Parents are looking to education insurance to protect school costs

Education Insurance - Women on Laptop

Many people are making sure their tuition money is safe by investing in policies to ensure coverage. Some parents who have realized the risk involved in the funds they spend on tuition are turning to education insurance to keep their investment safe. Should anything happen during a student’s college career, recovering education costs can be difficult. Colleges typically offer different forms of refund policies. That said, after four to six weeks into the semester have passed, the refund policies for most colleges will have expired. This means that it’s nearly…

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Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…

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British pet insurance payouts reach record £785 million level

Pet insurance payouts - GBP

Policyholders have shattered previous records in the amount they received from their claims in 2018. Pet insurance payouts in the United Kingdom struck record levels in 2018 when they broke the £785 million mark. The figure rose to this level despite the fact that the number of claims filed by policyholders actually fell, said the Association of British Insurers (A.B.I.). The industry trade body pointed to a rising cost of complex veterinary care to explain the payment size. The A.B.I. underscored the increasing cost associated with sophisticated medical care to…

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General insurance companies receive warning from UK financial watchdog

General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

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Workers compensation technology is reducing claims frequency

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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NAFE Includes Allstate among Top Companies for Executive Women

Executive Women - Women in Senior Role

The insurance giant has been honored for its strong focus on encouraging women in senior roles. Allstate has received a considerable honor from being included on the list of the 2019 NAFE Top Companies for Executive Women. This title was given by the National Association for Female Executives (NAFE). The companies on this list prove a strong focus on best practices for women in upper level positions. Companies designated as Top Companies for Executive Women by NAFE are those demonstrating effectiveness in practices supporting women as they rise to senior…

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Insurance companies facing rising water damage claims

Water Damage Claims - Houses in flood waters

A new report shows that leaks are becoming increasingly problematic for homeowners and insurers. A new Verisk Analytics report from its ISO unit has found that insurance companies are taking an increasing number of water damage claims. At the same time, other forms of claim have been falling in frequency. The report determined that one in 50 homeowners insurance policyholders file a leak claim each year. Water damage claims affect one in every 50 homeowners insurance policyholders every year, according to the research. The study involved data from 2013 through…

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