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Is Location Data Fair Game for Auto Insurance Claims Adjusters?
Let’s say that an adjuster is reviewing a suspicious claim. The claimant’s story doesn’t seem quite right, but there’s no way to prove it. Could location data be the answer? Phones continuously communicate with cell phone towers. So theoretically, if something seems wrong, location data could be used to corroborate the story, providing the information […]
Continue readingBias in Insurance Underwriting: Does AI Help or Hurt?
In insurance, pricing varies with risk, and risk is a pretty situational concept. Different people face different degrees of it, and “no two people are entirely alike,” said Daniel Schreiber at Insurance Thought Leadership. Individuality is part of the picture. The problem is, when making individualized decisions, bias is sure to play a role in […]
Continue readingAuto Insurance Shopology: New Study Highlights
Last year, LexisNexis Active Insights released a new report – “Insurance Shopology” – all about the way people shop for insurance. After combing through the findings, we’d like to share the highlights with you. How’s the market? Here’s the big picture New auto insurance customers are entering the market en masse, and insurers are seeing […]
Continue readingImagining the Insurance Business in 5G
If you’ve read much yet about 5G, you’ve probably heard plenty of starry-eyed imaginings about what this new development will mean for insurers in the future. Is it “about to change everything again,” as described here by Insurance Thought Leadership (which compared 5G to the invention of the wheel)? Beyond the hype, what can we […]
Continue readingSocial Inflation’s Impact on Auto Insurance Claims
Social inflation is on the rise, and that spells trouble for auto insurers – as well as the policyholders who depend on them. What’s social inflation? It’s a complex concept, but it boils down to this: when insurers face greater risk of getting sued, insurance premiums tend rise in order to balance the scale. The […]
Continue readingFour Predictive Underwriting Trends: State of the Market
It’s that time again – ready for a news roundup on the state of underwriting? This time, let’s focus specifically on predictive underwriting trends. 1. Predictive analytics has matured, deserves monitoring Predictive analytics, no longer an early-adopter’s innovation, is now among “the most mature technologies currently being adopted,” the EY Digital Underwriting Survey found, according […]
Continue readingFuture of Insurance: Climate Change Resilience
Thinking about the future of insurance? Then your thoughts must include climate change. In past years, climate change was not top of mind for most insurers. However, current events and the realities of the global economy have now made climate change a priority – forcing the insurance industry to adapt and reinvent itself. Disasters threaten […]
Continue readingFrom Drones to Doppler: Hi Tech Tools to Manage Insurance Claims
What do drones, facial recognition tech and doppler all have in common? The potential to impact property claims. Read on to get the latest on the insurance implications. 1. Drones, the good and the bad The use of drones in gathering commercial claims data is not new. However, new liabilities — in which, for example, […]
Continue readingPaying Claims Digitally May Be the Next Big Thing in Insurance
The first claims reimbursements of history happened by post: a customer reported a loss, an underwriter made an assessment, and a check went in the mail (unless a local adjuster hand-delivered it). Most claims payments still do happen this way. With the addition of ACH, an electronic payment method has been in the mix for […]
Continue readingHow Digital Tools Can Improve Insurance Transparency and Trust
Trust is a significant problem for insurers. There is no shortage of stories related to surprise medical bills, denied claims and policies that are canceled after the filing of a claim. Many examples are health-related, but the problem of trust extends to all lines. On one hand, insurers are there to save you when things […]
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