Child Flourishing: Our Greatest Public Health Opportunity Needs a Policy Response

This Summer, The Lancet published two consecutive articles offering further evidence on the link between adult health and childhood trauma, such as with adverse childhood experiences (ACEs) or childhood hospitalization for self-harm or interpersonal violence.  Responding to the articles by Hughes and Webb, Grant’s commentary.

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Carrier & Technology Solutions, LLC

Our clients are the heart of our business. Nurturing partnerships and uncovering needs is our priority. We listen and adapt, building tailored insurance service systems and delivering convenient, comprehensive support. With a focus on tangible results, our people meet client needs and exceed expectations.

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Insurance Technology

Innovation rises to meet disability and long-term care risk

Article | July 14, 2022

As the COVID-19 pandemic continues, we are learning to live with it and mitigate its risks. While older adults have suffered disproportionately from the health impacts of COVID, they have also suffered from the effects of efforts to control its spread. Infection rates rose in recent months, and many long-term care facilities again closed their doors to visitors. This left many families separated from elderly and disabled loved ones during the holiday period.

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Insurance Technology

Emergency Prevention: 3 Ways Insurtech is Leading the Way

Article | July 20, 2022

The COVID-19 pandemic demonstrated the pressures on emergency medical services and healthcare professionals as well as insurance platforms. Insurtech has proved to be a robust area of technology that needs further investments to ensure that we are able to leverage it even in times when there’s little global turmoil. The Efma-Accenture Innovations in Insurance award winners have validated the exponential expansion of insurtech. Here are three insurtech innovations driving emergency prevention in healthcare. 1 bAIby – Interpreting Baby Cries bAIby is a next-gen baby monitoring device powered by AI. Labelled as a “cry translator,” the BabyT device uses AI to interpret what a baby’s cries mean. The bAIby solution is based on the understanding that the first six months of a baby’s cries universally communicate the following: sleepiness hunger discomfort stomach issues The developer of the BabyT AI, Zoundream, collaborated with insurance company Generali to enroll young parents and test BabyT. This allowed Zoundream to collect the massive amounts of data sets required to train the AI. The AI is able to detect pathologies like hyperthyroidism, autism and even hearing impairment. Furthermore, it will enable Generali to provide new parents with assistance, prevention, and insurance services, thus providing the peace of mind that insurance services should provide. This innovation won the gold in the Efma-Accenture Innovations in Insurance award. 2 Air Doctor – Finding a Doctor Overseas Silver winner Air Doctor is a cutting edge solution to help individuals find general practitioners in unfamiliar places. The solution is aimed at travellers and expatriates whose first instinct when sick overseas may be to visit a hospital, leading to high medical costs and burdening the local healthcare system. The Air Doctor platform provides access to a network of physicians in six continents and 70 countries. The information includes the doctor’s location, specialization, as well as online appointment booking and virtual care options. Insurance providers can integrate with the platform to connect with their customers by offering a digital link for quick verification and approval. The platform has made managing basic medical attention easier for both consumers and insurance providers. 3 bolttech – Boosting Insurance Penetration Bronze winner bolttech was recognized for its smart insurance exchange ecosystem that enables non-insurers to integrate insurance solutions into their purchase journey. For instance, smartphone vendors can use bolttech to provide insurance as an option during the purchase of a new phone, leveraging the most effective purchase touchpoints to provide coverage. This is especially crucial in markets that have a low penetration of insurance. bolttech’s platform has medical plans with self-declared underwriting, delivering instant cover and reducing the onboarding time to just 90 seconds. 4 The Way Forward Digitalization of insurance is the future of the industry. The above solutions have proven use cases that enable both consumers and providers to leverage digital network to create secure and stress-free access to insurance.

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Core Insurance, Risk Management

Cloud Insurance Solutions Are Imperative for Insurers

Article | August 4, 2022

Insurance customers look for result-driven insurance services and products. To meet those demands and grow revenue, insurers need to move beyond conventional methods and envision their insurance business' customer interaction as aiding in the management of product and service deliveries. This necessitates a cloud-based strategy for future-ready operations. This is where the concept of cloud insurance comes into play. Insurers are receiving signals that the moment has come to invest heavily in the cloud ecosystem. But how? Read about it in the following points. The revenue landscape is shifting Investing in cloud infrastructure allows insurers to gain a competitive advantage in new revenue streams. In addition, it depicts a protected sphere where all the insurance business operations are risk-free, free of cyber risks and intrusions. Digital distribution appeals to customers and capital Customer-centric innovations, such as product distribution or cloud-enabled services, draw investors' attention. This results in increased revenue production. Why is There a Need for Cloud Insurance Solutions for Businesses? Insurance businesses face numerous obstacles in a continually shifting market position each day. As a result, insurance companies must primarily respond to the demanding and rising needs of customers. Cloud technology provides accurate solutions for the same. Let's look at the need for cloud solutions amid the trending approach. Customers expect personalized products, services, and experiences to support chosen communication channels like social media, a website, or a portal. Consequently, insurers need to improve their “speed to market” approach, which is possible through cloud technology and provide competitive products and services. Furthermore, sales growth remains under constant pressure. As a result, cost reduction is another eye-catching feature for insurance companies. By streamlining procedures and operations under one roof, decentralized, and digitalized, cloud insurance best suits to decrease costs and expenditure. Not to forget, globalization demands insurance businesses be more flexible and agile to win new markets and obtain new prospects. Cloud insurance infrastructure solutions are critical today and, in the future, to achieving all of these objectives. The Insurer’s Viewpoint is Critical for Success According to the report, leaders are more likely to use Cloud SaaSs, big data, AI and machine learning, and the Internet of Things (IoT). However, given the findings of the aforementioned study, it is clear that moving to the cloud is merely a baby step on a long journey of technological advancement. Cloud computing has emerged as a critical tool for digitization, and the significant challenges posed by the COVID-19 issue have highlighted the benefits of cloud computing." Peter Heidkamp, Head of Technology at KPMG. The Internet of Services and SaaS as a service is particularly appealing to insurance businesses when it comes to cloud insurance (SaaS). In addition, SaaS licensing options allow customers to obtain software to reduce internet and operational costs. The real use cases or benefits of the cloud are: Business scalability and flexibility Increased customer satisfaction Optimizing business processes Cost reduction Encourages business backups Cloud Insurance: A Wake-up Call for Opportunities Cloud technology and its solutions enable insurers to leverage cloud capabilities and resources to stay abreast with market developments. The technology meticulously encourages customized products and services on time, develops corporate networks, and implements new business processes with high revenue. However, adopting cloud solutions is not always an easy decision for insurers, but those that overcome security worries can reap the benefits of cloud insurance. Therefore, utilizing cloud solutions is a continuous journey that necessitates constant innovation and adaptability.

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Core Insurance, Risk Management

Is Your Policy Management System Costing or Saving Money?

Article | August 4, 2022

Insurtech is advancing, and the significance of an effective policy management system cannot be underrated. Policy management professionals understand the payoff it offers to an organization. On the other hand, a policy management system that just isn’t a good fit can prove to be a lot more expensive than previously budgeted. So what is it actually costing you? Is your policy management software updated, or are you still using an old version? Do you know how much it is hampering your financial productivity? Even then, often, an outdated system may not be affecting your process significantly but damaging it in other intangible ways that are just as crucial to business success. Analyze your current system for the following: Financial Implications of the Current System Manual processes for policy creation and management make up the costliest part of running a policy management system. Paper-based solutions incur high costs that can be easily avoided by using digital systems that use automation extensively. With thousands of policies and compliance procedures for your team to manage, costs can add up quickly, especially with printing and distribution costs. In addition to these expenses, manual processes are also responsible for policies being misplaced or lost. It may also result in a large fine for noncompliance if some policies are accessible to unauthorized employees. Indirect Expenses Organized policy management procedures are critical for high operational efficiencies. Policy management systems that require manual supervision can prove to be expensive over the long run as they require employees to monitor them constantly. However, automated policy management systems enable policy teams to optimize their resources better and direct team members to speed up other more crucial processes. Furthermore, modern policy management systems don’t need constant monitoring and require only a one time set-up. This enables teams to allocate resources where they are urgently needed. Wasted Resources If you have an outdated policy management system, chances are it takes a lot more micro-managing than it needs to. Businesses must be able to optimize their resources better but with old and outdated systems, it ends up cutting into the productivity and performance on an everyday basis. In addition, it puts undue stress on employees to keep up with compliance norms and changing regulations and policies. Policy management often requires various employees to pitch in with their inputs, and using an old system that doesn’t offer the option to collaborate can take away a huge chunk of productivity daily. What’s the Bottom Line? Automated policy management systems can undoubtedly save you a lot of time and resources. If you’re facing sky-high costs just to maintain your policy management system, it might be time for a rethink. From automating the lifecycle of policies and procedures to streamlining the management of policies by your agents, consolidating a policy management process with software is one of the best insurtech trends to look out for in 2023. It is probably what your organization needs to move the needle.

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Spotlight

Carrier & Technology Solutions, LLC

Our clients are the heart of our business. Nurturing partnerships and uncovering needs is our priority. We listen and adapt, building tailored insurance service systems and delivering convenient, comprehensive support. With a focus on tangible results, our people meet client needs and exceed expectations.

Related News

MPI encourages motorists to be more vigilant against auto theft

Manitoba Public Insurance | February 06, 2019

With auto theft rates in Manitoba dropping in recent years, Manitoba Public Insurance (MPI) believes they could fall even further if drivers exercised more common sense. MPI media relations coordinator Brian Smiley said that automobiles continue to be stolen at a disproportionate rate due to their owners leaving their cars unattended and running.

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Manitoba to consult on mandatory entry-level training for truck drivers

Manitoba Public Insurance | December 21, 2018

The government has been consulting with Manitoba Public Insurance (MPI) and Manitoba Education and Training since April to establish a harmonized foundation on driver training for class one vehicles. Industry-wide consultation meetings are set to take place on January 07 in Winnipeg and January 10 in Brandon. “Mandatory entry-level training is something that would have broad impacts across sectors including transportation, infrastructure and agriculture,” Schuler added. “We want to hear from Manitobans and ensure this proposed change focuses on safety in collaboration with industry.”

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Romaine lettuce E. coli saga highlights gap between CGL and property insurance policies

Public Health Agency of Canada | December 12, 2018

Nine Canadians have been hospitalized and 18 others declared sick with E. coli infections after potentially coming in contact with a batch of contaminated romaine lettuce that was harvested in California. As of December 06, the Public Health Agency of Canada reported 27 confirmed cases of E. coli illness have been investigated in Ontario (4), Quebec (19), New Brunswick (1), and British Columbia (3). Individuals became sick between mid-October and early November and most reported eating romaine lettuce before their illnesses occurred. Across the border, the US has seen 52 cases in 15 states, with 19 hospitalizations.

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MPI encourages motorists to be more vigilant against auto theft

Manitoba Public Insurance | February 06, 2019

With auto theft rates in Manitoba dropping in recent years, Manitoba Public Insurance (MPI) believes they could fall even further if drivers exercised more common sense. MPI media relations coordinator Brian Smiley said that automobiles continue to be stolen at a disproportionate rate due to their owners leaving their cars unattended and running.

Read More

Manitoba to consult on mandatory entry-level training for truck drivers

Manitoba Public Insurance | December 21, 2018

The government has been consulting with Manitoba Public Insurance (MPI) and Manitoba Education and Training since April to establish a harmonized foundation on driver training for class one vehicles. Industry-wide consultation meetings are set to take place on January 07 in Winnipeg and January 10 in Brandon. “Mandatory entry-level training is something that would have broad impacts across sectors including transportation, infrastructure and agriculture,” Schuler added. “We want to hear from Manitobans and ensure this proposed change focuses on safety in collaboration with industry.”

Read More

Romaine lettuce E. coli saga highlights gap between CGL and property insurance policies

Public Health Agency of Canada | December 12, 2018

Nine Canadians have been hospitalized and 18 others declared sick with E. coli infections after potentially coming in contact with a batch of contaminated romaine lettuce that was harvested in California. As of December 06, the Public Health Agency of Canada reported 27 confirmed cases of E. coli illness have been investigated in Ontario (4), Quebec (19), New Brunswick (1), and British Columbia (3). Individuals became sick between mid-October and early November and most reported eating romaine lettuce before their illnesses occurred. Across the border, the US has seen 52 cases in 15 states, with 19 hospitalizations.

Read More

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