Live Insurance News

Texas Class Action Lawsuit Accuses GEICO of Failing to Honor Accident Forgiveness Program

March 5, 2025March 4, 2025 Tate Ellison

A class action lawsuit has been filed against GEICO in Texas, claiming the insurance giant misrepresented its Accident Forgiveness program, resulting in significant financial hardships for some policyholders. The lawsuit, brought by Texas resident Christopher Cude on February 25, alleges that GEICO raised his auto insurance premium by over 91% following a minor, first at-fault accident involving his wife. According to court documents, Cude’s premium increased from $1,358 to $2,664 upon policy renewal, despite the fact that his policy included Accident Forgiveness, which GEICO promotes as a safeguard against rate…

2025: A New Era for Global Insurance Trends

January 3, 2025January 3, 2025 John Bowers

The insurance industry has seen significant innovation in modeling techniques and tools in recent years, driven by a surge of new regulations, standards, and technologies. A wave of new regulations and standards in the insurance industry, coupled with innovative developments in the technologies that underpin the insurance ecosystem, have radically altered the landscape for both carriers and their technology providers. With multiple new complex demands placed upon actuarial, finance and IT teams as a result, implementing these new requirements has led to comprehensive overhauls in insurance accounting practices, approaches and…

The Impact of AI on Medicare Advantage Claims Denials

November 14, 2024November 13, 2024 Angela Linders

A Growing Concern for Healthcare Providers In recent years, the integration of artificial intelligence (AI) in the healthcare sector has sparked significant debate, especially concerning its role in Medicare Advantage claims denials. As hospitals face mounting administrative burdens, the use of AI by insurance companies has been scrutinized for potentially prioritizing cost-saving measures over patient care. The Rise of AI in Insurance Between 2019 and 2022, insurance companies like UnitedHealthcare, Humana, and CVS began increasingly employing AI tools to automate the prior authorization process. These technologies, while designed to streamline…

Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

July 29, 2024July 28, 2024 Marc

homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

AI insurance technology appeals to execs but not underwriters

April 25, 2024April 24, 2024 Marc

The industry – like many others – is looking at artificial intelligence and machine learning While the industry is very aware of new insurance technology such as artificial intelligence and machine learning to improve, not everyone is ready to take it on as a part of their workday. Execs are more enthusiastic about AI than underwriters Executives see the potential in the benefits of insurance technology that includes artificial intelligence and machine learning when introduced into workflows. That said, less than half (43 percent) of underwriters have the same opinion…

Flow Specialty Emerges from Capitola Insurance Rebrand with New Leadership and Enhanced Capabilities

April 24, 2024April 24, 2024 Live Insurance News

Backed by Munich Re Ventures and Lightspeed Venture Partners, the newly rebranded Flow Specialty (formerly Capitola Insurance) sets a new standard in the specialty wholesale insurance market. Integrating human expertise with advanced artificial intelligence (AI), Flow Specialty offers faster quotes, transparent communication, and reduced costs, providing unmatched service and access to premier markets. Enhanced Offerings for a Dynamic Industry Flow Specialty tailors its solutions to meet the unique needs of retail agents and carriers with a focus on: Professional Liability Insurance: Broad access across various markets catering to companies with challenging renewal…

AI is changing the insurance industry, right down to policies

April 4, 2024April 3, 2024 Nordstrom

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.…