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Artificial Intelligence: Not Just for Driving

Could artificial intelligence be coming to an insurance company near you? Some insurers are beginning to explore the use of “chatbots” and other forms of AI to assist in the claims and underwriting process. In the auto claims context, a bot could be used to connect to the electronic devices in a connected car and transmit information directly to the insurer. It could also be used to...

Increasing Reliance on Insurance Agents

In a recent study, JD Power reported that auto insurers increasingly rely on agent recommendation to drive new business sales.  The market has not grown significantly in the last year, with slight premium increases and similar numbers of insurance purchasers and quotes since the 2016 study.  Although price remains very important to consumers, an agent’s recommendations are becoming...

Concerns About Losses in the Auto Insurance Market

According to a recent Fitch Ratings report, the auto insurance industry experienced significant losses last year that outpaced premium increases. Although some carriers were able to make a profit in the personal auto segment, an increase in insurers’ average combined ratios indicate that the overall market is weakening. Losses may be increasing due to an increase in miles driven, the...

Tesla Considering All-Inclusive Packages

Tesla is now contemplating an all-inclusive package, wherein the price of the car would include insurance and maintenance during the duration of ownership. In fact, Tesla’s Asian customers are offered a package that already covers certain car ownership expenses. Those packages include a customized insurance product that covers Autopilot and maintenance costs. The deals do not exclude...

Dual Insurance for Driverless Cars?

The UK Department for Transport is expected to announce that owners of self-driving cars will be required to take out “two-in-one” insurance policies. These policies would cover the driver if a human is driving the vehicle, and would also cover the car when it is operated in driverless mode. The insurer issuing the policy would then be able to recover costs for claims on driverless...

How Technology May Affect Insurance in 2017

Marsh has released a new report on trends anticipated in the United States casualty insurance marketplace in 2017. It noted that the Internet of Things, the sharing economy, and autonomous vehicles will all begin to make major changes to the insurance business in the coming year. In particular, telematics that track vehicle performance and driver behavior may enable insurers to offer...

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