Wawanesa Mutual Insurance Company achieves CSIO Billing eDocs Certification

Wawanesa Mutual Insurance - Certification

This makes the insurer the first in the industry to have obtained this certification. The Wawanesa Mutual Insurance Company has received CSIO’s congratulations in becoming the first insurer to earn the organization’s Billion eDocs Certification. Certification demonstrates that the insurer has implemented Billing eDocs to CSIO Standards. Wawanesa Mutual Insurance Company’s certification states that the insurer has demonstrated that their Billing eDocs implementation is up to the Standards established by CSIO. Certification also means that Billing eDocs will exchange seamlessly between the insurer’s systems and those of Broker Management Systems…

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Treasury cyber insurance claims data gets gov watchdog nod

Cyber insurance Support

A Government Accountability Office to release report on the Treasury’s role in shaping market in the spring. The Government Accountability Office has shown its support for the Treasury Department’s rising data collection from cyber insurance providers regarding claims. The information collection occurs by way of a program permitting the government to help with payouts. The data collection is permitted because of a program making it possible for the government to help out with cyber insurance payouts to policyholders when a catastrophic event occurs. The Federal Insurance Office at the Treasury…

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Local governments are paying more for cyber insurance but getting less

Cyber Insurance - Business

A growing number of governments are purchasing the coverage due to the rapidly increasing risk. Though more local governments than ever are now covered by cyber insurance due to the rising risk of cyberattacks and ransomware, the trend is headed in a direction of increased rates for decreasing coverage. Higher premiums, deductibles and security protocol scrutiny are coming with the rising risks. As a result, it is becoming more expensive for municipal governments to be able to obtain cyber insurance against these types of digital attacks. The cost of premiums…

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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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