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Introduction In today’s competitive insurance landscape, small and mid-size insurers often find themselves up against industry giants with deep pockets and extensive resources. However, advancements in core technology—cloud-based platforms, AI-driven analytics, and modern policy administration systems—offer these insurers tools to level the playing field. By strategically investing in the right technology, small and mid-size insurers […]
The insurance industry is undergoing a digital transformation, with Artificial Intelligence (AI) playing a pivotal role across various areas—from customer service and underwriting to claims processing and fraud detection. However, the term “AI” is increasingly used loosely, with many innovations inaccurately attributed to it. So, how do we distinguish real AI applications from exaggerated claims? […]
There is a lot of talk about how artificial Intelligence (AI) is revolutionizing the way insurers operate, making processes faster, more accurate, and more customer friendly. However, frequently the talk is either in highly technical terms, generalizations, or ambiguous. Here’s how AI is helping insurers across functions that are important to you as an insurer: […]
October 08, 2024 DENVER, CO – Spear Technologies (“Spear”), a leading provider of property and casualty insurance software solutions, is excited to announce that George Hills Company (“George Hills”) has gone live with SpearClaimsTM, as part of a continuous effort to modernize their subrogation recovery processes. Following a rigorous evaluation process, George Hills selected Spear […]
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 […]