the specifics of DNA and Genetic Code. Part 2 will talk explicitly about how pharmacogenetics will have an impact on the life insurance industry, and more specifically, on life underwriting. All of this knowledge is aimed at helping underwriters grow! After all, for underwriters to set themselves apart from the masses, knowledge, expertise and a great attitude are their biggest differentiators.

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