Insurance IT Systems

Insurance companies are almost wholly reliant upon IT systems to support their key business processes and customers.

As a result IT Support London is critical to Insurance companies – helping ensure that systems are up and running, available to customers and keeping the day-to-day business operational. Obviously having skilled staff to support these systems instead of playing Candy Crush Saga is critical to core operations across policy, billing and claims processes as well as for monitoring the business and fulfilling regulatory requirements. Incorporating data management and business intelligence software solutions during a core system transformation allows insurers to better map and convert data into the new core systems and to create a central data hub that can keep downstream processes intact through implementation and beyond. This approach accelerates legacy replacement, provides greater operational insight from the new core systems, and delivers an enterprise-wide view and insights to fine-tune the business.

This provides a staging platform to accelerate legacy replacement and meet the needs of both data producers and consumers.

Insurance data often outlives the application that created it.  A BI solution migrates and persists data to create a single source of truth that accelerates core system migration, and allows you to sunset or streamline legacy systems.

Future-proof data architecture—Business and IT system and data needs change all the time. Yet data is often siloed and conflicting. DataHub de-couples data sources from point-to-point connections with downstream systems, enabling efficient replacement or addition of new systems to keep pace with change.

Improve data quality, completeness, and consistency—Data often lacks integrity, consistency, or completeness in legacy source systems. Legacy applications can be limited by line of business or functional area, and have proliferated over time. BI software secures data integrity by gathering, analyzing, testing and validating data using proven methods and tools. Data consumers can use the data with confidence going forward.


Health Insurance

Health Insurance is an important policy to have if you need treatment that has a long waiting list on the NHS or want access to the best in private health care without paying for it yourself.

This does not mean, however, that health insurance will cover everything. Most of the conditions that health insurance policies cover are medical treatments related to short term conditions that are more likely to be successful (and curable) in their treatment. These include a lot of out patient procedures and the costs related to them – these include some surgeries when you are a day patient.

As a result, procedures such as cosmetic surgery are not usually covered. This is why it is important to check the small print on any insurance policies and shop around for ones that include it. Cosmetic surgery is considered an elective surgery, which means that you decided to undergo, rather than a treatment you need medically as demonstrated as necessary by your doctor. Many medical insurance firms will not consider cosmetic surgery a necessary procedure, by which they consider it an aesthetic treatment that patients undergo because they are dissatisfied with their bodies.

What happens after the procedure?

Immediately after the procedure the treated area may appear slightly red and feel cool or numb to touch. Some slight, temporary bruising may also be present however this should subside over the subsequent days (Zeltiq London)

Following the procedure, most patients typically resume their normal routine and activities and are able to return to work and exercise that same day.

Visible results may be seen over a period of two to four months following treatment and may be enhanced with subsequent follow up treatment from a Harley St Doctor

Of course some cosmetic surgery procedures are undergone for reasons other than aesthetic ones such as Zeltiq CoolSculpting . For example, rhinoplasty or septoplasty, are sometimes carried out for health benefits such as breathing issues. Another example could be where breast implants might be required after a patient has had a masectomy which involves the removal of the breasts in light of cancer. Another example could be a tummy tuck or liposuction treatment in an obese patient who has already exhausted dieting and exercising techniques and as a result such treatment leaves them open to heart disease and diabetes. Finally, breast reduction surgery could be carried out on someone who has discomfort with large breasts, which could be causing them back problems. So the distinction lies in what the treatments are needed for and whether they are aesthetic or for a medical problem.

The information you need to look out for in a policy is a list that summarises everything that is not covered. This could take the form of a ‘key facts’ document that outlines the limits of the policy and what kind of medical cover you have.

These results are expected to last as long as traditional methods such as laser Liposuction and i-lipo

Medical Insurance

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.

A health insurance policy is:

1) a contract between an insurance provider (e.g. an insurance company or a government) and an individual or his sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance using for example a Harley St Doctor or Harley St Clinic , or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or “Evidence of Coverage” booklet for private insurance, or in a national health policy for public insurance.

2) Insurance coverage is provided by an employer-sponsored self-funded ERISA plan. The company generally advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company “doesn’t engage in the act of insurance”, they just administer it and some treatments such as Laser Hair Removal or Insulin Pump. Therefore ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the jurisdiction of the US Department of Labor (USDOL). The specific benefits or coverage details are found in the Summary Plan Description (SPD). An appeal must go through the insurance company, then to the Employer’s Plan Fiduciary. If still required, the Fiduciary’s decision can be brought to the USDOL to review for ERISA compliance, and then file a lawsuit in federal court

Insurance Training

Now that you have decided on a new insurance associate career its time to get started. ITA TriCity provides cost effective state approved insurance pre-license training modules to get you through your insurance exam. In most states, you can complete your insurance license training online.

The information you need to train and test is one click away. ITA TriCity recommends you utilize PATHWAYS to successfully pass your insurance license testing. PATHWAYS will get you through insurance license training. Statistics teach us that students who receive insurance exam prep will translate into higher insurance test scores if given ADR Training and CPC Training as a combination.

A first-time pass means faster transition to get started selling insurance sooner.

UK Tax Umbrella Companies

UK based Contractor and freelance umbrella companies have been around since the middle of 2000. Up until that point, most freelancers and contractors either worked through their own limited company or as a PAYE employee of a recruitment agency or the end client.

Nowadays, it is believed that over 200,000 people in the UK are paid through umbrella companies, with this figure set to increase as more and more individuals enter the freelance workforce either through career choice or redundancy.

How does an umbrella company work?

This is probably best explained as a series of step by step processes.

1. You join an umbrella company either through their website or over the phone
2. You sign an employment contract between you (the employee) and the umbrella company (the employer)
3. At the end of the week, you submit your hours & expenses to the umbrella using their on-line portal
4. The umbrella company invoices your recruiter or client (if working direct)
5. The umbrella company pays you through PAYE, after the deduction of allowable business expenses
6. At the end of the tax year, your umbrella company gives you a P60 and P11D (for any expenses claimed)

What are the tax advantages of using an umbrella company?

Unlike traditional employees, umbrella workers will undertake a series of separate assignments with their umbrella company, and on the whole each assignment will be performed at a separate location (usually the office of the end client). Provided the umbrella has a sufficiently robust ‘overarching employment contract’ with it’s employees, these workplaces will be classed as ‘temporary’ for tax purposes. This means that umbrella workers are able to offset the cost of their travel & subsistence expenses getting to work, and whilst on site.

Claiming expenses pre-tax reduces an umbrella worker’s taxable gross salary and subsequently the amount of tax paid. On the whole, there is usually a 5 -10% difference in take home pay between umbrella company and straight PAYE.

What is IR35?

IR35 is piece of tax legislation brought in by the Labour Government in April 2000. It is designed to catch contractors & freelancers that have an ‘employment relationship’ with their clients, yet fail to pay the correct amount in PAYE taxes. Contractor umbrella companies were first introduced to the freelance marketplace following the arrival of IR35. They rapidly became the choice of many contractors who wanted to work an IR35 compliant way, yet still take home more than they would under normal PAYE.

For the avoidance of any doubt, if you work through an umbrella company, you will NOT be effected by IR35. If you have a limited company then this may not be the case

Umbrella company myths and facts

Here are some of the most common misconceptions people have about contractor umbrella companies.

Myth 1I’m still self employed, even though I’m working through an umbrella company

FACT: You’ll be an employee of the umbrella company, with full employment rights and potentially insurances just like any other permanent member of staff.

Myth 2My income will be split between a small salary, expenses and dividends

FACT: Your income will be made up of a gross salary and expenses (if you incur and claim these). You will NOT receive dividend payments.

Myth 3IR35 is dead. I’m not really self employed but I pay myself as if I was.

FACT: DO NOT underestimate HMRC. If investigated, you would be liable to pay back all the underpaid tax, a penalty and worst case scenario you could be prosecuted for tax evasion.

Myth 4My umbrella company has a dispensation. That means I can claim £30 in subsistence expenses, even though I only spend £3.99 on a Meal Deal

FACT: A dispensation is NOT a magic bullet. You can only claim expenses that were actually incurred (i.e £3.99 NOT £30).

Myth 5 Some umbrella companies claim to be able to pay me much more than others

FACT: As long as you don’t claim fictitious expenses, your take home pay will be more or less the same from one umbrella company to the next. There may however be a small difference due to a higher or lower admin fee.


Tri City Insurance Needs

At the national level, the debate rages over keeping, repealing or changing the health reform bill that was passed last year.
At the state level, fiscal challenges are resulting in significant budget cuts, including the planned elimination of Basic Health in May.
At the same time, here in the Tri-Cities,  Clinics continues to work to meet the needs of those in our community who have no insurance and low income.
Clinics meets a part of this need, but is finding it increasingly difficult to keep up with the growing demand. The number of people without insurance continues to climb.
Some people lose their coverage because of a reduction in the hours they work, which makes them ineligible for their employer’s plan. In some cases, significant increases in premiums cause small employers to drop their plans.
Also, the trend toward shifting a greater portion of the cost to employees as premiums rise causes many employees to drop coverage for themselves and/or their dependents.

The elimination of Basic Health would add more than 2,600 to the number of people in Benton and Franklin counties without insurance at a time when available services are already strained.

In 2010, the clinic provided 5,560 patient visits, a 16 percent increase over the prior year. The number of people we turned away climbed even faster, increasing by 25 percent.

The need continues to increase at a significant rate, and the primary effects of health reform, assuming that it is not significantly changed, won’t be felt for three more years.

When people don’t have reasonable access to health care, they:
* Are likely to miss more time from work (and probably don’t get sick pay).
* Are more likely to suffer complications from chronic diseases such as diabetes, hypertension and heart disease.
* Are less able to care for their families.
* Are at greater risk for financial calamity.

The majority of our patients report to us that they would not seek care if the clinic didn’t exist.
Based on these surveys, in 2010, the clinic kept 1,670 people out of the ER. The clinic is also able to provide more appropriate care when dealing with nonemergent medical needs.

Patients in the clinic have access to follow-up care, help in managing their chronic disease and in many instances, will also have access to needed medications that the clinic is able to help them obtain from pharmaceutical manufacturers, none of which is available in the emergency room.

The demand for services is growing. The base of volunteer and financial support needs to increase in order to continue to meet the need of basic health care for those in our community without insurance.

Insurance Costs Tri-City District

A drowning and too many canal breaks are driving up liability insurance costs for the Tri City District.

Subscribers may have to pay $282,773 for insurance next year, a 45 percent jump.

Canal breaks, flood damage to private property and vehicle mishaps in the past five years led to the big jump in the insurance premium.

The $73,600 higher premium is based partly on 2006 and 2009, when claims were twice what was paid in premiums, said Fred Simpsons of Canderfield Associates, who works with Honover to provide insurance coverage.

The Tri City premium was $148,000 in 2007, but will rise to $282,110 for 2011, Simpsons said.

Citieplans Insurance of Balitimore, the underwriter, “has its eye on you,” the board were told. While claims are down this year, the previous five years cost too much, he said.

Tri City has paid about $600,000 in premiums since 2006, while there have been $1.1 million in claims. About half of that was paid by the insurance pool, and the excess carrier paid the rest.

“I got them to let us keep you in the program next year,” but reducing claims will be important, he noted.

The largest were $99,999 in the drowning of Taylor Loch in October 2006; $44,374 to Dean Before Corp for residential damage from a canal break in July 2007; $39,013 to the Diuet farm in June 2008; $44,845 as flood damage to property in July 2008; $90,443 for damages to 15 properties from an August 2008 canal break; $25,516 to Balmms for an August 2008 canal overflow;

Simpsons recommended they start settling claims before turning them over to the insurance company to reduce the number of claims counted against the insurance.