Tag: AI

AI is changing the insurance industry, right down to policies

Nordstrom
Insurance industry Policies - AI

Insurers are using artificial intelligence in a number of ways to improve offerings Artificial intelligence (AI) has taken steps into many different kinds of business, and the insurance industry is no exception. Technology is helping insurers to better understand consumers The insurance industry is able to glean information about consumers from many different sources. After all, the average American relies on tech in a host of different ways, ranging from social media posts and fitness trackers to smart home devices and telematics dongles installed in vehicles to track driving behaviors.…

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State Farm slapped with $2 million fine for underpaying auto insurance claims

Marc
Auto insurance Fine - gavel money

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

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Insurance companies look to artificial intelligence for a spectrum of tasks

Logan B.
insurance companies - AI use

From due diligence to identifying cyber threats and even part of the underwriting process, AI is rising in use. Insurance companies are discovering that artificial intelligence (AI) has the potential to improve the efficiency of the underwriting process, as well as to provide added security and due diligence assistance. While cyber criminals are using AI to try to convincingly defraud insurers, insurers are also using the tech. Generative artificial intelligence is moving quickly, and insurance companies are moving to try to work it into their underwriting process as cyber threats…

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Florida insurance agents know they offer more than AI

Nordstrom
Insurance agents - Robots as staff

Many of these professionals aren’t feeling threatened by artificial intelligence technology. In California, insurance agents have been voicing their concerns over the potential threat artificial intelligence (AI) could have to their jobs. However, in Florida, these professionals seem to feel far more confident that they can offer a great deal that AI cannot. Florida’s property insurance industry has been struggling for several years due to rising risks and costs. “Things are getting better. They are,” said Great Florida Insurance owner Gordon Gillespie, who was among the hundreds of agents at…

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