Demanding customers and an ever-changing business environment influence the insurance industry landscape. On the one hand, dynamic market drivers and complex regulations impact the industry. On the other, modern day insurance customers are highly tech-savvy and expect a frictionless, efficient, and positive experience. Such shifts pose enormous challenges to insurance companies in terms of operations and business growth. They struggle with customer query overloads due to the lack of a digitized claims management process. They…

Despite concerns about new Covid-19 variants, 2022 is expected to be a busy year for insurers. Major insurers around the world are already buckling up to accelerate their growth in 2022 and are investing in digital technology to handle rising operational demands. As they respond to the long-term effects of the Covid-19 crisis and continue to meet changing consumer expectations, the next few months will be critical. In a recent survey of insurance carriers, 77%…

Policy checking comprises examining policy documents to check the complex aspects of a policy, understanding the differences in coverages, and ensuring if it complies with regulatory standards. All this makes it a meticulous task that demands a lot of time and accuracy to complete. Carriers and agencies cannot spare the time and effort needed which is why they outsource the task. When insurance companies outsource, they get a number of benefits that can lead to…

Any insurance policy requires a fair amount of data, reports, and other requirements to meet the compliance norms. The legal industry and malpractice insurance segment are no different. Loss run reports, which include a policy’s detailed information, are essential for several reasons. However, getting the latest loss run report can be nothing less than a daunting task. In this article, we take a look at the reasons why loss run reports are important in legal…