According to the findings of Trusted Choice, a well-known independent insurance agent, about one in 25 commonly occurring errors in certificate of insurance is because of misrepresentation of information.  Among these, 40% errors are either false or inadvertently omitted. These two stats point to the underlying malaise in the COI issuance process – lack of updated knowledge or failure to adhere to best practices. https://youtu.be/Eh8Nm6NwXCc Challenges Faced While Issuing a COI An Oklahoma-based…

For insurance companies, a risk is the possibility of a financial loss or an adverse event that can interfere with their ability to fulfill their mandate and can call for the submission of an insurance claim. The various risks associated with insurance include changes in morbidity rates, mortality rates, catastrophic rates, and others. Hence, risk management is one of the critical concerns of insurers that encompasses the practice of identifying and analyzing potential threats in…

For the insurance industry, physical supply chains are less significant than what they are for most other industries. But the sector is marked by complex business processes that involve multiple tasks and sub-tasks that demand close monitoring and timely intervention. And it has been the operations side of the industry that has taken a severe blow from the ongoing Covid-19 pandemic. The intricate interplay between the insurers and their external networks has been disrupted by…

Globally, the insurance industry is grappling with multiple challenges. Low-interest rates, stagnating industry growth, and the increasing possibility of a global recession are putting real pressures on the insurance business. For example, the number of life insurance policies sold in the USA have declined in the past decade. In 2018, insurers sold 27.7 million life insurance policies in the country as opposed to 28.6 million in 2008. Creating customized solutions to meet customers’ growing needs,…