Artificial intelligence (AI) is disrupting the traditional insurance value chain according to IBM. Artificial intelligence is showing up in marketing/product development, policyholder acquisition, underwriting, policy administration/asset management and claims. Seventy-five percent of insurance executives surveyed in an Accenture study believe AI will alter or transform the insurance industry in the next few years. MetLife, Allianz, Transamerica, [...]
How is insurtech being viewed in today’s market? Pretty well if investment is an indicator. Insurtech is the form of financial technology (fintech) receiving the most investment according to Insurance Day. Investors in 2016 poured more than $1.7 billion into insurtech startups worldwide. The KPMG/CB Insights joint report, “The Pulse of Fintech,” defines insurtech as [...]
If you drive a car, you are sharing the road with uninsured drivers. Although it is against the law in 49 states and the District of Columbia to drive without insurance, approximately one out of eight U.S. drivers do not have auto insurance according to the Insurance Research Council (IRC). In several states, more than [...]
It seems like every time you listen to or read the news there is another company dealing with a cybersecurity breach. So, how have insurance policies helped companies handle these breaches? To date, this has not been overly clear. As the Department of Homeland Security National Protection and Programs Directorate explains, traditional commercial general liability [...]
What are telematic devices? Why would insurance companies and consumers care about them? According to Gartner, telematics refers to the use of wireless devices and “black box” technologies to transmit data in real time back to an organization. Often, the term is used in relation to an automobile. Insurance companies are utilizing telematic devices to [...]
Approximately $16 billion was stolen from 12.7 million U.S. consumers in 2014 according to the 2015 Identity Fraud Study released by Javelin Strategy & Research. The FTC found that identity theft was the number one type of complaint for the 15th year in a row among 30 categories of complaints. Identity theft accounted for 332,646 [...]
In less than five years, the use of drones (unmanned aerial vehicles – UAVs) could become common practice for almost 40 percent of businesses. In the next 10 years, it could be common practice for 85 percent of businesses. This information comes from a 2015 survey of corporate risk managers conducted by Munich Re. What [...]
In the last few years, transportation network companies (TNC) such as Uber, Lyft and Sidecar have become very popular alternatives to taxis. This has provided the public with another convenient form of transportation, but it has created confusing challenges about liability and collision insurance coverage when drivers and their passengers are involved in accidents. In [...]
Forty-five percent of employers have implemented or are thinking about using a private health insurance exchange for active employees before 2018 according to a survey conducted by the Private Exchange Evaluation Collaborative. Private exchanges are run benefit consulting firms in conjunction with insurance companies. They are not new, but business interest in them has increased [...]
Wal-Mart appears to be willing to try almost anything to offer more goods and services to its customers. While the major retailer will not sell insurance, it did announce it is collaborating with AutoInsurance.com to meet the auto insurance needs of its customers. All customers have to do is click a link on walmart.com to [...]