Insurance

Prakash Ranjan, the vice president of marketing technology, will focus on the company’s goals to improve digital transformation and increase tech talent.

The pandemic rollercoaster continues to rattle the insurance industry as we ride into 2022. One of the bright spots for our industry was the acceleration of technological innovation. All the uncertainty and changing consumer habits are fueling substantial changes in how insurance is marketed and sold by independent agencies.

Automatic emergency braking systems can detect and prevent pedestrian crashes, but lighting plays a role in the odds no matter the crash avoidance systems in place, according to a study from the Insurance Institute for Highway Safety.

Technology investment is showing no signs of slowing down, M&A continues at a torrid pace and the composition of the independent channel is shifting with generational changes. One thing remains certain: the independent channel has a lot to look forward to in the coming year.

Born out of the insurtech MDGo, Sensa focuses on transmitting only crucial accident data for claims.

As 2022 gets under way, insurers have opportunities to boost their visibility beyond simply increasing their marketing spending.

The demand for no-medical exam life insurance has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

Expenses in the fourth quarter surged 43% from a year earlier to more than $11.6 billion, the Northbrook, Illinois-based insurer said Wednesday in a statement. Costs tied to property and casualty claims made up the majority of the increase.

Mike Kreidler has adopted a temporary rule banning insurers from using credit information to set auto, homeowner and renters insurance rates. Kreidler initially issued an emergency rule in March 2021 but it was struck down by a court last year. The new rule goes into effect March 4.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

In 2020, natural disasters, excluding COVID-19, caused a total of $76 billion in insured losses, as opposed to the $7 billion in man-made insured losses. Companies must prepare to meet the demands of an increased customer base, including facilitating an easy claims process and expanding digital access.

Some consumers don’t seem to be crying out for usage-based insurance and evidence shows some of the models in use are only mildly predictive at best. Why is that? Why is it that auto insurance companies have not found a way to significantly improve on the traditional metrics of age, zip code and the like despite all the technological advances of the last few decades?

McKeel Hagerty’s parents were into wooden boats and saw an unmet need to underwrite them. Hagerty, however, has been a car nut from day one. When the family’s marine insurance business finally began to offer auto policies in 1991, he saw a chance to join the fold and, along with his sisters, Tammy and Kim, stomp on the pedal.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

The pandemic and industry challenges that lie ahead have fast-tracked innovation and a push for much needed modernization in the industry.

Mobile Appraiser Pro uses photo capture technology and AI-powered mobile estimation and valuation tools to provide nearly real-time insight to field appraisers.

Insurance companies are rolling out digital capabilities to revolutionize the claims process. Are customers coming along?

Breakthroughs in AI over the past decade mean we can now use it to train computer vision algorithms to perform visual tasks as accurately or more than humans. Smartphones can be turned into visual experts in your pocket, which can appraise some aspects of the environment better than people.

The unique partnership comes amid an increase in vehicle crash-related deaths and a desire to help customers understand how their choices could potentially support their overall health.

Insurtechs are everywhere, covering every sector and raising money at record-setting clips. But the legacy insurance businesses, from carriers to agencies, have already been here and have the deep pockets to remain. So naturally the story has become about competition for market share.