What’s holding insurers back from electronic payments?

epayPaper checks are definitely on the way out. There were 49.5 billion checks issued in 1995, falling to 30.5 billion in 2006, and just 24.5 billion in 2009, according to the Federal Reserve. Switching to electronic payments can be a major money saver. The U.S. Treasury switched to direct deposits and debit cards and retired paper checks. It’s expected that the move will save taxpayers $1 billion over the next decade. Continue reading

Great Works of Art or Great Forgery?

The highest price paid for a work of art was $250 million in 2011. Obviously, there’s a lot of money in selling art. Unfortunately this also means there is a lot of money in producing forgeries.

TheProcuress_1490391cOne notable forger sold $60 million worth of phony Vermeers to a slew of people throughout Europe before being caught. When it comes to appraising fine art even the experts can get duped and when they do, buyers pay too high a price.  Continue reading

All About the Benjamins: The Revolution in P&C Insurance Payouts

Modern business has always evolved around one specific material: paper. And the insurance industry was no exception to this rule. Money is made of paper, first of all. Paper was the surface on which important documents were forged and signed. Paper was also what made up the checks that insureds received in the mail when it was time for any given insurance company to make good on a policy promise.

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