Live Insurance News

2 health insurance companies say cyberattack compromised customer data

May 30, 2023May 29, 2023 H. Cutner

Health insurance companies - Cyberattack - Digital security

The insurers say that they experienced a data breach and customer information was compromised. Two major health insurance companies in Massachusetts and New Hampshire are alerting their customers that they experienced a cyberattack in the form of ransomware in March and April, at which time some of their members’ personal information was compromised. The corporate parent of the insurers has confirmed that the threat impacted customer personal data. The corporate parent of Tufts Health Plan and Harvard Pilgrim Health Care health insurance companies, Point32Health, has announced that the threat impacted…

Massive Wefox insurtech company gets $110M backing from JPMorgan and Barclays

May 23, 2023May 20, 2023 H. Cutner

Insurtech company - Hands exchanging money

The German firm has announced that it has raised fresh funding from huge financial backers. Wefox, an insurtech company from Germany, has announced that it recently raised $110 million in new funding from big-name backers that included Barclays and JPMorgan. This reveals a notable confidence boost in the rapidly growing insurance technology sector. The insurtech company is based in Berlin and has a primary focus on personal insurance products such as auto, home, and personal liability policies. Instead of underwriting claims, the firm links users with brokers and partner insurers…

Cyber insurance is not a priority among many small and midsize businesses

March 23, 2023March 22, 2023 Nordstrom

SMBs often don’t see the need for the coverage because they don’t expect to be affected by such incidents. According to the results of a new poll, approximately half of the small and midsize businesses (SMBs) operating out of Singapore don’t feel that they need cyber insurance or are undecided as to whether it offers them any potential benefit. This trend aligns with those in the United States, according to several past polls. The SMBs feel that they are not at risk because they don’t store sensitive data online. According…

The insurance industry is broadly investing in chatbots

March 10, 2023March 9, 2023 Logan B.

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

Insurance industry marketing data might shrink artificial intelligence bias

February 28, 2023February 28, 2023 Logan B.

AI is playing a growing role in the way insurers do business, but it’s clear that improvements are needed. What seemed like nothing more than science fiction a few years ago is now becoming a commonly accepted technology for the near future of the insurance industry as artificial intelligence (AI) rapidly develops. That said, as has been made more than clear in recent days with the goofs and flubs made by Google and Microsoft chatbots, it still has a lot of kinks to be worked out. Insurers have been increasingly…