Category: Cyber Security

GEICO, Manufacturers, and the Legal Tug-of-War Over Driverless Liability

Nordstrom
GEICO Autonomous Vehicle Insurance

The Future of Insurance Is Autonomous Insurance is changing, and fast. Thanks to self-driving cars, the world of traditional auto insurance is facing a major makeover. Think about it–if there’s no driver behind the wheel, who’s responsible for an accident? That’s the big question. Insurers are shifting gears, focusing less on drivers and more on the tech that powers those autonomous vehicles. Welcome to the era of product liability and errors & omissions (E&O) insurance. GEICO, one of the giants in the insurance world, is already prepping for this shift.…

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Allstate’s Quantum Leap into the Future of Insurance

Angela Linders
Insurance Technology Allstate insurance news

Allstate Joins Chicago Quantum Exchange to Shape the Future of Insurance What if your insurance rates could be calculated faster, more accurately, and in a way that actually makes sense? That’s not just wishful thinking anymore. Allstate, one of the biggest names in insurance, is teaming up with the Chicago Quantum Exchange (CQE). And they’re not just testing the waters. They’re all in. “Allstate has thrived for 94 years by creating the future, not simply adapting to trends,” said Tom Wilson, Chair, President, and CEO of Allstate. “Quantum computing is…

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Your Quick Guide to the Day’s Top Insurance News Headlines

Live Insurance News
Insurance news short stories this week

Lemonade’s Car Insurance Waitlist Reaches 700K Lemonade, a leader in the insurtech sector, announced an impressive milestone with 700,000 customers on the waitlist for its car insurance offerings. The service, which is only available in select areas, has generated significant consumer interest due to its tech-driven, user-friendly approach. Lemonade’s business model heavily relies on artificial intelligence to streamline every aspect of the insurance process, from underwriting to claims settlement. This innovation continues to disrupt traditional insurance practices, highlighting the growing appeal of modernized, hassle-free coverage options. To Read More About…

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45,000 Affected in Root Insurance Data Breach – NY Attorney General Takes Action

Angela Linders
Root Insurance Data Breach

Auto Insurer Root Fined $975,000 Over Data Breach Impacting Thousands of New Yorkers When it comes to handling sensitive information, insurance companies shouldn’t just be crossing their fingers and hoping for the best. Root Insurance recently learned this lesson the hard way. The New York Attorney General’s Office imposed a stinging $975,000 fine on the auto insurer after a data breach compromised the personal information of 45,000 New Yorkers. Let’s unpack what this means for Root, the industry, and the road ahead. Regulatory Actions Hit Hard After Serious Breach New…

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USAA Settlement Offers Millions to Data Breach Victims

H. Cutner
USAA Settlement

USAA has reached a $3.25 million class-action settlement following a 2021 data breach that exposed customers’ personal information. If you’re a USAA customer impacted by the breach, it’s time to take action; filing a claim before the April 7 deadline is essential to securing your share of the settlement. How to File a Claim in the USAA Settlement If you were affected, you may have already received a unique notification from USAA by email or mail. These notifications include key details, such as a unique ID number and specific codes…

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Allstate’s $4 Billion Acquisition Comes with a Cybersecurity Crisis

Angela Linders
Allstate Cybersecurity Crisis

New York Sues Allstate over Data Breach Failures A new lawsuit filed by New York Attorney General Letitia James has sparked renewed attention on the importance of cybersecurity, particularly in industries holding sensitive personal information. The case targets National General, a subsidiary of Allstate, accusing the company of failing to report a data breach and neglecting to implement reasonable safeguards to protect customer data. Here’s what we know so far and what it means for you. The Breach That Sparked the Lawsuit According to a recently published article on Reuters,…

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Addressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide

David Derigiotis
Cyber risk

Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…

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