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Explore the latest news, insights and developments from IMAC and the Cayman Islands insurance industry, including updates on captive insurance, reinsurance, regulation and industry events.
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2019 sees continued growth for Cayman International Insurance
Jan 30, 2020
Cayman’s international insurance industry continued to thrive in 2019; with final quarter figures recently published by the Cayman Islands Monetary Authority (CIMA).
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Technology advances that have transformed the insurance manager’s world
Nov 12, 2019
Today’s insurance managers behave differently to their predecessors. They have new tools, new resources at their disposal, and they have adapted to rapid technological advances over the past 30 years.
Here are four ways technology impacts the life of an insurance manager:
The ability to connect with risk managers and CEOs around the globe
Once upon a time – when a Rolodex equaled one’s sources and network – finding the right people to talk to could take hours or days. Now, networking happens on digital hubs of information like LinkedIn, where the right people are connected in no time at all.
This means insurance managers can build trust and rapport with their audiences in other countries without ever leaving the office.
The ability to discover almost any piece of information
Before the rise of the internet – followed shortly by the rise of smartphones – research was time-consuming and often inefficient.
If an insurance manager wanted to learn more about a CEO’s industry or business, they would have to call an expert, read a relevant book or publication, or visit the company itself.
Today, insurance managers can learn about a prospect by browsing a company’s website, reading their press releases and news mentions, browsing their LinkedIn profiles, and more. These insights help insurance managers contextualize their messaging and skip the basic fact-finding stage of discovery.
The ability to work wherever you go
Twenty years ago, an insurance manager would have met a risk manager or CEO at a conference. They would have taken a business card, flown home, and arranged a business call when they got back to the office.
In this day and age, that insurance manager can connect with their prospect on LinkedIn a mere 30 seconds after they’ve met. They can send resources via email that night and have a call arranged the very next day. It’s possible their prospect will be halfway to the close before the flight home even takes off.
The ability to embrace new possibilities within the industry
Updating captive insurance policies and transferring payments across the globe can be a lengthy exercise.
Blockchain technology accelerates all parts of the captive insurance process by automatically connecting all parties involved in the captive insurance program. Transactions and data entries are shared among participants in real-time, which decreases the time from start to policy; policy to premium; and claim to settlement.
These changes are just the beginning. As technology grows more sophisticated, so does the world of an insurance manager. International insurance will probably look completely different in another 20 or 30 years.
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Health System Boards and Cultures That Support Effective Enterprise Risk Management
May 7, 2019
Read more IMAC Responds to publication of EU List of Non-Cooperative Tax Jurisdictions
Mar 13, 2019
The European Union has issued its list on non-cooperative tax jurisdictions, and, as expected, the Cayman Islands does not feature. The so-called ‘blacklist’ includes 15 countries which were identified by the EU as having either failed to deliver on commitments or which made no commitment at all to address tax abuse and unfair tax competition.
Read more 2018 marked solid year for Cayman International Insurance
Feb 27, 2019
Cayman’s international insurance industry enjoyed a strong 2018; with final quarter figures recently published by the Cayman Islands Monetary Authority (CIMA).
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