Risk Management, Compliance

Legal expenses insurance: A force for social good

July 18, 2023

Legal expenses insurance: A force for social good
Legal expenses insurance (LEI) has been available in the UK for almost 50 years. While adoption was initially slow, its popularity has grown enormously over that time.

Today, tens of millions of people and hundreds of thousands of businesses are insured against the potentially crippling costs of asserting even basic legal rights. Every week, LEI claims enable the pursuit and defence of thousands of cases that might otherwise have been abandoned as unaffordable.

Spotlight

Neptune Flood Insurance

Neptune Flood utilizes advanced mapping technologies, and aerial remote sensing, to create a sophisticated algorithm that provides customers with a flood insurance policy in three minutes or less. The company demonstrates how data can be collected and utilized to develop smarter mathematics, predict risk, and ultimately mitigate future losses. Aside from delighting customers with a fast, more intuitive, online experience Neptune can provide valuable lessons for carriers around using data to better develop policies and price risk. This revolutionary approach to pricing flood risk often results in superior coverages, savings over the NFIP of up to 25% and is available to households in all designated flood zones.

OTHER WHITEPAPERS
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Broker Week 2022: A fine balancing act

whitePaper | December 19, 2022

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations. Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

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Removing the friction from payments

whitePaper | December 5, 2022

The payment process in insurance has been a point of friction for customers throughout their digital journeys. With recent regulation changes pointing insurers towards a customer-centric future, Pádraig Floyd asks what steps can insurers take to rectify the ongoing challenge of enhancing the digital payment journey.

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Cyber Insurance 2022: Reality from the InfoSec Frontline

whitePaper | May 15, 2022

Sophos’ annual study of the real-world experience of IT professionals at the frontline has revealed how their experience of obtaining cyber insurance coverage has changed over the last year. It also shows the impact cyber insurance has had on their cyber defenses. With ransomware a major driver of both cyber insurance purchase and claims, the study also shines light onto how often cyber insurance policies pay out in the event of an attack and the types of costs that are addressed, including how often insurers pay the ransom.

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Accelerating change in insurance distribution through technology

whitePaper | March 14, 2022

If you want to see the influence that insurtechs are having on how insurance will be sold in the future, look no further than Lloyd’s of London, which has been about as technologically behind as an institution can be. Brit Ltd. announced in May 2020 that, in collaboration with Google, it has created Ki, a new syndicate that will be part of Lloyd’s, that “will aim to significantly reduce the amount of time and effort taken for [commercial] brokers to place their [excess] capacity, creating greater efficiency, responsiveness, and competitiveness.” The Ki platform, which will launch in 2021, will be cloud-based, able to be accessed by brokers directly, and involve algorithms able to evaluate Lloyd’s policies.

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DMS For Insurance Industry

whitePaper | April 16, 2023

One of the most paper intensive industries is insurance industry. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with on regular basis. Under the circumstances, using simple word processors, insecure repository and emails or not adopting a streamlined process of document management can have serious negative consequences.

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IPT compliance: A guide for insurers

whitePaper | March 7, 2023

Written by Sovos’ team of regulatory specialists, this guide for insurers provides everything you need to know about the IPT regulatory landscape. A mix of deep dive country-by-country information in addition to guidance on IPT and the digital tax landscape, this guide is for any insurer wanting to know more about IPT compliance. Despite its focus on Europe, our guide also explores other jurisdictions in Asia, Australia, North and South America. This guide is your trusted source of information wherever in the world you write business.

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Spotlight

Neptune Flood Insurance

Neptune Flood utilizes advanced mapping technologies, and aerial remote sensing, to create a sophisticated algorithm that provides customers with a flood insurance policy in three minutes or less. The company demonstrates how data can be collected and utilized to develop smarter mathematics, predict risk, and ultimately mitigate future losses. Aside from delighting customers with a fast, more intuitive, online experience Neptune can provide valuable lessons for carriers around using data to better develop policies and price risk. This revolutionary approach to pricing flood risk often results in superior coverages, savings over the NFIP of up to 25% and is available to households in all designated flood zones.

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