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While Jimmy Patronis and Governor DeSantis trumpet their latest emergency rule as consumer protection following the CBS 60 Minutes Expose noted in CBS 60 Minutes Exposes Alleged InsuranceCompany Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, the reality reveals a different story.
In my recent articles, The Façade of Consumer Protection: How Florida’s Political Leadership Continues to Favor InsuranceCompanies Over Policyholders — Are Florida’s Politicians in Bed with the InsuranceIndustry and Florida’s Emergency Ethical Rule Conflicts with Xactimate’s License Agreement – Another Example of InsuranceIndustry Control in Florida, (..)
With autonomous vehicles or AVs slowly gaining market share and the technology rapidly advancing, this is becoming an increasingly urgent question for insurancecompanies. Indeed, AV technology could upend the very foundations of the car insuranceindustry. First, some basics.
These high ratings represent Best’s assessment of Frankenmuth InsuranceCompany and its property and casualty insurance subsidiaries: Ansur America InsuranceCompany, ASure Worldwide InsuranceCompany, Fortuity InsuranceCompany, and Patriot InsuranceCompany.
In this context, understanding why customers might leave and taking preemptive steps to prevent churn has become a strategic imperative for insurancecompanies. This innovative approach combines big data, machine learning, and advanced statistical techniques to forecast which policyholders are likely to discontinue their coverage.
Merck won an appeal against and ultimately settled the coverage dispute with its insurers. Yet this high-profile case illustrates the insuranceindustry’s need to evolve policy language to address contemporary cyber risks, including state-sponsored cyber attacks.
One of the most challenging and unpredictable issues facing the insuranceindustry lately is social inflation. This trend describes the phenomenon of unexpected rising insurance claim costs because of societal trends and views toward litigation.
The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Finally, toward the end of 2023, reinsurance rates rose by as much as 40% as companies sought to recoup increased losses from recent years.
What is gamification and how does it relate to the insuranceindustry? In the insuranceindustry, gamification can be used to enhance customer engagement, boost sales performance, and improve customer loyalty and retention. How can gamification benefit insurers?
The Importance of Consumer Education Consumer education is a critical aspect of making informed decisions regarding insurance coverage and navigating the complexities of the insuranceindustry. By gaining insurance knowledge , individuals can protect their property effectively and avoid falling victim to insurance scams.
Emerging Property Insurance Trends 2024 Welcome to our guide on emerging trends in the property insuranceindustry. As we dive into the evolving landscape of property insurance, it’s important to stay informed about the latest trends and challenges affecting the market. Hurricane Harvey 2017 92.0
This era gave rise to specialised insurance products, covering factories, railways, and an expanding workforce. By the 20th century, the insuranceindustry began to reflect broader societal shifts. With data breaches, ransomware, and cyber espionage on the rise, cybersecurity has become a critical focus for companies worldwide.
The insuranceindustry and every other industry has been outflanked by rampant new technology in the last 30 years that has given control of the purchasing steering wheel to the customer. Long wait times, unresponsive agents and lethargic insurance agencies are in their rear view mirrors.
Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. Notice of intention to sue is also down by double digits. It’s working, so let’s learn from that.”
. – the state-run insurer of last resort and currently Florida’s largest residential insurance writer – has swelled with new business and lawsuits. Citizens’ depopulation efforts to move policyholders to private insurers contributed to policy counts falling to 1.23 million by the end of 2023.
Whether you’re new to the insuranceindustry or have been at it for decades, in order to keep your business growing, you need to understand insurance marketing almost as well as you understand insurance. Include news about the insuranceindustry that may impact customers.
Brian Duperreault, CEO of AIG, once said, “The insuranceindustry is in the midst of a technological revolution. How can the insuranceindustry be left behind? This is where the approach to insurance operations is revolutionizing the way insurancecompanies operate and engage with customers.
For insurers, the grand slam is an exceptional customer experience with optimized operations. When a policyholder feels heard, when a claim is resolved swiftly, when premiums align with value—those are the grand slams insurers aim for. Why is GenAI the hottest topic in the industry?
It’s a common misconception that becoming an insurance agent is an easy path to success. Statistics from the insuranceindustry reveal a different story. Roughly 10 percent of independent insurance agents generate the vast majority of insurance sales, leaving many to question the viability of this career path.
Unless you’re securities licensed and registered with FINRA, you cannot market your services as financial planning as fixed and indexed annuities are insurance products. Agent’s falsifying as financial planners is a common problem in the insuranceindustry, make sure you are working within all your compliance guidelines.
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