Live Insurance News

MetLife to shake up life insurance industry with Ethereum blockchain adoption

June 20, 2019June 20, 2019 Julie Campbell

Life insurance industry - Ethereum Blockchain

The insurer is using the live tech to enhance efficiency and transparency throughout the claims process. MetLife is adopting the use of Ethereum blockchain in a move that will disrupt the $2.7 trillion life insurance industry. Among the goals is to help beneficiaries to know they are entitled to a payout when their family member or friend has died. At the moment, the industry is essentially opaque to both policyholders and beneficiaries. This situation is advantageous to neither the life insurance industry nor its customers. MetLife is hoping to change…

Gerber moves forward with Virtual Assist technology for efficiency improvements

May 30, 2019May 29, 2019 Logan B.

Virtual Assist - Car Crash - Vehicle Damage

The new tech tool will provide vehicle appraisal improvements for enhanced customer service. Gerber Collision & Glass has revealed that it is adding Virtual Assist to improve its efficiencies. This software is meant to make the process smoother for customers during vehicle damage appraisals. The company announced its decision this week at Austin’s DigIn Future of Insurance conference. Gerber’s announcement revealed the company’s collaboration software for improving internal efficiencies. It tested the Virtual Assist software ahead of its decision to license it throughout its organization. This tech is licensed by…

Is Your Health Insurance Company Tracking Your Diet and Exercise Habits?

May 29, 2019May 28, 2019 Marc

Health Insurance Company - Woman Jogging

Vitality Health is using big data and the Internet of Things to learn more about customer lifestyles. A health insurance company is considering using similar tracking concepts to the auto coverage industry. Vitality Health believes that its policyholders will be willing to exchange their healthy lifestyle data for incentives. The idea is to reward those with healthier lifestyles with discounts, thereby encouraging healthier habits. The health insurance company is hoping to change the way people are viewing wellness. They are aiming to offer discounts to individuals who live healthier lifestyles.…

Cyber insurance growth has declined as the industry struck $2 billion last year

May 17, 2019May 15, 2019 H. Cutner

Cyber insurnce growth - binary - cyber - tech

Fitch Ratings data showed that the market’s growth fell from 37 percent in 2017 to 8 percent in 2018. Cyber insurance growth has continued to rise at a healthy rate, but according to Fitch Ratings, it is not growing at a rate anywhere near what it was in 2017. In 2018, the insurance industry’s total direct written premiums for cyber coverage grew by 8 percent. According to Fitch Ratings, the total direct written premiums saw a cyber insurance growth rate was 37 percent in 2017. However, despite the fact that…

Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

May 2, 2019May 1, 2019 G. Turner

Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…