For decades, underwriting has been seen as another insurance back-office process. Moreover, decision-makers often overlook its significance and influence on the overall business. Although a fraction of total operating cost is spent on underwriting. Still, there is a need to transform it considering its potential to lower the cost of claims. Additionally, life today is...
With the ever-changing regulations, growing customer demand, changes in customer behavior, and market dynamics, the insurance business is becoming complicated, especially in today’s dynamic business environment. The hyper-competitiveness in the insurance industry regularly gives rise to several challenges that make insurance companies go through difficulties managing the overall business and processes. One of the common...
The insurance industry is highly competitive. Insurers face multiple challenges consistently and dealing with them not only requires effort and time but innovation too. There is no denying that meeting these challenges efficiently will help insurers in moving smoothly on their path to success. However, if insurers need to stay one step ahead of their...
Every now and then, something new and shocking comes out about coronavirus. Almost every country has been affected by this illness, and if we talk about the insurance industry, it is no different. As per the source: Every US state has confirmed at least a single case of coronavirus. 105 death cases and 5,700+ confirmed...
