The NAIC has Entered the AI Chat
The National Association of Insurance Commissioners (NAIC) has issued a model bulletin exposure draft on the use of algorithms, predictive models and artificial intelligence (AI) systems by insurers.
August 1, 2023
Insurance Industry
Technology
Leveraging Smartphones to Combat Distracted Driving
When we think about distracted driving, we automatically think of smartphones. They’re indispensable. They’re addictive. They can also be dangerous.
July 28, 2023
Auto
Technology
Cigna Faces Class-action Over Coverage Denials by AI Claims System
Cigna is facing a class-action lawsuit that accuses the company of employing an algorithm to review and reject hundreds of thousands of patient health insurance claims, with minimal individual doctor oversight.
July 26, 2023
Life & Health
Litigation
Technology
California
Auto Insurance in an Existential Crisis
After many long years of stability, the 125-year-old, $300 billion U.S. auto insurance industry is caught between runaway inflationary cost pressures on one side and consumer wallets, many of which are no longer able to afford the spiraling auto insurance premium increases, on the other.​
July 25, 2023
Auto
Technology
The Rise of AI in Insurance Claims: Improving Workflows and Tackling Fraud
The insurance claims sector is tapping into technologies such as machine learning and artificial intelligence to increase efficiency, improve outcomes and detect fraud.
July 25, 2023
Technology
Workers' Compensation
Economic Impact of Cybercrime on Business Predicted to Reach $10.5 Trillion by 2025
The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley’s latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023.
July 14, 2023
Fraud
Technology
Predicting What Distribution, Underwriting and Claims Will Look Like in the 2030 Insurance Value Chain
In 2030, the world will look, feel and function in new ways. But how will the insurance value chain be affected by the new technology, ideas and regulations that will exist in seven years?
July 14, 2023
Insurance Industry
Technology
Underwriting
Can a Connected Risk Ecosystem Really Stop Claims Before They Happen?
And while achieving an absolute zero claims status is impossible, moving to a reality where insurers, risk managers and policyholders work together to reduce the probability of loss is the goal of many predict-and-prevent risk management programs.
July 12, 2023
Risk Management
Technology
How AI is Shaking Up Insurance
Whether artificial intelligence will help the insurance industry work smarter, or whether it will mean massive job losses, or maybe represent something in between is yet to be seen.
July 11, 2023
Insurance Industry
Technology
Triple-I CEO on Podcast: We’re All Risk Managers
Economic turbulence, political unrest, climate catastrophes, and the aftermath of a global pandemic are just a few of the forces demanding that everyone -- homeowners, consumers, businesses, and policymakers, as well as risk-management professionals -- take responsibility for understanding and reducing the perils facing all of us, Triple-I CEO Sean Kevelighan said in a recent episode of the Predict & Prevent podcast.
July 11, 2023
Risk Management
Technology
Insurance Claims Litigation Surging with Digital Marketing And Tech Use
Insurance companies have lost control of their claims frequency and the use of technology enabled claims instigation practices to drive more claims through litigation has become a significant social inflationary threat to the industry... .
July 7, 2023
Litigation
Technology
Streamlining Medical Record Reviews Via AI
Paperwork backlogs in insurance have evaded even the savviest of technology solutions. In particular, the processing of unstructured medical documents or cabinets filled with claims data was difficult to automate, so many have kept doing the work by hand.
July 5, 2023
Technology
Who’s at Fault When AI’s Driving a Cargo Ship?
It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning -- a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.
June 30, 2023
Liability
Marine
Technology
Why Becoming Data-Driven Is Crucial
With AI’s potential to dramatically change how businesses operate and make decisions, becoming data-driven has never been more important. However, as technology advances and the world becomes increasingly connected, organizations are finding it more and more difficult to become truly data-driven.
June 27, 2023
Technology
Predictive Model Anticipated Tropical Storm Bret’s Early Appearance
Tropical Storm Bret has formed in the central tropical Atlantic -- two months ahead of schedule for that part of the ocean. Fortunately, the technology and expertise were in place to anticipate this second named storm of the 2023 Atlantic hurricane season.
June 21, 2023
Risk Management
Technology
Underwriting
