Live Insurance News

Despite huge cyber insurance market growth, it remains a tiny industry fragment

July 30, 2019July 28, 2019 Nordstrom

Businesses are catching on to the critical nature of this coverage, but there is a long way to go. The cyber insurance market represents a relatively new environment which comes with a high risk level. This requires insurance companies to use a cautious and meticulous strategy supported by reinsurance, according to a Moody’s Investors Service report. While the market growth is taking off, it still represents only a small fraction of the industry’s revenue. The cyber insurance market experienced a 26 percent cumulative annual growth rate in direct premiums since…

Porsche auto insurance rolling out in two states

June 27, 2019June 26, 2019 G. Turner

Some of the automaker’s customers now have the opportunity to purchase coverage directly. Illinois and Oregon luxury car drivers will be able to cover their vehicles with Porsche auto insurance. The automaker has announced the launch of its new policies to cover customers driving its vehicles. The car insurance is initially launching in two states for vehicles manufactured after 1981. The Porsche auto insurance policy will be available to owners with vehicles made in 1981 or after. It will be a mileage-based coverage for vehicles based in Illinois and Oregon…

MetLife to shake up life insurance industry with Ethereum blockchain adoption

June 20, 2019June 20, 2019 Julie Campbell

Life insurance industry - Ethereum Blockchain

The insurer is using the live tech to enhance efficiency and transparency throughout the claims process. MetLife is adopting the use of Ethereum blockchain in a move that will disrupt the $2.7 trillion life insurance industry. Among the goals is to help beneficiaries to know they are entitled to a payout when their family member or friend has died. At the moment, the industry is essentially opaque to both policyholders and beneficiaries. This situation is advantageous to neither the life insurance industry nor its customers. MetLife is hoping to change…

Gerber moves forward with Virtual Assist technology for efficiency improvements

May 30, 2019May 29, 2019 Logan B.

Virtual Assist - Car Crash - Vehicle Damage

The new tech tool will provide vehicle appraisal improvements for enhanced customer service. Gerber Collision & Glass has revealed that it is adding Virtual Assist to improve its efficiencies. This software is meant to make the process smoother for customers during vehicle damage appraisals. The company announced its decision this week at Austin’s DigIn Future of Insurance conference. Gerber’s announcement revealed the company’s collaboration software for improving internal efficiencies. It tested the Virtual Assist software ahead of its decision to license it throughout its organization. This tech is licensed by…

Is Your Health Insurance Company Tracking Your Diet and Exercise Habits?

May 29, 2019May 28, 2019 Marc

Health Insurance Company - Woman Jogging

Vitality Health is using big data and the Internet of Things to learn more about customer lifestyles. A health insurance company is considering using similar tracking concepts to the auto coverage industry. Vitality Health believes that its policyholders will be willing to exchange their healthy lifestyle data for incentives. The idea is to reward those with healthier lifestyles with discounts, thereby encouraging healthier habits. The health insurance company is hoping to change the way people are viewing wellness. They are aiming to offer discounts to individuals who live healthier lifestyles.…