Congress must pass a bill this week to keep most of the government running beyond Friday when a government spending bill runs out. It won’t be easy. The debate over a new spending bill focuses on an esoteric issue affecting the Affordable Care Act. The question is whether Congress will pass — and President Donald Trump will sign — a bill that also funds subsidies for lower-income people who purchase health insurance under the law….
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Cyber Liability Poses Risks Not Covered By Ordinary Insurance
It’s all but impossible to do business today without computers and the Internet. Even if a computer is used for nothing more than accounting and keeping track of orders, a data loss or equipment failure could mean economic hardship for any company. Throw in the use of email, a website or social media and a company’s risk exposure could be greater than that posed by the more physical threats of fire or other disasters—especially where…
Read MoreDrone Insurance? It’s Coming Your Way From Above
New technologies are impacting many different industries – and have been as long as commerce has been taking place. Whether it be when JC Penny and Sears and Roebuck were selling products to gold miners in the 1850’s or when Henry Ford was selling the Model T in the first half of the 20th century, companies that adapt to technological change are the companies that succeed in the long term. At this time technological advances…
Read MoreFollow the Money – Insurtech Is Pulling Big Funding From Venture Capitalists
Insurers predate the adoption of electricity. But it’s innovation which sets precedents that ultimately result in tidal shifts in the way business is conducted. While the US insurance industry alone produces more than $1 trillion of revenue a year, there’s still plenty of room for growth – and room to take advantage of opportunities. One outfit at the bleeding edge of how insurtech startups come into being, Plug and Play, say they plan to fund…
Read MoreHow Drunk Tweets and Big Data Will Affect You and Your Insurance Premiums
Like it or not, Big Data is fast becoming critical to competing in the field of insurance from underwriting to rating in the property and casualty insurance markets. As a result, the National Association of Insurance Commissioners (NAIC) are taking up the gauntlet and their Innovation and Technology Task Force is focusing on offering consumer protections related to how that influx of data is utilized. The deputy commissioner and chief actuary from the Alabama Department…
Read MoreAirsurety Has You And Your Family Covered On Your Trips Around the World
If you’ve ever stood around in an airport thinking about buying travel insurance, we’re pretty sure you found the process confusing – so many options and different types of coverage can leave your eyes rolling back in your head. Now a new insurtech venture, Airsurety, Inc., has simplified the process of buying your travel insurance policy with what they call Accidental Death Benefit on an Airplane. It’s straightforward stuff and simple to understand. Airsurety offers…
Read MoreInsurtech Company Fabric Aimed at Niche Marketing Life Insurance to Busy Young Parents
They call them ‘insurtechs,’ and the focus is on using the latest in data and AI technology to sharpen the competitive edge for life insurance companies. One of the hottest players in the game, Fabric, has targeted new and expecting parents. “Life insurance isn’t something you think about – or buy every day – and the existing system is built to take advantage of your confusion,” says Adam Erlebacher, a co-founder of Fabric. “You should…
Read MoreYour Lifestyle Is Killing You – And Jacking Up Your Insurance Rates
You know it for a fact. Life is about choices, and regardless of how much pleasure those choices can provide you, some of them will leave you paying more for life insurance. But have no fear, some of the most likely causes for sky-high insurance rates can be the easiest to fix. Stop Supersizing Everything You Do! Okay, so you porked up a bit and there’s some excess weight hanging over your belt. When it…
Read MoreDid You Buy Your Insurance Policy From a Chatbot?
First Insurance Sales Chat Bots Launched On Facebook Messenger An Israeli small business insurance startup, Next Insurance, are pioneering a much-maligned technology as they recently launched a “chatbot” for personal trainers interested in buying insurance. The chatbot works via the Facebook Messenger app, and in a similar fashion to the operation of their website, the bot guides users through answering a few short questions to provide them a quote. The Messenger bot will queries users for…
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