American Family Insurance in hot water with possible $1 billion in legal liability

Insurance company vs insurance agent

The insurer may be faced with the massive penalty if a federal judge accepts a jury ruling. American Family Insurance could have to pay legal liability as high as $1 billion depending on a federal judge’s decision. Last week, a jury decided that thousands of the insurer’s independent agents are entitled to full employee retirement package benefits. If the judge adopts that ruling, the company, also known as AmFam would be required to comply. The jury’s ruling was made after a two week trial held at an Ohio U.S. District…

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Life insurance premiums may soon be selfie-based

selfie life insurance premiums

Facial recognition technology could be used to better understand a person’s overall wellness. Selfies have become exceptionally commonplace, but these self-portraits may soon have an impact on life insurance premiums. In fact, as facial recognition and analysis technology continues to improve, it may one day determine whether or not someone even qualifies for a policy. The reason is that selfies provide a great deal of information about a person’s health and aging. The various details picked up by a selfie, such as drooping skin, fine lines and wrinkles, contours and…

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Health insurance deadlines extended in many states to support insurers

health insurance exchange deadlines for rate filings

Providers are being given more time to make their filings due to uncertainty with legislation. The Affordable Care Act continues to stand as it was despite Trumps efforts to repeal it, leading states to extend health insurance deadlines. Without any certainty regarding the White House’s strategy to change legislation, states are giving insurance companies more time to submit their 2018 rates. Among those states include New Hampshire, Colorado and Kentucky, which have moved deadlines to June. The health insurance deadlines in those states had previously been in April or May.…

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Has Progressive Insurance fallen out of love with Flo?

Progressive Insurance ad

The nationwide insurer has launched a new marketing campaign in which the beloved mascot was notably absent. Progressive Insurance recently launched a whole new marketing campaign from which Flo, the company’s fictional salesperson/mascot, was left out. That character has been included in nearly every campaign since 2008. This has left some people to wonder whether or not the insurance company is testing the waters without her. The new Progressive Insurance campaign has adopted a new style and angle. It was humorously designed to reflect a trend exceptionally familiar to millions…

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Insurance company jobs lost at Northwestern Mutual during business’s “transformation”

insurance industry hiring company jobs

The insurer released a statement confirming that hundreds of employees will be laid off this year. Despite the fact that the current market is very positive for insurance company jobs, hundreds of employees at Northwest Mutual will be laid off before the end of 2017. These layoffs will be on top of others that have already been issued to many of the insurer’s workers. The Northwestern Mutual layoffs are occurring primarily at the company’s corporate offices. Those offices are located in Milwaukee. The insurance provider has stated that the layoffs…

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Private crop insurance companies see shrinking returns

private Crop Insurance

These insurers have experienced a notable drop in their returns since the SRA was renegotiated in 2010. Private crop insurance companies are experiencing a notable downward trend in their return figures. This has been a consistent situation since the Standard Reinsurance Agreement (SRA) was renegotiated in 2010. The SRA renegotiation between insurers and the federal government marked a significant change in the direction of that business. The change in returns have also aligned smoothly with the Risk Management Agency’s benchmarks. The U.S. Department of Agriculture’s Risk Management Agency laid out…

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AIG insurance company CEO steps down following huge loss

AIG Insurance company CEO - Building in Manhattan

Peter Hancock has opted to leave his current position with the insurer following a tremendous loss. It has been only three weeks since the report of massive losses from AIG and the insurance company CEO, Peter Hancock, has chosen to step down from his position. Hancock has been the AIG CEO for less than three years, when he was first appointed to the position. The insurance company CEO was chosen for the job in the hopes that he would be the person to turn things around at AIG. That said,…

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