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Improving loss control and strengthening prevention measures is crucial for public entities to maintain financial stability, protect assets, and ensure the safety of citizens and employees. Effective risk management strategies help reduce the frequency and severity of claims, lower insurance and reinsurance costs, and safeguard critical infrastructure, ultimately preserving public funds and minimizing disruptions to […]
Risk assessment and underwriting are critical processes for public entities as they navigate complex insurance landscapes. With the increasing complexity of risks—ranging from natural disasters to cyber threats—public entities need robust tools to accurately assess and underwrite these risks. Modern core technology offers innovative solutions that can significantly enhance these processes, leading to more informed […]
In today’s complex financial landscape, public entities face significant challenges in managing their insurance costs. Rising premiums, fluctuating risk factors, and the need for transparency and accountability make insurance cost management a critical concern. However, modern core technology offers innovative solutions that can help public entities navigate these challenges more effectively. 1. Data-Driven Decision Making Modern […]
The Challenges Public Entities Face in Claims Management Claims management is a critical function for public entities, encompassing the process of handling, processing, and resolving claims made against government agencies. These claims can range from property damage and personal injury to more complex issues such as employment disputes or regulatory infractions. Efficient claims management is […]
Risk management and risk mitigation are crucial for public entities because they ensure the stability, effectiveness, and integrity of government operations, which directly impact public trust and the well-being of citizens. It is especially important now as inflationary effects have tightened budgets and put more focus on cost management. Continuity of public services is essential, […]
Public entities are adopting AI technologies at a record pace. Recent statistics show that 42% of public entities have deployed AI in some form, with another 40% currently exploring the technology1. The benefits of adopting AI are well documented: improved efficiency, reduced costs, and enhanced service delivery. Despite the growth and uptake, there are challenges […]
Public entities hold a crucial responsibility: to be diligent stewards of taxpayer dollars. Every decision made should reflect a steadfast commitment to efficiency, transparency, and cost-effectiveness. One significant area where substantial savings can be realized is in claims management. The Role of Modern Claims Management Software Modern claims management software, equipped with advanced capabilities such as […]
Public entities have unique insurance needs, particularly in how their property and casualty insurance is structured, managed, and regulated. When it comes to general liability, public entities face a broad spectrum of exposures due to their diverse operations. These can include liabilities arising from the maintenance of public property, law enforcement activities, public events, and […]
It seems that lately, everywhere you turn, you see AI in the headlines, particularly the topic of Generative AI and its promises for changing the way organizations do business. How much of that promise is hype, and how much is reality? First, it helps to define Generative AI and how it differs from traditional AI. […]
Leveraging Modern Core Technology to Maintain Relevance, Efficiency and Expertise The insurance industry is facing a perfect storm. A wave of retirements threatens to wash away decades of accumulated experience, leaving a gaping hole in institutional knowledge. With a median age significantly higher than other financial sectors, estimates suggest nearly half the current workforce will retire within the […]