Live Insurance News

Lloyd’s of London’s first electronic insurance exchange to begin testing

February 27, 2020February 26, 2020 Nordstrom

Electronic insurance exchange - Lloyd's of London Building

The massive British marketplace will be piloting this new online technology strategy. Lloyd’s of London has announced the start the testing phase for its first electronic insurance exchange. The technology is meant to handle simple coverage risks, said the marketplace in a strategy update earlier this week. The 330-year old company is seeking to take important steps to modernize itself. Lloyd’s, which first opened in 1686 out of a coffee house, is seeking to use modern strategies to become considerably more efficient. It is looking to use technology to reduce…

New Allstate app to help good drivers save more on auto insurance premiums

February 13, 2020February 12, 2020 Logan B.

The insurer is testing a new app-based program to monitor motorist behaviors for weekly savings opportunities. A new Allstate app has entered into the testing process with the goal of allowing good drivers to prove how safe they are behind the wheel in exchange for savings. The program monitors a number of habits such as speeding and braking hard. The idea expands on existing usage-based insurance strategies including those already offered by the insurer. The goal is to make it possible for good drivers to demonstrate that they are a…

Nationwide embraces new insuretech partnerships for commercial telematics support

February 5, 2020February 3, 2020 H. Cutner

Insuretech partnerships - emergency vehicle

The insurance company is working with Azuga and Zubie to power their new initiatives. The commercial insurance group at nationwide has secured two strategic insuretech partnerships. These are meant to help the insurer streamline its coverage options using telematics. Their goal is to launch new and refined fleet management programs for human services drivers. To do this, Nationwide has entered into insuretech partnerships with Azuga and Zubie. These two firms provide trip-tracking and analytics capability support technology. They are playing a substantial role in the insurance company’s Vantage 360 Premium…

US lawmakers aim to stop DNA test results from access by insurance companies

January 21, 2020January 20, 2020 Nordstrom

Millions of Americans are using services to examine their genetic backgrounds. Over 26 million people across the United States have used voluntary services to obtain DNA test results. Now, lawmakers are moving to protect those same consumers against a federal legal loophole. The legal loophole would permit certain insurance companies to connect customer genetic data. Florida lawmakers have already launched the first step to shut that loophole. The goal is to protect consumers from being required to provide their DNA test results if they do not want to. Using genetic…

Digital Integration Hubs: Bringing customer service up to speed in the insurance sector

January 3, 2020January 3, 2020 Guest Author

When consumers request information, submit a query or make a claim with an insurer… there are a number of processes which take place behind the scenes before a conclusion is reached. However, with retailers and other services providing ever faster responses, whether online or on the phone, there is increasing pressure on insurance businesses to speed up these processes and meet the expectations of the modern customer. Now accustomed to finding what they need in a few clicks of a button, customers may simply switch to a competitor if they…