Live Insurance News

Lemonade insurance accused of discrimination from its AI comments

June 1, 2021May 31, 2021 H. Cutner

The popular insuretech faced backlash from social media users in response to a tweet. Last week, Lemonade insurance company tweeted that its AI technology could “pick up on non-verbal cues” in the analysis of videos its policyholders submit to explain their claim details. Social media users quickly spotted the tweet and asked whether the AI would spot certain minorities. The Twitter users asked Lemonade insurance whether that AI technology would flag people from minority backgrounds or individuals with conditions such as autism. Later that week in a Forbes report, the…

The Ardonagh Group acquires BGC insurance brokerage business for $500 million

May 31, 2021May 27, 2021 Marc

Insurance brokerage - business aquisition

The acquisition transaction is expected to close before the end of this year. The Ardonagh Group Limited has announced that it has acquired the insurance brokerage business from BGC Partners, Inc for $500 million of cash consideration. BGC is a leading global financial technology and brokerage business. “The agreement to sell our Insurance Brokerage business for $500 million reflects the significant value we have created since entering this market in 2017. Like our previous sales of eSpeed and Trayport, as well as our IPO and tax-free spin-off of Newmark, this…

Allstate’s attempt to overturn jury verdict for underinsured driver benefits denied

May 28, 2021May 28, 2021 Logan B.

The Supreme Court of Texas has turned down the insurer’s attempt to overturn the verdict. Allstate Insurance’s efforts to overturn a jury verdict having to do with underinsured driver benefits have been denied by the Supreme Court of Texas. The high court upheld the jury verdict in a 5-4 decision regarding a 2016 claim. The Supreme Court decision upheld the $95,000 jury verdict from the Bexar County court in favor of Daniel Wes Irwin. That verdict required Allstate to pay Irwin the full sum of $50,000 underinsured driver benefits from…

Tips for self-employed workers who must handle their own tax obligations

May 27, 2021 Guest Author

The number of people who are working for themselves continues to grow… This means millions more Americans are responsible for reporting self-employment income and keeping track of the taxes they owe. Business tax preparation can be tricky for those new to the self-employment ranks, requiring taxpayers who work for themselves to account fully for their earnings and to pay taxes they owe on time. It’s one of the responsibilities of working for yourself, handling your tax obligations because there is no employer withholding the necessary amounts from each paycheck to send…

How Can Small Businesses Benefit From Disruptive Innovation

May 27, 2021May 28, 2021 Guest Author

Disruption has always been an integral aspect of the business arena. History has many examples where one innovative idea shook up the industry, and new methods replaced old practices. However, in modern times, the momentum at which new businesses disrupt industries has increased. Disruptive innovation refers to innovations and technologies that disrupt existing markets and value networks. Today, technology continues to evolve business practices as new advancements keep coming to the fore, disrupting industries. People generally have their loyalties attached to brands, and they do not switch to new offerings…

California wildfires may need to be a way of life, say insurance officials

May 27, 2021May 26, 2021 Nordstrom

After 2020’s record-breaking fire season, officials warn that this may be an ongoing trend. California wildfires caused the destruction of over 10 million acres in 2020 according to a progress report from the U.S. Department of Agriculture outlining the resilience strategy. The progress report’s focus is on efforts to reduce fire fuel through forest thinning strategies. Details from the strategy show that federal efforts will be rising by “two to four times more” than the current levels for reducing destruction from the blazes. This plan was released by the Biden…

Insurance App Development in 2021: Everything You Need To Know

May 26, 2021May 25, 2021 Guest Author

More and more people are looking for efficient ways to get insurance services. And mobile app development is the answer to their demand. Insurance mobile apps will simplify working with insurance and help users solve existing problems even when they’re on the road. Let’s deep dive into insurance app development and how users can benefit from it. Issues Insurance Apps Solve What do you need insurance software applications for? It can guide users through different insurance aspects and make working with insurance more effective. Below, you’ll find significant challenges insurance…