Self-driving cars, humanoid robots and factory automation carry risks that standard auto, property and liability policies don’t usually cover. Insurers are now building a new line of business around machines that drive, move and decide on their own. Some of the new policies pay for...
The payment experience plays a role in how consumers choose a property or home insurer, not just how they pay once a policy is in place. The PYMNTS Intelligence playbook “The Service Commerce Performance Gap: Insurance Providers Playbook” found in October that 44% of policyholders...
Picture this. You ask an artificial intelligence assistant to find you cheaper car insurance, then you go to bed. By morning, the AI agent has checked a dozen companies and lined up a better deal. While that future is getting closer, the insurance industry has...
A policyholder calls her insurance agency to ask what she owes. An artificial intelligence (AI) agent answers, pulls the balance and logs the call in the carrier’s core system, with no employee on the line. Interactions like that have given insurance agencies and carriers back...
Insurance claims have always been document-heavy, time-sensitive, and prone to fraud. A single corporate loss event can produce thousands of pages of notices, reports, and correspondence that a claims handler must evaluate quickly. The volume keeps growing. Artificial intelligence agents are beginning to take on...
The rise of artificial intelligence-powered hacks has cyber insurance firms rethinking their policies, Reuters reported Thursday (Aug. 27). The industry shakeup follows a series of cyberattacks by AI models from companies like Anthropic, Meta and OpenAI, the report said. The incidents, which happened when the...
Insurance regulators are moving artificial intelligence governance from the policy manual into the examination file. On Thursday (Aug. 13) at its Summer National Meeting, the National Association of Insurance Commissioners provided an update on its AI Risk Evaluation Supplement, a structured set of inquiries designed to...
Watch more: Need to Know With Eileen Carlin of One Inc An insurer can approve a claim and still leave the policyholder waiting because the body shop, contractor, medical provider or lienholder hasn’t been paid. That gap between payment approval and claim resolution is spurring...
Watch more: Hippo CEO Says Growth Starts With the Risks It Won’t Take Insurance companies rarely get into trouble because they can’t find enough customers. They get into trouble because they keep writing business after the price no longer covers the risk. That lesson sits...