Artificial Intelligence (AI) and Machine Learning (ML) are already impacting customer expectations, service options, and how professionals operate. Recognizing the potential and understanding the impact of AI and ML is the first step to maximizing your organization’s use of the technologies.
As the industry continues to grow and transform, life insurance companies and professionals can leverage emerging technology to remain relevant and successful in a fast-paced, service-driven marketplace. Demystifying the technology and embracing the huge potential it offers for insurance are essential as we continue to deliver faster, more adaptable, and more efficient insurance solutions.
The reinsurance industry relies on processing accurate treaty data. Yet, in many cases, treaty information is misfiled, misunderstood, or even missing. Which is a huge risk because if your organization is processing erroneous data, it can lead to large financial adjustments.
Reviewing treaties allows you to validate that reinsurance is being processed accurately and identify errors that could be causing financial issues. So when is it the right time to conduct a treaty review? Like many things in life, there is never a 'right' time. It really depends on a reinsurance company's current state, business strategy, operations and processes to name a few.
Based on our experience, we've identified the most common scenarios reinsurance companies approach us to conduct treaty reviews below.
As I woke up among the rolling buttes of Tempe, AZ I was excited about this year’s RAPA Conference. Not only did conference topics look interesting, but I was excited to moderate the panel on the future of data privacy and data security later in the week with thought and industry leaders in life reinsurance.
The other morning as I sat drinking a cup of coffee, I watched a featured story called, “Medical Websites You Visit May Sell Your Search Information” on the local morning news. This topic immediately grabbed my attention because I will be representing LOGiQ3 and moderating the panel on the future of data privacy and security in reinsurance this year at RAPA, Reinsurance Administration Professional Association’s fall meeting.
TAI users (including Lisa Clarke and I) from everywhere descended upon Washington, DC for the Annual TAI User Group Conference. The recurring theme of this year’s conference was “Innovation”. Several presenters spoke about the need for innovation in insurance with regards to product offerings and solutions around Long Term Care, Pension and Disability Income.