Live Insurance News

Two more insurers stop selling California home insurance

April 24, 2024April 23, 2024 Nordstrom

Home Insurance - California Sign - Goodbye post it

The state’s coverage crisis appears to be getting worse as two more insurers have stepped away. Two more home insurance companies have announced that they have ceased selling home insurance to new applicants in California. According to the insurers, the reason for its decision is that wildfire risk and construction costs have risen too high. The insurers are small but are part of a growing trend Trans Pacific Insurance Co. and Tokio Marine America Insurance Co. have both announced that they will not accept new applicants for home insurance in…

Health insurance scam victims get almost $100 million in FTC refunds

April 22, 2024April 20, 2024 Nordstrom

Consumers previously charged for sham medical plans will receive refunds. The Federal Trade Commission has announced that consumers that were charged for Benefytt Technologies-marketed scam health insurance plans will receive a refund as part of a total $100 million. This is the outcome of an FTC complain from August 2022 Benefytt and its third-party partners allegedly ran a number of deceptive websites aimed at consumers who were shopping for comprehensive health insurance plans that were Affordable Care Act qualified. Agents were allegedly selling the Benefytt plans even though they were…

Leveraging Allstate Drivewise for Safer Driving Amid Rising Accident Rates

April 18, 2024April 17, 2024 Nordstrom

Allstate Drivewise - Car Accident Increase

Significant Safety Enhancements for Drivewise Users Allstate has uncovered significant safety improvements for drivers who actively use their Drivewise feature, according to a joint analysis with their mobility information and data. The findings indicate that Allstate customers who opt into Drivewise, accessible via the Allstate app, are substantially safer on the road. The program’s data shows a compelling 25% reduction in severe collisions for Drivewise users compared to non-users. Furthermore, an Arity study on driving behavior supports the idea that Drivewise customers are generally more cautious drivers. They are less…

Biden limits Trump era “junk” short-term health insurance plans

April 5, 2024April 4, 2024 Nordstrom

Short-term Health insurance - Reducing health costs - American Flag

The goal is to reduce the sale and use of the plans that can leave policyholders footing huge bills. The Biden administration is working on rolling back the short-term health insurance plans that rolled out during the Trump administration. The purpose is to shrink the use of these “junk” plans that leave patients at risk of paying large medical bills out of their own pockets. The new rule was first proposed in the summer of 2023 This new strategy is a part of a broader effort to reduce the cost…

AI is changing the insurance industry, right down to policies

April 4, 2024April 3, 2024 Nordstrom

Insurers are using artificial intelligence in a number of ways to improve offerings Artificial intelligence (AI) has taken steps into many different kinds of business, and the insurance industry is no exception. Technology is helping insurers to better understand consumers The insurance industry is able to glean information about consumers from many different sources. After all, the average American relies on tech in a host of different ways, ranging from social media posts and fitness trackers to smart home devices and telematics dongles installed in vehicles to track driving behaviors.…