Insurtech Claims World
Are Homo Sapiens still the smartest algorithm around and if so for how long, will Tesla outsmart incumbent auto insurers, is the FCA Dual Pricing Ban a catalyst for Amazon to enter insurance and many more questions answered this week.
"Transformation is one of the most overused terms in business. But there are companies out there truly undergoing transformations that are creating a sense of urgency, resiliency and momentum to deliver real and sustainable results." Harry... Read more
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COVID-19 Claims Industry Recap: Severity for Bodily Injury Increases, Continues to Outpace Growth of Physical Damage Severity
"Claims activity in 2020 continues to vary significantly from all prior years as a result of COVID-19. The steepest decline in claims reported was in April 2020 and began to rebound during May and the following months. ....This article provides an... Read more
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Is AI finally closing in on human intelligence?
GPT-3 has been hailed as an artificial intelligence breakthrough. John Thornhill tries it out and assesses the rewards — and the risks. It is easy to forget that AI has been with us for a long time. Banking and Finance leverage AI back in the... Read more
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US health insurers: accidents will happen
Big threat to profits will come from rise of claims when deferred medical treatments resume Early 2020 saw a surge in travel cancellation claims followed by a surge in Business Interruption Claims. Now a third potential surge looks on the... Read more
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Tesla Insurance Could Surprise Market with Potential for Hundreds of Billions of Annual Revenue
Speculation on the ultimate insurance ecosystem- Tesla Autos, Tesla Insurance, Tesla Repair Network and the competitive advantage- Tesla owning the data. Building this up into a global fleet of privately driven autos and robotaxis the author... Read more
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Unexpected Side-Effects: 90% of Small Businesses Surveyed Trust in Insurers Stays Strong During COVID-19
Being seen to be at war with your policy-holders is not a good look when it comes to client relationships and customer experience. Yet that is exactly where the insurance industry has found itself in terms of media coverage and industry perception... Read more
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FCA’s dual pricing ban could be ‘catalyst’ for Amazon to enter insurance
It’s no longer a question of ‘if’ they move into insurance, but rather ‘how?’,” Connolly said. “Most of Amazon’s revenue comes from the US, UK and Germany – which market will be next?” He said the “sheer scale of Amazon’s ability to... Read more
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Sedgwick advocates joint machine and human approach as false document fraud surges
The loss adjuster has seen an uptick in false document fraud during lockdown. Yet insurers are generally as 80% or more of the data required for effective counter-fraud in unstructured and not accessed never mind analysed. Picture making crucial... Read more
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Travel Insurance: today’s losses could become tomorrow’s biggest wins
Business interruption and travel insurance are perhaps the two worst affected categories of insurance from COVID-19’s effects, but travel also stands to make some long-lasting gains as companies transform digitally to cope. Companies can do very... Read more