Adam Smith, CIPP/US

[What'sNew] After 7 years of ongoing #FraudulentClaims totaling $10.7 million since 2010, justice is finally served this year. How did a senior executive at Chubb Insurance Singapore flee detection for so long? Dive into the details of this prolonged oversight: https://buff.ly/4bhNvrv Looking for prevention? Enable real-time detection with over 50% reduction in false alarms compared to traditional fraud detection systems at https://lnkd.in/gnsdz5G4 #KewMann #PredictInfluence #InsuranceFraud #FraudDetection #AIDetection #KewDetect

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In a survey, 41% of insurers say they have kept their insurance-specific software years longer than their core systems and are running out of steam. Eric Ayala gives readers more information in, '7 Must-Haves for Insurance Software Platforms.' #insurance https://lnkd.in/dTTYqpg8

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Kimberly Talley and Jeffrey Neadle, CFE are looking forward to seeing everyone at The Florida RIMS Educational Conference later this month! Let's be sure to catch up on all trends in investigative solutions! #riskmanagement #investigations #claims #claimsfraud #fraud #insurance #insurancefraud #surveillance #investigators #insuranceinvestigations #workerscompensation #workerscomp #fraudabatement #FLRIMS #2024FLRIMS

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Insurers experienced in serving the management liability needs of private and non-profit organizations can be strong allies for risk professionals at these entities, particularly when D&O and EPL claims arise. Learn how Philadelphia Insurance Companies is making a difference for its customers. https://bit.ly/3z0GihT #managementliability #riskmanagement #privatecompanies #nonprofits #TEAMPHLY

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Watch Eric Oberembt's full podcast, "Be Authentic or GTFO," featuring APA Executive Director, Doug Quinn. Jam-packed with valuable information, it is a highly recommended watch 👀 #ClaimsAdjuster #Tactics #APA #Podcast #FraudFighters #InsuranceFraud

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CrowdStrike Launches “Falcon for Insurability” to Enhance Cyber Insurance Eligibility The program allows insurers like Ascot Group, AXA XL, Beazley Insurance, Berkley Cyber Risk Solutions (a Berkley Company), Coalition, Inc., and Resilience to reduce underwriting risk by ensuring insured organizations have reliable cyber protection from the AI-native CrowdStrike Falcon® cybersecurity platform. Read it: https://lnkd.in/gbZZRkUx #cyberinsurance #cybersecurity #cyberliabilityinsurance

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Check out the latest post from Dykema's Insurance Coverage Notes and Developments Blog authored by Jeffrey Ward. #InsuranceLaw #ReservationOfRights #MichiganLaw

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https://lnkd.in/exe3CqHZ “Previously technology replaced unskilled tasks, and new technology came in creating new jobs. However, currently, AI can perform white-collar jobs more efficiently; and the degree of existential risk posed by AI is to be debated. Nevertheless, marine professionals survived with their innate knowledge and intuition; no marine casualty can be handled successfully without human emotional intelligence or intuition–this is what AI lacks."

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We are honored to be partnering with Jennifer Clanton to discuss the current organized fraud landscape during The Florida RIMS Educational Conference. Be sure to come by and see us! #riskmanagement #investigations #claims #claimsfraud #fraud #insurance #insurancefraud #surveillance #investigators #insuranceinvestigations #workerscompensation #workerscomp #fraudabatement #FLRIMS #2024FLRIMS

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In a recent PLUS Blog post, Emma Fekkas and Noah Kjos shed light on key exposures and other considerations in the cyber liability market. Learn more about how cyber insurance underwriters and vendors are responding to this continually changing landscape. 💻 https://lnkd.in/gSptaUyM

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Is Your Claims Analysis 5th Gen, or Is It in the Danger Zone? Construction delays, disruptions, and unexpected costs are inevitable. But are you confident your current claims analysis is strong enough to secure the compensation your firm deserves? Building a watertight case hinges on accurate claims analysis. Do manual calculations and scattered documentation bog down your current process? Imagine the power of presenting a clear, evidence-based claim built on a foundation of the 3Rs Rule of Information. Collect the, 🔵 RIGHT INFORMATION: Capture every relevant detail – contracts, change orders, daily logs, communications – in a centralised platform. at the, 🔵 RIGHT TIME: Don't wait for disputes to gather evidence. The 3Rs Rule encourages proactive data collection throughout the project lifecycle. in the, 🔵 RIGHT FORMAT: Ensure information is organised and accessible. Standardised formats streamline analysis and avoid confusion. Don't leave money on the table. Are you unsure if you're capturing all your legitimate entitlements? Weak analysis can leave you financially exposed. The 3Rs Rule empowers you to identify and quantify costs effectively. Here is what a modern claims analysis with my 3Rs Rule can do for you: Uncover Hidden Costs: Advanced analytics tools paired with the 3Rs Rule ensure you capture the complete picture of your damages, identifying even subtle cost overruns. Streamline Documentation: Ditch the paper chase. A centralised platform with the 3Rs in mind organises all your project data, from contracts to change orders, for easy access and streamlined analysis. Sharpen Your Argument: Data visualisation tools with the 3Rs foundation create compelling narratives that clearly demonstrate the cause-and-effect relationship between project disruptions and your financial losses. Don't settle for a subpar claims analysis. Embrace the 3Rs Rule and modern technology to build stronger cases, maximise recoveries, and protect your bottom line. Let's discuss how we can revolutionise your construction claims analysis. #ConstructionLaw #ConstructionClaims #Adjudication #Arbitration #ClaimsQS

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We are thrilled to announce that our CEO David Cayemitte will be making an appearance at RIMS (Risk and Insurance Management Society, Inc.)'s upcoming RISKWORLD® at San Diego Convention Center on May 5th - 8th, the largest and most comprehensive event in risk management. Join us Monday, May 6th at 1:30 PM - 2:30 PM, as CEO David Cayemitte takes to the stage to discuss Aligning Insurance Premiums with Supplier Diversity Goals in corporate responsibility strategies and insights into the future of an inclusive Marketplace, with solutions to help you navigate the evolving business landscape. ️This will be an incredible opportunity to connect with industry leaders and learn from the best in the field. The SESSION SCHEDULE: https://lnkd.in/eT9yeRWQ. Mr. Cayemitte's topics will include: . Preparing to shift the tradition of independently operated supplier diversity and risk management departments in order to seamlessly enhance your organization’s overall corporate responsibility spend. . How working with a minority-owned wholesale broker can leverage existing insurance premium dollars without additional costs or displacing your retail broker. . Assessing the potential of these efforts based on the impact of members of the National Minority Supplier Development Council (NMSDC) and the Billion Dollar Roundtable, which recognizes a $1 billion spend with minority and women-owned suppliers. Learning Objectives: . Plan an expansion of your organization’s corporate responsibility program with a new model for securing insurance market suppliers. . Link the engagement of a minority-owned wholesale excess and surplus broker to your organization’s premium dollars recognized as its diversity spend. . Distinguish the role of the supplier corporate responsibility model as an augmentation to the insurance industry distribution process. Embrace Partners has been working to prepare an engaging and informative presentation that will leave you empowered. We can't wait to share our knowledge and expertise with all of you!

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The California Department of Insurance has released new draft regulations for its Sustainable Insurance Strategy. These regulations will allow catastrophe models to be incorporated into ratemaking if insurers commit to accepting more policies in high-risk wildfire areas. As insurers expand in high-risk areas, risk assessment tools like Z-FIRE are even more essential for accurate risk assessment and fair policy pricing. Read more about the draft regulations, what this means for insurers, and ZestyAI’s position in this week’s blog post, written by Bryan Rehor. https://bit.ly/3KNmBMZ #Insurance #WildfireRisk #AI #Sustainability

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Severe weather and natural catastrophes led to $95 billion in payouts in 2023, posing significant challenges for P&C insurers. With the frequency and intensity of these events on the rise, refining the claims payment process is more crucial than ever. Is your organization ready to streamline the claims payments process?   In The Insurance Board's latest article from David Giacomini, we explore best practices for enhancing #claims efficiency, leveraging technology, and prioritizing customer service during high-demand periods. Discover the 10 ways to implement robust data management, adopt advanced analytics, integrate mobile technology, and more to ensure a seamless claims experience for your policyholders.   To learn how to prepare for a busy storm season and exceed policyholder expectations, read the full article here: https://lnkd.in/etcpvH_6   #Insurance #ClaimsManagement #SevereWeather #AI #Insurtech #DigitalTransformation #CustomerService

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ITIC Chicago 2024 Live Update from Day 1 of Insurance Tech & Innovation Conference 2024! Harry Storck, Vice President, Safety Services, Protective Insurance shares his insights on "Navigating Challenges in Commercial Auto Insurance: Strategies for Improved Risk Profile and Profitability." Talking in-depth about commercial auto insurers, they face significant headwinds. Subpar combined ratios resulting from increased claims costs, regulatory compliance, and a well-organized plaintiff bar impose immense pressure on commercial auto profitability. Understanding the challenges of the current state is the first step to developing important risk mitigation strategies with key partners to improve your risk profile and insurability. #ITICChicago2024 #conference2024 #digitaltransformation #insurtech #insuranceconference #insurance #digitaltransformation #customerexperiencetransformation #insurancetechnology #insurancetech #insurancebroker #digitalinnovation

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DID YOU KNOW: "The integration of artificial intelligence (AI) within the insurance industry raises concerns that insurance companies might use the technology to unfairly curtail or deny policyholders’ claims"? This is what Marshall Gilinsky and Madison Marlow write in their new HB Litigation Conferences LLC article in the Journal of Emerging Issues in Litigation entitled, "Protecting Policyholders as AI Is Developed for Insurance Claims Handling: Ensuring “Decency and Humanity” in the Digital Age" The pair use this article to highlight "the need for watchdogs and regulators to demand that AI tools under development afford “explainability” and protect policyholder rights." They state that, "Insurance companies must stand by their fundamental duty of good faith to policyholders, and courts must maintain long-standing precedent that demands “decency and humanity” in insurance company claims operations." Click the link below to download and read this full article. #policyholderpowerhouse #insurancelaw #insurancelawyer  #ai #artificialintelligence #insuranceclaim #cyberlaw

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Berkley Select’s Al Roberts, Vice President of Underwriting, Lawyers Professional Liability, (LPL), was featured in the Independent Insurance Agents and Brokers of America (Big i) magazine this month where he wrote about the concerning trend of law firms becoming increasingly vulnerable to cybercriminals. There are many different ways cybercriminals can take advantage of a law firm's vulnerabilities—from hacking their network and stealing personal information belonging to employees, clients or both, to ransomware attacks where a firm's computer network is shut down until a financial demand is met. Learn more about how insurance agents can help their law firm clients avoid a potential cybercrime. https://lnkd.in/esMJ5ufB #BerkleySelect #LPL #Cybercrime

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Learn about Maverick, our claims management tool. Maverick allows you to track your company’s claims data and activity through reports, dashboards, and reporting new losses, all while staying in touch with us each step of the way!

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