From the steam-powered factories of the first industrial revolution, to mass production in the second, to the rise of digitization in the third, every advance builds upon the last. Today, something entirely new is happening.
There’s keen focus in the insurance industry about overhauling obsolete IT infrastructure to support innovation, along with the resulting costs and benefits. Yet few people talk about the benefits of top industry talent in the same quantified manner.
We have a need to classify stuff—including all living things. For example, the scientific approach to an orderly classification of plants and animals according to their presumed natural relationships is called taxonomy.
In 2018, a fire ripped through the town of Paradise, California, killing 85 people. It was the deadliest and most destructive wildfire in the state’s history. <br />Liabilities from wildfires started by its powerlines bankrupted Pacific Gas & Electric, which cut off power to nearly one million homes and businesses last month to prevent wind from triggering and fanning fires.
Confirmation bias is the tendency for people to search for, interpret, favor, and recall information that confirms their preexisting beliefs. Conversely, confirmation bias drives the same people to dismiss or ignore information that supports a different viewpoint.
Investigating and litigating singular fraud cases for first- and third-party claims used to be the mainstay of special investigation units. While these tactics can be relatively successful, there is still a whole world of abuse and misrepresentation stemming from medical providers, durable medical equipment suppliers, diagnostics entities, premium fraudsters, auto body shops, copy service providers, and more.
You see it unfold in slow motion. Your brother-in-law trips on your $45,000 Persian rug and puts his hand through your $220,000 Andy Warhol. Your rug now has an 8” tear, and your Warhol has been sliced and diced.
Chasing perfect claims results can seem like chasing the wind, especially when it comes to making denial decisions. As Isaac Newton presented in his third law of motion, every action has an equal and opposite reaction, and deciding when to deny a claim is no exception.<br /><br />When initially evaluating claims, there are three general claims types encountered: the likely valid, the possibly valid, and the likely invalid. There is an art to analyzing and balancing these three types of claims and deciding which should be denied and fought. An initial analysis requires a grasp of the applicable legal standards and associated potential risks and exposure. Knowing up front how to navigate between types of claims, the applicable law, how much time to devote to a claim, when to hit a decision point, and when to deny and fight is essential to any claims-handling st
A petition from young people preparing to enter a career in insurance is calling on US insurers to end their underwriting and investments in coal and other fossil fuels. The petition was started by Schuyler Holder, a senior at the University of North Texas and a member of Gamma Iota Sigma, a national insurance fraternity.
The origins of auto insurance can be traced all the way back to the ancient Chinese when investors took out insurance policies on cargo ships crossing the high seas.
Talent shortage and keeping pace with change are two of the top issues facing claims professionals over the next three to five years, but that’s just the start of their concerns.
It’s official: The Universal Claims Certification (UCC) is now available to all claims adjusters in the U.S. This game-changing certification program streamlines the adjuster licensing process that, up to this point, has been confusing and cumbersome.
Risk management and the insurance industry have been around for hundreds of years in some capacity or another. As a thriving industry, insurance offers many avenues for young professionals to explore as they grow in their careers.
From injured workers filing claims in more than one state to conflicting doctrines on subrogation, cross-jurisdictional workers’ compensation cases can be complex for injured workers and employers alike.
Standard homeowner policies pay personal property claims at actual cash value (ACV), which is the replacement cost (RC) of the damaged property based on its current used condition. In other words, it is valued at what it would cost to replace the property at today’s cost minus depreciation: Replacement Cost Value (RCV) — Depreciation = Actual Cash Value (ACV)
