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  • Pet Insurance is big but do the players really understand the risk? June 27, 2024
    The Pet Insurance business is growing and evolving rapidly. But does anyone really know what they’re doing? No long track record with […] The post Pet Insurance is big but do the players really understand the risk? appeared first on VeracityID.
    William Reeves
  • Cat Losses Wreaking Havoc: How Can Carriers Turn Chaos to Their Advantage? June 17, 2024
    Progressive’s recent financial woes, highlighted in a June 14th P&C Specialist report, paint a grim picture for the insurance industry. The company’s […] The post Cat Losses Wreaking Havoc: How Can Carriers Turn Chaos to Their Advantage? appeared first on VeracityID.
    William Reeves
  • To Speed Insurance IT Innovation, Get Innovation Out of IT June 11, 2024
    Speeding IT innovation processes is good but empowering non-IT staff to innovate without requiring costly coding is better. The post To Speed Insurance IT Innovation, Get Innovation Out of IT appeared first on VeracityID.
    William Reeves
  • So Much Data, So Few Results June 11, 2024
    The insurance market is filled with data venders gathering risk-related data on insurance customers to ensure that underwriting decisions are accurately tied […] The post So Much Data, So Few Results appeared first on VeracityID.
    William Reeves
  • Pre-Loss Documentation Makes Catastrophes Less Catastrophic June 5, 2024
    The recent Q1 rebound in personal lines profitability, while encouraging, is a fragile victory. As the specter of escalating catastrophe losses looms large, insurers must proactively […] The post Pre-Loss Documentation Makes Catastrophes Less Catastrophic appeared first on VeracityID.
    William Reeves
  • Heightened Privacy Concerns: The Telematics Backlash May 20, 2024
    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. […]
    admin
  • Aerial Imagery Sparks Debate – Is There a Better Way to Assess Risk? May 2, 2024
    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 […]
    admin
  • When preparing for a busy tropical storm season understanding and documenting risks is key April 24, 2024
    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. The post When preparing for a busy tropical storm season understanding and documenting risks […]
    admin
  • Geico bounces back but still faces big IT challenges April 17, 2024
    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 […]
    admin
  • Ineffective Underwriting Leaves Claims to Adjust the Odds – A Dubious Roof Claim Exposes Gaps April 5, 2024
    A multi-pronged approach addressing underwriting, renewal, and claim management practices is crucial. By proactively managing risk and fostering transparency, insurers can safeguard their systems against exploitation, ensuring fairness for legitimate claimants while protecting themselves from unnecessary losses. Vigilance and a commitment to comprehensive assessment are key to navigating the complexities of risk. The post Ineffective Underwriting Leaves Claims to Adjust the […]
    William Reeves
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