Tag: self insurance

Allianz reveals self insurance products blockchain prototype

G. Turner
Allianz blockchain self insurance products prototype

The global insurer has unveiled a new type of prototype designed for up and coming forms of coverage. Allianz has unveiled a brand new type of blockchain prototype which has been designed for self insurance products. It was first announced yesterday and reflects a new form of insuring customers that many predict will be a defining way for the industry to move ahead. The prototype makes it possible for a company to create a self insurance or captive type of policy. Using this form of blockchain prototype, Allianz can equip…

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New legislation could have an impact on health insurance for public workers in Wisconsin

Logan B.
workers employer health insurance

Governor Walker signs new legislation to provide budget committee with greater oversight Wisconsin Governor Scott Walker has signed new legislation that will allow the state’s Legislature’s budget committee to have oversight over any contract that will move public health workers into a self-insurance system. A self-insurance system is one in which an employer assumes the financial risks associated with providing health insurance coverage to workers. Such systems are relatively popular among businesses in the United States, especially in the public sector. New legislation may have an impact on 240,000 public…

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Self insurance to be the focus of consultant hiring for study in Georgia

G. Turner
Trumpcare health insurance investigation

The Department of Employee Trust Funds is looking to bring in a new expert to research coverage in the state. The Georgia Department of Employee Trust Funds (ETF) is now working to hire a new consultant in Atlanta who will be able to research potential reforms to the $1.5 billion worker benefits program in the state, including the use of self insurance in order to replace the current competitive HMO model. The ETF plans to award this consultation contract to the Segal Company, according to recent insurance news. Spokesperson for…

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Self insurance option opens up with startup launch

G. Turner
Health Insurance Expense

Collective Health, from Silicon Valley, is hoping to help mid-sized employers to save money. A new Silicon Valley Startup, Collective Health, is now claiming that it will be able to assist medium size employers in saving money through the use of self insurance, instead of paying higher premiums for group health plans from traditional insurers. The key to the design of the program by the startup is in the software it has developed for covering workers’ costs. According to Collective Health, it has come up with a form of software…

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Augusta, Georgia, contemplates self-insurance

S.Vagus
Health Insurance News

Self-insurance may be an option to mitigate health insurance costs Employer-sponsored health insurance costs are growing for workers in Augusta, Georgia, which is causing some concern within the Augusta Commission. In an effort to rein in on these costs, the Augusta Commission is planning to take up the practice of self-insurance. Self-insurance is a method of risk management through which funds are set aside to account for financial risks associated with a varied assortment of events. The Augusta Commission believes that self-insurance may be an effective means of mitigating the…

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Connecticut seeks to reclaim its top ranking in terms of insurance by bringing in more captive groups

Nordstrom

Connecticut is looking to re-establish itself as the insurance capital of the nation. Legislators are currently working on a plan to encouraging more companies that specialize in captive insurance to come to the state. Captive insurance is a form of self-insurance used often in the insurance industry. Captives are typically spin-off insurance groups that provide coverage for their parent company. This allows large insurers to take more risks and explore new investment ventures. They would also bring more jobs to the state and could help bolster the economy. According to…

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EU sanctions against Iran could mark a major shift in the world of insurance

S.Vagus

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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