According to a report by Reuters, Dutch insurer Tryg said that 90% of its corporate customers will buy cyber crime insurance within the next five hears as the threat from hackers and viruses to data and IT systems rises. Since the beginning of the year the company has sold 5,000 cyber crime insurance policies. Wannacry…
In an age where everything is automated you can service your customer’s needs and interact with them through chatbots. Often also referred to as talkbots, chatterbots, bots, interactive agents or an Artificial Conversation Entity (ACE), chatbots are essentially a computer programme, which conducts a conversation via auditory or textual methods. They’re super handy, particularly as…
The purpose of many insurance policies is to provide a replacement for lost, damaged or destroyed goods. Coverage may also include compensation for being unable to use the item or for other damages caused by the item’s loss. However, how do we calculate the value of an asset (the property) under a policy and what…
Earlier this month the Insurance Research Council published a new paper on telematics and their impact on the insured party. They worked with over 1,000 drivers to establish whether the use of a black box in a car had any impact on their driving and on road behaviour. What Did They Find? More than 1/3…
Not all calculations used in insurance are used to calculate premiums or risk. Many of them are used to help investors make sense of an insurance business’s financial position. This is important, particularly to those who work in the insurance industry, because it enables you to make conclusions about the long-term viability of a business….
A few years ago the science of regenerative medicine appeared more science-fiction than science fact. The idea that you could combat the ageing process and heal untold common conditions by coercing cells into a regenerative state seemed far-fetched at best. In 2015, the outlook is considerably brighter for this form of medicine but what will…
Getting to grips with net written premium is actually pretty straightforward. The concept is, thankfully, simple. The Net Written Premium of an insurance company is simply the total value of the premiums that will be retained by an insurance business. Calculating Net Written Premium Premiums Written + Reinsurance Assumed – Reinsurance Ceded = Net Written…
