Live Insurance News

State Farm slapped with $2 million fine for underpaying auto insurance claims

February 15, 2024February 14, 2024 Marc

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

Insurance and Technology: The Rise of Insurtech

December 22, 2023 Guest Author

The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…

Insurance companies look to artificial intelligence for a spectrum of tasks

June 30, 2023June 29, 2023 Logan B.

From due diligence to identifying cyber threats and even part of the underwriting process, AI is rising in use. Insurance companies are discovering that artificial intelligence (AI) has the potential to improve the efficiency of the underwriting process, as well as to provide added security and due diligence assistance. While cyber criminals are using AI to try to convincingly defraud insurers, insurers are also using the tech. Generative artificial intelligence is moving quickly, and insurance companies are moving to try to work it into their underwriting process as cyber threats…

The insurance industry is broadly investing in chatbots

March 10, 2023March 9, 2023 Logan B.

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

Insurance industry marketing data might shrink artificial intelligence bias

February 28, 2023February 28, 2023 Logan B.

AI is playing a growing role in the way insurers do business, but it’s clear that improvements are needed. What seemed like nothing more than science fiction a few years ago is now becoming a commonly accepted technology for the near future of the insurance industry as artificial intelligence (AI) rapidly develops. That said, as has been made more than clear in recent days with the goofs and flubs made by Google and Microsoft chatbots, it still has a lot of kinks to be worked out. Insurers have been increasingly…

Fast-Growing Gradient AI Announces Continued Momentum Built on its AI Solutions that Transform Insurance Claims and Underwriting

September 20, 2022September 21, 2022 Company Growth Story

– Revenue Grows More Than 100% in First Two Quarters – Doubles Global Staffing, Selected by over 30 New Customers Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced at InsureTech Connect Vegas its Q1 and Q2 highlights and continued momentum for 2023 and beyond. During this time, the company increased revenue by more than 100% and added over 30 new customers. “Gradient AI is in rapid-growth mode and well-positioned to continue on this path well into 2023,” said Stan Smith, founder and…

True Captive Insurance Selects Gradient AI to Provide Deeper Insights, Cost Efficiency for Healthcare Insurance

April 14, 2022April 28, 2022 PR Article

Solution Reduces Costs, Enhances Risk Management, Improves Member Experience Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry announced today that True Captive Insurance, a provider of innovative healthcare solutions for employers of all sizes, has selected its SAIL™ solution to help reduce group healthcare insurance costs while maintaining a high standard of care for member companies. Driven by the desire to have more control over company insurance plans, health insurance captives, like True Captive, have recently gained in popularity and are experiencing tremendous growth.…