Businesses need more than cyber insurance

identity theft cyber insurance

The world is becoming more integrated with technology and this is beginning to change the way the insurance business works. With businesses beginning to enter into the digital space in order to more effectively engage consumers, the need to protect themselves from cyber attacks is beginning to increase. Many businesses to not take the steps necessary to protect themselves from digital threats, so insurers are beginning to serve as a safety net, but even the insurance industry cannot protect companies from every threat in the digital world. The digital risks…

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Insurance supervision head named by federal government

Thomas Sullivan Insurance

Thomas Sullivan, the former Commissioner in Connecticut, has now taken on the position. The Federal Reserve has just announced that it will be hiring the former Insurance Commissioner from Connecticut, Thomas Sullivan, in order to take the lead of the oversight of the industry, particularly in terms of the largest firms. The goal is to add his experience to help to address the claims that the central bank does not have knowledge of that business. Thomas Sullivan held the position as Commissioner in Connecticut throughout the financial crisis and was…

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Telematics begins to have a major impact on auto insurance sector

auto insurance usage based

Reed prepares to close deal on Wunelli Reed Elsevier, a leading information technology company, is preparing to finalize the acquisition of Wunelli, a developer of telematics solutions for the auto insurance sector. Telematics is becoming very popular in the insurance industry because of how it can be used by insurers to price policies more accurately. Demand for this technology has been growing steadily over the past few years and has reached an all-time high as insurance companies continue to look for ways to mitigate losses while also providing high-quality services…

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Insurance regulations generate shortage of breast pumps

breast pump insurance news

Changes to the rules have made it nearly impossible for mothers in the Mid-South to find the devices. New mothers throughout the Mid-South of the United States are struggling to be able to obtain the equipment that they require in order to be able to feed their babies, as breast pumps have become very hard to find as a result of new insurance rules. These devices are selling out just as quickly as the latest mobile and electronic gadgets. Breast pumps are machines that help mothers to be able to…

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Insurance marketing investigation leads to lawsuit from AIG

AIG Insurance Industry Marketing

The insurer has now sued the top financial regulator in New York to block a fine. American International Group Inc. (AIG) has filed a lawsuit against Benjamin Lawsky, the top financial regulator in New York, in order to block it from being able to fine the insurer over its insurance marketing efforts that it has been conducting without a state license. The claim from AIG is that it would be unconstitutional to have to pay this fine. AIG has called the insurance marketing fine an interpretation that is “flawed and…

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Big data may help root out insurance fraud

insurance fraud big data

Insurance companies are turning to big data in order to fight fraud Insurance fraud has been a problem that has plagued the insurance industry for years. As technology becomes more advanced, however, combating fraud may be becoming easier for insurers. Big data may serve as a powerful tool against fraudulent activity and could be used to help insurers determine whether a claim is real of fake. Insurers are beginning to use this data to identify behavioral patterns concerning claims in particular sectors. Big data can help highlight behavioral patterns that…

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Insurance marketing steps for using big data

Insurance Marketing

Though data analysis and targeting customers isn’t anything new, it does have requirements to make it work. As useful as big data may be for marketing your insurance business, actually using it to its best advantage can feel like quite the mystery and many agents and agencies can feel overwhelmed. A recent survey has indicated that many insurance marketers are not managing their data for optimal growth potential. This isn’t just a problem that is exclusive to insurance industry. The Direct Marketing Association (DMA) and Neolane conducted a survey and…

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