GLOBAL INSURANCE: NAVIG ATING A COMPLEX WEB OF EXPOSURE AND REGULATION

| March 25, 2016

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There has been an explosion of regulation around the world in the wake of the 2008 Global Financial Crisis, but very little cross-regional consistency. This has led to an extremely fragmented regulatory environment and a lack of understanding of the requirements that can create stumbling blocks for businesses looking to expand internationally. On the surface, the financial implications of non-compliance are easy to understand: fines, penalties, and punitive tax assessments can be costly and may not be covered by insurance. The deeper impact of non-compliance with local regulations is damage to the company’s reputation. This is not as easy to recover from especially in new markets and is a risk that can be mitigated by investing time and resources to thorough due diligence as part of a robust expansion strategy. Insurance is a proven enabler for companies to expand providing cover for fortuitous events and making companies whole again when unknown liabilities occur.

Spotlight

Max Bupa

Max Bupa, a 51:49 venture, combines Max India’s local expertise in hospitals, clinical research, life and health insurance sectors with Bupa’s 70 years of global experience in health and care spanning across 190 countries. Today Max Bupa is a leading player in its chosen segment and is among the most trusted health insurers in the country. A compelling customer centric product proposition, combined with a strong market reputation and thrust on deploying best in class technological solutions, makes Max Bupa the preferred health insurance partner to ~3 million customers. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups and has a longstanding working relationship with a network of over 4500 top health care providers in the country. Our vision is to become India’s most admired Health Insurance Company. And to make this vision a reality, we have brought together our vast and varied experience as the experts in healthcare.

OTHER ARTICLES

Working From Home: What You Need to Know About Insurance Coverage

Article | March 30, 2020

During these unprecedented times, the everyday norm is shifting for most Americans. Commutes have become a simple walk down to the coffee maker instead of the usual 15-30 minute drive from home. With much of the workforce working remotely, likely from a home office, it is important that you are protected from further unexpected exposures. Most homeowner and renters insurance policies limit coverage, so discussing business exposures with your agent to ensure proper coverage is in place is a must.

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How AI is bringing the insurance industry into the future

Article | March 12, 2020

Technology is advancing every day, and it’s disrupting industries from retail to manufacturing to insurance. It has become increasingly apparent that AI, blockchain and machine learning have the power to transform the future of business and the way people work and live. These new technologies are already being applied in the insurance industry. Some insurance companies are using AI and machine learning to automate certain parts of the claims handling process and improve customer service. Blockchain is being used to detect fraud and prevent risk.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

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.

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Do I Need Professional Liability or E&O Insurance in Massachusetts?

Article | March 3, 2020

In a nutshell, Errors and Omissions (E&O) insurance is a professional liability insurance policy created to protect professionals, employers, and employees from claims of inadequate work or negligence. Here in Massachusetts, it’s a useful policy for professionals who work with contracts, finances, investments, and other risks.

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Spotlight

Max Bupa

Max Bupa, a 51:49 venture, combines Max India’s local expertise in hospitals, clinical research, life and health insurance sectors with Bupa’s 70 years of global experience in health and care spanning across 190 countries. Today Max Bupa is a leading player in its chosen segment and is among the most trusted health insurers in the country. A compelling customer centric product proposition, combined with a strong market reputation and thrust on deploying best in class technological solutions, makes Max Bupa the preferred health insurance partner to ~3 million customers. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups and has a longstanding working relationship with a network of over 4500 top health care providers in the country. Our vision is to become India’s most admired Health Insurance Company. And to make this vision a reality, we have brought together our vast and varied experience as the experts in healthcare.

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