State Farm receives FAA green light for use of insurance drones over roads

Insurance drones - drone flying over road

The insurer has been operating the vehicles for claims purposes with FAA approval since 2019. State Farm’s official newsroom published a release stating that while it has been flying insurance drones with FAA approval since 2019, it has now been granted permission to do so over active streets and roads. The insurer received this approval based on Virginia Tech testing, for use to gather claims information. State Farm has been using insurance drones for various types of safety and business application testing since 2015. In May 2018, the insurer joined…

Read More

Allstate shifts focus toward digital insurance while streamlining its business

Digital insurance - person using computer

The giant is setting itself up for growth on acquisitions, divestitures and technology investments. The Allstate Corporation is aligning itself with a growth plan based on business streamlining, which will include digital insurance technology investments, acquisitions, divestitures, and other initiatives for long-term growth. The nationwide insurer has experienced revenue increases every year – including last year – since 2011. Last year, Allstate still grew its revenue by 0.3 percent. The company’s efforts to remain in positive growth last year was an impressive one when considering the difficult circumstances that it…

Read More

Cyber insurance coverage critical as Homeland Secretary warns over ransomware

Cyber insurance coverage - cyber security

DHS Secretary Alejandro Mayorkas said coping with ransomware will become a top priority. Cyber insurance coverage importance has never been clearer than it became when Department of Homeland Security (DHS) Secretary Alejandro Mayorkas warned that dealing with ransomware will become a top priority. This has only underscored the rising threat of cyberattacks and the data-scrambling malicious software. Ransomware is a type of malicious software that locks an individual, company, organization or government out of its files and networks until a payment is made. This type of attack has been rapidly…

Read More

Device Fingerprinting Role in Fraud Reduction

Device Fingerprinting Role in Fraud Reduction

Device fingerprinting sounds like it has to do something with those fingerprint scanners on our smartphones and laptops. But that’s not what device fingerprinting is actually about. This technology analyzes the hardware and software parameters of a device to give it a unique ID. This makes it possible to recognize a certain device and the user behind it and trace the connections between users and their multiple devices! But how can it help reduce fraud? Device Fingerprinting in Fraud Prevention Let’s imagine that you’re already using a basic IP address…

Read More

CNA struck by “sophisticated” insurance cyberattack

Insurance cyberattack - cyberattack

The insurance giant’s website was down for an extended time this week following the breach. CNA was the victim of a “sophisticated” insurance cyberattack on March 21 and the website remained down until Wednesday, as of the writing of this article. The Chicago based insurance giant issued a statement regarding the attack on Tuesday evening. At that time, CNA said the insurance cyberattack had “caused a network disruption”. It said that this disruption had affected a number of the company’s systems, including its corporate email. Among the disruptions also included…

Read More

Chubb launches Millennial-friendly Blink insurance brand

Blink insurance brand - Millennials using computer

The insurer has rolled out this new line of products to appeal to digitally savvy consumers. Chubb has unrolled an entirely new Blink insurance brand which is a line of new coverage products meant to be simplified for consumers comfortable with the digital experience, particularly Millennials. The coverage provided by these products is meant to be flexible and customizable, as well as modular. The Blink insurance brand coverage products are sold via modular insurance policies written in easy to understand, plain English. According to Chubb, the products sold under this…

Read More

Hippo insuretech agrees to $5 billion merger with Reinvent Technology Partners Z

Insurance News Hippo insuretech has announced that it will be merging with SPAC #insurancenews

This makes the insurance business the latest of many to fuse with special purpose acquisition companies. Hippo insuretech has announced that it will be merging with special purpose acquisition company (SPAC) Reinvent Technology Partners Z. The deal has valued the Californian insurance technology company at about $5 billion. Hippo Enterprises first launched in 2015. The Hippo insuretech sells homeowners insurance directly to consumers, promising fast quotes in a minute or less and the ability to purchase a policy within 5 minutes. Once the transaction closes, the insurance technology company will…

Read More