CLM Says: How Should Claims Departments View Generative AI?
Generative AI tools such as ChatGPT, which once seemed far off on the horizon, have arrived and are beginning to take shape. Industries, including construction and insurance, are contemplating whether, how, and to what extent they will incorporate this technology.
June 21, 2023
Insurance Industry
Technology
Gain the Upper Hand on Cybercrime
Cybersecurity Ventures estimates cybercrime will take a $10.5 trillion toll on the global economy by 2025. If it were measured as a country, the underground cybercriminal economy would be the third largest in the world after the U.S. and China.
June 20, 2023
Fraud
Risk Management
Technology
A New Frontier in ID Verification
Despite the industry’s stodgy reputation, insurance is often ahead of the curve, embracing new technologies that improve efficiency, enhance customer experience and increase profitability.
June 13, 2023
Fraud
Insurance Industry
Technology
Transformation of Jobs in the AI Era
With the rapid advancement of artificial intelligence (AI), concerns about job displacement have become prevalent. However, it is essential to understand that AI, including language models like ChatGPT, has the potential to enhance and transform job roles rather than replace them.
June 12, 2023
Technology
Man Sentenced to Prison for Staged Arson and Insurance Fraud
According to court documents, on September 23, 2020, Denis Vladmirovich Molla falsely reported to the Brooklyn Center Police Department that his camper had been intentionally set on fire. He claimed that he witnessed three unidentified individuals near his residence at the time of the incident, accompanied by an explosion.
June 12, 2023
Auto
Fraud
Technology
Minnesota
Ford’s EV Charging Deal With Tesla Ripples Through Industry
Ford Motor Co’s (F.N) decision to allow customers to use Tesla’s TSLA.O electric-vehicle charging network has sent ripples through the industry, raising questions about a national U.S. charging standard as well as the fate of charging startups that are struggling.<br /><br />The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024.
June 6, 2023
Auto
Technology
Subaru’s EyeSight System Advances Bicycle Crash Prevention
A recent study conducted by the Insurance Institute for Highway Safety (IIHS) reveals that early versions of Subaru’s EyeSight crash avoidance system demonstrated success in preventing real-world crashes involving bicyclists traveling parallel to the road by 29 percent.
June 6, 2023
Auto
Technology
10 Ways Metaverse Will Revolutionize Insurance
In recent years, the concept of the metaverse has gained significant attention as a potential game-changer in the way we interact with digital content and each other. Metaverse technology is being hailed as the next frontier in the evolution of the internet, with its potential applications ranging from gaming and entertainment to education, e-commerce and even insurance.
June 2, 2023
Insurance Industry
Technology
Is ChatGPT Creating a Cybersecurity Nightmare?
ChatGPT feels pretty inescapable right now, with stories marveling at its abilities seemingly everywhere you look. We’ve seen how it can write music, render 3D animations, and compose music. If you can think of it, ChatGPT can probably take a shot at it.
June 1, 2023
Technology
A Predict & Prevent Approach Works When Tech Innovation, Underwriting and Risk Management Work Together
Unlocking the full potential of Predict & Prevent strategies takes teamwork. We need insurers, tech innovators, policymakers, customers and others working together to create, test and launch solutions that stop losses in their tracks. It’s an exciting idea, but how do we make it happen?
May 30, 2023
Risk Management
Technology
Underwriting
’Intelligent Ingestion’: Time to Truly Go Digital
For over a decade, we have pretended to be paperless. We tout the fact that the file cabinets, the seven-part specialized file folders and massive mail rooms have all been eliminated and reduced, and we claim we are paperless. But we know we aren’t. Today’s paper is PDFs, Excels and Adobe.
May 30, 2023
Insurance Industry
Technology
From Ben Franklin to Artificial Intelligence
The insurance industry dates back to ancient Babylon and China, where merchants would pool their resources to protect themselves against losses from piracy and theft. The concept landed on the U.S. shores in 1752, when Benjamin Franklin co-founded the first insurance company in Philadelphia.
May 26, 2023
Technology
The 3 Trends Rocking the P&C Insurance Industry in 2023
From skyrocketing premium growth to the ever-increasing adoption of artificial intelligence to wondering which storm will be the next multi-billion-dollar weather event, the property/casualty (P&C) insurance industry continues to face steep challenges in 2023.
May 19, 2023
Insurance Industry
Legislation & Regulation
Technology
ChatGPT Chief Says AI Should Be Regulated By a US or Global Agency
The head of the artificial intelligence company that makes ChatGPT told Congress on Tuesday that government intervention will be critical to mitigating the risks of increasingly powerful AI systems.
May 19, 2023
Legislation & Regulation
Technology
A Menacing Resurgence: Ransomware
Researchers at a leading cryptocurrency tracing company have bad news for Washington: Ransomware is back, and it might be worse than ever.
May 17, 2023
Fraud
Technology
