insurers News

U.S. Insurers Face Challenge of Attracting Millennials

Along with the usual challenges U.S. insurers have faced in recent years—intense competition, potentially flatter profit margins, investing in technology—companies now face an important question in the coming years: how to handle the millennial generation. The “millennial question” was one …

Carriers Strive to Improve Claims Technology

Insurers continue to focus on improving claims technology, according to Karlyn Carnahan, research director at Celent. The main area of improvement is the replacement of aging claims administration systems, with more than 50 percent of carriers currently in the process …

Courts Weigh Timing of Cancellation Notices for Nonpayment of Premium

Courts in Ohio and Louisiana recently faced the question of how a minimum statutory time period should be applied to cancellation notices for nonpayment of premium and whether the insurer must wait until the insured actually defaults on the payment …

Businesses, Insurers Disagree on Boston Marathon Payouts

Some businesses that reported financial losses as a result of the Boston Marathon explosions are still wrangling with their insurance companies over compensation or have had claims denied outright as the anniversary of the bombings approaches. The state’s largest property …

Rethinking Risk, Insurers Investing More in Data and Analytics

Insurers’ risk management practices are becoming increasingly reliant on data and analytics, according to a new report from State Street that surveyed more than 400 insurance executives about their capabilities in this area. Only 13 percent of insurers surveyed considered …

Insurers to Pay Hawaii Couple to Receive $1.2M Condo Settlement

A couple will receive nearly $1.2 million to settle their lawsuit against a Molokai condo association. Jim and Nancy Bevill claimed they became targets for abuse after attempting to elect new board leaders for the Ke Nani Kai Condominium. Two …

Threat to Privacy Found in Auto Insurance ‘Pay As You Drive’ Programs

Yes, those “pay as you drive” programs used by insurance companies to record your driving habits sometimes can be used to accurately infer your destination — a long-time concern of privacy advocates. That’s what four University of Denver computer scientists …

Predictive Analytics Key to Handling Future Market Challenges

The insurance industry must be prepared for future market challenges, the quickening pace of customer-driven commerce and the continuing spread of the digital economy, says Ovum. According to the independent global analysts, insurers can improve their competitive position by implementing …

New Rules for Michigan Insurers’ Use of Credit Information

A series of new laws that take effect this week regulate how Michigan insurance companies can use a person’s credit information. The laws passed last session went into effect yesterday. Under one of the measures, insurers can’t use people’s credit …

Insurers Could Use Credit Scores in Alaska Policy Renewals

Insurers would be able to consider someone’s credit score when renewing personal insurance policies under a bill in the Alaska Senate. SB55, from the Senate Labor and Committee, is scheduled for its first hearing Tuesday. Currently, insurers can consider credit …