For the most part, insurance carriers haven’t really viewed the claims process in a positive light, as it is complex (especially with a multiparty property and casualty claim), tedious (lots of data and fact gathering), and filled with suspicion (carriers thinking that policyholders could be trying to defraud them and policyholders thinking that carriers could be trying to pay less than what they are entitled to). Because of these factors, carriers have often viewed the claims process as more of a necessary evil than an opportunity to deliver a better experience to policyholders.
Security information and event management, or SIEM—once upon a time referred to as SEM (security event management), SIM (security information management), SIM/SEM, or (insert your preferred acronym here)—is a category of software that surfaced in the late '90s with Intellitactics (1996), netForensics (1999), Arcsight (2000), Q1 Labs (2001), LogRhythm (2003), and Splunk (2003). SIEM solutions would offer hope to security analysts looking to aggregate and correlate all of the log and other event information from different servers and devices on their network in a single place.
The insurance industry is finally making waves in the area of digital underwriting. It is refreshing to see some carriers step out of their comfort zones and go beyond just automating basic activities with rules engines and more advanced workflow tools. Most carriers are starting to use additional external third-party data to help support the automation process as well, reducing the operational costs of onboarding a new customer and creating a better customer experience. While it seemed to take forever for many carriers to utilize some of the basic third-party data elements, such as Medical Information Bureau or motor vehicle records, or even credit or reinsurance scores, this is finally becoming the norm.
Merchant Risk Council’s (MRC’s) annual Vegas show has concluded; another highly successful trade show is over, but the benefits are ongoing. MRC Vegas 2018 was such a success, it didn’t seem the 2019 show would be able to compare, but it certainly did.
Over the past year, I have been reading article after article that gushes over the advantages of health savings account (HSA) investments. These articles are getting repackaged and reshared with growing frenzy. I worry that there is a serious dose of Kool Aid drinking going on. There is a major disconnect between the layperson’s reality and awareness of HSAs as a long-term investment vehicle and the industry’s bullishness.