Fraud in the insurance industry has always been a problem that causes a lot of financial losses. Not only can fraudulent claims lead to significant financial losses, but they can also cause the premiums of honest customers to be higher. With the rise of digital purchases and remote services, fraudsters now have more opportunities to …
Starting a business is exciting and offers many opportunities, but it also comes with many risks. Many startup founders focus on building a product, selling it, and growing their business, but they forget one important thing: getting business insurance. Without insurance, a business can go bankrupt if an accident happens and causes major losses. Insurance …
Digital transformation is the integration of digital technologies into all aspects of a business. In the insurance industry, this change is changing the way insurers operate, deliver value to consumers, and respond to changing market needs. Traditionally known as conservative and process-oriented, the insurance industry is embracing digital technologies to streamline operations, improve customer experience, …
Selecting the ideal pet insurance policy for your dog or cat can be an important decision. While cost and coverage should be crucial factors, it’s also important to be aware of providers who have waiting periods for specific conditions like knee replacement surgery and hereditary diseases. Policies with illness coverage typically have a 14-day waiting …
A recall is the last thing a business wants, but even the most cautious companies can encounter unexpected product problems. Recalls are possible, and the consequences can be serious. They can be present in contaminated food, damaged electronics, or dangerous children’s toys. If a business is poorly managed, the financial consequences and reputational damage can …
When you purchase an insurance policy, whether it’s for your home, car, health, or anything else, there’s a process in the background determining the specifics of your coverage. This process is known as insurance underwriting. While you may not interact directly with an underwriter, their work ultimately influences key aspects of your policy, such as …
Owning a business is exciting and challenging. Despite all the excitement, there is sometimes one important aspect that gets overlooked: risk prevention. This is where general liability insurance can help. Imagine being protected from lawsuits, property damage, and personal injury costs. Sounds like a lot, right? Understanding how this type of insurance works can help …
The insurance industry is evolving due to the introduction of new technologies such as AI and blockchain. While the industry may have relied on paper documents in the past, it is technologically advancing, making it more customized and personalized while improving its accessibility. In this article, we will discuss how Insurtech is changing the insurance …
Embedded insurance has been silently changing how many people think about coverage. This type of insurance is different from the traditional one because it is integrated into a product or service and does not require a separate purchase or long waiting periods. It is much easier to buy insurance at the same time one purchases …
The persistent issues of insurance fraud and claims delays continue to be a problem for many companies, with cumulative losses reaching billions of dollars every year. Fraudulent claims tend to raise the insurance premiums of honest policyholders while processing genuine claims usually results in delays, administrative burdens, frustration, and financial difficulties for the clientele. However, …