I was on a panel yesterday as part of the National Workers’ Compensation Defense Network (NWCDN) Annual Conference. We were discussing life now and in the future in the “virtual world.” At one point the topic turned to the challenges of claims management in a virtual environment.

Since COVID-19 made its way into the U.S., insurers have been hyper-focused on customer retention. But priorities have shifted since the beginning of the year.

Thirteen years after Progressive launched Snapshot, its usage-based insurance (UBI) rewards program, telematics-based policies represent a modest part of personal and commercial lines insurance. Bullish estimates of double-digit adoption by 2020 haven’t materialized, but it’s clear that telematics-based products appeal to a need within the market.

Fundamentally, paying claims is what insurers do. For P&C insurers, for instance, claims typically amount to 60% 80% of costs.

The personal and commercial property claims process has traditionally lagged well behind other segments of P&C insurance in the adoption of technology and innovation.

The COVID-19 pandemic has permanently changed the way property insurance clients want their claims handled, a technology vendor suggests.

I’m convinced that when attempting to innovate, working with small teams is the way to get it done. I’m going to lay out a quick tactical map on how anyone can try this quickly.

CCMSI, a large boutique third party administrator (TPA), has been providing innovative risk management solutions to thousands of companies for more than 40 years.

It’s been a tumultuous year. In just the span of a few weeks, COVID-19 emerged unexpectedly and abruptly altered almost every corner of the commercial insurance space. Stock market and GDP forecasts have whipsawed as economists and investors have tried to make sense of frequently shifting news.

The $2 trillion global automotive industry is ripe for disruption from autonomous vehicle technologies that make driving safer, more energy-efficient and more convenient.

Using a smart phone to take pictures of property damage as soon as it happens could speed up the claims process and reduce fraud risk, the head of a Canadian claims technology vendor suggests.

As the year 2020 proceeds to its conclusion, the status quo has been washed away. But some things have not changed.

Every year, financial crime becomes more sophisticated, new malware emerges and fraud losses rise. Top that problem up with continuously evolving regulations and hefty non-compliance penalties, and financial institutions are facing an increasingly complex risk landscape.

If you are in the tech, insurance, or finance industry, chances are you have already heard people talking about no-code development. But what exactly is no-code and how can your company benefit from this?

“Social inflation” is considered one of the major emerging risks that the insurance industry must face. While people may misconstrue the term as relating to the rising impact of social media on online behavior of netizens, it has actually to do with increasingly hostile legal environment that insurance carriers are facing today.