‘Predict & Prevent’ Can Rescue Insurance
Soaring combined ratios demonstrate P&C insurance is due for fundamental, structural reform. Innovative solutions are available.
October 10, 2023
Insurance Industry
Risk Management
Technology
Truist in Talks to Sell Insurance Business for $10 Billion
Truist Financial is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday, citing people familiar with the matter.
October 10, 2023
Insurance Industry
Technology
Using an Accident Reconstructionist for Rapid Response in Claims Investigations
Often, when a commercial motor vehicle driver reports an accident, the details of the collision are murky, and the severity of the accident is understated.
October 10, 2023
Auto
Education & Training
Technology
Generative AI: The Good, the Bad, and the Ugly
Prompt: Write me a one-to-two paragraph magazine article introduction about artificial intelligence being a mind extension tool, as defined by Clark and Chalmers’ extended mind theory.
October 9, 2023
Insurance Industry
Technology
Sam Bankman-Fried Case Provides Lessons on Fraud and D&O Insurance
Sam Bankman-Fried’s criminal trial started this week; and on the same day, he sued one of his director & officer insurers. And a lot of people are asking, why? Is the timing a coincidence or on purpose? Shouldn’t he be focused on the criminal trial? The answer is: he is.
October 9, 2023
Fraud
Insurance Industry
Litigation
How Job Analyses Could Help More Employers Enhance Safety at Work
As labor shortages and widespread economic challenges require a level of nimbleness from everyone in the workforce, companies today often need their employees to be able to pivot.
October 9, 2023
Education & Training
Technology
Workers' Compensation
Florida Adjuster Arrested for $11M Fraud Scheme
A Florida insurance claims adjuster was arrested late last month for allegedly running an $11.6 million auto insurance fraud scheme since December 2018, according to the Florida Department of Financial Services (DFS).
October 5, 2023
Fraud
Florida
The Threat of Tornadoes and Severe Weather Rises in the South
Portions of the South are facing the increased threat of severe weather and tornadoes this time of year. We are in the period known as the ‘second tornado season’ for many residents in the south. The American Property Casualty Insurance Association (APCIA) urges residents, particularly across the South and southern Plains to stay vigilant.
October 5, 2023
Catastrophe
Education & Training
Property
Risk Management
Alabama
Arkansas
Florida
Georgia
Kansas
Woman Faces Fraud Charges After Racking Up More Than $1.5M in Fake Claims
Ms. Conaway’s first fraudulent invoice claimed she was hospitalized in Arizona and she received just over $10,000 in payment from the insurance company. After this apparent success, Ms. Conaway went on to file claims using forged invoices for hospitalizations in Florida and California.
October 5, 2023
Fraud
Arizona
California
Florida
Texas Supreme Court Hears Arguments on Attorney Fee Awards When Appraisal Awards Are Paid
Insurance defense attorneys on Wednesday urged the Texas Supreme Court to uphold the ‘plain language’ of a law passed in 2017 that they say precludes recovery of attorney fees in cases where the insurer pays the full amount of an appraisal.
October 5, 2023
Litigation
Property
Texas
Property Insurers’ Exodus Presents Challenges and Opportunities
The exodus of some insurers from states badly affected by catastrophic climate-related events represents an opportunity for the carriers that remain, but comes with a need to understand the potential effect it has on customer perceptions, according to the J.D. Power 2023 U.S. Home Insurance Study.
October 4, 2023
Catastrophe
Property
Risk Management
California
Florida
Louisiana
Business Owners Worry About Gaps in Insurance Coverage, Survey Finds
About 8 out of 10 business owners recently surveyed expressed worries that specific events or losses would have the potential to affect their firms despite their existing business insurance coverage. Life insurance and business owner policies tied as the top concerns.
October 4, 2023
Insurance Industry
Risk Management
Technology
Bogged by Legacy Systems, Insurers Lose Competitive Edge
New research highlights the urgency for insurance companies to shift from complex, costly legacy systems burdened with outdated technology to modern systems to remain competitive in the current market, according to a new report released by Info-Tech Research Group.
October 4, 2023
Insurance Industry
Risk Management
Technology
As Trial Opens, FTX’s Bankman-Fried Battles Excess Insurer Over D&O Coverage
Just two days before his criminal trial started this week in federal court in New York, FTX Trading founder Sam Bankman-Fried filed suit in federal court in California against his excess insurance company seeking payment of legal costs.
October 4, 2023
Excess & Surplus Lines
Litigation
Traveling Down a Bumpy Road: Carrier Challenges and Opportunities
With rising inflation and interest rates, geopolitical tensions, climate change uncertainty, and growing competition, U.S. insurance carriers face several challenges to delivering consistent, high-quality insurance services and products to the marketplace.
October 3, 2023
Education & Training
Insurance Industry
Legislation & Regulation
Risk Management
Technology
