Fraud is a growing problem in the insurance industry, costing billions of dollars each year. The rise of technology, including new capabilities like generative AI, has increased the threat of fraud. To help combat this problem, CCC Intelligent Solutions and Verisk have partnered to prevent auto insurance fraud. The partnership brings together the market-leading technologies of both companies. CCC and
As the world becomes increasingly pet-friendly, with more and more people welcoming furry friends into their homes, the pet insurance industry has experienced significant growth in recent years. The North American Pet Health Insurance Association (NAPHIA) has recently released its 2023 State of the Industry (SOI) Report, showing impressive growth in the North American pet health insurance sector. This report
The InsurTech industry has bounced back strongly in the first quarter of 2021, with global investments reaching $1.39 billion, according to the latest Global InsurTech Report from Gallagher Re. This marks a 37.6% increase from the previous quarter’s lowest total since Q1 2020, indicating a strong recovery for the industry. The report also highlights some interesting trends in the industry,
As the tourism industry continues to experience growth, the travel insurance market is also expanding rapidly. According to a report from Research and Markets, the rise in tourism travel is fueling the growth in the travel insurance market. In this article, we will take a closer look at the current state of the travel insurance market, its predicted future growth,
Artificial intelligence (AI) has the potential to transform entire industry ecosystems. From healthcare to banking, automotive to art, various industries have already begun to integrate AI into their operations. The scale of AI advancement is unprecedented, and the technology is increasingly being used to navigate the challenges faced by businesses. In this article, we will explore Tractable’s AI technology and
Clearcover Insurance Company has recently partnered with Experian’s auto insurance comparison shopping service to launch an embedded insurance solution. The primary goal behind this collaboration is to revolutionize the auto insurance industry by empowering consumers with easy and hassle-free insurance options. Clearcover’s embedded insurance solution The newly launched embedded insurance solution by Clearcover Insurance Company strives to provide customers with
Majesco, a leading provider of software solutions for the insurance industry, has announced the launch of a new digital payment offering for its Majesco Claims for Property and Casualty (P&C) customers. The new offering is a result of the company’s partnership with One Inc. Majesco’s new digital payment offering will enable swift and secure digital claims payments via customers’ preferred
Canopius, one of the world’s leading specialty reinsurers, has teamed up with Theodore Tunick and Marshall & Sterling to offer admitted auto coverage to personal and commercial insureds in the US Virgin Islands (USVI). The agreement is made with Samsung Fire and Marine Insurance (SFMI), and Canopius will underwrite risks for both commercial and private auto clients using SFMI admitted
Assurant, a global provider of risk management solutions, has partnered with CNH Industrial Capital, the financial services arm of CNH Industrial, to offer equipment protection and insurance products through CNH Industrial’s dealer network. The partnership aims to provide customers with better protection solutions and improve the customer experience, product offerings, and alignment with base warranty. In this article, we will
In recent years, the insurance industry has faced considerable challenges – regulatory, technological, and economic – that have forced firms to re-evaluate their operations and strategies. As such, they are increasingly focusing on enhancing their operational resilience, acknowledging that this is a key factor in determining their long-term success. In this article, we examine recent trends and challenges facing the
The use of artificial intelligence (AI) has become widespread in several industries, including the insurance sector. AI has the potential to transform the insurance industry through increased efficiency, cost reduction, and improved customer experience. However, the introduction of AI into the insurance industry comes with its own set of challenges that can have a long-term impact. In this article, we
With the pace of change in the insurance industry accelerating rapidly, Apollo Syndicate 1971 has announced the formation of its new ICX Consortium. The consortium is designed to provide a platform for innovation, enabling insurers to embrace new risk opportunities and address insurance gaps not served by traditional verticals. By creating customized insurance products outside of Syndicate 1971’s core offering,
