The insurance industry is undergoing a transformative shift, driven by the need for speed, flexibility, and innovation. At the heart of this evolution are low-code and no-code platforms, which empower insurers to build and adapt core systems with unprecedented ease. These platforms, which minimize or eliminate the need for traditional coding, are becoming essential for […]
How Small and Mid-Size Insurers Can Leverage Modern Core Technology to Compete with Industry Giants
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 […]
7 Types of AI and Their Roles in Transforming the Insurance Industry
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? […]
Practical Applications of Artificial Intelligence (AI) for the Insurance Industry
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: […]
George Hills Company Has Gone Live with SpearClaims™ as Their New Claims Management Solution
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 […]
Solving Cybersecurity Challenges with Modern Core Technology
Public entities, including government agencies, municipalities, and educational institutions, face unique cybersecurity challenges due to their vast networks, sensitive data, and critical infrastructure. As cyber threats grow in sophistication, these organizations must adopt robust strategies to protect against data breaches, ransomware attacks, and other cyber risks. Modern core technology, equipped with advanced security features, data […]
6 Ways Modern Technology Enhances Risk Assessment and Underwriting
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 […]
How Modern Core Technology Can Help Public Entities with Insurance Cost Management
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 […]
7 Challenges and 7 Solutions for Better Claims Management
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 […]
7 Ways that Modern Technology Can Help Public Entities with Risk Management & Mitigation
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, […]