Tag: insurance claims

How long does it take an insurance company to pay a claim?

G. Turner
Insurance company - How long does it take - Time

Knowing you have coverage is all well and good, but how long does it take to get the payout? When you file a claim with your insurance company, there are several factors that play a role in the length of time it will take before you receive your payout. These can include everything from your specific insurer to the type of payment method used. For example, there is a difference between the answer to how long does state farm direct deposit take and the length of time you’d need to…

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Unemployment insurance payments are slower than they were pre-pandemic

Nordstrom
Unemployment Insurance form with pen

The difference varies from one state to the next, but overall, things are slower since COVID-19 hit. Not long aver the pandemic hit, the rate of joblessness in the United States spiked, sending millions of people to seek unemployment insurance benefits. The systems in every state were required to issue checks following a spike in claims handling. Because there was a sudden and sharp influx of unemployment insurance claims, the systems in place to manage them were not prepared for the numbers. This left people waiting for weeks – or…

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The insurance industry is broadly investing in chatbots

Logan B.
Insurance Industry - Chatbot

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

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Massive insurance battle results from Russia’s seizure of 400 planes

Marc
Insurance battle - Russia Flag - Plane

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

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State Farm boat insurance claims frequently involve small objects

Nordstrom
Boat insurance - Boat on water

Striking things under the surface of the water are leading to a rising amount of damage. State Farm recently released boat insurance data showing that striking floating or submerged objects are the leading cause of claims for the last five years. The insurer also released recommendations to help watercraft owners to avoid costly damage. While boat insurance is vital to have in case damage happens, what’s even better than having adequate coverage is not having to make a claim in the first place. State Farm is hoping that watercraft owners…

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