Allstate and State Farm take on tens of thousands of Texas storm claims

February 25, 2021February 24, 2021 G. Turner

Texas storm claims - Snow in city street

The insurers have deployed claim centers and technology to support affected policyholders. As Texas storm claims come rolling in by the tens of thousands, insurance giants like Allstate and State Farm have deployed staff and technology to meet policyholder needs. Allstate has deployed six mobile claim centers into the areas most heavily affected by the storms. The six Allstate mobile centers have been deployed for Texas storm claims in the areas most heavily affected in Dallas, San Antonio, Houston and Austin. Each of them has carefully included COVID-19 safety measures.…

Lloyd’s warns of Internet of Things device threat to insurance industry cyber risk

February 23, 2021February 19, 2021 Logan B.

Insurance Industry Cyber risk - Computer code - Security Alert

IoT gadgets are raising the threat of attacks and breaches to industrial and manufacturing businesses. Internet of Things (IoT) devices are raising insurance industry cyber risk, according to a new Lloyd’s report published in conjunction with CyberCube cyber analytics specialist, and Guy Carpenter reinsurance broker. As digital threats become increasingly complex, insurers are warned to better understand emerging risk. The Lloyd’s report was titled “The Emerging Cyber Threat to Industrial Control Systems”. It outlined the need for insurers to better understand the evolution of threats and how this sophistication changes…

Newly launched Mercury Insurance App boosts customer access and convenience

February 16, 2021February 12, 2021 H. Cutner

Mercury insurance app - person using mobile phone

The insurer recently announced a new mobile application for auto policyholder account access. A new Mercury Insurance app was just launched, making it easier for customers to be able to access their accounts in a convenient way using the platform they prefer most. The app is available for auto insurance policyholders who want to complete tasks on their smartphones. The Mercury Insurance app has been long awaited by the company’s customers who have seen other insurers providing mobile tools to their policyholders, but who were required to use web-based, and…

USAA and State Farm blockchain platforms go live

February 2, 2021February 1, 2021 H. Cutner

The insurers have launched this new form of processing all subrogation claims. The USAA and State Farm blockchain platforms have gone live for processing all subrogation claims. They are hopeful that other US carriers will also choose this strategy throughout this year. Many large insurance companies have been investigating blockchain platform strategies. The State Farm blockchain interest first started in 2018 in investigating its potential for subrogation. The partnership between that insurer and USAA started in 2019. The two companies represent a combined 12 percent of the $620 billion American…

No-Code Insurance Product Configurator

January 29, 2021 PR Article

tigerlabs PaaS Insurance Solution “i2go” is about to launch a new No-Code insurance product configurator for insurers to bring their products faster to the market without the need of IT-support. i2go, an insurance platform as a service helps insurance businesses to offer an end-to-end digital experience for customers as well as their system users. Now, i2go is about to launch a No-Code product configurator, which enables Insurance Businesses to develop new insurance products faster and without the need of any IT support. The No-Code concept in i2go rating enables insurers…

Wawanesa Mutual unveils new digital education platform for insurance brokers

January 26, 2021January 22, 2021 Logan B.

Platform for insurance brokers - digital learning

The insurer has introduced the technology to provide its partners with meaningful support. Wawanesa Mutual Insurance Company recently announced its new digital education platform for insurance brokers to provide additional support for those partners. This new tool offers convenient access to on-demand training tools and modules. The new Wawanesa training platform for insurance brokers is meant to offer education in an effective, efficient and convenient way. Called ‘Broker Continuing Education’, this platform offers training opportunities precisely when the partners need them. Though it is already being populated with a number…

Cyber insurance companies could lose $90 million to SolarWinds hack

January 18, 2021January 16, 2021 G. Turner

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

Category: Technology