Insurance apps must perform better in these areas to keep millennial customers

Insurance apps - young woman using mobile phone

A new Mobiquity report revealed the areas in which applications can be elevated to avoid customer loss. Digital offerings such as insurance apps play a key role in customer retention, and a recent report from Mobiquity has identified the areas in which these applications must improve. People don’t use their insurer’s application every day, so the limited usage time must perform. Customers who are willing to switch to another company can be convinced to stay with the right digital offerings. Equally, having insurance apps that exceed those of a rival…

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Agencies with digital insurance features grow 60 percent faster than rivals

Digital insurance - people using computer

Online options have become highly important to consumers interacting with their insurers. While the importance of digital insurance features was already on the rise by 2019 and earlier, the pandemic has accelerated this trend. Customers have come to view online features as a necessity instead of a convenience. According to recent data, agencies that have adapted to this requirement and that have offered the best digital insurance options have experienced a substantially higher growth rate than their non-digital competition. In a recent survey of 600 independent agents in the United…

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State Farm receives FAA green light for use of insurance drones over roads

Insurance drones - drone flying over road

The insurer has been operating the vehicles for claims purposes with FAA approval since 2019. State Farm’s official newsroom published a release stating that while it has been flying insurance drones with FAA approval since 2019, it has now been granted permission to do so over active streets and roads. The insurer received this approval based on Virginia Tech testing, for use to gather claims information. State Farm has been using insurance drones for various types of safety and business application testing since 2015. In May 2018, the insurer joined…

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Allstate shifts focus toward digital insurance while streamlining its business

Digital insurance - person using computer

The giant is setting itself up for growth on acquisitions, divestitures and technology investments. The Allstate Corporation is aligning itself with a growth plan based on business streamlining, which will include digital insurance technology investments, acquisitions, divestitures, and other initiatives for long-term growth. The nationwide insurer has experienced revenue increases every year – including last year – since 2011. Last year, Allstate still grew its revenue by 0.3 percent. The company’s efforts to remain in positive growth last year was an impressive one when considering the difficult circumstances that it…

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Cyber insurance coverage critical as Homeland Secretary warns over ransomware

Cyber insurance coverage - cyber security

DHS Secretary Alejandro Mayorkas said coping with ransomware will become a top priority. Cyber insurance coverage importance has never been clearer than it became when Department of Homeland Security (DHS) Secretary Alejandro Mayorkas warned that dealing with ransomware will become a top priority. This has only underscored the rising threat of cyberattacks and the data-scrambling malicious software. Ransomware is a type of malicious software that locks an individual, company, organization or government out of its files and networks until a payment is made. This type of attack has been rapidly…

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Device Fingerprinting Role in Fraud Reduction

Device Fingerprinting Role in Fraud Reduction

Device fingerprinting sounds like it has to do something with those fingerprint scanners on our smartphones and laptops. But that’s not what device fingerprinting is actually about. This technology analyzes the hardware and software parameters of a device to give it a unique ID. This makes it possible to recognize a certain device and the user behind it and trace the connections between users and their multiple devices! But how can it help reduce fraud? Device Fingerprinting in Fraud Prevention Let’s imagine that you’re already using a basic IP address…

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CNA struck by “sophisticated” insurance cyberattack

Insurance cyberattack - cyberattack

The insurance giant’s website was down for an extended time this week following the breach. CNA was the victim of a “sophisticated” insurance cyberattack on March 21 and the website remained down until Wednesday, as of the writing of this article. The Chicago based insurance giant issued a statement regarding the attack on Tuesday evening. At that time, CNA said the insurance cyberattack had “caused a network disruption”. It said that this disruption had affected a number of the company’s systems, including its corporate email. Among the disruptions also included…

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