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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 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 […]
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 […]
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.
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 […]