Live Insurance News

USAA and State Farm blockchain platforms go live

February 2, 2021February 1, 2021 H. Cutner

The insurers have launched this new form of processing all subrogation claims. The USAA and State Farm blockchain platforms have gone live for processing all subrogation claims. They are hopeful that other US carriers will also choose this strategy throughout this year. Many large insurance companies have been investigating blockchain platform strategies. The State Farm blockchain interest first started in 2018 in investigating its potential for subrogation. The partnership between that insurer and USAA started in 2019. The two companies represent a combined 12 percent of the $620 billion American…

No-Code Insurance Product Configurator

January 29, 2021 PR Article

tigerlabs PaaS Insurance Solution “i2go” is about to launch a new No-Code insurance product configurator for insurers to bring their products faster to the market without the need of IT-support. i2go, an insurance platform as a service helps insurance businesses to offer an end-to-end digital experience for customers as well as their system users. Now, i2go is about to launch a No-Code product configurator, which enables Insurance Businesses to develop new insurance products faster and without the need of any IT support. The No-Code concept in i2go rating enables insurers…

Wawanesa Mutual unveils new digital education platform for insurance brokers

January 26, 2021January 22, 2021 Logan B.

Platform for insurance brokers - digital learning

The insurer has introduced the technology to provide its partners with meaningful support. Wawanesa Mutual Insurance Company recently announced its new digital education platform for insurance brokers to provide additional support for those partners. This new tool offers convenient access to on-demand training tools and modules. The new Wawanesa training platform for insurance brokers is meant to offer education in an effective, efficient and convenient way. Called ‘Broker Continuing Education’, this platform offers training opportunities precisely when the partners need them. Though it is already being populated with a number…

Cyber insurance companies could lose $90 million to SolarWinds hack

January 18, 2021January 16, 2021 G. Turner

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

Deep fake insurance losses will test cyber policies, cautions CyberCube

January 15, 2021January 14, 2021 H. Cutner

Deep fake insurance losses - artificial intelligence - mask

A cyber analytics specialist is cautioning of the danger and cost of these videos and audio files. CyberCube, cyber analytics specialist, is cautioning the industry that deep fake insurance losses may test the strength of insurers selling cyber coverage. It pointed out that these videos and audio files are increasingly found in cyberspace and could cause a major threat to covered businesses and their insurers alike. According to the report, the threat could become a major one within the next couple of years. This technology provides cyber criminals with powerful…