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Equifax: 143M US Consumers Affected By Criminal Cybersecurity Breach

Credit reporting company Equifax (EFX) announced Thursday a cybersecurity data breach that could have impacted about 143 million U.S. consumers.
September 8, 2017 Liability Risk Management Technology

Florida’s Citizens Property Insurance Is Ready For Irma

A decade-long lucky streak of decent weather that helped rescue one of Florida’s biggest home insurers from collapse could come to a wet, violent end if predictions about Hurricane Irma prove true.
September 7, 2017 Catastrophe Property Risk Management Florida

U.S. Virgin Islands Spent Money Intended To Help After Hurricanes

The U.S. Virgin Islands for years redirected money intended to help pay insurance claims after large disasters for other needs, raising the vulnerability of residents as Hurricane Irma ravishes the territory.
September 7, 2017 Catastrophe Property Risk Management Florida

Commercial Drones: Harvey A Seminal Moment For The Insurance Industry

Fleets of commercial drones are primed to hover over the destruction from Tropical Storm Harvey in an unprecedented test of unmanned aircraft’s ability to assess billions of dollars in damage for the insurance industry and accelerate payouts for harried policyholders.
August 30, 2017 Auto Catastrophe Property Risk Management Technology Texas

How Insurers Need To Change As Cyber Threat Evolves

Technology and digitalization are now major players in global business and operating models. As companies increase their technological footprint and expand their digital strategy, they become increasingly vulnerable to cyber-related risk and potential data breaches.
August 24, 2017 Risk Management Technology

Montana: Safelite, Lynx Administering Auto Glass Claims Without License

Montana has warned Safelite and Lynx to stop serving as unlicensed glass claims administrators for several large insurers, according to documents filed earlier this month.
August 21, 2017 Auto Risk Management Montana

Man And Machine, Teaching Each Other

The rise of artificial intelligence is gaining momentum, and, coupled with data collection on an unprecedented scale, it heralds a new age of insights for industries like insurance.
August 21, 2017 Risk Management Technology

Litigation Loans: War Chest For Plaintiffs, Invite To Fraud

A concerning trend in claims management and civil litigation that will have a major impact on insurance fraud is the emergence of “investments” in personal-injury litigation by third-party lenders. Traditionally, personal-injury attorneys finance suits from their own pocket. That includes costs of taking a personal-injury civil matter to trial. Filing fees, process servers, stenographers and expert fees are a risk borne by the plaintiff’s attorney.
August 18, 2017 Litigation Risk Management

Proposed Model Law Could Beef Up U.S. Insurers’ Cyber Risk Management

New cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests.
August 18, 2017 Excess & Surplus Lines Risk Management Technology

Citizen Advocacy Group Wants Auto Insurers To Be Investigated For Steering

Texas Watch, a non-partisan citizen advocacy organization, has asked the Texas Department of Insurance (TDI) to investigate the insurance industry’s “corner cutting automobile repairs.”
August 16, 2017 Auto Risk Management Texas

They Got Hurt At Work — Then They Got Deported

At age 31, Nixon Arias cut a profile similar to many unauthorized immigrants in the United States. A native of Honduras, he had been in the country for more than a decade and had worked off and on for a landscaping company for nine years.
August 16, 2017 Fraud Legislation & Regulation Risk Management Workers' Compensation Florida

Think Differently: How Claims Departments Are Becoming Innovation Breeding Grounds

Channeling Apple’s iconic marketing slogan in a headline (some would argue a more grammatically correct version) necessarily means turning to the company’s legendary leader Steve Jobs for one of his memorable quotes on innovation: “To turn really interesting ideas and fledgling technologies into a company that can continue to innovate for years, it requires a lot of discipline.”
August 10, 2017 Auto Fraud Property Risk Management Technology

Nationwide Will Pay $5.5M Over Security Breach

Nationwide might be back on your side. The insurance company has agreed to pay $5.5 million and take other steps to protect customers’ identity as part of a settlement with New Jersey and 31 other states, officials said Wednesday.
August 10, 2017 Risk Management Technology New Jersey

Farmers Claims Investigators Get Class Certification In Overtime Case

Three hundred Farmers Insurance claims investigators have been conditionally certified as a class in their quest to prove they shouldn’t be exempt from overtime.

August 9, 2017 Litigation Risk Management

Work Perk: More Companies Expected To Offer Pet Insurance

Tim Bailey shares his lower Manhattan office with Zeek and Zadie, his two pet dachshunds. "We as a company have from the very beginning pushed to be very pet-friendly," said Bailey, director of operations for Bond Collective, which leases shared office space to start-ups and other companies.
August 9, 2017 Risk Management
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