The Use of Apps to Stage Car Accidents
Insurance fraud is anything but a new concern for insurance companies and counsel. A simple online search reveals a litany of articles, investigations and reports of scams and schemes developed by would-be plaintiffs to secure damages based on accidents that were not accidental and injuries that were never sustained.
September 16, 2022
Fraud
Technology
Adjusters Should Be On the Front Line of Innovation
For the preoccupied adjuster flooded with claim assignments, there has been a mystery associated with the industry term ‘insurtech.’ And if that describes you, this combination of words revolves around technological innovations aimed at improving the efficiency of the insurance world.
September 15, 2022
Insurance Industry
Technology
Security Company Partners With State Farm to Boost Homeowners’ Risk Mitigation
State Farm recently announced that it has invested $1.2 billion into the ADT Inc security company, for approximately 15 percent equity and a move to support new home insurance advancements. The partnership between the two companies allows the insurer to imagine new forms of coverage.
September 9, 2022
Property
Risk Management
Technology
The Soaring Cost of Insurance Fraud
While we all know that insurance fraud is a massive problem, we now know just how massive: more than $300 billion-a-year massive, just in the U.S. That figure comes from the Coalition Against Insurance Fraud, whose estimate would mean that fraud costs each person in the U.S. some $930 a year and the average family some $3,750.
August 30, 2022
Auto
Fraud
Life & Health
Property
Technology
Augmented Reality Invaluable To Insurers In Post-Pandemic World
According to leading data and analytics company GlobalData, augmented reality (AR) is set to become a $152 billion market by 2030, and its use cases for the insurance sector are only growing. The company notes that the technology’s demand among insurers has been catalysed by COVID-19 and the need for remote inspections.
August 24, 2022
Insurance Industry
Technology
A ’Nightmare Scenario’: Data-Tampering Attacks Are Hard To Detect, With Devastating Consequences
Imagine a cybersecurity catastrophe like this one: A pharmaceuticals maker suffers a data breach, but no data is stolen and no ransomware is deployed. Instead the attacker simply makes a change to some of the data in a clinical trial -- ultimately leading the company to release the wrong drug.
August 24, 2022
Fraud
Technology
Meta’s BlenderBot3: AI Gets It Laughably Wrong
As part of its attempts to push the frontiers of technology, Meta recently unveiled a chatbot powered by artificial intelligence that draws on the vast stores of knowledge on the internet. The results, well... they haven’t always been quite what Meta hoped.
August 16, 2022
Technology
NHTSA Investigating Tesla Crashes That Killed 2 Motorcyclists
Two crashes involving Teslas apparently running on Autopilot are drawing scrutiny from federal regulators and point to a potential new hazard on U.S. freeways: The partially automated vehicles may not stop for motorcycles.
August 10, 2022
Auto
Technology
Role Of NLP In Claims Management
Claims management has always been a combination of art and science. The science part tends to be fairly easy to understand, at least at a conceptual level. After all, insurers base a great many of their decisions on statistics and probability.
August 10, 2022
Technology
Dissatisfied Claimants: $170B Of Global Insurance Premiums At Risk By 2027
According to a new Accenture report, up to $170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another $160bn over the same period.
August 4, 2022
Insurance Industry
Technology
Hackers Could Target EV Charging Networks
The Infrastructure Investment and Jobs Act, as passed by Congress last November, authorizes $7.5 billion to help meet US President Joe Biden’s goal of installing 500,000 stations by 2030.
August 3, 2022
Technology
Are Claims Leaders Facing A Perfect Storm?
2022 is off to an exciting start: COVID-19 is waning. But the pandemic’s hangover looks to be long and fraught with surprises. Inflation has hit levels not seen since the 1980s.
August 2, 2022
Technology
RiskStream Collaborative: Tomorrow’s FNOL Has Arrived
Claims are frequently cited as ‘the moment of truth,’ and FNOL (First Notice of Loss) is where all claims begin. Now, new technology through an innovative industry collaboration on a blockchain platform is being leveraged to enable FNOL data exchange between insurers -- and eventually other claim ecosystem partners.
July 29, 2022
Insurance Industry
Technology
Time To Start Issuing Metaverse Policies?
Why travel somewhere when you can just pop on a virtual reality headset and be immersed in that world instead? That is the promise of the so-called ‘metaverse.’
July 1, 2022
Insurance Industry
Technology
Elon Musk Is Wrong About AI
Elon Musk has a habit of using Twitter and interviews to make big statements. For instance, Musk told Jack Dorsey via tweet that AGI-artificial general intelligence, or AI with the power and flexibility of human intelligence--would most likely be here by 2029. And when Elon talks, people listen. But should they?
July 1, 2022
Technology
