7 Best Things to Know About Public Liability Insurance

ANNETTE GANNON | July 12, 2018

article image
Public liability insurance is a common requirement for many builders. Builders need a good policy that can protect their company because building projects can be risky. But public liability insurance is unlike any other style of coverage. With public liability insurance, there isn’t really a standard policy for all companies and situations. Due to the coverage differing from one insurance agency to another, you should make sure that you have a policy that best suits the needs of your company.

Spotlight

WellCare Health Plans

WellCare Health Plans, Inc. is a Fortune 500 company traded on the New York Stock Exchange (symbol: WCG). Headquartered in Tampa, Fla., WellCare focuses primarily on providing government-sponsored managed care services to families, children, seniors and individuals with complex medical needs primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, as well as individuals in the Health Insurance Marketplace.

OTHER ARTICLES

COVID-19: How Insurance Can Help Mitigate Business Losses through the Crisis

Article | March 19, 2020

The COVID-19 outbreak is now a pandemic, affecting governments, businesses and individuals all over the world. As borders are closed, and day to day life is put on hold, it presents an unprecedented threat to the global economy and to the future viability of many businesses. Nevertheless, there are steps that organisations can take to protect themselves, and to ensure the financial consequences are kept to a minimum. In particular, businesses should be considering whether they can mitigate losses through their existing insurance policies. Regardless of the type of insurance, particular attention should be paid to notice requirements typically set out in each policy wording.

Read More
CORE INSURANCE

Advancement of Technology in the Insurance Industry

Article | March 19, 2020

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

Read More

Will Digital Overload Turn Consumers Away From Insurtech Products?

Article | March 19, 2020

Despite consumers never having had so much choice of technology, media and telecommunications (TMT) products and services, many UK households are becoming overwhelmed by the prospect of switching provider, which is leading to apathy among consumers. This kind of weariness with online tech could well hamper new insurtech start-ups, looking to win over new customers who are already browsing their fave websites and apps.

Read More

Is Your Small Business Protected by Cyber Insurance?

Article | March 19, 2020

The expenses resulting from a data breach can be staggering. A cyber insurance policy can help you recover without putting your business at financial risk. Cyber insurance can help small businesses recover from a data breach – but finding the right policy for your business can be challenging. These tips will help you find the right cyber insurance policy.

Read More

Spotlight

WellCare Health Plans

WellCare Health Plans, Inc. is a Fortune 500 company traded on the New York Stock Exchange (symbol: WCG). Headquartered in Tampa, Fla., WellCare focuses primarily on providing government-sponsored managed care services to families, children, seniors and individuals with complex medical needs primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, as well as individuals in the Health Insurance Marketplace.

Events