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Insurance News

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.

Swiss vote on insurance company spies

Geneva - The thought of a stranger filming you while you sit on your balcony or work in your garden is likely unsettling to most. But imagine if the snoop is a private detective hired by your insurance company to investigate whether you are a welfare cheat.

With climate change going unchecked, insurance costs will rise

Although there are some folks who remain skeptical of Climate Change, the folks who make a living providing us with insurance are not. Insurance companies are already being impacted by the significant amount of destruction a warming world is causing.

In the wrong direction? Rise of the uninsured

In the U.S. the proportion of the population who are uninsured is growing. At the end of 2016 the rate was 10.9 percent; by the end of 2017 this was up to 12.2 percent. New research reveals the state-by-state patterns.

India launches 'Modicare', world's biggest health scheme

New Delhi - Prime Minister Narendra Modi on Sunday launched the world's biggest health insurance scheme, promising free coverage for half a billion of India's poorest citizens ahead of national elections next year.The bottom 40 percent of India's 1.

Insurer John Hancock adds fitness trackers to its policies

John Hancock, which is a major provider of life insurance in the U.S., has added the requirement that those taking out interactive insurance must wear fitness tracking to all policies.

Digital transformation trends in insurance

Insurance companies continue to struggle when it comes to customer experience, with users complaining of poor service when making claims or because of undue waiting times. Insurance companies are redressing this with new technology.

Bolivia eyes universal health care for next year

La Paz - Bolivia will launch a universal health care program next year, socialist President Evo Morales said Wednesday.

Digital transformation of finance: Mix of leaders and laggards

Finance services are showing an uneven path for digital transformation, with some identified leaders and a host of laggards. This insight comes from Forrester Consulting on behalf of consulting firm Ernst and Young LLP.

Are you happy with digital spying for reduced insurance prices?

It's a simple question: would you be willing to have technology that collects data about you and what you do in return for lower insurance rates? The younger you are the more likely, it seems, you are to say "yes".

Three startups disrupting the insurance industry

The insurance industry may not be entirely prepared for digital transformation, but insurtech is coming. Here are a few of the startups disrupting the insurance industry.
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