How do digital platforms and mobile apps improve the insurance experience?

Digital platforms and mobile apps offer policyholders convenient access to insurance services, including policy purchases, renewals, claims filing, and customer support. These platforms enhance engagement through AI-driven chatbots, real-time tracking of claims, and personalized policy recommendations, making insurance more user-friendly and accessible.

How do international treaties impact insurance regulations?

International treaties set the framework for cross-border insurance operations, ensuring harmonization of laws between countries, and ensuring that insurers comply with international norms and consumer protections.

Does pet insurance cover accidents that happen during travel?

Some policies provide accident coverage while traveling, but coverage abroad may require additional travel insurance for pets.

Can I change my PCP in an HMO?

Yes, you can change your PCP if you’re unsatisfied or need a provider closer to you. The process varies by insurer, but it usually involves notifying the HMO and selecting a new PCP from the network.

What is an ideal loss ratio for insurers?

The ideal loss ratio varies by industry, but typically, a loss ratio between 60% and 80% is considered sustainable, ensuring a balance between profitability and fair claim payments.

What is enterprise risk management (ERM) in actuarial work?

ERM involves identifying, analyzing, and mitigating financial risks for businesses, ensuring long-term stability and compliance with industry regulations.

Are TPAs involved in claim approvals or just processing?

TPAs primarily process claims but do not have the final authority to approve or reject them. They evaluate claims based on policy terms and submit their findings to the insurer, which makes the final decision on settlement or rejection.

What is War Risk Insurance in Marine Hull policies?

War Risk Insurance covers damage due to war, terrorism, piracy, and political risks. It is usually an add-on since standard Hull Insurance excludes such risks.