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The Insurance Act: A New Dawn for Risk Management

With the new UK Insurance Act coming into force August 2016 and applying to all insurance placed in the UK market, it is vital that companies act now in order to get their ‘houses in order.’ It is certainly a case of ‘fail to prepare, prepare to fail’ when it comes implementing the right systems and processes now required.

Topics: risk management duty of fair presentation insurance act compliance

OSHA Recordkeeping 2016

Business Insurance reported on the White House approved of an OSHA request to move forward with their proposal to mandate electronic reporting of occupational injuries and illnesses.

The Tie Between Golfers and Data

I read, with great interest, the trailing article from the Wall Street Journal, this week - Golfers Join the Rest of World, Use Data

Topics: risk data data management

The Insurance Act: Do you know your DoD from your DoFP?

The UK Insurance Act 2015 comes into force in August 2016 – but how many Risk Managers recognise the significant impact on day-to-day operations? Duty of Disclosure (DoD) is so ingrained in daily processes for Risk Managers there is the assumption that Duty of Fair Presentation (DoFP) may not be that different – this is a misunderstanding which should be remedied sooner rather than later.

Topics: risk management duty of fair presentation insurance act

New Guide: Preparing for the Insurance Act 2015- Make sure you're ready

With the UK Insurance Act coming into force in August 2016, have you considered the full practical implications of complying with the new act?

Our new guide “Preparing for the Insurance Act 2015: Make sure you’re ready” looks to provide valuable insight and guidance into the changes outlined in the new insurance act and how you and your origination can prepare for them.

By downloading and reading this guide, you will receive:

  • A breakdown of the changes from the old Duty of Disclosure (DoD) to the new Duty of Fair Presentation (DoFP) and information on how you can comply with the requirements of the DoFP.
  • A clear definition of ‘reasonable search’ and details on how you can demonstrate a clear audit trail prior to market presentation
  • An understanding of how technology can help in categorising and assembling reliable data for presentation to the insurance market
  • A breakdown of the consequences of failure to comply with the Insurance Act
  • Information on the global impact, the act doesn’t only affect the UK
  • Details on how a Risk Management Information System can aid with complying with the Insurance Act 2015
Topics: risk management duty of fair presentation insurance act

A Thought from RIMS 2016 - RMIS Implementation Lessons Learned

With obvious interest, I attended a session at the 2016 RIMS Conference in San Diego moderated by Dave Tweedy of Bickmore, entitled “Critical Factors:  Selection Claims and Risk Management Information Systems”. On Dave’s panel were Michele Adams of The Walt Disney Company, Ron Carlson of The Church of Jesus Christ of Latter-day Saints, and Jeff Rowley of Salt Lake County, Utah. This was a well-constructed panel with a wide variety of viewpoints and experiences to share.

Topics: RMIS RIMS 2016

How claims reporting delivers insight to drive your business forward

Adjusters, claims managers and their finance colleagues know that the claims process captures a massive amount of data. They also know that, to add real value to the claims process, a claims system must empower end users and management alike to analyze that data. The newest tools available in claims-processing systems (not just in Ventiv’s system, iVOS, but across the technology marketplace) harvest data and present it in a variety of meaningful ways—basically, answering these age-old questions:

Topics: claims software analytics