State Farm only insurance company invited to Federal drone rulemaking committee

Insurance Company - Drone flying over buildings

The insurer was the only one invited to take part in the Federal Aviation Administration’s committee. The Federal rulemaking committee for unmanned aircraft systems (UAS) and drones has invited State Farm as the only insurance company to take part. Federal Aviation Administration (FAA) invited the largest auto and home insurer in the United States. The FAA asked the insurance company to take part in the UAS Beyond Visual Line of Sight (BVLOS) Aviation Rulemaking Committee (ARC). State Farm was the only insurer to receive such an invitation and membership on…

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Technology isn’t enough to help P&C insurance keep up with industry complexities

P&C Insurance - struggling

A new report showed that companies are struggling to progress even with tech on their side. Even with all the innovations in P&C insurance technology, the complex nature of the industry is continuing to stand in its way. This branch of the industry is on the edge of major change but is being held back by complexities. As we reach a time in which more revolutionary approaches and innovative technologies are more available than ever, the complex P&C insurance industry is scrambling and stumbling in its efforts to keep up,…

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Allstate finds Americans aren’t protecting themselves against identity theft

Identity Theft - cybercriminal

Despite their serious and genuine concerns about their data security, most aren’t doing much for protection. A recent news release from Allstate insurance revealed that while Americans are highly concerned about identity theft, they’re doing very little to actively protect themselves against becoming a victim of it. Americans rank their data security as the third most important thing they should insure. Only cars and homes are more important to Americans to cover with insurance than identity theft. However, Allstate’s research showed that four out of every five people are not…

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Cyber attack insurance claims increasingly involve CEOs as victims

Cyber attack insurance - Phishing Scam

BOXX Insurance has found that C-level executives are easy “spear-phishing” targets. Cyber attack insurance company, BOXX Insurance, based in Toronto, Canada, has found that CEOs and other C-level executives are increasingly victims of spear-phishing scams. Credentials for execs at this level are sold as cheaply on the dark web as $250 per user. The cyber attack insurance provider has cautioned that executives are increasingly filing claims after having been targeted by fraudulent emails which appear to have come from a source they trust. The emails request confidential email, which is…

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Homeowners insurance self-service apps are changing the game

Homeowners insurance - Home - digital - app

Consumers enjoy the shopping experience and the chance to reduce costs, but not all features are replaced. Self-serve homeowners insurance apps can help consumers and insurers alike to cut costs, and can create a shopping experience people enjoy, but while they are shaking up the industry, they haven’t yet reached the point that they can do everything. The manual claims process continues to exist even as applications increase available features. According to a recent LexisNexis Risk Solutions study, 93 percent – the vast majority – of homeowners insurance companies feel…

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School cyber insurance rates take off to new highs

School cyber insurance - classroom

Vulnerability to ransomware attacks and virtual learning have presented some serious risks. Boards of education across the country are finding that they are suddenly facing school cyber insurance rates that are considerably higher than they had been in previous years. The recent rash of ransomware attacks across the United States have made schools costlier to cover. The result of the additional vulnerability and risk has been that premiums for school cyber insurance coverage have gone way up. This has been a difficult blow to many boards of education and independent…

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Mercury Insurance DIY home inspections program adds 8 more states

DIY home inspections - person using magnifying glass

The program is headed into California, Arizona, Texas, Nevada, Illinois, Virginia, Oklahoma and Georgia. Mercury insurance has announced that it is expanding its program which makes it possible for all its homeowners’ policyholders to use an app for DIY home inspections. The app uses an advanced artificial intelligence (AI) assistant to complete the necessary steps. The insurer initially rolled out its DIY home inspections program for policyholders using the app in New York and New Jersey last summer. Now, it has expanded to eight more states, to include all its…

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