Insurance

On the concept of digital networks in industrial insurance and their importance compared to traditional platforms. Recorded at Event CosmoHub on 15 June 2023.

This FAQ answers frequently asked questions about low code in industrial insurance. What does the term mean? Why should insurers, brokers and underwriters in...

About the parallels between the industries of industrial insurance and enterprise software development, and how mgm has been offering a stable software solution for industrial business for 17 years with mgm Cosmo.

This FAQ answers frequently asked questions about collective settlements respectively collective lists of premiums between market partners in industrial insurance. What is a bordereau? And how can the complex process of collective settlements be automated for insurers, brokers and MGAs?

The complex billing processes between market partners in industrial insurance tie up resources on all sides - without offering customers added value. Especially repetitive processes with always the same data flows offer high automation potential. This article uses the example of outgoing collective settlements to show what automation can look like in concrete terms.

Settlement processes between insurers and brokers are among the more complex processes in industrial insurance. Premiums, brokerage fees and claims payments are usually not settled individually among each other, but in collective settlements carried out on a monthly or quarterly basis. Insurers and brokers use the terms bordero, agent or insurer collection settlement or brokerage or commission settlement in this context. Tax settlement also frequently falls within this range of topics, as payment flows between the end customer, broker and risk carrier must also be settled here.

FAQs on various topics give insurers, brokers and underwriters an initial insight into the possibilities of digitizing industrial insurance. Frequently asked questions are answered here and are intended to help identify opportunities and potential for digital industrial insurance. Can the renewal process also be carried out digitally? What are the most important prerequisites for this?

Industrial insurance, that means complex coverages and contracts. Digital claims management and digital claims validation are not yet standard for industrial insurers. A central challenge is to make the heterogeneous contract landscape manageable, especially in claims processing. Which processes in claims management can be automated and where are the limits?

The causes of claims leakage in industrial and commercial insurance are manifold. IT plays an important role in helping to reduce it. What do tried-and-tested approaches to reducing claims leakage look like?

Industrial insurers and brokers need to develop their ability to think in terms of digital products and processes. Data models provide the necessary vocabulary for this.