Tesla auto insurance rolls out in Texas

Tesla auto insurance - Texas

The electric vehicle company has announced that its customers can now purchase coverage from them. Tesla auto insurance products are now available for the company’s electric vehicle customers in Texas. CEO Elon Musk recently announced that the company will be moving from California to Texas. The new Tesla auto insurance product is being added exclusively to Texas, though the company plans to expand into other states as well. The policy uses “real-time driving behavior” to help better understand a driver’s real risk level and therefore more accurate insurance rates. This…

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Tesla Insurance is taking steps to move into New York and Texas

Tesla Insurance - Tesla dealer

Elon Musk recently tweeted that the coverage that started in California a year ago may move into new states. Though Tesla Insurance rolled out in September 2020 and has been exclusive to that state ever since, Elon Musk recently tweeted that the company intends to expand into massive new markets in the United States. The electric auto policy could be coming to Texas and New York before the end of 2022. The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state. Tesla is…

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Farmers to begin use of its insurance robot named Spot

Insurance robot - Spot Launch - Boston Dynamics Official YouTube

The insurer will use the technology to enhance its catastrophe claims and property inspections. Farmers insurance recently announced its plans to launch a digitally controlled mobile insurance robot for assistance in completing in-field catastrophe claims as well as with non-catastrophe property inspections. The technology, called Spot, is meant to help improve both safety and efficiency. The insurer plans to use the insurance robot for improving the safety of non-catastrophe property inspections and in-field catastrophe claims, as well as to make those processes more efficient. This step also makes Farmers one…

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State Farm only insurance company invited to Federal drone rulemaking committee

Insurance Company - Drone flying over buildings

The insurer was the only one invited to take part in the Federal Aviation Administration’s committee. The Federal rulemaking committee for unmanned aircraft systems (UAS) and drones has invited State Farm as the only insurance company to take part. Federal Aviation Administration (FAA) invited the largest auto and home insurer in the United States. The FAA asked the insurance company to take part in the UAS Beyond Visual Line of Sight (BVLOS) Aviation Rulemaking Committee (ARC). State Farm was the only insurer to receive such an invitation and membership on…

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Technology isn’t enough to help P&C insurance keep up with industry complexities

P&C Insurance - struggling

A new report showed that companies are struggling to progress even with tech on their side. Even with all the innovations in P&C insurance technology, the complex nature of the industry is continuing to stand in its way. This branch of the industry is on the edge of major change but is being held back by complexities. As we reach a time in which more revolutionary approaches and innovative technologies are more available than ever, the complex P&C insurance industry is scrambling and stumbling in its efforts to keep up,…

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Allstate finds Americans aren’t protecting themselves against identity theft

Identity Theft - cybercriminal

Despite their serious and genuine concerns about their data security, most aren’t doing much for protection. A recent news release from Allstate insurance revealed that while Americans are highly concerned about identity theft, they’re doing very little to actively protect themselves against becoming a victim of it. Americans rank their data security as the third most important thing they should insure. Only cars and homes are more important to Americans to cover with insurance than identity theft. However, Allstate’s research showed that four out of every five people are not…

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Cyber attack insurance claims increasingly involve CEOs as victims

Cyber attack insurance - Phishing Scam

BOXX Insurance has found that C-level executives are easy “spear-phishing” targets. Cyber attack insurance company, BOXX Insurance, based in Toronto, Canada, has found that CEOs and other C-level executives are increasingly victims of spear-phishing scams. Credentials for execs at this level are sold as cheaply on the dark web as $250 per user. The cyber attack insurance provider has cautioned that executives are increasingly filing claims after having been targeted by fraudulent emails which appear to have come from a source they trust. The emails request confidential email, which is…

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