How is robotic process automation (RPA) used in insurance operations?

RPA automates repetitive tasks like claims processing, policy administration, and customer queries, improving operational efficiency and reducing errors. It enables insurers to streamline back-office functions, enhance compliance, and allocate human resources to higher-value activities, such as personalized customer interactions and complex claims assessments.

What is reinsurance under international insurance law?

Reinsurance is a practice where an insurance company purchases insurance coverage from another insurer to limit its risks. International insurance laws regulate how reinsurance agreements are structured and enforced globally.

Can I get accident-only coverage for an older pet?

Many insurers offer accident-only coverage for senior pets, as it does not consider age-related illnesses like comprehensive plans do.

Are prescription drugs covered under an HMO?

Most HMOs provide prescription drug coverage, but the medications must be on the plan’s formulary (approved drug list). Some prescriptions may require prior authorization or step therapy before being covered.

What does a low loss ratio indicate?

A low loss ratio indicates that the insurer is paying fewer claims relative to the premiums collected, which could mean better profitability but may also suggest strict claim approvals.

What challenges do actuaries face?

Actuaries deal with regulatory changes, evolving risks, data limitations, technological advancements, and economic uncertainty in their financial assessments.

What is the role of a TPA in group health insurance policies?

In group health insurance, TPAs handle claims administration for corporate employees, assist in setting up cashless treatments, maintain medical records, and ensure compliance with the insurer’s terms. They also help with wellness programs and employee benefit management.

What is the role of Lloyd’s in Marine Hull Insurance?

Lloyd’s of London is a major marketplace where underwriters provide Marine Hull Insurance coverage, often specializing in high-risk vessels or complex maritime operations.