Loss run reports offer detailed claims history of a customer. These details are critical for underwriters to determine a customer’s risk value and decide whether to extend coverage to the person or not. An underwriter’s ability to forecast risk accurately depends entirely on the accuracy of the loss run report. Imagine a scenario when you approve your customer’s claim for flood insurance coverage because of waterlogging in the basement. But upon investigation, you discover…

The impact of the Covid-19 pandemic on the insurance industry has been disastrous. The primary area of loss for most insurers across all business lines – from property and casualty to specialties – has been the balance sheet. Besides, the crisis has disrupted the fundamental working structure of insurers, disabling their staff from serving their clients. Today, most insurers are faced with a high surge in the number of incoming claims combined with a rapid…

A strategic management of policy services has never been more critical than in the current situation. The Covid 19-induced depreciated economic conditions of consumers have prompted regulatory authorities to impose mandates for insurers to provide pandemic-related coverages and exemptions. Insurers are facing fresh complications in managing their policies in a bid to abide by these mandates. Chubb Limited has estimated USD1.4 billion losses of the global insurance industry in the Q2 2020 owing to the…

Customers are smart and look to have a deep-dive knowledge of services they avail. They are more than keen to know about the possible benefits, challenges, and outcomes of subscribing to a service. The necessity to scale up to consumer smartness have triggered the need to frame customized policies and match it with smart service delivery. This has in turn spawned digital disruption in the insurance industry With the advent of technology, IT spending is…