IT Training Needs For Insurance Professionals

Information Technology is now being used in every walk of life. Insurance Service Organizations are among the biggest users of IT. It is a challenge for Insurance Companies to keep their manpower updated on IT knowledge so that they can make best use of IT deployment. It is often seen that huge amount of money is spend on implementing a technology and at a later time found that either this was not the one needed or it remained under utilized.

If we try to categorize the use of Information technology in Insurance service, we can put various uses in following three categories -- Document and Knowledge Management, Workflow automation, and Analytics and Business Intelligence. Let us map these with some of the important Insurance functions such as Underwriting, Product Design, Product packaging, Policy Administration, Claims Management, Customer Relationship Management etc.

Activities like Underwriting risks and Product design/ packaging depend a lot on Knowledge management, powerful analytics and Business Intelligence techniques. Every Insurance Organization must be having some software for Knowledge management and Business Intelligence or if not so, they must be implementing them in near future. For making best use of knowledge management and business intelligence techniques, users must have sufficient knowledge about when and where what technique can be useful.

At the same time, they also need sufficient working knowledge on the software/ tool implemented or to be implemented in the organization. This knowledge is software dependent. If the software is changed in future, the screens and options will change and users will need to be trained again on the new software. However, the first set of knowledge that is about the techniques itself is not dependent on software. This knowledge keeps getting enriched with use and experience and make user more powerful in applying them in practice.

Policy Administration and Claims Management are such activities where document management and workflow automation techniques are mostly deployed. Customer Relationship Management requires good analytics and Business Intelligence techniques as well. In all such implementation and applications, we find that two sets of knowledge are required at users level to make best use of them. First set of knowledge is about the techniques itself and the second set is about the tools implemented to apply the techniques.

For example, Business Intelligence (BI) is useful in almost all the functions of an Insurance organization. For this, the organization implements some Business Intelligence software. To make effective use of it, first a person needs to know about various BI techniques such as clustering, association rules etc. A user need not know the algorithm used in these techniques, but he should be aware of the meaning and use of them. Learning the features available in the software implemented for this purpose is relatively easy and can be learned easily by use. But, if one only learns the software and the features available in that and thinks that he can use BI with that knowledge, then it doesn't work.

In Insurance Organizations, IT Project implementations are regular activities. Project Management techniques such as CPM/ PERT (Critical Path Method/ Program Evaluation and Review Techniques) helps the project team manage the project better. There are more failure stories in IT Implementation Projects than success stories. IT personnel in the organization have to work as interface between the internal users and technology partners. Knowledge of project management techniques and skill to interpret data to convert to smart decisions play important role in success of IT projects.

To summarize, the IT training needs for Insurance professionals fall under two categories-One related to techniques and the other related to tools deployed to use those techniques. Training on Business Intelligence techniques, Workflow design, project management techniques, document and knowledge management techniques etc. are necessary. Tool specific training is generally provided during implementation. There should be some plan to train more number of people on tools by those who are already trained. These tools can be best learned by using and practicing. However, these can be of use only when the user understands the techniques to workable level.

In addition to these topics, everyone should be fully aware of the information security issues and IT policy of the organization. With properly designed training based on above considerations, an Insurance Organization can make best use of Information Technology.

Professional Indemnity Insurance - What Is It All About?

The field of insurance is always a tough one to comprehend with. In case you are aware of this field then you must have heard a lot about professional indemnity insurance. It is a simple insurance policy which indemnifies the policy holder from monetary loss due to several claims from the other involved party. There are different kinds of professional indemnity insurance policies that can be chosen by a business house in dissimilar industries. Here, we are going to render you complete information regarding professional indemnity insurance.

Let us now talk about some of the most essential things in regard to this topic. You should pay proper attention towards the below mentioned points.

Advantages

A professional indemnity policy offers a number of advantages to the policy holder. In case a simple claim is acquired against the policy holders, the insurance firm is going to conduct a proper investigation on their behalf. Here, the insurer of the policy needs to reimburse for the legal fees that accumulates.

Types

Professional indemnity insurance is usually acquired by experts whose companies directly affect customers by offering recommendations, services or advice. Some of these professionals might include: accountants, financial advisors, doctors and lawyers. In case you are planning to opt for such an insurance policy you should know more about its types first of all. This is an imperative thing for you to do.

Considerations

In case you are considering such an insurance policy you need to remember that the firm offering you policy evaluates the total amount of risk of granting coverage by carefully assessing the data provided on the client's application. Claims, business and industry history are some of the factors that should be taken in to consideration here. The entire policy is based on a number of crucial things and they need to be taken in to consideration carefully.

Misconceptions

An expert's accountability can easily remain unrestricted. In case experts wish to cover themselves just after cancelling an insurance policy for the purpose of closing their business, they can buy run - off coverage. Such a policy is going to safeguard them for a consistent amount of time. The misconceptions here are huge and so a professional should research hard before going in for such a policy.

Warning

Professionals and experts that are functioning in medical industries might be needed to carry a suitable indemnity insurance policy. The policy holder is responsible for the additional amount in case the policy insurance amount doesn't really cover the sum to be reimbursed out in a legal claim.

So, all in all we can easily conclude that a professional indemnity insurance policy can offer you a wide range of benefits. You should however research hard regarding it before investing your money. With a little bit of knowledge and skills you can surely make the most out of this coverage policy. For any other assistance, you can surf the net and seek out some professional help. I hope this article could provide you some crucial information in regard to this policy.

Mantegna in Mantua: La Camera degli Sposi

Andrea Mantegna's beautiful frescos in the Camera degli Sposi are among my very favorite works of art.  I was fortunate enough to have had the opportunity to visit these in Mantua in the summer of 2006 and it made me appreciate them even more.

The 15th century painter Andrea Mantegna (1431-1506) was the court painter for the Gonzaga family who ruled the Italian city of Mantua (Mantova in Italian).  During his time there one of his most important commissions was the fresco cycle in the Camera degli Sposi (Bridal Chamber) also known as the Camera Picta (Painted room) which was painted between 1465 and 1474 in the Ducal Palace.

Ceiling Oculus from the Camera degli Sposi, Mantegna
Ducal Palace, Mantua, 1465-1474

Mantegna was invited as the court painter of the Marchese, Ludovico Gonzaga II, in 1456 when the artist was 25 and working in Padua (Padova).  Mantegna was already working on a variety of commissions and began additional work on some Gonzaga owned palaces before finally relocating to Mantua in 1460.

After moving to Mantua Mantegna worked on a variety of other projects for the Gonzaga before starting painting the fresco cycle in the Camera degli Sposi in 1465. Originally the bedroom of Ludovico Gonzaga II, it was later used as a private audience room.  Later it was abandoned and required restoration.  

The room is just over 26' square (8 m) and the fresco above is a detail of the "oculus" which is an especially charming element painted on the ceiling.  Here Mantegna has used foreshortening to great effect, it is as if the ceiling really has opened up to the sky and a group of people and plump cherubs are looking down at us.  The shapes in the railing are particularly convincing as he has used perspective in a very sophisticated way.

Mantegna also uses a bit of humor in the oculus.  Watch out below viewer....if the bar holding the heavy potted plant gets rolled away it will fall right on your head!

Ceiling Oculus from the Camera degli Sposi, Mantegna

Ducal Palace, Mantua, 1465-1474

diameter of oculus- 8.85 ft/270 cm 

The artist married into the famous family of Venetian artists, the Bellini.  Andrea Mantegna and Giovanni Bellini were brothers-in-law and Mantegna learned some painting skills from Jacopo Bellini though he had been originally trained as a painter by the artist Squarcione who he was later estranged from. 

Above is an view of the entire ceiling, as you can see the oculus is just a small part of the ceiling, which was covered with faux relief panels and arches. The roundels have portraits of Roman emperors and the small lunettes contain mythological scenes.

Mantegna painted using the effect of trompe-l'œil, it is convincingly very sculptural and the painted arches appear to be architectural elements of the room.  As was traditional, the ceiling was the first part of the room to be painted and it was painted using true fresco technique. 

Portrait of the Gonzaga family: the Marquese Ludovico II and his wife Barbara of Brandenburg surrounded by their children and members of the court

Camera degli Sposi, Mantegna, Ducal Palace, Mantua, 1465-1474

The rest of the frescoes were commissioned by the patron to show the importance of the Gonzaga family.  This group portrait was the scene which was painted next and appears to show a specific event in addition to serving as a portrait.  Ludovico II is being handed a letter and the figures to our right are both coming and going.  The meaning isn't entirely clear but one interpretation has suggested this was when the Sforza family of Milan had written to the Gonzagas asking for help.1  That letter famously arrived on January 1, 1462 which was the same day that festivities were planned to honor their son Francesco who was being given the title of Cardinal in Rome (more info below).

As one enters the room this fresco is on the same wall to their left, just over the fireplace.  Mantegna again is aware of the viewpoint of the viewer in regard to the placement of his fresco.  He includes in his use of perspective a slight foreshortening as if the people he is showing us actually exist on a terrace just above the level of the viewer.

As Keith Christiansen writes in his book, Andrea Mantegna, Padua and Mantua:

"The impact of Mantegna's work- both in Padua as later in Mantua- stems from the carefully calculated relationship of the architectural setting to the frescoed decoration."

Unlike the ceiling painted in true fresco, the walls were painted using a combination of fresco with walnut oil on plaster.  This technique hasn't lasted as long and has needed quite a bit of restoration through the years.

Camera degli Sposi, Mantegna, Ducal Palace, Mantua, 1465-1474

By looking at this wall we see how Mantega has used fresco to turn the room into a garden pavilion with landscape scenes between the archways of the painted pilasters.  The event here is taking place in Rome with a meeting between Ludovico II and his son Cardinal Francesco Gonzago. Though it isn't clear if this event is taking place in 1462 commemorating the event of Francesco being given the title of Cardinal or in 1472 when he was to return to Mantua to serve in the church of Sant'Andrea.2  The city of Rome is not shown in an accurate way, the buildings are meant to represent the idea of classical architecture.

This fresco cycle can help illustrate the importance of patronage in the arts during the Renaissance.  Of course until the late 19th century an artist primarily created work based on the request of a patron who commissioned and paid for it.  Patronage could come from an individual (typically a wealthy individual), the church/papacy, head of state, royalty or an emperor.  Patrons played an enormous role in shaping the arts whether deciding on subject matter or which artist to hire.  The importance of patronage in the arts still continues today, though the individual voice of an artist is equally important in the 21st century.

Though tucked away in a room in the Ducal Palace of Mantua (the Gonzaga family received the title of Duchy in 1530), these charming and delightful frescoes are among the works that Mantegna is best known for.

1 Camesasca, Ettore. Mantegna. Milan: Scala/Riverside, 1992. p-42.

2 Ibid.

Credit Card Cash Advance Or Payday Advance?

People will always have some reason for needing cash that they do not have. It does not always have to be an emergency such as unexpected expenses in between paychecks. It could also be because they want buy big-ticket items or go on a grand holiday. For whatever reason, two of the fastest ways to get funds is through credit card cash advances or payday advances.

Both have its advantages and disadvantages. It all boils down to the borrower’s ability to pay. Below is a comparison between the two options:

§ Payday advances have a higher interest rate than cash advances from credit cards. The $10 to $30 finance charge per $100 borrowed may not seem too much to pay at first, especially if the borrower is able to pay off the loan after two weeks. However, if the borrower cannot pay on the deadline, the finance charge is compounded for every week that the loan is unpaid, a rate of increase much faster than for credit cards.

§ Credit card cash advances can take a longer time to pay. The usual practice of credit card companies is to apply payments to any existing balance first before paying off the cash advance itself. Unless the payment is large enough – certainly well over the combined minimum payment for the current balance and the cash advance – it will take a long time for the borrower to make a dent on his credit card debt.

§ Payday loans have no effect your credit history. Because the terms are quite short and the loan is guaranteed against the borrower’s next paycheck, payday advances do not contribute to or detract from your credit score. This is unlike credit card cash advances, which are included in your credit history.

§ Borrowers get cash faster with payday advances than with credit card cash advances. There are usually less requirements, no faxing of documents and credit history checks, making the loan process faster and the loan guaranteed, more or less. On the other hand, credit card cash advances are subject to credit history checks and is not guaranteed.

Based on the pro’s and con’s listed above, fast cash loans, like payday advances, seem to be the better choice over credit card cash advances. However, the borrower has to keep in mind that fast cash loans are short-term loans only and should not be used as a long-term financial solution. It is better only if the loan is sure to be paid on or before the deadline.

If the borrower is not sure that the loan can be paid in two weeks, a credit card cash advance would be better because of the longer period for payment. However, one should not make a cash advance on a card with a large balance or, worse, maxed out. People should avoid maxing out their credit cards because it becomes harder to pay several of these at once. In the end, only the borrower can decide which of the two options – payday advance or credit card cash advance – is more suitable for the situation.

Debt Consolidation Loans For Bad Credit Management: How Effective Are They Really?

The biggest problem with missing a single loan repayment is that over just a short time, with fines and charges, the sum can become extremely high. For those facing large debt repayments each month, this is a major problem. But the availability of debt consolidation loans for bad credit borrowers means there is a way out.

But just how effective is consolidating existing debts and taking out another loan to repay them? Is it not simply a case of replacing a set of crippling debts with one single crippling debt? Or is there sound reasoning behind the strategy? After all, there are other options to consider too.

We take a look at some of the factors that answer these questions, and establish that taking out a debt consolidation loan really does provide a practical solution to the problem of meeting debt repayments that are just too large to manage.

Understanding The Mechanics Of Consolidation

Before addressing the questions, however, we should look at how consolidation works. By definition, consolidation means bringing resources together in order to strengthen a position. In financial terms, that translates to combining all the different loan balances in order to manage them better. This is exactly the purpose behind applying for a debt consolidation loan for bad credit management.

The reason why this is done? Well, it comes down to fact that clearing separate debts in full with a single debt creates a much more manageable financial situation. This is because individual loans have differing terms, like interest rates, repayment schedules etc. If there are 5 loans, then there are 5 dates on which to make a repayment, and 5 interest rates charged, complicating the whole situation.

By consolidating existing debts this complexity is reduced to a single repayment that is easier to focus on. And with a single debt consolidation loan to face, there is a single interest rate that ultimately means less interest is paid and a single repayment structure to worry about.

Why Replacing Debts Works?

But how can replacing the debt work? How can the financial pressure be alleviated? The fact is that, when securing a debt consolidation loan for bad credit management, the debt is being restructured. This in turn means the pressure is alleviated, but only if the terms are right.

For example, the most important factor to consider when consolidating existing debts is the term of the loan deal. The key reason for financial pressure is the size of the repayments each month. If the size is reduced, then the pressure is lessened.

When taking out a debt consolidation loan, the length of the loan term decides the size of the repayments. If the total sum is $45,000, then a 10-year term means monthly repayments of around $400. Over 20 years, it would be a mere $200. In contrast, the existing structure could have combined monthly repayments on 5 individual loans as high as $1,000, placing extreme pressure on the borrower.

Other Advantages To Consider

So, what are the other advantages that should be considered, especially when compared to the alternatives? Well, the first alternative is to declare bankruptcy, thus removing the pressure created by debt completely. But there is the consequence of a black mark against your credit for as long as 2 years.

Getting a debt consolidation loan for bad credit management means all debts are repaid in full, leaving no reason for any negative consequence. In fact, the credit score improves instead and worsens because as far as your credit report is concerned, the debts were repaid.

This means the terms on future loan deals can be better, ensuring consolidating existing debts is the most beneficial method to clearing debts - as long as the terms of the debt consolidation loan are right.

Insurance Professional Sales Tips - Do Worthless Insurance Purchases Bother You?

Insurance Professional sales tips rarely reveal the split personality of many insurance sellers. The agent may sell prospects worthless insurance purchases initially while closely reviewing all insurance later. See how these sales practices are so unprofessional, yet how frequently they are used.

Beneath the clean cut skin of an insurance sales agent is often a diamond-eyed, double talking boneless reptile with one goal.. That goal is to always make a money-making sale, needed or not. A word of caution though, a stack of bills to pay, can transform an honest agent into a very slippery snake. What else makes this agent make sales in a manner that no insurance professional would normally do?

The sales tips the agent were originally taught is the cause of evil devious doings. The agent eyes converge on commission spotlights. Instead, the agent must focus the center of attention towards what is right for the prospect. Nevertheless, most agents do not experience a guilt trip if they have someone purchase a rather useless insurance policy. If a prospect needs a major medical plan, should sales of accident only coverage or cancer insurance be offered? What if the prospect says the major medical coverage is not affordable? Then should the agent walk away with no sale, or convince the prospect that cancer insurance or accident only coverage might at least be a partial solution, thereby making the sale?

Tomorrow, the day after the say, is always a time of reckoning for the agent. Either the manager will give out a tongue lash for not making a sale, or give a pat on the back for at least selling something. My sales tips indicate some unprofessional truth. Even when an agent finally becomes a professional, they still revert to making any kind of sale on their first visit. Few are truly professional enough to walk straight away, knowing that making the wrong sale is easy on the wallet and hard on the conscience.

If an insurance agent lasts long enough to review his present clients insurance, suddenly wings of an angel start to sprout. Here is where the policy review session reveals all. The insured brings out all life and health insurance in effect bought from any agent. Immediately an experienced agent can spot if there is a huge unfilled gap in insurance coverage. Also uncovered are any worthless insurance purchases made by the client. Here again $$ cloud the agents eyes. Two paths are available, but which should be taken?

The easy path is the least challenging, and has the largest change of success, however it is not professional. The insurance agent has to simply crumble up the unnecessary policies bought, and tell the client it was good the coverage was not used. Then these premiums are used to pay for some added coverage that the client needs. Same payments and better coverage can sound like a winner.

A true winner (professional) agent bets on personal quality and skills, with the determination to do a better job. He or she risks it all by telling the policyholder that all the coverage owned may be outdated. Purchasing proper life insurance, major medical, and disability income might mean a 50% increase in yearly premiums. Dropping less critical coverage might lower the amount of increase. Does the client want the best possible coverage for the least money, or does the client want every agent that comes along to write another insurance policy?

These are Insurance Professional Sales Tips that require ethics that many money hungry agents will never acquire.

Boston Estate Planning Is Very Important

Boston estate planning is very important as it helps the testators or the owners' wealth and assets be distributed well among its beneficiaries. There are various benefits attached to estate planning. Contrary to popular belief that this sort of planning will benefit only those affluent, this sort of planning benefits everyone and it doesn't depend on the size of your wealth. Estate planning offers substantial benefits to your spouse and kids long after you are gone. One of the largest benefits of planning is a reduced estate tax. This benefit reduces the value on an estate thereby reducing the tax against it.

The goal of a Boston estate planning service will be to make sure that all the testators or the owners financial wishes are met upon their death rather than decided by a court. An attorney will help plan the estate through several legal entities. These include trusts, wills, power of attorney, health care and many more. This is an important part of the process because it helps the beneficiaries of the will to attain the assets rather than the estate going into probate and awaiting the judgment of the court. To begin planning, finding an attorney who is an expert in this is a must.

The first step involved in Boston estate planning is getting all the related documents in order. An estate might have several parties attached to it. It's important to have the information related to bank accounts, insurance plans, inventory lists to household items and debts in order before meeting the lawyer. In case there are any more documents required the lawyer will ask for it. There is no limit to the information that needs to be provided to the lawyer. The more the information, the more it will help the lawyer plan better. However there are a couple of aspects that a testator or the owner must know before hiring a service.

Some Boston estate planning services can charge a huge sum of money. It's better to find out the cost of the estate planning before opting for it. Reducing tax on the estate is important. This is the information which only your Boston will lawyer can provide. This is to make sure that there is no issue with transferring your assets to your beneficiaries after your death. The will lawyer can also provide important information on how often the will needs to be updated. Once you have all this information you can ask your lawyer to begin planning your estate.

References and recommendations are the best way to find a Boston trust lawyer. The impact of planning your estate is more psychological rather than financial. The fact that your family is well cared for long after you are gone will bring you peace of mind. Lawyers help with planning depending on the priorities of the testator. Different types of planning has different charges and some can be expensive than the other; but it's worth it. Estate planning is better than the estate going into probate and the court deciding on the distribution of the wealth.