Prior authorization is the “single highest cost for the healthcare industry” in the U.S., totaling some $767 million a year, according to the CAQH index. Physicians spend nearly two full business days per week on prior authorization requests, and payers devote thousands of manhours reviewing and approving them in an antiquated, manual process involving phone […]
A 2020 report from LIMRA found 54% of all people in the U.S. were covered by some type of life insurance. A 2021 report from the same organization found a mere 14% of Americans were covered with a disability insurance policy, down from 16% in 2020. But which product — life or disability insurance — […]
The managing general agent (MGA) and managing general underwriter (MGU) business has exploded in the past five years. Today, MGAs and their MGU cousins account for approximately $60 billion in premium flow, up from $25 billion in 2012. Given that agents and brokers need to partner with MGAs to deliver expert insurance solutions for their […]
The global insurance industry is making a slow but remarkable recovery from the COVID-19 pandemic. 2022 is expected to continue this momentum, facilitated by trends in insurance technology that will dominate in the years to come. Let’s review. Applied Artificial Intelligence At present, very few insurance carriers are harnessing AI to its full potential. Regardless, the […]
Insurance in the U.S. goes back to the mid-1700s and Benjamin Franklin. It has become one of the most essential parts of our lives and one of our most important economic industries. We depend on insurance companies and policies to protect us and our assets in times of loss and catastrophe. As it is such […]
