Insurance Data Entry Services

3rd Century BC?

The business of insurance has been around since the 3rd century BC, developed by Babylonian Traders. Then, a single proprietor, representing himself or a syndicate of investors, handled all the transactions.

Property insurance as we know it today can be traced to the Great Fire of London which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience” into one of urgency, a change of opinion reflected in Sir Christopher Wren’s inclusion of a site for 'the Insurance Office' in his new plan for London in 1667.

The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706. Now there are firms filled with various employees doing different tasks- applications, underwriting and claims.

In the late 19th century "accident insurance" began to become available. The first company to offer it was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the then-new railway system.

The current practices would dazzle insurers from ancient times- not only the technology and other tools available, but the scope and depth of coverage sold.

But some things remain the same. In any business the bottom line IS the bottom line. You have specific operating costs that seem to only increase, no matter what actions you might take to reduce them. Escalating government regulation, compliance costs, the effect of Climate Change on increasing damage claims from fires, floods and hurricanes. Increasing admin costs. Aging populations and health care claims. Long-term product liability claims. And through it all, your business needs to continually show increasing profit in order to remain viable. You need to maintain a public image and a an online presence that will continually promote new customers. You need to invest in new technologies to keep up to date with current social trends.