Wells Fargo and Co has announced that it will refund approximately $80 million to 570,000 customers who may have been erroneously billed thanks to issues with the banks auto collateral protection insurance (CPI) policies.
Recently, I wrote about a startup called Aviva. (My comments were based on an article I read.) Avivas CEO said, “Whats our long-term goal? To go from ask-it-once to ask-it-never so customers dont have to answer any questions at all.” How can coverage be booked without asking ANY questions?
Claims has often been called the “moment of truth” for insurers, especially in property and casualty lines. With few opportunities to interact with customers, a bad experience at the time of a claim can be a deal-breaker that sends customers looking for a new provider.
Pay-per-mile insurer Metromile has announced the launch of a new AI claims system designed to eliminate manual processes used to collect accident data and distribute payments to customers.
To an increasing degree, adjusters are using insurance company drones to help them to assess the damage in routine claims processes. These gadgets let adjusters check out rooftops, and other difficult to reach areas without having to risk climbing up on a ladder or checking into parts of properties that have sustained damage from weather or other unexpected events.
The Institutes, a provider of educational materials and consulting for the P&C industry, is launching a blockchain consortium with the goal of spurring development of use cases for the technology in the U.S.
Just because a carrier cant get a hold of their at-fault policyholder or hasnt received word of the crash from them doesnt excuse them from having to pay third-party claims, the state of Minnesota reminded insurers and residents last month.
Despite a decade of prominence, the Age of the App may be over. The future of auto claims could belong to the chatbots. Equipped with AI and machine learning capabilities, these computer software programs can conduct natural language-like conversations with customers in real time.
The insurance industry has been very incremental in dealing with disruption and needs a drastic shift from historical analysis to predictive, future risk models, a speaker suggested on Wednesday at the Insurance Analytics Canada Summit.
Allstate has launched Virtual Assist, a new Android and iPhone app which allows a collision repairer to videoconference with a remote Allstate adjuster.
Blockchain is making inroads into the insurance sector with the announcement of new initiatives aimed at expanding the use of the digital ledger technology.
More than half of todays insurance companies use machine learning for predictive analytics, according to a new report by Earnix, an analytics software provider for the financial services industry.
Poor human judgment and lax telephone security protocols are allowing fraudsters to rip off insurance companies. Call centers are seen as a weak backdoor for scammers.
The California auto insurance industry may soon be changing the way its rates are calculated in order to reduce discrimination against drivers from minority neighborhoods. The California Department of Insurance launched an investigation into the practices of eight auto policy providers in the state.