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Your Insurance Adjuster May Soon Be A Drone Or An App

Your insurance agent may start looking a bit more … robotic in the months and years to come. As we continue to inhabit an increasingly digitized world, a growing number of our interactions will be not with our fellow humans, but with machines.
August 7, 2017 Auto Property Risk Management Technology

Aviation Insurer’s Success Based On Knowledgeable Claims Team

Aviation has a huge presence in America. The industry supports more than 10.5 million jobs in the US annually and there are almost 40,000 US, private or public airports across the country, catering to more than 2.5 million domestic and international flight passengers every day.
August 4, 2017 Excess & Surplus Lines Risk Management

Florida’s Citizens Insurance Solicits Claims Adjustment Firms In Preparation For Hurricane Season

Citizens Property Insurance Corp. has found another 315 claims adjusters to deploy after the next major hurricane — hopefully reducing long waits for customers who will be eager to get paid and start making repairs.
August 4, 2017 Catastrophe Property Risk Management Florida

Practical Lessons For Managing Cyberrisks

Of all the dangers that consume risk managers’ thoughts, cybersecurity is arguably the most intangible. It is difficult to truly “see” the many factors that can cause breaches or attacks, which often leaves cyberrisk confined to the realm of hypothetical and worst-case scenarios.
August 3, 2017 Risk Management

Biometrics On The Rise As Insurers Look For Smoother Experience

Biometrics, or the measurement and analysis of unique physical or behavioral characteristics as a means of verifying personal identity, is being explored across financial services. The insurance industry is no exception, as carriers work to familiarize themselves with the latest emerging technology that encompasses everything from fingerprints to voice to facial structure.
August 1, 2017 Risk Management Technology

Lawsuit Says Wells Fargo Auto Insurance Charges Were A Fraud

A new lawsuit accuses Wells Fargo & Co (WFC.N) of racketeering violations and fraud after the bank admitted to charging several hundred thousand borrowers for auto insurance they did not ask for or need, causing many delinquencies.
August 1, 2017 Auto Litigation Risk Management

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
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