3 ways to modernize legacy insurance systems

DXC

by Jeff Williams Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. The post 3 ways to modernize legacy insurance systems appeared first on DXC Blogs.

3 ways to modernize legacy insurance systems

DXC

Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. A recent Computer Economics report shows the urgency for insurers […].

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3 ways to modernize legacy insurance systems

DXC

Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. A recent Computer Economics report shows the urgency for insurers […].

Wanted: More insurance innovation

CGI

Wanted: More insurance innovation. This CGI blog post discusses the need and opportunities for insurers to drive more innovation. dharini.s@cgi.com. Tue, 06/15/2021 - 07:04

Achieving digital transformation in the insurance industry

OpenText Information Management

Research has consistently shown that senior management within the insurance sector think digital transformation is critical to their business. While executives see transformation as essential, achieving success is proving to be much more difficult, with a global report recently published by Cap Gemini suggests that insurance companies are lagging behind other Financial Services organizations.

10 ways insurers can — and should — adapt their business models now

DXC

The insurance industry is in the midst of a brutal stress test, due to the current environment. Some insurance products may become uneconomical. And many insurers will come under pressure to reduce their spending. Insurance

Early adopter in a laggard industry: Accelerating tech innovation in insurance

OpenText Information Management

In an industry generally known for slow adoption of technology, one insurance business discovered that the COVID-19 pandemic provided the catalyst it needed to prioritize digital transformation.

GUEST ESSAY: Skeptical about buying life insurance online? Here’s how to do it — securely

The Last Watchdog

Purchasing life insurance once meant going to an insurer’s office or booking an appointment with an insurance agent. Today’s generation is used to getting everything done fast and easy, so life insurance providers had to get with the times and cover all customers’ needs and requirements. Now everyone has the possibility to purchase life insurance from the comfort of their home by simply going online and looking for the policies that will fit their needs.

GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities. Some coverage is inherently added to any cyber insurance policy. Best Practices Guest Blog Post Privacy Steps forward Top Stories

NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?

Data Matters

Most cybersecurity professionals are aware of the New York Department of Financial Service’s requirement imposed on DFS-licensed entities to certify their cybersecurity program’s compliance on an annual basis (by April 15th of each year), but less well known is that numerous other states impose similar requirements on regulated insurance entities and that deadline for many states is coming up on February 15, 2021. appeared first on Data Matters Privacy Blog.

Cyber insurance: A guide for businesses

IT Governance

That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance? We take at a look at everything you need to know in this blog. What is cyber insurance?

Property and Casualty Insurance needs modernizing

OpenText Information Management

Last year when I was in the process of buying a new house for my family, a home owners insurance company approached me and offered a good insurance policy. It was about the same price as others … The post Property and Casualty Insurance needs modernizing appeared first on OpenText Blogs. Business Process Management Information Management case management Insurance OpenText Process Suite 16 P&C insurance Property and Casualty Insurance

Delivering business value for insurance companies

Collibra

Recapping a discussion moderated by Stijn Christiaens and featuring insurance data experts from Deloitte UK . Insurance is a data-intensive business. Insurance companies need data to better assess risks and price policies competitively, but also profitably.

Survey data shows insurance consumers are clamoring for better digital experiences

DXC

That’s certainly true when it comes to insurance, as evidenced by the findings of our recent consumer survey. Based on responses from more than 2,000 individuals in the United States, the 2020 DXC Insurance Survey Report presents […]. Digital Transformation Insurance

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. While acknowledging that “[e]ach insurer’s cyber insurance risk will vary based [on] many factors,” the Framework nonetheless describes seven practices that authorized property/casualty insurers should use to manage their cyber insurance risk. Manage and Eliminate Exposure to Silent Cyber Insurance Risk.

Unemployment Insurance Fraud and Identity Theft: Up Close and Personal

Lenny Zeltser

The most likely way in which you’ll learn that you’ve fallen victim to the identity theft-based unemployment insurance scam is by receiving an unsolicited debit card in the mail. Blog Technology

New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. 2 (2021) regarding “Cyber Insurance Risk Framework” (the “Guidelines”), calling on insurers to take more stringent measures in underwriting cyber risks. Cyber Insurance Cybersecurity Financial Privacy U.S.

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity

CGI

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity. This CGI blog post discusses monitoring horticulture assets from space to help insurers reduce risks and ensure business continuity.

Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. By doing so, Ohio joins South Carolina as the second state to have adopted the Model Law and the fourth state – along with Connecticut and New York – to have enacted cybersecurity regulations for insurance companies. This means all insurers, agencies, and brokers doing business in Ohio are covered.

Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies. This means all insurers, agencies, and brokers doing business in Michigan are covered.

Information Advantage for Financial Services in 2020

OpenText Information Management

Financial Services and Insurance organizations will continue … The post Information Advantage for Financial Services in 2020 appeared first on OpenText Blogs. It’s that time again when we look ahead to the year to come.

Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute

Hunton Privacy

As reported on the Insurance Recovery Blog , Hunton Andrews Kurth insurance practice head Walter Andrews recently commented to the Global Data Review regarding the infirmities underlying an Orlando, Florida federal district court’s ruling that an insurer does not have to defend its insured for damage caused by a third-party data breach. To me, it’s clear that there were two reasonable interpretations of the insurance policy here.”.

South Carolina Becomes the First State to Enact the National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law

Data Matters

In October 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. On May 3, 2018, South Carolina became the first state to enact this Model Law, in the form of the South Carolina Insurance Data Security Act (H.B. By doing so, South Carolina joined Connecticut and New York as states with cybersecurity regulations for insurance companies.

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

Data Matters

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity

CGI

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity. This CGI blog post discusses monitoring horticulture assets from space to help insurers reduce risks and ensure business continuity.

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity

CGI

Helping insurers monitor horticulture assets from space to reduce risks and ensure business continuity. This CGI blog post discusses monitoring horticulture assets from space to help insurers reduce risks and ensure business continuity.

Project spotlight: Freeing up space at Banner Life Insurance Company

TAB OnRecord

The post Project spotlight: Freeing up space at Banner Life Insurance Company appeared first on TAB Records Management Blog | TAB OnRecord. If you could use your space to help generate revenue instead of storing files, would you? Of course you would. It’s often a space shortage that forces companies to take a hard look at how they store files—and most of them can realize significant efficiencies and free up square footage by rethinking that storage. Banner… Read More.

How to make sure your cyber insurance policy pays out

IT Governance

Cyber insurance is big business these days. Damages incurred by information security incidents generally aren’t covered in commercial insurance policies, so a specific policy is necessary to help cover the costs of things like forensic investigation, incident response and notification procedures. The most common reasons that insurers reject cyber insurance claims are organisations’ failure to.

Tesco Bank Hack Illustrates Need for Robust Cyber Insurance

Hunton Privacy

As reported on the Insurance Recovery blog , earlier this week, retailer Tesco Plc’s (“Tesco”) banking branch reported that £2.5 Even that very substantial expenditure was not enough, however, to prevent the recent hack, illustrating the need for robust cyber insurance as a component of any comprehensive cyber protection program. Cyber Insurance Cybersecurity Financial Privacy Security Breach Consumer Protection Insurance Provider United Kingdom

Leading life insurer in India turns to OpenText for enterprise-wide digital transformation

OpenText Information Management

How does a progressive life insurer absorb rapid growth while maintaining a dynamic experience for its customers? As one of the fastest growing life insurance companies in India, DHFL Pramerica (DPLI) teamed with OpenText™ to shift its operations to a digital-first approach, driving business opportunities and scaling customer service.

Adventures in cyber litigation: Frozen crypto-assets and the role of cyber insurance

Data Protection Report

A few weeks ago, we blogged about the decision of the English High court in AA v. Given the level of interest in the case, we have prepared a deeper-dive into the facts and the implications of the decision, with a focus on the important role played in the case by cyber insurance.

Focus on customer experience to stand out from your retail banking competitors

OpenText Information Management

CX Index: What is it, and … The post Focus on customer experience to stand out from your retail banking competitors appeared first on OpenText Blogs. Customer Experience Banking & Insurance Personalization Omnichannel customer journey digital experience retail banking martech

Automating EDI for supply chain efficiency

OpenText Information Management

For WeFi Technology Group LLC (WeFi), innovation meant listening to its … The post Automating EDI for supply chain efficiency appeared first on OpenText Blogs. IoT & Supply Chain Business Network Banking & Insurance Uncategorized customer success story A/B testing wefi

Banking must improve digital experiences across the customer journey

OpenText Information Management

Over September and … The post Banking must improve digital experiences across the customer journey appeared first on OpenText Blogs. Industries Banking & Insurance Customer Experience Customer Engagement Omnichannel customer journey digital banking DXP

Money talks, WeFi listens

OpenText Information Management

Resellers can’t afford to tie up … The post Money talks, WeFi listens appeared first on OpenText Blogs. IoT & Supply Chain Business Network Banking & Insurance Uncategorized customer success story A/B testing wefiIt takes money to make money, goes the old saying.

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The growing importance of dynamic pricing and rating in insurance

CGI

The growing importance of dynamic pricing and rating in insurance. On June 20, 2016, CGI held a roundtable discussion on dynamic rating and pricing in the insurance industry that involved nearly all major Dutch insurers. This is in contrast to the traditional cost-plus approach to pricing in the insurance industry. Rating is about determining the cost of an insurance policy based on the underlying risk. Blog moderation guidelines and term of use

Industry Guide to Financial Services: What’s driving digital transformation across financial services institutions?

OpenText Information Management

To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend with new technologies, new market entrants and new ways of working that are changing expectations for the industry. appeared first on OpenText Blogs. Enterprise World Industry Bank banks Enterprise World 2019 financial services Insurance insurance industry

Providing a superior experience for commercial banking customers

OpenText Information Management

Banks need to consistently and intelligently use both contextual data and real-time … The post Providing a superior experience for commercial banking customers appeared first on OpenText Blogs.

Three use cases for cloud fax in financial services

OpenText Information Management

For example, in … The post Three use cases for cloud fax in financial services appeared first on OpenText Blogs. Fax Banking & Insurance Compliance financial services cloud fax

Key financial services trends as the world emerges from COVID-19

OpenText Information Management

In January, I wrote a predictions blog that said the priorities of the financial services industry would not change greatly over the next 12 months! Industries Banking & Insurance financial services digital financial services