Top trends to watch out for in the reinsurance brokerage industry

By: Cesilia Faustina

Many broker companies are looking for new solutions in trying to fulfil customer demands. Brokers are now looking for a more connected experience amongst brokers, customers and reinsurers. This need is leading to a digital ecosystem amongst the reinsurance brokerage industry where workflow operations can be conducted on a much more productive level.

The reinsurance market is valued at 254.9 billion USD in 2018 and is expected to reach 299.500 billion USD by the end of 2024, according to the Market Study Report. As we can see, the reinsurance industry is most likely not going to slow down and more brokers are looking to enhance their process.

Those that can adapt to the changing times of digitalization will surely come ahead compared to those unwilling to adapt. This is why it is important to talk about some of the digital trends popping up for reinsurance brokers.

How digital health is shaping the medical insurance scene

By: Cesilia Faustina

The health sector is of great importance. It continues to be a huge market with 1.4 billion dollars of gross-written-premium in 2017, according to McKinsey. With rising numbers of natural disasters and diseases, more and more people are looking for greater solutions to maintain good healthcare.

Technology is becoming a powerful trait in healthcare these days. The industry is now taking advantage of various different tech, from AI and blockchain to wearables. This ecosystem has created a world of digitalization that has seeped into the way healthcare is measured and analyzed. Examples of this may be seen through many companies now gathering health data through machines, even health insurance companies now are getting in on the action.

The COVID-19 impact sends InsurTech investments through the roof

 By: Omar Abdulhafiz

Make no mistake, the COVID-19 crisis of 2020 is one of the biggest shockwaves in the history of business as a whole. And if we were to pinpoint the single most remarkable impact it had on business, it is that COVID-19 has pushed virtually every last major sector forcefully toward investment in digital transformation. The insurance sector, naturally, is no exception.

One aspect of this impact can be seen in the big fluctuation in InsurTech investment during the first half of 2020. According to a Deloitte report published earlier this year, InsurTech investment plummeted between March and April, but it skyrocketed between May and June (see figure below).

How to increase the productivity of the life insurance sector

By: Cesilia Faustina

The life insurance sector is an important and powerful one and will continue to be one. As the times are changing and pressures for greater demands are expanding, the life insurance sector is going through new areas of growth. One of the main ones being the need for increased productivity.

According to research by McKinsey&Company, global life premiums grew five percent in 2017, up from 3.7 percent in 2016. The constant growth of the life insurance sector has led to the constant development of consumer needs as well; this means many life insurance companies need to step up their game and adapt to the changing times. Unfortunately, many are still lacking on this and life insurers now need to get on board.

Everything you need to know about digitalized general insurance

By: Cesilia Faustina

New technologies are revolutionizing the insurance sector as we know it. Digital transformation is now an integral part of change. As an industry with greater demands and changing customer expectations, it is crucial for insurance companies to take part in this disruption, or risk letting their competitors come to them.

Technology has seeped into every element of insurance. It can no longer be seen as a simple support tool to help businesses, it should now be a standard in the way insurance companies conduct their operations. Technological developments have affected the way most industries operate and that said, this is why everybody needs to be aware of digital insurance.

Obviously, this applies to all insurance industries, but we are going to focus on one of the most common insurance out there, general insurance. So here is everything you need to know about digitalized general insurance.

The power of process automation in the microfinance sector

By: Lana Bawaneh

Handling financial lending processes can be way more complicated than what you may think, while managing them manually may slow down the process. Institutions, especially financial ones are competing in offering their services quickly as well as improving their profits while avoiding any errors.     

Having a digitally-driven system that provides a full cycle of lending management helps a lot. It enables microfinance organizations to facilitate the process of their borrowers to get money. Many financial institutions are moving toward becoming digitalised, but upon considering such a big step for your organization, you must think of how an automated lending process will benefit your organization?

Digital technology and COVID-19: Reflections and Expectations

By: Omar Abdulhafiz

As the turbulent year of 2020 approaches its final quarter, now is a good time to reflect on how Information Technology persevered among these exceptional circumstances. In this regard, we may ask ourselves, what role did Information Technology play? And how did it (or did it not) help us cope with these unprecedented challenges? Moreover, and more importantly, what does this all mean for the future?

In this article, we will discuss two main lessons that we learned about Information Technology this year, and they are as follows.

The difference between horizontal and vertical business systems

 By: Lotfi AlSarori

Technology is revolutionizing our way of life. As organizations and businesses are depending more and more on digital solutions, plenty of software are rising to help with businesses of all sectors and divisions. This is why it's important to know some business systems out there to help determine which ones are ideal for your organization.

Here is a comparison of horizontal business systems and vertical business systems. 

How effective system collaboration can improve your collection process

 By: Omar Abdul-Hafiz

After spending a lot of effort planning the perfect product catalog, marketing it, and then selling it, it is now time to collect on your customers’ dues. Typically, the collection process begins with classifying customers and assuring their awareness of their dues through notification. Following that, they would be sent automated or manual reminders to persuade them to pay within the timeframe.

Ideally, the customer would receive a notification about their bill and proceed to pay within the given timeframe. Unfortunately, however, this is not always the case, and this is when the collection lifecycle can easily start to get quite cumbersome.

The underestimated power of telecom mediation

 By: Cesilia Faustina

Everybody who works in telecom knows the importance of a mediation system. It works as a powerful gateway for the backend of telecom service providers, in fact, without it, the whole telecom process would fall apart. Telecom mediation platforms act as the backbone of a telecom company, it ensures that all data gets transferred to its required function, be it for billing, customer care, fraud management, interconnect, roaming, and more.

The dependency towards mediation, however, does not seem to share the same spotlight as other telecom systems out there. With the array of systems available to support communication service providers (CSPs), it’s easy for mediation to drown under all the systems. Systems like billing, charging, and customer management would tend to be in the spotlight when it comes to telecom these days, causing people to forget one of the most important systems there is, mediation.