state farm News

State Farm Pilot Uses Sensors to Detect Wiring Defects That Can Cause Fires

State Farm is sending sensors that can detect hazards in electric wiring to 40,000 homeowners in California, Arizona and Texas as part of a pilot project that will measure potential savings and customer acceptance. Mike Fields, a State Farm vice …

Auto Claims Climbed with Summer Reopenings, but Dropping Again as Virus Rages

The sharp reduction in personal auto claims that followed COVID-19 shutdown orders began to fade away after the Memorial Day weekend, but frequency appears to dropping again in reaction to a resurgence of the disease. Andy Cohen, chief operating officer …

6th Circuit Affirms Class Action Suit to Collect Underpayments by State Farm

A federal appellate court has cleared the way for a class-action lawsuit to proceed against State Farm Fire and Casualty Insurance Co. that may force the insurer to correct underpayments paid to some 65,000 policyholders. A 6th Circuit Court of …

Consumer Groups Say Some Auto Insurer Lockdown Rebates Are Too Small

Two consumer groups said on Thursday that some of the largest U.S. auto insurers, including billionaire Warren Buffett’s Geico Corp, are short-changing customers on premium rebates as Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. …

Lockdowns Cut Driving and Crashes, Bring Insurance Discounts

DETROIT — Interstates and city streets are empty and cars are quarantined in their owners’ garages, so consumer advocates argue that it only makes sense for auto insurance rates to reflect that. In the states of Washington and New York, …

Buffett’s Geico Offers $2.5 Billion Credits as Coronavirus Cuts Driving

Geico Corp, part of billionaire Warren Buffett’s Berkshire Hathaway Inc, said on Tuesday it will offer about $2.5 billion of credits to its 19 million auto and motorcycle policyholders, reflecting the decline in driving stemming from the coronavirus pandemic. The …

Claims Pros Adjusting to Lower Volumes, Pandemic Complications

The coronavirus pandemic has not shut down the day-to-day business of adjusting claims, but the workload is lighter and claims managers are coping with evolving government regulations and guidelines. Crawford & Co. says it has added a new step to …

Insurers Win Again – Mostly – in Antitrust Lawsuits Filed by Body Shops

A federal appellate court threw out most of the claims by automotive body shops in Indiana, Utah and Mississippi that alleged that major insurers violated anti-trust laws and engaged in anticompetitive practices by steering policyholders to “approved” shops. The 11th …

Body Shop Owners Rank Carriers on Claims

Auto body shop owners may know better than anybody how well insurance companies take care of their customers. A report card released this week by an industry publication suggests that if you’re looking for exceptional results, don’t look to the …

Viewpoint: Does Artificial Intelligence Know Who’s Barn is the Next to Burn Down?

I shudder at the thought that an algorithm developed by artificial intelligence will allow the insurance industry to no longer spread the risk among all policyholders, but stick it to the few whom the data points identify as the most …