The final installment of the 2024 Global InsurTech Report explores how artificial intelligence is transforming the insurance claims process, from first notice of loss to settlement, while tracking investment trends in the InsurTech sector.

Saint Vincent’s Catholic Medical Centers of New York will pay $29 million to settle allegations of False Claims Act violations related to overpayments from the Department of Defense for healthcare services provided to retired military members and their families.

Las Vegas resident admits to conspiracy in filing over 1,200 false tax returns, securing $33M in fraudulent IRS refunds for personal gain.

AI, blockchain, and biometric verification are transforming fraud detection in insurance. These technologies enhance security, streamline claims processing, and prevent financial losses.

Former Ohio insurance agent Rhonda Chandler received probation and faces prison if she violates terms after pleading guilty to stealing over $1.4 million in pre-need funeral insurance funds.

Artificial intelligence is revolutionizing life insurance by enhancing efficiency, improving customer experiences, and reshaping risk management, while also introducing new challenges.

NIL collectives are reshaping amateur athletics, bringing unique liability risks. Without clear regulations, insurers must assess coverage needs for management liability and compliance challenges.

Hailstorms can cause severe property damage, but proactive steps like impact-resistant roofing, storm shutters, and tree maintenance can help reduce risk and protect your home.

With climate disasters becoming more frequent and severe, insurers must shift from compensation to prevention, using technology and data to reduce risks before catastrophe strikes.

Michigan is tackling surging auto theft by expanding its Auto Fraud Task Force, partnering with law enforcement to curb organized crime and reduce insurance costs.

FEMA now estimates NFIP losses from Hurricane Helene to be between $6.4 billion and $7.4 billion, with total claims exceeding 57,400. The agency has borrowed $2 billion to cover claims.

New studies suggest the world has already entered a 20-year period of sustained warming above 1.5C, raising urgent concerns about escalating climate risks and the need for rapid emissions cuts.

Amazon agreed to pay nearly $4 million to settle a lawsuit from Washington, D.C.’s attorney general, who alleged the company misled consumers and misused driver tips between 2016 and 2019.

Pennsylvania State Police are investigating the theft of approximately 100,000 organic eggs, valued at $40,000, from a distribution trailer at Pete and Gerry’s Organics in Greencastle.

The insurance claims industry has seen incremental progress over the years, but true transformation remains elusive. To keep pace with technological advancements and consumer expectations, insurers must move beyond outdated processes and fragmented solutions.