Social Inflationand COVID-19

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“Social inflation” refers to rising litigation costs and their impact on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreed-upon definition, frequently mentioned aspects of social inflation are growing awards from sympathetic juries and a trend called “litigation funding”, in which investors pay plaintiffs to sue […]

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COVID-19: Insurance IT operations in a new reality

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In this series, I’ve explored what carriers need to be doing now and cross-industry partnerships that are building trust with insurance customers through digital. But what about later? How can carriers ensure business continuity amid the uncertainty of the pandemic crisis? Systems resilience. What is systems resilience?  Systems resilience describes a system’s ability to operate… […]

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How COVID-19 is accelerating digital insurance

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As social distancing continues and people become more accustomed to working from home, we’re seeing an acceleration of digital workforces and the systems that support them. This is particularly apparent in the U.S. life and annuity industry where the COVID-19 pandemic has forced brick-and-mortar insurance agencies to temporarily shutter and conduct business 100 percent digitally.… […]

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COVID-19: Cross-industry partnerships are building customer trust

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As the insurance industry navigates the COVID-19 crisis alongside other sectors, the individual user experience is now front and centre for carriers. In an odd synergy, the first trend of the Accenture 2020 Tech Vision for Insurance is The ‘i’ in Experience. And in order to dot the “i”—now and post-pandemic—insurers need to see themselves… […]

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