Heightened Privacy Concerns: The Telematics Backlash
Verisk partnered with major automakers like Ford, GM, Honda, and Hyundai to collect driving data. This data was shared with insurers, enabling personalized discounts for safe drivers. However, the program raised consumer concerns. Media reports exposed instances of GM sharing data without explicit customer knowledge, leading to lawsuits alleging privacy violations and potential premium increases. The resulting backlash prompted Verisk to terminate its telematics program.
Aerial Imagery Sparks Debate – Is There a Better Way to Assess Risk?
The growing use of aerial photography by insurance carriers has sparked controversy, pitting insurers eager to streamline risk assessment against homeowners troubled by a process they feel is opaque and potentially unfair. As insurers explore technological solutions to improve efficiency, could alternatives like VeracityID's idFetchTM provide a middle ground that balances accuracy with privacy and consumer empowerment?
When preparing for a busy tropical storm season understanding and documenting risks is key
Understanding a home's vulnerabilities before disaster strikes is vital. The 2024 hurricane season could bring significant financial challenges. By taking proactive steps in risk management and claim handling, homeowners’ insurance carriers can better protect themselves and their customers against potential losses.
Geico bounces back but still faces big IT challenges
Geico has a reputation for being a technology laggard in the Personal Lines P&C industry. They've acknowledged this. But Progressive, their longtime rival, is the industry technology leader. So much so that they avoided the massive post-covid meltdown that the rest of the industry experienced. So how is Geico going to catch up? By implementing the same package software core systems that the rest of the industry have. Or by building tools that enable much more granular and event driven risk selection throughout the policy lifecycle? Which is where the money is and is something core systems can't solve.
Progressive (and Geico) Demonstrate Why IT Speed and Precision are Critical
P&C Specialist is reporting on which Personal Lines carriers are losing or gaining customers during the current auto repair inflation crisis. Note […]
Focus On Risk Selection Because That’s Where the Money Is
Why do carriers spend so much time on cost reduction and claims efficiency when most of the money in Personal Lines P&C […]
Carriers Are Underestimating the Loss Impact of Small Diameter Hail Storms
P&C Specialist reports on a newly released study by ZestyAI entitled: Small Hail, Big Problems, New Approach. According to the authors the […]
The Kind of Customer Satisfaction You Don’t Want
We were looking at the results of JD Powers’ Annual Personal Auto Insurance Claims Satisfaction survey recently and it provoked a thought: […]
Homeowners Carriers Have a Renovation Problem
P&C Specialist reports that Hanover’s 2023 Home Renovation Report shows an increase in homeowners not informing their carrier of home renovations. “The […]
We’ll be at AWS re: Invent!
If you’re with an insurance carrier or an Insuretech we’d like to connect. If you want to do likewise, please fill out […]
What does it take for a good inner city minority driver to get a fair insurance rate?
According to a study released by the Consumer Federation of America, drivers living in predominantly African American ZIP codes are charged 70% higher […]
Are Mandated Auto Premium Reductions Justified?
Policymakers in many states – notably including California, Michigan and Louisiana in recent weeks – are considering aggressive steps to drive down […]
