Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…

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Farmers Insurance celebrated Dr. Seuss’ 115th birthday with a clever story

Farmers Insurance Celebrates Dr. Seuss' brithday - students

The insurer released an ad based on real claims recreated into a Dr. Seuss-style storybook ad Farmers Insurance chose to celebrate Dr. Seuss Day – what would have been the author and illustrator’s 115th birthday) – with an animated ad written in his storytelling style. “The More That You See” was based on real claims filed with the insurer and was voiced by Professor Burk, the brand’s spokes character (voiced by Oscar winner J.K. Simmons). The amusing 60-second animated ad was amusing enough to enjoy viral status on social media.…

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Ethisphere Institute names Allstate as one of the 2019 World’s Most Ethical Companies

World’s Most Ethical Companies - Ethics - Business

This is the fifth time the insurer has been honored with this coveted title by the ethics standards firm. Ethisphere Institute has recognized Allstate as one of the 2019 World’s Most Ethical Companies for the fifth time. The firm is a global leader in the definition and advancement of ethical business practice standards. Allstate is one of seven companies to have received the title from Ethisphere for 2019. The insurer has been named as one of the World’s Most Ethical companies for five consecutive years. The designation underscores the insurance…

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Insurance companies are struggling with a “Talent Crisis”

Insurance Companies - Skills - Employees

A new report has revealed a considerable struggle among businesses in the industry to hire and keep employees. Insurance companies are facing a significant struggle in overcoming a “talent crisis” across the industry, says a new report. Insurers are finding that they are required to be far more proactive and pay workers more. The report stated that to hire and retain employees, insurance companies are required to be considerably more proactive and pay more than they have before. Increasing retirements and low unemployment rates have created an environment of high…

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Dark Overlord may prove to be the insurance industry’s biggest threat

Dark Overlord - Insurance Industy - Cyber attack

Cyber threats pose a nearly immeasurable risk to an industry based on stored private information. Dark Overlord is the name of an individual or group behind what may be a massive cyberattack on insurance companies. Dark Overlord claims to have stolen files connected with the insurance filings made as a result of the terror attacks of September 11, 2001. If this is the case, Dark Overlord may have achieved the largest ever hack into the insurance industry. According to a Forbes report, Dark Overlord is seeking Bitcoin payments in exchange…

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United States to sign post-Brexit insurance deal with Great Britain

Post-Brexit Insurance - US Flag and UK Flag

The new bilateral insurance agreement is meant to provide greater regulatory certainty to the market. The U.S. Treasury and U.S. Trade Representative’s (U.S.T.R.) office have announced their intention to sign a post-Brexit insurance agreement with Great Britain. The goal is to establish insurance market continuity and regulatory certainty as Great Britain steps out of the European Union in March 2019. The new insurance industry agreement would greatly mirror the agreement between the U.S. and E.U. The United States signed an insurance deal with the E.U. back in 2017. In order…

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Steadfast Insurance files lawsuit against oil and gas companies for causing earthquakes

Steadfast Insurance - Oil and Gas Drilling Rig

The insurer is suing seven oil and gas companies in order to achieve subrogation for quake damage. Steadfast Insurance Company is suing seven oil and gas companies, seeking subrogation in an effort to recover the almost $400,000 it has paid out in policyholder claims. The lawsuit is over the wastewater injections that occurred near Pawnee. The complaint is not entirely unique, as four other pending lawsuits of a similar nature have been filed. On September 3, 2016, the Pawnee Nation’s government buildings were damaged by a magnitude 5.8 earthquake. Since…

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