Lloyd’s of London’s first electronic insurance exchange to begin testing

Electronic insurance exchange - Lloyd's of London Building

The massive British marketplace will be piloting this new online technology strategy. Lloyd’s of London has announced the start the testing phase for its first electronic insurance exchange. The technology is meant to handle simple coverage risks, said the marketplace in a strategy update earlier this week. The 330-year old company is seeking to take important steps to modernize itself. Lloyd’s, which first opened in 1686 out of a coffee house, is seeking to use modern strategies to become considerably more efficient. It is looking to use technology to reduce…

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Allstate insurance agents push back against insurer call center plans

Allstate insurance agents - Call Center

The insurer’s sales force views this move as an expensive burden despite promised benefits. Allstate insurance agents have been expressing their discontent with the insurer’s decision to create customer call centers. The agents say it is an expensive burden but the insurer calls it an improvement in efficiency. Tom Wilson, Allstate CEO, explained that the insurance company is currently shifting service tasks from its agents into a centralized system. This is “because we can do it cheaper, better, faster.” This level of discontent among Allstate insurance agents is a rare…

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Allstate wildfire losses from November in California reached $685 million

Allstate Wildfire Losses - Fire in forest

The insurance company has announced its November 2018 catastrophe loss estimate including fires. Allstate wildfire losses were recently announced for the month of November 2018. The insurance company estimated its catastrophe losses to be $685 million, at 679 million pre-tax, or $541 million after tax. The Allstate catastrophe losses included another $6 million in unfavorable reserve reestimtates. Initially, the Allstate wildfire losses were estimated to have been $202 million pre-tax, or $160 million after-tax for the month of October 2018. That said, the ongoing fires brought the October and November…

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Bankrupt California insurance company may face state takeover

Bankrupt California insurance company

Regulators move to take over an insurer unable to pay its wildfire claims following massive destruction. A California insurance company bankrupted by the Camp Fire and other wildfires may be taken over by the state. Regulators have made their first moves toward a takeover after wildfires raged through the state, destroying over 13,000 homes. Merced Property & Casualty Company was unable to keep up with the cost of its policyholder claims. The California insurance company was pushed into insolvency by the wildfire sparked on November 8, 2018. That same fire…

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Mayo Clinic insurance partnership forms with Medica to create new company

InsuranceBee and Hiscox launch insurance agent partner program

The two industry giants have joined forces to offer health plans on a national scale. A new Mayo Clinic insurance venture has been announced alongside a partnership with Medica. Medica, the health insurance company based in Minnetonka, Minnesota, will come together with the health care giant to be able to sell plans throughout the United States. The two companies will work together to bring health plans to consumers across the nation. The new Mayo Clinic insurance venture with Medica will provide national plans. Policyholders will be able to access care…

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Allstate artificial intelligence brings customer support to a new level

Allstate Artificial Intelligence - AI - Brain - Think - Technology

The insurer is using the Amelia AI tool from IPsoft to provide its U.S. call center teams with assistance. Amelia, the new Allstate artificial intelligence tech, has joined the insurer’s customer support teams across the United States. The AI tech involves the use of a cutting edge platform from IPsoft, a New York based tech company. Amelia now uses her AI platform to assist call center staff members in boosting their customer experience. The Allstate artificial intelligence platform was initially deployed as a test in September 2017. Before and since…

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Allstate Insurance named Best of the Best Corporation for Inclusion for 2018

insurance technology

The National LGBT Chamber of Commerce and National Business Inclusion Consortium issued the title. Allstate Insurance has received the proud title of Best of the Best Corporation for Inclusion for 2018. The National LGBT Chamber of Commerce (NGLCC) and National Business Inclusion Consortium (NBIC) collaborated to designate the insurer with this title. This title is meant as a celebration of a company committed to broad spectrum inclusion and diversity. The NGLCC and NBIC consider companies for the title of Best of the Best Corporation for Inclusion based on several factors.…

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