The Changing Risk And Liability Landscape: New Tech, New Loss Scenarios

Advancements in technology are changing the risk landscape irrevocably and driving potential big changes in liability, and other insurance, claims activity.
October 19, 2018 Technology

A Google Self-Driving Car Reportedly Caused A Crash In 2011 After A Former Engineer Changed Its Code To Drive Where It Wasn’t Supposed To

Anthony Levandowski, the engineer at the center of this year’s corporate espionage trial between Waymo and Uber, has a history of bending the rules when it comes to self-driving cars, the New Yorker reports.
October 17, 2018 Auto Liability Technology California

Key Drivers Behind Cyber Insurance Claims

There’s plenty of attention paid when a company like Target or Home Depot gets hacked. These major cyber breaches attract extensive media coverage, often creating the illusion that it’s only big businesses that are at risk of an attack. But that’s far from the case.
October 10, 2018 Fraud Technology

Apple Struggles To Tackle iPhone Repair Fraud In China, Which Cost Apple Billions Of Dollars A Year

The Information is reporting today on Apple’s five-year struggle to tackle iPhone repair fraud. The scheme centres around crime gangs who were buying or stealing iPhones, removing valuable parts like CPUs and screens, and then claiming their devices were broken at Apple Stores and getting the Genius to replace them under warranty. The parts were then sold on.
October 9, 2018 Fraud Technology

Major Insurer Makes Strategic Investment In Drones

The Travelers Companies, a major national insurer, has made an undisclosed but apparently substantial investment in drone operations software company Kittyhawk. The investment strengthens a partnership between Kittyhawk and Travelers and signals a deepening reliance on drones to assess property claims in the insurance industry, particularly after natural disasters.
October 5, 2018 Catastrophe Property Risk Management Technology

How Driverless Vehicles May Make Crash Injuries Worse

The severity of some accidents may increase as vehicles become driverless, in part because driver orientation will change, a crash reconstructionist told Canadian Underwriter in an interview last week.
October 2, 2018 Auto Liability Technology

Class Action Lawsuit Claims Progressive’s Telematic Device Damages Electrical Systems

Progressive Insurance Co.’s Snapshot Program is the focus of a proposed class action lawsuit filed in Ohio district court. According to the 13-page complaint, the Snapshot device that drivers plug directly into their cars to collect data for the purpose of calculating insurance rates is defective to the extent that it may significantly damage the user’s vehicle.
October 1, 2018 Auto Litigation Technology Ohio

Deloitte Selected By The Institutes RiskBlock™ Alliance To Accelerate Blockchain Application Development And Expansion Into Canada

The Institutes RiskBlock Alliance, a blockchain consortium representing 31 risk management and insurance companies, announced today that it has selected global professional-services organization Deloitte to help advance its blockchain application and product-development efforts.
September 27, 2018 Risk Management Technology

3 New Amazon Devices With Insurance Implications

Digital giant Amazon weighs on the minds of many companies, but for insurers, the recent news has been even more acute: The company has been heavily rumored to be interested in selling insurance in some form, using its Echo smart device ecosystem, powered by the voice assistant Alexa, as an "in" with customers.
September 26, 2018 Auto Technology

The Cure And Curse Of Quantum Computing For Workers’ Compensation

Quantum computing represents the next true frontier in computing power, and with its advance will usher in incredible opportunities in data analysis, artificial intelligence and augmented reality systems. That is the good news. The bad news, for the unprepared, is that quantum computing will have the ability to strip through today’s encryption processes like a tornado in a trailer park.
September 25, 2018 Technology Workers' Compensation

The Institutes RiskBlock™ Alliance And LIMRA Announce First Blockchain Use Case For Life Insurance And Annuity Sector

The Institutes’ RiskBlock Alliance and LIMRA have announced the first blockchain use case for the insurance consortia’s newly formed life and annuity sector. The application, Mortality Monitor, will leverage Social Security data, other data sources and policyholder records to provide real-time notification to members of the death of life insurance and annuity policyholders.
September 20, 2018 Life & Health Technology

The Institutes RiskBlock™ Alliance Launches Canopy, the Risk Management and Insurance Industry’s First Blockchain Platform

The Institutes RiskBlock Alliance, a blockchain consortium representing 31 risk management and insurance companies, has launched Canopy, the industry’s first end-to-end reusable blockchain framework, using the Corda blockchain platform.
September 18, 2018 Technology

Drone Teams Deploy To Assess Utilities, Flood Damage In The Carolinas

With the remnants of Hurricane Florence continuing to deluge the southeastern U.S., a small army of drones is being deployed to identify and fix damage caused by flooding.
September 18, 2018 Excess & Surplus Lines Property Technology North Carolina South Carolina

What New Claims Innovations Will Florence Yield?

A potentially devastating Hurricane Florence is rumbling toward the Carolina coast this weekend, but for as historic as each new storm seems to be, insurers are preparing in relatively typical ways like activating additional staff in preparation for an onslaught of claims.
September 14, 2018 Property Risk Management Technology North Carolina South Carolina

3 Steps to Demystify Artificial Intelligence

Artificial intelligence is the new electricity. We hear it will fundamentally shift the balance of power between labor and capital, mostly by rendering labor obsolete. It will enable and empower transformative technologies that will rearrange the sociopolitical landscape and may lead to humanity’s transcendence (or extinction) within our lifetimes.
September 13, 2018 Technology
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