Though the insurance industry has been quick to adopt digital claims processes, including photo estimates, customer dissatisfaction with the technology remains a significant concern, industry representatives who took part in a Reuters Events webinar agreed Tuesday.

The discourse around algorithm fairness has garnered increasing attention throughout the insurance industry. As the use of machine learning has become more common, from marketing and underwriting to claims management, regulators and consumer rights organisations have raised questions about the ethical risks posed by such technology.

In the late 1980s, Qualcomm Inc. made a revolutionary change by developing two-way mobile satellite communications and vehicle tracking for the commercial trucking industry. For the first time, a fleet manager could pinpoint the location of one of his assets in real time and communicate with its driver.

The tech industry is growing and evolving at an exponential pace. New opportunities and innovations are appearing every day. The majority of college degrees earned are in STEM fields.

The Casualty Actuarial Society (CAS) has developed a series of papers examining the issue of race and insurance pricing and seeking to contribute constructively to the policy discussion around it.

Coalition released its cyber claims report in March, analyzing data from active cyber insurance companies in Canada and the United States throughout 2021.

Two million people work in the U.S. insurance industry. According to the U.S. Census Bureau, 300,000 of these workers will retire in the next three years, and 50% will retire by the end of this decade.

The widespread digitization of the economy has created a wealth of data on risk exposures for insurance companies. But how insurers exploit what has become known as big data has prompted widespread discussion around data ethics, especially in regard to transparency and fairness where consumer data is used to market and to price risk.

Insurers are already familiar with the concept of adverse selection. Now they are getting to grips with the new concept of inverse selection that arises with big data.

It’s useful to look at a basic risk spectrum to explore how big data can fundamentally change the information balance of insurers and insureds, and the latter’s perception of risk.

The claims experience will become increasingly automated over the next three years, as many customers are handling their claims virtually - and this will impact insurance professionals’ daily work, a recent LexisNexis report predicts.

When Adrienne Reid heard that Mike Winkelmann, the digital artist known as Beeple, sold a piece of his work at the art auction house Christie’s for $69 million, she didn’t think much of it.

As a physician, I can’t help but view our industry through a distinctly patient-centered lens. Our very reason for existing is to help injured employees get well, ideally to get them back to their pre-injury status in days or weeks.

We wake up every day to a pattern of record ransoms being paid as well as record increases in cyber-insurance cost. The Bloomington School District in Illinois published its cyber-insurance renewal costs and reported a whopping 334% increase in premiums.

Thanks to high-profile hacks with visible, real-world consequences like the Colonial Pipeline hack, 2021 will be remembered by many as the year cybercrime prevention started to actually matter.

To improve claims processes across the insurance and reinsurance industry and deliver higher customer satisfaction, technology must be embraced, and modern software tools integrated into company processes, Jeff Saye, Global Practice Leader for Insurance Claims, Genpact told us in an interview.

In today’s information-driven economy, data is extremely valuable to just about any industry and profession, and risk management is no exception. Businesses that are able to properly harness data can apply it to improve their operations and make more efficient use of resources.