Complexity is at the core of the insurance industry. From coming up with the right price to cover a risk or to manage the float, insurers must reliably manage and keep an important amount of information. They also need to provide an answer to their clients’ problems and/or needs while being compliant with changing regulations.
We can cover the possible challenges and potential solutions by looking at different areas:
But regardless of the way insurers are organized or their roles to the society, like the banks, they have to gain and keep the trust of their customers!
To enable this, we believe that their main challenge is to manage two realities as per our below framework (i) run multiple business functions and (ii) build, manage and service multiple pools as one team.
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Our mission is to provide you with everything you need to be successful with your career in the #insurance ecosystem.
We believe that insurers have a similar role for the society than doctors, paramedics, firefighters who are always helping others. As part of their daily routine, the latter are keeping themselves up to date with the latest treatments for their patients. This often means getting trained on a regular basis.
With their key role for the society, the same is true for those working in the insurance ecosystem. Our purpose is to provide the adequate resources and tools to help the insurance professionals to be up to date with the latest technology developments but also products, while avoiding an information overload.
In 2018, General Electric, better known for its jet engines or power station, stunned the financial community. It announced that it had to take a $6.2 billion after-tax charge for GE’s long-term care insurance unit and will have to boost its reserves by $15 billion over seven years to cover claims on some 300,000 long-term care policies written more than a decade ago, when actuaries did not yet know how costly the claims would become.
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