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, […]
Creating a Responsible AI Policy for Public Entities
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 […]
Modern Core Technology: Enhancing Stewardship of Public Funds for Public Entities
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 […]
8 Ways Public Entities Can Improve Claims Management
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 […]
Generative AI: Transforming the Insurance Industry
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. […]
Retaining Institutional Knowledge
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 […]
5 Techniques Insurers Can Use to Rein In Litigation Rate
Insurers have always paid close attention to their KPIs to assess overall performance and identify areas for improvement. In recent years, in an increasingly competitive market, finding such areas has become more challenging. Almost daily, the news features stories of P&C insurers struggling with rising loss ratios, particularly in property, liability, and worker’s comp lines. […]
7 Ways Insurers Can Improve Subrogation Recovery Rates
Subrogation is a vital component of insurers’ risk management and claims handling strategies, enabling them to recover costs, control premiums, mitigate risks, and maintain financial stability, all of which are essential for long-term success in the insurance industry. Insurers that are adept at it are able to improve loss ratios, remain compliant, and gain a […]
Decreasing Average Time to Settle
Leveraging modern core technology enables insurers to reduce the average time to settle claims, leading to improved customer satisfaction, operational efficiency, and a competitive advantage in the market.
Ten Ways to Lower Claims Handling Expenses
Claims Handling Expenses: The costs associated with processing and administering claims, including personnel, technology, and overhead expenses. These expenses directly impact an insurer’s bottom line, making it essential to find ways to minimize expenses while maintaining high-quality service in order to remain competitive in the market. While most insurers have already made considerable efforts to […]