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Insurance News

Supreme Court to hear attack on Obamacare as Covid-19 pandemic widens

Washington - President Donald Trump's lame-duck administration makes a last try in the US Supreme Court Tuesday to demolish the "Obamacare" health program, which could cancel the health insurance of millions in the middle of a pandemic.

Economy: Decline in consumer and business auto insurance

How has the coronavirus pandemic affected automobile insurance? Data from Deloitte Center for Financial Services’ indicates a decline. The insights on the impact of COVID-19 on personal and commercial auto insurance are significant.

Where is digital insurance heading after Wirecard's collapse? Special

The digital-led insurance firm Wirecard ran into financial problems recently, following KPMG announcing it was unable to verify Wirecard’s third-party profits. What does this mean for the e-insurance sector?

Q&A: COVID-19 and the impact on long-term care insurance benefits Special

According to a leading expert, the COVID-19 era means it is an important time to revisit your plan (or your parents’ plan) for elder care. How should you or your loved ones prepare for home health care, nursing home care, or essential medical supplies?

Challenger insurers are doing better than banks during COVID-19 Special

In recent weeks, the coronavirus pandemic has become a catalyst for digital solutions. One area where growth has been strongest is with challenger insurance startups, who are disrupting the traditional insurance market.

Q&A: Three keys to scaling AI in insurance Special

Artificial intelligence and machine learning are the newest comers to the insurtech landscape, set to transform the way that traditional insurance has been managed. Two innovators from Vertafore explain what's happening to the sector.

How prepared are insurtechs against the threat of coronavirus? Special

Many companies and much of the startup world are currently talking about coronavirus. This includes insurtechs who not only need to keep their businesses running, they also need to assess claims payouts.

For China virus insurance, check the small print

London - Companies and tourists out of pocket from the global disruption caused by the virus epidemic in China risk meeting a cold shoulder from insurers, industry experts warn.Basic travel insurance policies are unlikely to cover epidemics.

Robotic process automation is revolutionizing business

Many business sectors, that are dependent upon repeatable processes, have started to implement robotic process automation (RPA). Even more sophisticated data analysis is possible with Integrated Automation Platform, as with the AntWorks system.

Q&A: Why data & analytics will transform insurance in 2020 Special

The insurance landscape is changing rapidly, and agencies need more insight to adapt with the industry. Their data is an untapped resource, but most teams don’t know how to translate it into actionable insights. Chad Hawkinson, at Vertafore explains.

Report: Can insurers go digital without the cloud?

Deloitte’s 2020 Insurance Outlook focuses on technology and the digital transformation of insurance. A key message is that insurance forms need to get to grips with new technologies if they are to survive.

U.S. states with the worst uninsured rates revealed

Insurance rates across the U.S. vary considerably by state, according to a new study from WalletHub. Concerningly the data also indicates a growing rise in the proportion of the country who are not insured.

Report: Accelerating insurance innovation

Deloitte’s Center for Financial Services has published a new report on the state of insurtech. While there are fewer insurtech startups forming than before, this year is on track to be the biggest on record in terms of new investments in the space.

How technology, data and AI will completely change insurance Special

The types of insurance and the way it is accessed are being disrupted by new technology, data and artificial intelligence. Each is capable of completely altering insurance as we experience it now, according to Christian Wiens of Getsafe.

Q&A: Why cyber insurance should be mandatory Special

Using data-driven recommendations, the insurance industry has the ability to use data to show the statistical probability of exposure to different types of threats. The logical next step is to take out cyber insurance, according to expert Sharmila Ray.

Q&A: AI tech can considerably improve healthcare risk adjustment Special

Dr. Darren Schulte took his experience from being a doctor to provide a solution to the industry’s risk adjustment pain point. He tells Digital Journal why AI can make a positive impact on healthcare risk adjustment.

Q&A: Why contractors are adopting IoT technology Special

Contractors are turning to Internet of Things adoption in order to seek lower costs such as potential savings from reduced deductibles and fewer claims, greater employee productivity, and improved safety records.

Q&A: Contractors adopt IoT to lower insurance premiums Special

IoT is increasingly being used by contractors. A new survey finds the top motivator for adopting IoT technology is the possibility of lowering insurance premiums, followed by recovering lost time due to incidents.

US indicts Chinese hackers over giant 2015 data breach

Washington - The US Justice Department announced Thursday the indictment of members of "an extremely sophisticated" Chinese hacking group that allegedly stole the personal information of more than 78 million people from health insurer Anthem in 2015.

Columbus insurance companies are disrupting the automotive space

Columbus - Columbus, Ohio insurance companies are disrupting the automotive space. As an example, Nationwide Insurance is partnering with Slice Labs to offer an innovative on-demand, or “pay-as-you-go,” insurance coverage policy for rideshare drivers.

Insurance premiums to become costly because of climate change

Climate change is becoming increasingly costly — not just in terms of increased health risks and loss of biodiversity — but in the actual costs of the catastrophe losses brought on by a changing climate.

Q&A: How insurance is changing in the age of data Special

Using location data provides many opportunities for insurers. Customers are becoming more receptive to the idea of sharing their data in order to benefit from financial products and services. What does this mean for insurance companies?

Estonia shipwreck survivors demand compensation after 25 years

Nterre - More than 1,000 people including survivors and the families of victims of Europe's worst peace-time shipping disaster took their claims for compensation to a French court on Friday, 25 years after the sinking of MV Estonia in the Baltic Sea.

Extent of the damage from Midwest floods could top $3 billion

At least 1 million acres (405,000 hectares) of U.S. farmland were flooded after the “bomb cyclone” storm left wide swaths of nine major grain producing states under water this month.

India is leading the way with digital insurance services

India is rapidly developing into one of the world’s powerhouses for insurance, and much of this growth is fostered by insurtech startups and the offering of digital services. The country’s insurance industry is ripe for innovation and disruption.

Disaster-linked losses in 2018 hit $155 billion: Swiss Re

Geneva - Losses from natural and man-made disasters are estimated to total $155 billion (136 billion euros) this year, down sharply from a hurricane-plagued 2017, the reinsurance giant Swiss Re said Tuesday.

Shock waves of #MeToo reach the City of London

London - A series of very public sackings, suspensions and departures suggests that Britain's finance world is waking up to the toxic implications of sexual harassment and bullying in the workplace.

Five insurtech startups to watch out for in 2019

There is a wave of insurtech startups emerging each year. Some fall by the wayside, others become major players. Five companies set to make it big in 2019 are profiled, from an insurance as a service pioneer to a blockchain innovator.

Biggest changes for insurtech for 2019

2018 saw a series of changes shaking up the insurance sector and the level of innovation and associated disruption looks set to continue into 2019. These include greater collaboration with big firms, blockchain and AI.

John Hancock's Vitality platform sees big user growth

Insurance company John Hancock and behavior change platform Vitality have released data that shows those who wear an Apple Watch and participate in the Vitality Active Rewards program take part in increased physical activity.
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