Wells Fargo Owes $80M To Customers Overcharged For Auto Insurance

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 bank’s auto collateral protection insurance (CPI) policies.
July 31, 2017 Auto Risk Management

What Industry Gets Wrong On Big Data

Recently, I wrote about a startup called Aviva. (My comments were based on an article I read.) Aviva’s CEO said, “What’s our long-term goal? To go from ask-it-once to ask-it-never — so customers don’t have to answer any questions at all.” How can coverage be booked without asking ANY questions?
July 27, 2017 Risk Management Technology

Insurer Ordered To Pay After Denying $4.8M Claim

A New York judge has ordered a Chubb subsidiary to pay a $4.8 million claim to one of its insured, after the insurer wrongly denied the claim.
July 26, 2017 Excess & Surplus Lines Litigation Risk Management New York

Insurtechs Are Redefining Claims Expectations

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.
July 26, 2017 Auto Property Risk Management Technology

AI Claims Bot Allows Insurtech Company’s Adjusters To Focus On Customer Service

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.
July 25, 2017 Auto Risk Management Technology California Illinois New Jersey Pennsylvania

Drone Usage Becoming Standard Practice With Major Insurers

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.
July 17, 2017 Property Risk Management

The Institutes Launches U.S. Blockchain Consortium

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.
July 13, 2017 Risk Management Technology

Minnesota Fines American Family, Farmers Subsidiary Over Third-Party Claims Handling

Just because a carrier can’t get a hold of their at-fault policyholder or hasn’t received word of the crash from them doesn’t excuse them from having to pay third-party claims, the state of Minnesota reminded insurers and residents last month.
July 11, 2017 Auto Risk Management Minnesota

Auto Claims: Future May Belong To Bots

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.
July 10, 2017 Auto Risk Management Technology

Insurance Analytics: On The Verge Of A New Paradigm

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.
July 3, 2017 Risk Management Technology

Allstate ‘Virtual Assist’ Lets Body Shops Video Chat With Adjusters For Quick Supplements

Allstate has launched Virtual Assist, a new Android and iPhone app which allows a collision repairer to videoconference with a remote Allstate adjuster.
June 23, 2017 Auto Risk Management Technology

Insurance Industry Making The Leap To Blockchain

Blockchain is making inroads into the insurance sector with the announcement of new initiatives aimed at expanding the use of the digital ledger technology.
June 20, 2017 Risk Management Technology

More Than Half Of Insurers Use Machine Learning In Analytics

More than half of today’s insurance companies use machine learning for predictive analytics, according to a new report by Earnix, an analytics software provider for the financial services industry.
June 1, 2017 Risk Management Technology

Call Center Fraudsters Targeting Insurance Companies

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.
May 24, 2017 Life & Health Risk Management

California Dept Of Insurance Investigating Automobile Premiums Discrimination

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.
May 24, 2017 Auto Legislation & Regulation Risk Management California
SOS Ladder AssistMid-America Catastrophe ServicesAspen Claims ServiceNationwide OversprayHouston Auto Appraisers