Ways to Work with Data to Improve Fraud Detection Issues in Insurance

by nickkDecember 22, 2014

Fraud is, sadly, a threat to all insurers. Yet, despite many efforts to the contrary; it remains difficult to detect fraud. Common factors impeding fraud detection include legacy systems which are not fully interoperable with other data management systems and giving vendors too much control over critical data. So, how could data be managed better […]

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Challenge someone to a mince pie showdown now.

by Adam BishopDecember 19, 2014

**To challenge a friend or colleague, visit:      http://www.mincepieshowdown.com   Merry Christmas!

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Will Wearable Technology Lead to Insurance Premium Parity?

by nickkDecember 8, 2014

Wearable technology was the buzzword of 2013. The Google Glass project made the idea that wearables were going to be part of our daily routines seem possible. Sadly, for Google the Glass project appears to be struggling (if it’s not already dead) thanks to the fact that people won’t wear glasses that make them look […]

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What’s the difference between an Estimated Maximum Loss and a Probable Maximum Loss?

by Jed GigerDecember 5, 2014

In some cases these two terms are used interchangeably. They are both designed to give an actuarial measure of the risk that an insurer faces on a policy. They are both commonly used with respect to real estate insurance and in particular to fire risks. Yet they are slightly different and you need to use […]

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Three Uses for Social Media in Insurance

by nickkNovember 24, 2014

OK, we know that by and large insurers seem reluctant to embrace social media wholeheartedly; we think it might be because that there’s too much “fun” in these channels and it’s hard to come up with a comprehensive message for insurance products that doesn’t put a bit of a downer on a Twitter feed. However, […]

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Is it Time to Give Your Insurance Data a Spring Clean?

by nickkNovember 10, 2014

These are the days of big data and thus more data means better risk management and greater sales levels, right? Not always. In fact, one of the nightmares of managing large data sets is working out how to keep that data – relevant. If you don’t keep an eye on the mountains of data you […]

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How to Calculate an Actuarial Reserve

by Jed GigerNovember 7, 2014

This isn’t as complex as it might sound. Firstly; it’s probably a good idea to define what an actuarial reserve actually is. So: An actuarial reserve is used to account for the amount of money that an insurance company will be liable to pay (in the event of a claim) based on an estimate of […]

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Wearable Technology and the Insurance Sector

by nickkOctober 27, 2014

Even a few years ago the concept of wearable technology was an alien one; apart from a few functions on a wristwatch – there was little chance of any device being adapted to fit the human body. Today wearable technology is becoming ever more practical. The Google Glass project is perhaps the most famous example […]

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An Insurer’s Guide to the “Internet of Things”

by nickkOctober 13, 2014

There’s a new buzz word that’s starting to make itself felt. That buzzword is “The Internet of Things” but what does it mean? And more importantly what impact is the “Internet of Things” going to have on insurance. The Internet of Things The Internet of Things is a wide term which really covers the idea […]

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Technology that Combats Insurance Fraud

by nickkSeptember 29, 2014

A recent report in the US; The State of Insurance Fraud Technology revealed some worrying numbers. In particular, only 14% of insurers are using advanced technological fraud detection techniques. Given the rise in sophisticated insurance fraud rings – this seems a little disturbing. However, it may just be that the industry isn’t aware of what […]

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