IMA Financial Group unveils first metaverse insurance and risk management R&D facility

Metaverse insurance

The Web3Labs has now opened in Decentraland, which is a blockchain tech-based virtual world. IMA Financial Group recently announced that it is launching the first metaverse insurance and risk management research and development facility, which it has called the IMA Web3Labs. The new Web3Labs R&D facility was funded by the IMA’s investment arm, IMA Investments Inc. The metaverse insurance R&D facility will be located in Decentraland, which is a blockchain technology-based virtual world. The goal for Web3Labs is to set new industry expectations for the testing, exploration and bringing to…

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MedOrion announces first US health plans HBM software platform

Health Plans software person with computer 2

The announcement created a new insurance category for the Rise National conference today. MedOrion has announced that it has developed the first AI-based Health Behavior Management (HBM) platform for US-based health plans. The company specializes in guiding members toward better medical and wellness decisions. The platform helps health plans to better understand the concerns and motivators of their members, embedding them into every component of their business. The SaaS AI platform breaks complex real world data, member behavior, and healthcare environmental changes down into usable information. This way, it can…

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State Farm teams up with Ford for usage-based insurance

Usage based insurance - Partnership

The Drive Safe & Save Connected Car program will use telematics tech to adjust premiums. State Farm and Ford have announced that they have jointly launched a usage based insurance (UBI) program for drivers called the Drive Safe & Save Connected Car. The UBI program is available to drivers of connected Ford or Lincoln vehicles. State Farm customers driving the eligible connected Ford vehicles can choose to opt in for usage based insurance. The UBI program uses telematics to adjust premiums to reflect that vehicle’s mileage and its drivers’ unique…

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AIA health insurance company says Apple Watch wearers are more active

Health insurance company - Woman exercising wearing watch

The fitness tracking smartwatch wearers move 51 percent more than those without a tracker. AIA health insurance company in Australia provides its customers with Apple Watches and is now showing that wearers are as much as 51 percent more physically active than non-wearers. The insurer showed that the impact of the fitness tracking was particularly helpful among those over 50. A report released by the AIA Australia health insurance company showed that people aged 50 years or older increased their physical activity by an average of 51 percent once they…

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31% spike in insurance claims from VR headsets in 2021

Virtual Reality technology - Insurance Claims

As virtual reality gadgets become increasingly popular, so are smashed TV screens. An increase in the use of VR headsets caused homeowners insurance claims linked to their use to skyrocket by 31 percent in 2021. The most common reason people filed with their insurers was due to cracked television screens. Virtual reality headsets have been growing in popularity in recent years, with a particular spike happening last December when they became hot gifts during the holidays. Christmas day 2021 broke records for downloads of apps relating to the gadgets. As…

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GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

insurance news

GeoX, a leader in supplying geospatial data to insurers Announced today a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology.  In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways…

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Cybersecurity insurance popularity but some companies face denials

Cybersecurity insurance - Security coverage

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…

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