Mobile is where the internet is heading and there’s a lot of business to be had if you can get your brokerage working well with mobile internet. Unfortunately, people on the mobile web don’t tend to use their browsers and prefer to work with mobile apps (applications) instead. That means you may need to examine…
This week we continue our insurance definitions series by examining the lapse ratio. This is a useful diagnostic ratio for insurers as we shall see. What is the Lapse Ratio? The lapse ratio is a comparison of the number of policies active in any given period with the number that were not renewed (e.g. they…
It’s probably fair to say that Google’s ambitious Google Glass project wasn’t quite the success the company had hoped it would be. The tech giant failed to change the way we see the world; though they are officially back to the drawing board and may yet surprise us. The Wearables Challenge The challenge with wearable…
The internet of things promises a lot of advances and insurers are going to reap plenty of benefits from this. Health insurers are going to be able to get live data from the insured parties. Home insurers will be able to better monitor the insides of a home. And so on… However, there’s a downside…
Over in the United States, things are changing for insurance adjusters. Liberty Mutual Insurance has announced that to make the job safer and simpler; work at heights will now be conducted, wherever possible, by drones. The insurer has obtained licenses to operate and deploy drones though there are some pretty strict conditions on their use….
Gross Premium Income is a funny thing, there’s some dispute in the industry with respect to the actual definition. Why? We think it’s because it’s an accounting term and that gives accountants some discretion as to how to treat this on the books. However, after a little scratching around it’s probably fair to say that…
Here at SchemeServe we like to support education within the insurance industry and with that in mind… we’ve developed a completely free to use and access, underwriting claims ratios calculator. It can be used to calculate Claims Loss Ratio, Expense Ratio and Combined Ratio quickly and easily. We hope that it will be a useful…
In the past we’ve looked at the general poor preparedness of both industry at large and the insurance sector when it comes to cyber-security. Businesses remain underinsured and many insurers don’t have enough experience in this sector. However, is it possible to turn the equation backwards and predict that in the near future – the…
