Harnessing Data & Technology for Digital Transformation in the Insurance Industry

The number of policyholders who grew up with the Internet is ever increasing. Their adept use of technology enables them to think differently and take new, radical approaches to common needs -- including the need for insurance. Our organizations require strategies to keep up with "digital natives."

Increased risks are impacting insurance profitability. Earlier this year, AM Best indicated an increase in losses and expenses were responsible for the P&C sector’s $4.1 billion net underwriting loss in 2021 and a weakened combined ratio of 99.6%[i] . AM Best estimated that the 2021 catastrophe losses accounted for 7.7 points on the combined ratio. Already in 2022, the Marshall Fire in Colorado is expected to reach $1 billion in losses, with nearly 1,000 homes destroyed and hundreds more requiring damage repair. Tornadoes in Kentucky and other locations devastated both homeowners and businesses. Rising construction costs, strained supply chains, and lack of construction workers are driving up the cost of rebuilding, putting many insureds at risk of not having enough insurance coverage and insurers at risk of not knowing their overall portfolio of risk.

Electronic signature adoption is growing among Canadian insurance companies, driven in large part by consumer's expectations for convenient, personalized and efficient service. While the benefits of straight through processing are obvious, questions often still arise regarding the legal requirements and implications of bringing processes online.

Gain an understanding of the tax rules surrounding health and welfare benefits along with deadlines and reporting requirements. This program will cover the basics of calculating the taxation of health and welfare benefits provided to employees, along with the reporting requirements associated with these benefits. It will include a discussion of the reporting requirements for medical coverage under the Affordable Care Act, and how to navigate the taxation of the alphabet soup of health savings accounts (HSAs), health reimbursement arrangements (HRAs), and flexible spending accounts (FSAs).