Renewable energy industry insurance claims are growing

Renewable Energy Industry Insurance Claims - Lightbulb on Grass

Both the severity and the frequency of these claims are rising in the American renewable energy market. Renewable energy industry insurance claims are on the rise, both in terms of severity and frequency, said an insurer specializing in this market, GCube Insurance. The figures have seen a considerable increase over the last half decade, which means that asset owners and insurers alike will need to alter their risk benchmark. The insurance company linked the change in claims frequency and with very specific causes. According to GCube Insurance, the renewable energy…

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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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New crypto insurance products find area of need amid regulator uncertainty

Crypto insurance - Blockchain - Cryptocurrency - Bitcoin

Coverage against rising cryptocurrency theft is needed, but regulators aren’t certain how to manage it. A rising crypto insurance industry has insurers moving quickly to create models and products to offer. At the same time, regulators are left uncertain as to how to handle this very new form of coverage. In 2018, hackers stole $1.7 billion in cryptocurrency in a quickly increasing digital coin theft trend. Cryptocurrency thieves are becoming increasingly successful. With the massive theft rate, the technology is facing considerable harm to its reputation and further barriers to…

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iCracked to join SquareTrade following Allstate acquisition

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Allstate Corporation has purchased the on-site, on-demand smartphone and tablet repair service provider. Allstate Corporation, the nationwide insurance company, has announced its acquisition of iCracked. That firm is a provider of on-demand, on-site smartphone and tablet repair services across North America. Allstate will be joining iCracked with SquareTrade, the insurer’s company offering related products. iCracked, a San Francisco-based firm, will join SquareTrade . That company belongs to Allstate and is a provider of tech support and consumer protection plans. iCracked currently operates in both the United States and Canada across…

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Health insurance members gain exclusive access to the Fitbit Inspire

Health Insurance members - Fitness Tracker

The popular fitness tracker maker has launched a new device that you won’t find in stores. Fitbit has unveiled a brand new model of fitness tracker available only to health insurance members and employees. The Fitbit Inspire was developed for this exclusive use and won’t be sold in stores or on its own website. The launch was a quiet one this month, representing its first release that won’t be available to consumers. The Fitness Inspire was developed specifically for use by health insurance members and corporate employees. The concept behind…

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Life insurance premiums can be calculated using your social media posts

life insurance premiums - social media

Provided they are not discriminatory, life insurers can use customers’ posts to decide on pricing. The New York Department of Financial Services (N.Y.F.S.) has released new life insurance premiums calculation guidelines. These will allow insurers to use data collected from their customers’ social media posts to help calculate premiums. These regulations may soon move outside New York and into other states as well. The life insurance premiums guidelines indicate that insurers have the right to obtain and apply data gleaned from “non-traditional” sources as well. That said, if they do…

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AI technology can do wonders for the insurance industry – Should you be terrified?

AI Technology - Brain Think - Artificial Intelligence

Artificial intelligence tech is already being used for many purposes, but there are issues to consider. AI technology has been a central tech focus for the insurance industry for several years. The advantages it promises both currently and as we move into the future. However, these advantages aren’t without their drawbacks. Security and adoption remain considerable concerns, said a panel of experts at an I.I.I. event. At the recent Insurance Information Institute (I.I.I.) Joint Industry Forum which took place in New York, a panel of tech and insurance industry executives…

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