How Technology is Transforming Commercial Auto Insurance
Over the last decade, technology has made a real splash in commercial auto insurance. So, what's new? For insurers who want to win the business of tech-savvy customers, there's a message in the trends. An annual survey of insurance execs conducted by Guy Carpenter and Co. found…
What Mom Never Told Insurers about the Sharing Economy
Mom always said you're supposed to share. But sharing doesn't come without consequence – and in the insurance industry, the implications of the sharing economy are getting bigger all the time.
The sharing economy is growing
Last December, NAIC said that "nearly one-fifth of…
The Smart Home Insurance Market: Are You Ready to Compete?
Smart homes are getting smarter. Equipped with voice control, they can follow spoken directions. With connected fridges, they can make suggestions about dinner. With smart utilities, they can optimize both comfort and efficiency. Soon, they may recognize their homeowners by their…
The Evolution of Autonomous & Connected Vehicles
A few years ago, 2020 seemed a long way out. That was the year that many manufacturers earmarked for their self-driving car rollouts. Now that 2020 is just three years away, some carmakers are kicking the can to 2021. They’ve learned that it's one thing to make the cars, and…
Modern insurance technology tactics for 2017
Last month, Carrier Management said that some insurers expect to spend more on insurance technology in 2017. But at 37 percent, they're in the minority. They're also running below a multi-industry average. While 45 percent of other businesses plan to spend more on IT this year,…
Cyber Warfare: Prepare Your Insurance Systems for Attack in 2017
The need for information security (infosec) is nothing new. But the game is changing in 2017. As the IIA.org blog reports, “As the IoT leads to more connections between people and machines, cyber dependency will increase, raising the odds of a cyber-attack with potential…
Looking Forward: InsureTech Driving Seismic Industry Change
Well, they've done it. Majesco just traced the history of insurance from Hammurabi's Code up to the present day in two paragraphs flat. We're talking about the 2016 Majesco Report, of course. And the history they acknowledge isn't insignificant. If there's one thing that's always…
Auto Insurance Claims Report: What to Expect in 2017
Auto insurers take note: driving is up, and safety is down. The two trends go hand in hand: you can't get in a crash if you're not on the road to begin with. But as people log more miles, the opportunity for collisions increases too. And boy, have people been logging more miles.
Growing Trend: Millennial Car Ownership
If you thought the love of the open road was going the way of the dinosaur, think again. Not to say the world isn't changing, and with ride-sharing services all set to redefine America's relationship to the automobile, it's not unreasonable to suppose that someday, quite soon in…
What’s Putting the Brakes on Self-Braking Cars?
The National Transportation Safety Board has a wish list, and self-braking cars are right at the top. Okay, so they don't call it a wish list. They call it a most wanted list – conjuring fugitives rather than fairies – but the essence is the same. If manufacturers and…
Why Millennial Satisfaction with Auto Insurers Jumped 17 Points
You're probably already aware that customer satisfaction typically registers its lowest marks after a claim. Even if the process goes well, and the customer says they're generally happy with how it was handled, they're more likely to switch insurers during the months after filing…
Five Unintended Consequences of the Autonomous Car Trend
Autonomous cars come with a lot of promises. They'll reduce traffic fatalities. They'll cure congestion. They're safer. Smarter. Better.
Seeking to capitalize on the obvious opportunity this portends, tech giants are pushing for a rapid rollout of autonomous vehicles. According to…