Unemployment insurance fraud spikes as identity theft rises in pandemic crisis

Unemployment insurance fraud - woman's face - binary code

North Dakota is a clear example of this troubling trend throughout the first half of 2020. Identity theft has become much more prevalent during the pandemic crisis, leading to a tremendous surge in unemployment insurance fraud filings. Claims of identity theft have taken off during the first six months of 2020. The Consumer Protection Division of the North Dakota Attorney General’s Office has processed more claims relating to identity theft in the first half of this year than in any other complete year on record, said attorney Parrell Grossman, speaking…

Read More

Lemonade IPO takes off by 132 percent in first day of trading

Lemonade IPO - Stocks

The tech-driven insurance company’s initial public offering proved to be a great success. Investors proved highly enthusiastic over the Lemonade IPO that took place on Thursday, sending the company’s share up by more than 130 percent on its debut trading day. The newly public firm is a tech-driven insurance company focused on digitizing the customer experience. The Lemonade IPO placed the spotlight on this insurer that has provided consumers with a fully digitized experience for purchasing and managing various forms of coverage. The company has Softbank’s backing and had originally…

Read More

Auto insurance websites are more important to customer experience than agents

Auto insurance websites - people showing interest in website

A new J.D. Power study showed that insurer digital experiences now lead in satisfaction importance. The J.D. Power 2020 U.S. Auto Insurance Study released last week revealed that auto insurance websites have become more important to the customer experience than human agents for the first time. This was the first time in the 21-year life of the study that digital came out on top. The study found that auto insurance websites had a bigger impact on customer satisfaction than human agents. This suggests that if insurers want to score the…

Read More

IIHS Autonomous vehicle risk study criticized by automakers

Autonomous vehicle risk - car crash

The low crash estimates from new research underestimate the tech’s capabilities, say critics. Automakers involved in developing and manufacturing self-driving cars have criticized recent insurance industry research measuring the autonomous vehicle risk of crashes. The study suggested that only about one third of crashes on American roads would be prevented if the cars were driving themselves. The automakers argue that the study doesn’t take into account the full capability of the technology. The research was conducted by the Insurance Institute for Highway Safety (IIHS). It involved an analysis of 5,000…

Read More

Allstate AI technology helps spot and stop fraud

Allstate AI - Technology - Hand

The insurance company is using artificial intelligence to reduce its payments to fraudulent claims. New Allstate AI technology is being used to help slash the number of times fraudsters get away with making claims. Insurance fraud has become an $80 billion industry in the United States, forcing premiums skyward. Fraudulent claims in the U.S. are currently estimated to be worth more than $80 billion every year. Legitimate customers are required to cover the cost of the payments that scammers are receiving through higher premiums. Among the reasons that insurance fraud…

Read More

Cyber insurance companies have faced substantial losses cutting into profitability

Cyber insurance company - business - laptops - report

Though this type of policy has become more popular, the risks and payouts have also risen. An increasing number of businesses have been contacting their local cyber insurance company to protect themselves against risks such as data breaches and hacks. That said, this market remains quite new and models are ever evolving. The risks have been rising in this area, placing a considerable amount of stress on this marketplace. According to one expert quoted by InsuranceBusinessMag, the cyber insurance company market is “under the most stress it’s been in recent…

Read More

Ford partners with insurer to boost Allstate Milewise program enrollment

Allstate Milewise Program - Ford vehicle

The joint effort will help the automaker’s customers to sign up for the tracking program. Ford Motor Co. has entered into a deal with the Allstate Milewise program that will open some of the automaker’s customers to this form of auto insurance. This will allow them to track their driving behaviors in order to save money for safe driving. Most Ford and Lincoln 2020 model-year vehicles that feature embedded modems will be compatible with the Allstate Milewise program connection. That program is currently available to drivers in 14 states across…

Read More