AI technology investments increasingly commonplace among large insurance brokers

AI Technology - Insurance Brokers - Commerical Insurance - Tech Image

Big commercial brokers are seeking to stand out from their rivals through high tech enhancements. AI technology has considerable appeal to large commercial insurance brokers. After all, these firms transact with multiple distributors and carriers and want to stand out. The marketplace is competitive and artificial intelligence, among other cutting edge tech, may make a difference. Other areas where brokers are differentiating themselves include workflow tools and analytics. This was among the findings in a new Business and Technology Trends: Large Commercial Brokers report. Novarica issued the report. It offers…

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Average 2017 travel insurance policy covered far cheaper trips

travel insurance policy suitcase vacation

A recent Generali Global Assistance study showed travelers spent 19 percent less on covered trips. Among travelers who purchased a travel insurance policy last year, coverage was being applied to trips that cost an average of 19 percent less than they had the year before. The data was published by Generali Global Assistance, through its Travel Insurance division. The travel insurance analysis used the insurer’s proprietary data throughout the 2017 season. Throughout 2017, the average cost of a trip covered by a travel insurance policy was $1,883. This represented a…

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California earthquake insurance sales skyrocketed last year

Los Angeles California Earthquake Insurance

Californians have been warned for many years, but 2017 seemed to be the year to take action. Scientists have been cautioning homeowners to buy California earthquake insurance for decades. They have been warning that there is a major tremor overdue in the state. However, many Californians have balked at the thought of buying, afraid premiums would be too high. California earthquake insurance, despite the threat of a serious potential quake, has been a very tough sell for insurers and agents. Only about 10 percent of households in the state had…

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Life insurance benefits that used to be popular among employers are fading away

life insurance benefits employee worker

A recent survey showed that employees are not seeing this type of coverage in their packages as much. While life insurance benefits used to be a standard part of many employer packages for their workers, fewer companies now offer them. This, despite the fact that employees still find the benefit to be an appealing one. The number of people who purchase life policies through group contracts is growing, but employers are stepping back. A new LIMRA survey revealed that there are up to 108 million Americans who currently have life…

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Insurance executive positions lack diversity, but the industry wants change

insurance executive positions

Sedgwick’s chief people officer pointed out that company leaders are “all white men over 40.” Terri Browne, chief people officer at Sedgwick, a worldwide leading tech-enabled risk and benefits solutions provider said there is a diversity issue among top insurance executive positions. Jobs lower in the hierarchy have a healthy diversity but higher up in most organizations has nearly none. In the lower ranks, diversity exists and teams are thriving within it. However, the higher insurance executive positions are “all white men over 40,” said Browne. “I would say, when…

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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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Travel insurance trends head toward protecting travelers from terrorism losses

travel insurance trends - phone security check

Interest in these coverage products has been on the rise due to a growing number of global events. Leading travel insurance trends aren’t just focused on hurricanes and illness anymore. A considerable number of traveler inquiries are now seeking to make certain that they are protected against losses from terrorism, too. This shift in the market has been greatly driven by the rise in terrorist attacks happening in popular travel destinations. Travelers feeling a growing concern about the way terrorism could affect their plans and are requesting information and are…

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Health insurance policies aren’t stopping people from using the ER

emergency health insurance policies medical technology

Among the predicted benefits of the Affordable Care Act was that people would stop using this last resort care. When the Affordable Care Act went into effect, one of the advantages was supposed to be that health insurance policies would reduce the use of hospital emergency rooms. That said, despite the fact that many millions of people are now covered, they’re still headed to the ER. This is problematic as emergency room medical care is among the most expensive types of health care. The belief was that because people would…

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Auto insurance rates are headed skywards nationwide

Auto Insurance Rates Rise

After an extremely deadly year in 2015, premiums are experiencing their largest rise since 2003. Across the United States, auto insurance rates have been rapidly climbing, with a six percent spike having occurred in April that represents the largest increase in the average premiums since 2003. The reason for the climbing car insurance premiums is that the last few years have been especially deadly on roads. According to Rocky Mountain Insurance Information Association Executive Director Carole Walker, “Unfortunately, out on our roadways, we’re seeing a collision course of all of…

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California insurance industry trends forum hears from Schwarzenegger about risk

Arnold Schwarzenegger California insurance industry trends

The former state governor and well known actor weighed in at the Southern California university event. Actor and former governor Arnold Schwarzenegger spoke at a California insurance industry trends forum this week in order to discuss certain central topics such as that of risk. He spoke to insurance students and professionals in the industry about what it took to play some of his most famous roles. Schwarzenegger also took the chance to use the California insurance industry trends seminar to discuss the types of risks he faced when he originally…

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