Environmental Management Policy

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When the Rio Earth Summit convened in 1992 the world came of age. The decision to adopt and promote Sustainable Development was a defining moment in the history of social progress, peace, and development. The seminal agreements reached that August summit and the strategies adopted to achieve them in the 21st century and beyond, could not have come at a more opportune moment for the billions of people on the planet. They represented an idea whose time had come.

Spotlight

SulAmérica

SulAmérica follows the evolution of Brazil and the world in its 118 years of operation. We are the largest independent insurance group in Brazil, always concerned with conveying confidence and solidity to our employees, brokers, customers and partners.

OTHER ARTICLES
INSURANCE TECHNOLOGY

Reinsurance Market Maintaining Its Firming Trend

Article | July 15, 2022

Despite economic pressures on reinsurers and cedants, nearly all buyers were able to secure coverage during the reinsurance renewal period. However, attachment levels and the cost of ceding risk were higher than most buyers desired, and supply constraints in some lines and territories caused stress not seen in years. As a result, according to Gallagher Re's latest 1st View renewals report, the reinsurance market has maintained its firming trend. Despite mostly positive H1 2022 results, the combination of inflation and rising interest rates has caused reinsurers to adjust their balance sheets and reserves while also taking into account how a recessionary environment may increase claims frequency. These economic factors, combined with sustained loss levels, allowed reinsurers to maintain upward pricing pressure as they sought to reduce their appetite for volatility. Key Contributions to Understanding: Natural disaster capacity decreased overall as reinsurers continued to shift away from low-level layers, which differed by country and region. Reinsurers were seen assessing cedants' inflation-related actions and applying carefully calculated loadings to relevant treaties. The Russian invasion of Ukraine increased interest in cyber and war contract provisions. Long-tail casualty placements remained popular among reinsurers, but there was more debate about ceding commissions than in recent renewals. Higher ILS risk transfer prices have attracted net new capital, but this has not resulted in market softening. The inflation discussions have been detailed and technical, with reinsurers eager to challenge cedants' model outputs. Most reinsurers are assessing reserve adequacy as interest rates rise, in addition to their concerns about primary rate adequacy in the new inflationary environment. They are experiencing effects simultaneously on the asset and liability sides, which has strengthened their resolve to maintain the pricing momentum of the previous two years.

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LIFE INSURANCE

Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Article | July 12, 2022

The rise in remote work during and after the pandemic has increased cyber vulnerabilities significantly. Cyber insurance protects your company from the financial consequences of cyber threats or data breaches involving computer systems and data. Credit card numbers, social security numbers, account numbers, health records, and driver's license numbers are examples of sensitive customer information. According to a recent SBA survey, 88% of small business owners believe they are vulnerable to a cyberattack. If your company is a victim of cybercrime, the cost of recovery can be prohibitively expensive, including specialized repairs and legal fees. One of the most difficult challenges is quantifying cyber risk. Although approaches and frameworks like NIST CSF, CIS 20, NCSC Cyber Essentials, and ISO 270001 aid in the development of cyber security capabilities, they do not provide the tools to quantify risk. As a result, leaders frequently overestimate their cyber maturity while underestimating cyber insurance premiums. Potential Cyberattack Types are: Breach of data: A breach occurs when critical information, such as personal financial information, is stolen. Cyber-attacks on computers:Your computer system is hacked and compromised in this type of cyberattack. Extortion via the internet:During an extortion threat to your company's computer system, thieves may demand ransom payments. To address these issues, a variety of approaches can be used, ranging from zero-trust models to multi-factor authentication (MFA) and end-point detection and response (EDR) (EDR and XDR). Protective monitoring, encryption applied to the most critical aspects of your network, and patch management processes can also provide insurers with the assurance they require. There are options for both small and large amounts of cyber liability coverage. A small cyber liability insurance policy could be added to the policy of a business owner. A larger cyber liability policy with higher limits would necessitate its own policy. Furthermore, they provide a real-time view of compliance through a risk-based approach that is consolidated, consistent, and aggregated across the entire organization. Workflow automation can help the IRM system become more efficient. By consolidating your risk management processes, you can ensure that controls continue to deliver on their objectives and demonstrate compliance with policies, standards, and regulations while having a lower impact on your day-to-day operational demands. All of this will make it easier to meet cyber insurers' requirements and give organizations confidence that their policy will protect them when they need it.

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INSURANCE TECHNOLOGY

Insurers Are Preparing to Accelerate Growth in 2022

Article | July 20, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

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INSURANCE TECHNOLOGY

Digital Transformation in Insurance Industry

Article | June 30, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

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Spotlight

SulAmérica

SulAmérica follows the evolution of Brazil and the world in its 118 years of operation. We are the largest independent insurance group in Brazil, always concerned with conveying confidence and solidity to our employees, brokers, customers and partners.

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RISK MANAGEMENT

Buckle Selects Origami Risk Platform to Enhance Policy Administration

Buckle and Origami Risk | September 08, 2022

Buckle, the financial services company providing auto insurance solutions for the gig economy, has selected Origami Risk’s multi-tenant SaaS P/C platform to support policy administration, billing, and advanced analytics for its auto insurance programs. In addition to providing technology-based tools and functionality, Origami’s platform will enable Buckle to deliver more robust services with greater speed to its rapidly expanding and specialized customers, partners, and members throughout the United States. "Our members and partners expect and deserve new and innovative products, so we continually enhance our technology to support their needs. This platform offers a scalable solution for our ambitious growth and continued momentum,” - Adam Landau, chief information officer of Buckle Our policy administration, billing and risk management resources are ideally suited to meet the needs of Buckle as it continues to grow its dynamic and innovative business, These capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs, and improve overall performance,said Christopher Bennett, president, Core Solutions division, Origami Risk. Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. About Buckle Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Shipt, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, Best Rideshare & Delivery Driver Insurance Specialists, a Fastest Growing Company, Most Innovative Rideshare Auto Insurance Product Provider, Best Tech Startup, an InsurTech 50, and more. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

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RISK MANAGEMENT

Verikai Launches Med/Rx to Give Insurers Robust Insights on Medical Claims & Prescription Data

Verikai | September 07, 2022

Insurance technology startup, Verikai, launches Med/Rx to build on their existing product base and further optimize the underwriting process for their carrier clients. Verikai uses machine learning models to give insurers a deeper view of risk, using extensive clinical and behavioral data to create risk scores. Now, with the addition of Med/Rx, carriers will be able to run group reports through Verikai's platform to establish a baseline of high-cost conditions and prescriptions that appear in each group. The Med/Rx report includes 10,000 of the most expensive medical diagnoses, including cancers, chronic illnesses, mental disorders, injuries, and drug abuse - to name a few. The Rx half of the report provides all known prescription data on a group, broken down by pricing category (generic, brand, and specialty drugs). As Med/Rx takes shape, Verikai will continue to update the product with additional medical conditions and deeper insights into price. "Our mission is to utilize our unique dataset and machine learning technology to provide the insurance industry with the best insight, so underwriters can make the most accurate decisions possible around evaluating risk. Med/Rx will offer our health insurance customers historical claims, medical, and Rx data - on-demand, within minutes." -Verikai's President and CEO, Jeff Chen We have been working on this product for over a year and coupled with our risk scores from our flagship Capture product, underwriters will have the most powerful set of predictive risk tools at their fingertips, all within a single platform. There is no other predictive risk vendor on the market that offers carriers a complete and holistic view of risk like Verikai does. We look forward to the positive impact Med/Rx will have on the industry for years to come,Jeff Chen. Within the predictive risk space, Verikai is known as "The Future of Underwriting," based on their use of behavioral data to predict future risk. Now, with Med/Rx providing historical risk indicators, the competitive edge for Verikai customers is unparalleled. About Verikai: Founded in 2018, Verikai is an insurance technology company leveraging alternative data and machine learning to change the way the industry views risk. Our well-established database of more than 1.3 trillion data points includes over 5,000 behavior attributes for 250+ million people in the United States and provides deep insight into these individuals' true health risks. With this data, Verikai generates risk reports in real time with only a census. With Med/Rx, those risk reports are coupled with historical claims and prescription data, giving our customers every underwriting tool available. This greater insight helps insurance companies increase new business, reduce losses, and improve efficiency in the underwriting process - and ultimately, provides consumers and businesses with greater access to a broader range of insurance products.

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RISK MANAGEMENT

Distinguished Programs Expands Coastal Builder's Risk Coverage to Additional States

Distinguished Programs | August 29, 2022

Distinguished Programs (Distinguished), a national insurance program manager, today officially announces the expansion of Coastal Builder's Risk coverage to five additional states – Alabama, Hawaii, Mississippi, Rhode Island and commercial properties only in Texas. The Distinguished Coastal Builder's Risk Program covers all risks for brand new construction, remodeler's risk and betterments only projects in select states. "When we launched the Coastal Builder's Risk program last year, the broker response was incredible, Available coverage in the market is shrinking, and brokers need options for these harder-to-insure properties. We are thrilled to introduce our comprehensive Coastal Builder's Risk program to brokers in these new states." -Katie Vespia, Managing Vice President of Builder's Risk Program at Distinguished This program offers flexible initial policy terms (up to 24 months) with extensions available. Beachfront and barrier island properties are acceptable. Additional coverages include named storm deductible, wind coverage, theft and vandalism coverage, debris removal and more. Brokers can submit business for the Distinguished Builder's Risk (Coastal and Non-Coastal) Program through the 24/7 Online Portal. Brokers must be registered first to submit. About Distinguished Programs Distinguished Programs is a leading national insurance program manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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RISK MANAGEMENT

Buckle Selects Origami Risk Platform to Enhance Policy Administration

Buckle and Origami Risk | September 08, 2022

Buckle, the financial services company providing auto insurance solutions for the gig economy, has selected Origami Risk’s multi-tenant SaaS P/C platform to support policy administration, billing, and advanced analytics for its auto insurance programs. In addition to providing technology-based tools and functionality, Origami’s platform will enable Buckle to deliver more robust services with greater speed to its rapidly expanding and specialized customers, partners, and members throughout the United States. "Our members and partners expect and deserve new and innovative products, so we continually enhance our technology to support their needs. This platform offers a scalable solution for our ambitious growth and continued momentum,” - Adam Landau, chief information officer of Buckle Our policy administration, billing and risk management resources are ideally suited to meet the needs of Buckle as it continues to grow its dynamic and innovative business, These capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs, and improve overall performance,said Christopher Bennett, president, Core Solutions division, Origami Risk. Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. About Buckle Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Shipt, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, Best Rideshare & Delivery Driver Insurance Specialists, a Fastest Growing Company, Most Innovative Rideshare Auto Insurance Product Provider, Best Tech Startup, an InsurTech 50, and more. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

Read More

RISK MANAGEMENT

Verikai Launches Med/Rx to Give Insurers Robust Insights on Medical Claims & Prescription Data

Verikai | September 07, 2022

Insurance technology startup, Verikai, launches Med/Rx to build on their existing product base and further optimize the underwriting process for their carrier clients. Verikai uses machine learning models to give insurers a deeper view of risk, using extensive clinical and behavioral data to create risk scores. Now, with the addition of Med/Rx, carriers will be able to run group reports through Verikai's platform to establish a baseline of high-cost conditions and prescriptions that appear in each group. The Med/Rx report includes 10,000 of the most expensive medical diagnoses, including cancers, chronic illnesses, mental disorders, injuries, and drug abuse - to name a few. The Rx half of the report provides all known prescription data on a group, broken down by pricing category (generic, brand, and specialty drugs). As Med/Rx takes shape, Verikai will continue to update the product with additional medical conditions and deeper insights into price. "Our mission is to utilize our unique dataset and machine learning technology to provide the insurance industry with the best insight, so underwriters can make the most accurate decisions possible around evaluating risk. Med/Rx will offer our health insurance customers historical claims, medical, and Rx data - on-demand, within minutes." -Verikai's President and CEO, Jeff Chen We have been working on this product for over a year and coupled with our risk scores from our flagship Capture product, underwriters will have the most powerful set of predictive risk tools at their fingertips, all within a single platform. There is no other predictive risk vendor on the market that offers carriers a complete and holistic view of risk like Verikai does. We look forward to the positive impact Med/Rx will have on the industry for years to come,Jeff Chen. Within the predictive risk space, Verikai is known as "The Future of Underwriting," based on their use of behavioral data to predict future risk. Now, with Med/Rx providing historical risk indicators, the competitive edge for Verikai customers is unparalleled. About Verikai: Founded in 2018, Verikai is an insurance technology company leveraging alternative data and machine learning to change the way the industry views risk. Our well-established database of more than 1.3 trillion data points includes over 5,000 behavior attributes for 250+ million people in the United States and provides deep insight into these individuals' true health risks. With this data, Verikai generates risk reports in real time with only a census. With Med/Rx, those risk reports are coupled with historical claims and prescription data, giving our customers every underwriting tool available. This greater insight helps insurance companies increase new business, reduce losses, and improve efficiency in the underwriting process - and ultimately, provides consumers and businesses with greater access to a broader range of insurance products.

Read More

RISK MANAGEMENT

Distinguished Programs Expands Coastal Builder's Risk Coverage to Additional States

Distinguished Programs | August 29, 2022

Distinguished Programs (Distinguished), a national insurance program manager, today officially announces the expansion of Coastal Builder's Risk coverage to five additional states – Alabama, Hawaii, Mississippi, Rhode Island and commercial properties only in Texas. The Distinguished Coastal Builder's Risk Program covers all risks for brand new construction, remodeler's risk and betterments only projects in select states. "When we launched the Coastal Builder's Risk program last year, the broker response was incredible, Available coverage in the market is shrinking, and brokers need options for these harder-to-insure properties. We are thrilled to introduce our comprehensive Coastal Builder's Risk program to brokers in these new states." -Katie Vespia, Managing Vice President of Builder's Risk Program at Distinguished This program offers flexible initial policy terms (up to 24 months) with extensions available. Beachfront and barrier island properties are acceptable. Additional coverages include named storm deductible, wind coverage, theft and vandalism coverage, debris removal and more. Brokers can submit business for the Distinguished Builder's Risk (Coastal and Non-Coastal) Program through the 24/7 Online Portal. Brokers must be registered first to submit. About Distinguished Programs Distinguished Programs is a leading national insurance program manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

Read More

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