Sat, February 8, 2025
[ Sat, Feb 08th ]: techUK
AI Action Summit: Day 1
Fri, February 7, 2025

Tech Guardrails: Combating Rising Defaults In E&S Insurance

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Applying the use of technology can greatly improve efficiency for carriers and MGAs in making better decisions while creating outstanding value for the client.
The article from Forbes Finance Council discusses the increasing issue of defaults in Employment Practices Liability (EPL) insurance, driven by a surge in workplace-related lawsuits. It highlights how technology can serve as a critical tool in mitigating these risks. The piece outlines several tech-driven strategies to combat rising defaults, including the use of AI and machine learning for predictive analytics to identify potential litigation risks early, implementing robust HR tech solutions for better policy enforcement and training, and leveraging data analytics to monitor employee sentiment and behavior. Additionally, the article emphasizes the importance of digital tools for real-time compliance monitoring and the use of blockchain for secure record-keeping to ensure transparency and reduce fraud. These technological guardrails are presented as essential for insurance companies to manage and reduce the financial impact of EPL claims, thereby protecting both employers and insurers from the escalating costs associated with workplace disputes.

Read the Full Forbes Article at:
[ https://www.forbes.com/councils/forbesfinancecouncil/2025/02/07/tech-guardrails-combating-rising-defaults-in-es-insurance/ ]