Digital claim reporting dropped in 2022, and it’s a ‘worrying sign’ for insurance companies. Increasing cycle times have made it harder for insurers to keep customers up to date on their claims through digital channels, while an increase in severity has driven down digital claims, Mark Garrett, director, insurance intelligence at JD Power has warned.

Many new entrepreneurs or those in the gig economy consider on-demand insurance the greatest invention since sliced bread. And insurtech companies couldn’t be happier.

The fight against climate change is a complex one, and it will require unprecedented collaboration between businesses, governments and nations. Fortunately, trust and transparency is where blockchain technology excels.

The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage.

Internet of Things (IoT) technology offers homeowners the ability to predict and prevent costly damage to their dwellings and other property -- and it also may help head off devastating natural catastrophes.

Many advanced technologies can reduce the number of lives lost on U.S. roads, but full or partial automation is not one of them, David Harkey, president of the Insurance Institute for Highway Safety, said in a virtual Capitol Hill briefing March 7.

Artificial intelligence is an awesome tool -- if you recognize its limitations and work around them. Google didn’t. And it paid dearly. As you may have read, Google executives gathered on Feb. 7 to tout Bard, what’s known as a "generative AI," a la the more famous ChatGPT, as the future of the company.

Rising losses in the property and casualty insurance sector can partly be attributed to the increasing frequency and intensity of large natural disasters, as well as the movement of populations to regions more susceptible to catastrophes.

The metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified metaverse as one of the top themes, with the tagline of ‘Closer Than You Think.’

Touchless claims aren’t just the future of the insurance industry -- they’re the present. Customers today have shifted from being familiar with doing business online to largely preferring it in many cases, and that ripple effect has been felt and registered by insurance companies globally.

The National Highway Traffic Safety Administration (NHTSA) requested additional information from Tesla following a California crash on Saturday in which one of its vehicles collided with a fire truck parked at an accident scene.

On Oct. 12, 2022, the Illinois Biometric Information Privacy Act (BIPA), a state law that restricts collection of biometric data, made headlines again when a Chicago jury rendered a $228 million judgment against BNSF Railway Co. in the first BIPA class action to go to trial.

AI’s capabilities have surged so much that it has the potential in 2023 to dramatically raise the quality of claims handling and underwriting in workers’ compensation.

Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction. From telematics that tracks driving behavior to social media that creates a digital footprint that could offer unprecedented insights, new sources of data are now capable of producing highly individualized profiles of customer risk.

In the full realm of digital retail, where even groceries can be ordered and delivered online, Trader Joe’s stands out as a unique business. There is no web ordering, no shipping, no delivery and no plans to change to be like other grocery stores.