Insurance Digital Transformation, Innovation in Insurance Industry

Traveling is an excellent way to cool off for many Americans. For many, traveling is an integral part of their work life. Regardless of the reason for a trip, an individual wants to do so while feeling secured and protected. Travel insurance is one such way for an individual to protect themselves or their family while on a business trip or a vacation. Since several insurance companies offer a travel insurance policy, it might be [...]

Over 47% of SMEs in the UK have reported invoice fraud, with losses totaling over £9bn. Moreover, Barclays Bank reported that over 14% of its customers have lost at about £5,000, to invoice fraudsters. The good news is invoice fraud is preventable. Read on to discover how to prevent invoice fraud. 10 Ways to Prevent Invoice Fraud in Business and Organizations Process Invoices on Time Do not let invoices pile up, and they process them [...]

Invoice fraud happens when fraudsters pose as legitimate suppliers and convince businesses or organizations to change the banking details of legitimate suppliers. The fraudsters then go on to receive the multiple payments sent by the business or organization, presumably to the legitimate supplier. That goes on until such as the time that the legitimate supplier sends queries about non-payment of invoices. Often, by that time the fraudsters will have withdrawn the funds, and tracing them [...]

The Health Savings Account or HSA provides individuals and businesses access to savings accounts that are tax-advantaged and also created for High-Deductible Healthcare Plan (HDHP). This type of account provides savings to assurers for healthcare expenses that are not covered by the HDHP (an insurance plan with a high periodic deductible). HSA allows businesses and individuals to contribute money into the account within a yearly maximum cap. All contributions collected are invested in profitable ventures, [...]

The Health Maintenance Organization or HMO is a popular healthcare insurance plan, which provides an individual healthcare coverage via a web of doctors or physicians. HPO provides healthcare insurance to an individual for a fee that is paid monthly, yearly, or as agreed between the insurer and the assurer. An individual that purchases an HMO insurance plan is only allowed to receive medical services from a web of approved doctors, pharmacies, and other providers called [...]

The Health Reimbursement Arrangement or HRA is a tax-advantaged system that reimburses individuals who pay for medical expenses directly and those who pay for premiums for healthcare insurance policies. HRA is an approved process by the IRS, which is funded by employers. It is imperative to know that HRA is essentially not a healthcare insurance policy. It is a system that allows workers to receive a monthly amount from their employers that are free of [...]

The Point-of-Service (POS) plan is a flexible healthcare insurance plan, unlike other plans as it combines the characteristics of HMO and PPO plans. It allows individuals that purchase the plan to enjoy different benefits as they access healthcare from insurer accredited service providers (provider network) and non-accredited service providers. However, compared to PPO and HMO insurance plans, POS only accounts for a small percentage of all active healthcare insurance policies. How it Works POS insurance [...]

Any individual that requires access to healthcare insurance can select from a wide range of available insurance plans. All these plans must comply with the ACA to provide healthcare to citizens as stipulated by the law. Exclusive Provider Organizations is an example of one such insurance plan. Definition of EPO The EPO is described as a custom healthcare insurance plan that provides healthcare insurance coverage to individuals from a list of exclusive healthcare providers contracted [...]

Risk is a hazard, loss, danger, and any unforeseen adverse event that causes harm to humans, properties, equipment, and even animals. It is also an unplanned event that occurs, which causes significant economic consequences that translate to loss. In any financial institution or activity, the higher the profit, the more the chances of risk. Therefore, whenever there is a significant profit, there is a risk, which increases the importance of insurance. The purchase of insurance [...]

A higher percentage of people have some understanding of what a typical insurance policy is and its importance as a protective cover against risk. This is evident as millions of people and businesses subscribe to various insurance policies to protect their properties and prevent loss. However, fewer people have a clear understanding of what premium is and how it affects insurance coverage. Description How Premium Works The Use of Insurance Premium Getting the Right Premium [...]