Insurers Address Ethical Concerns with AI to Shape the Future of Claims and Risk Management
As AI transforms the property and casualty insurance industry, insurers are uniquely positioned to guide ethical standards, balancing innovation and risk management while collaborating with regulators.
September 17, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Fraud Trends and Prevention: Key Findings from RGA’s 2024 Global Claims Fraud Survey
The 2024 Global Claims Fraud Survey from RGA reveals persistent fraud challenges, with 74% of insurers reporting steady or rising fraud cases, emphasizing the need for enhanced detection and prevention measures.
September 16, 2024
Fraud
Insurance Industry
Life & Health
Technology
Shifting Workers’ Comp Focus Toward Recovery Outcomes for Faster Return to Work
Software is helping injured workers track their recovery, shifting the focus in workers’ compensation from cost containment to achieving faster, better outcomes that benefit both employees and employers.
September 16, 2024
Risk Management
Technology
Workers' Compensation
Cyber Attacks on U.S. Utilities Soar by 70 Percent, Experts Warn of Rising Threat
Cyber attacks on U.S. utilities have surged nearly 70 percent this year, exposing vulnerabilities in outdated software and expanding infrastructure. Experts warn a large-scale attack could cripple essential services.
September 13, 2024
Catastrophe
Legislation & Regulation
Risk Management
Technology
California
How AI-Powered Digital Twins Are Shaping the Future of P/C Insurance
AI-enabled digital twins are revolutionizing how property and casualty insurers assess risk and protect policyholders from climate-related damages, offering enhanced accuracy and predictive capabilities.
September 13, 2024
Catastrophe
Property
Risk Management
Technology
How Underwriters Can Overcome Automation Anxiety and Thrive
Automation is essential for underwriters to meet growing industry demands for advanced risk assessment, enabling faster, more accurate decisions through data-centric processes and AI.
September 13, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Outage Shakes Life & Annuity Carriers, Raising New Risk Questions
A 30-hour iPipeline outage over Labor Day weekend disrupted new business operations for Life & Annuity carriers, underscoring the evolving risks in third-party technology reliance.
September 11, 2024
Risk Management
Technology
Commercial Casualty Losses Surge 11% in 5 Years: 3 Strategies to Navigate Social Inflation in Claims
Social inflation is driving commercial casualty losses up by 11% over five years. Explore three key strategies—data utilization, early case assessment, and advanced technology—to manage this growing challenge.
September 9, 2024
Liability
Litigation
Risk Management
Technology
DOJ Intervenes in First Cybersecurity False Claims Case Against DoD Contractors
The Department of Justice filed its first False Claims Act lawsuit under the Civil Cyber-Fraud Initiative, targeting contractors accused of noncompliance with DoD cybersecurity requirements.
September 5, 2024
Legislation & Regulation
Litigation
Risk Management
Technology
Georgia
Businesses Struggling to Keep Pace With Industry-Shaping Megatrends
Aon’s 2024 survey reveals that most business leaders are struggling to adapt to key megatrends, including trade, technology, climate, and workforce changes, to better manage risk.
September 5, 2024
Catastrophe
Risk Management
Technology
AI’s Transformative Impact on Risk Assessment, Fraud Detection, and Efficiency in Insurance
Artificial intelligence is reshaping insurance by enhancing risk assessment, improving customer experience, and streamlining operations. However, ethical challenges, regulatory hurdles, and high costs remain obstacles.
September 4, 2024
Fraud
Insurance Industry
Risk Management
Technology
Skyline’s FatTrack Model Ensures Rapid Payout for Jamaican Farmers After Hurricane Beryl
Skyline Partners’ FatTrack trigger mechanism led to a swift payout under a parametric insurance policy for Jamaican farmers after Hurricane Beryl, highlighting its efficiency in handling weather-based claims.
September 3, 2024
Catastrophe
Property
Risk Management
Technology
Top Innovators in AI-Powered Insurance Fraud Detection
AI is transforming insurance fraud detection, with leading companies like State Farm, Ping An, and IBM developing cutting-edge algorithms to identify fraudulent claims and protect insurers.
September 3, 2024
Fraud
Insurance Industry
Technology
Underwriting
Property and Casualty Insurers: Pioneers in Ethical AI Adoption
The Insurance Information Institute’s white paper emphasizes the crucial role of property and casualty insurers in leading the ethical development and application of artificial intelligence.
September 3, 2024
Insurance Industry
Legislation & Regulation
Risk Management
Technology
Early Case Assessment Strategies to Slash Litigation and Outcome Costs
Implementing early case assessment strategies is crucial for claims departments looking to reduce unnecessary litigation and lower overall costs. Discover five proven tactics to streamline your ERA process and improve outcomes.
September 3, 2024
Education & Training
Litigation
Risk Management
Technology
