Best Practices Insurance Agencies should follow for Effective Compliance The importance of compliance cannot be undermined. When it comes to insurance regulations, we all pursue the same goal. Every company aims to provide the best protection for its clients. How can you be sure that you are working towards the same goal? When it comes […]
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Five Important KPIs for Effective Contract Compliance Management Compliance contract managers are under constant pressure to deliver higher business value while at the same time bringing down contract risks, decreasing contract costs and improving their contract performance. Research by IndustryWeek has found that organizations can easily save up to 80% more than others in costs
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How Can a Cyber Insurance Broker Help in Managing Risks? How many of you are familiar with the famous 2022 Tesla Hack? David Colombo, a 19-year-old white hacker from Texas, gained access to 25 Teslas in 13 countries. He disabled the security systems, manipulated the car controls and even played Rick Astley through Bluetooth speakers.
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Six Common Causes of Agency E&O Claims and how to overcome them Imagine there is a manufacturing firm that hires a consultant to calculate the long-term disability benefits of its employees. Somehow, he erroneously bases his calculations on the employee’s previous income instead of present salary. Due to the consultant’s negligence, the staff does not
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Immediate Need for Modernization of Legacy Insurance Process Did you know that Zurich Insurance Group (ZIG) became one of the early adopters of digital transformation? Encumbered by the challenges of enhancing customer experience (CX) and meeting client expectations, ZIG became the first company to automate its customer service with AI. It created the virtual assistant
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How Automation Transforms Policy Administration and Lifecycle Management In today’s fast-paced insurance industry, efficiency isn’t just an advantage it’s a necessity. Manual policy administration processes can be time-consuming, error-prone, and costly, slowing down everything from policy issuance to renewals. Automation is changing that narrative. By integrating smart technologies into policy administration, insurers can streamline workflows,
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The Insurance Data Lifecycle – All about Data Extraction In today’s data-driven insurance landscape, speed and accuracy are everything. From policy underwriting to claims processing, insurers are handling massive volumes of information daily much of it buried in complex, unstructured documents. This is where insurance data extraction plays a crucial role. By leveraging automation technologies
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How The Connected Insurance Ecosystem Is Bringing New Life To The Industry Many industries have embraced digital transformation and the insurance industry has also started following suit. Focusing on offering additional services aided by technology to help retain and attract new customers has become imperative for the insurance industry. Technology has the potential to make
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Technologies driving Insurance into the Digital Age Technology in insurance industry has the potential to transform the sector as we know it. Digital technology can drive significant changes in the modern insurance domain. For modern insurers, the ever-changing landscape of the insurance industry has led to the advancement of technological acceleration in the entire sector.
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Common Errors and Omissions Claims Against Insurance Agents Costly errors and omissions claims in insurance have increased substantially over the past few years. This is why insurance agents need to take concrete steps to protect themselves. The biggest risk of being an insurance agent is the inaccuracy of errors and omissions claims. These claims can often accrue
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