Is Artificial Intelligence The Next Tool To Fight Wildfires?
With wildfires becoming bigger and more destructive as the West dries out and heats up, agencies and officials tasked with preventing and battling the blazes could soon have a new tool to add to their arsenal of prescribed burns, pick axes, chain saws and aircraft.
May 3, 2022
Technology
The Cost Of Data Breaches In A Remote-Work World
A recent study by IBM and the Ponemon Institute quantifies the rising cost of data breaches as workers moved to remote environments during the coronavirus pandemic. According to the report, an average data breach in 2021 cost $4.24 million – up from $3.86 million in 2020. However, where remote work was a factor in causing the breach, the cost increased by $1.07 million.
April 27, 2022
Excess & Surplus Lines
Fraud
Liability
Technology
The Metaverse Needs To Keep An Eye On Privacy To Avoid Meta’s Mistakes
Metaverse skeptics fear the prospect of unprotected data and large-scale user surveillance on a scale never seen before.
April 26, 2022
Liability
Technology
Automatic License Plate Readers May Present Privacy Concerns
Any technology that enables the gathering of consumer information can deliver opportunities for organizations—more effective marketing, better customer service and increased sales, for example. It can also present risks of invading privacy.
April 26, 2022
Auto
Technology
What’s Beyond Robotic Process Automation
The insurance industry, which relies heavily on repeatable processes, is embracing robotic process automation (RPA). Gartner projects that global RPA software spending will reach $2.4 billion in 2022.
April 8, 2022
Technology
Insurers No Longer On The Sidelines With Blockchain
Blockchain technology is making inroads in the insurance sector. Used to automate and streamline processes for paying claims, blockchain is being embraced by more and more insurance entities looking for streamlined transactions.
March 18, 2022
Liability
Property
Technology
Insurance Webinar Looks At Customer Dissatisfaction With Digital Claims
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.
March 17, 2022
Auto
Technology
The Importance Of Algorithmic Fairness
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.
March 17, 2022
Insurance Industry
Technology
Data On the Road: Tracking Trucking
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.
March 17, 2022
Excess & Surplus Lines
Technology
Women In Tech: Leveling The Playing Field
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.
March 16, 2022
Insurance Industry
Technology
Actuaries Tackle Race In Insurance Pricing
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.
March 14, 2022
Insurance Industry
Technology
Underwriting
Coalition’s Cyber Claims Report Shows "No-one is Immune" to Attacks
Coalition released its cyber claims report in March, analyzing data from active cyber insurance companies in Canada and the United States throughout 2021.
March 10, 2022
Risk Management
Technology
A Low-Tech Approach To Work Automation
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.
March 8, 2022
Insurance Industry
Technology
Big Data And The Balance of Information Between Insurers And Consumers
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.<br /><br />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.<br /><br />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.
March 7, 2022
Insurance Industry
Technology
What Auto Claims Will Look Like In Three Years
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.
March 2, 2022
Auto
Technology
