The THiNK Blog

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Global Trends in Life Insurance Product Innovations

Aug 25, 2017 1:18:26 PM / by Elliott Dickson posted in Underwriting

The speed of the life insurance industry can be excruciatingly slow. But as new technology emerges, the more agile insurers will move to harness it in the hopes of enhancing existing product lines or constructing new ones altogether. So too is there a need to attract new markets and generations to buy in to life insurance – the baby boomer population is aging, and perhaps that pool of insurance clients has become a bit exhausted.

With the vast majority of the insured population being over the age of 451, the focus must eventually shift to a younger demographic. What are some of the ways that insurers are approaching this? What new products are being employed to appeal to older or substandard risk populations? In this blog I’ll explore what’s making waves in the sea of life insurance ahead.

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19 of the Best Job Interview Questions to Ask Underwriting Candidates (And What to Look for in Their Answers)

Aug 17, 2017 3:02:33 PM / by Seema Samad posted in Underwriting

As a hiring manager, interviews should help you accomplish two things. One, get a better sense of the candidate's knowledge, skills and ability to handle situations specific to their role. Two, get a sense of the candidate's personality. Asking questions to understand both the professional and personal side of a candidate will give you a true sense of who you are. Plus it will help you identify well-rounded, dynamic talent - which is key to developing an all-star team.

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The Hard Truth About Conducting Treaty Reviews: When is it the right time?

Aug 17, 2017 10:56:11 AM / by Brittainy Jones posted in Reinsurance Treaty

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.

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How Much Does It Cost to Outsource Reinsurance Administration?

Aug 15, 2017 9:30:00 AM / by Brian Wilkinson posted in Outsourcing

For any buyer in today’s economy, before you make a purchase, you're likely going to Google "how much does it cost?". This of course, is no different in the Life Insurance Industry or in our Reinsurance Administration line of business. When a company is considering outsourcing any of their ceded or assumed reinsurance functions, one of the first questions asked is, well, “How much is it going to cost?”  

The answer to that question isn’t as easy as Googling ‘how much is an iPhone?’. We consider several factors when pricing an outsourced reinsurance administration solution a lot of which depend on the current state of the client.

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How to Onboard New Underwriters

Aug 8, 2017 5:00:52 PM / by Miguel Ceron posted in Underwriting, underwriting training

Picture this. It is your first day of a new job. You show up bright eyed and bushy tailed ready to seize the day and take on your new role. But to your dismay, you are left sitting at your desk for the first week awkwardly twiddling your thumbs and wondering how to appear to look busy. Maybe thinking, does this company even care that I'm part of the team? Not the greatest start you were hoping for in your newest adventure. And as a manager, probably not how you want your new hire to feel. Not to mention having someone trying to look busy is seriously unproductive. How can you eliminate this and make new hires feel like the made the right choice from day 1?

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The Impact of Artificial Intelligence on Insurance Products [PART 3]

Jul 31, 2017 5:33:09 PM / by Max Kraus posted in InsurTech, Insurance Distribution, Artificial Intelligence

Welcome to Part 3 of the Impact of AI series. To recap, Part 2 of this series looked at the impact of selling and distribution and Part 1 looked at the impact of underwriting and risk.

Part 3 of this series will focus on the impact of the product development phase of an insurance product. 

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How Global Atlantic is Streamlining Reinsurance Administration

Jul 31, 2017 8:33:37 AM / by Miguel Ceron posted in Reinsurance

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7 Tools Every Reinsurance Analyst Should be Using

Jul 10, 2017 9:42:00 AM / by Erine Ruiz posted in Reinsurance

Spatulas, baking pans, cookie scoops and stand mixers are amongst the essential items bakers must have in their kitchen. Similarly, there are a handful of essential tools that reinsurance analysts use in their day-to-day work. Whether you are submitting claims, querying data or trying to manage data errors, I've curated a list of tools for reinsurance analysts to use based off of my experience:

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Millennials, meet the re/insurance industry.

Jul 5, 2017 5:37:23 PM / by Sean Coombes posted in Reinsurance, Career

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What Information Do You Need to Conduct a Treaty Review?

Jun 28, 2017 2:46:00 PM / by Mindy Epstein posted in Reinsurance, Treaty

The treaty is a key source of data in reinsurance. It is the formal contract that binds the ceding company with the reinsurer and lays out the terms of the agreement. Therefore it is referenced whenever there are questions about how reinsurance should be administered. However, treaties are often extremely long and contain a lot of standard legal information to sort through. This makes it challenging to zero in on specific information when you need to review treaties to answer key business questions. When do these treaty reviews happen?

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