Achieving digital transformation in the insurance industry

OpenText Information Management

Research has consistently shown that senior management within the insurance sector think digital transformation is critical to their business. Digital … The post Achieving digital transformation in the insurance industry appeared first on OpenText Blogs.

Insurer: Breach Undetected for Nine Years

Data Breach Today

Dominion National Says Recently Discovered Incident Dates Back to 2010 A dental and vision insurer's revelation that it recently discovered a 9-year-old data security incident offers an extreme example of the difficulty some organizations have in detecting data breaches

Chinese Men Charged With Hacking Health Insurer Anthem

Data Breach Today

Million Individuals Was Encrypted, Sent to China, US Alleges Two Chinese men have been indicted on charges related to the breach of health insurer Anthem, which saw the personal information of 78.8 Data of 78.8

How Cyber Insurance Is Changing in the GDPR Era

Data Breach Today

Artificial Intelligence Is Set to Rewrite the Rules of Insurance

InfoGoTo

Few industries stand to gain as much by adopting artificial intelligence as insurance. Insurance companies rarely relate to their customers other than at the time of the claim, so making that experience as simple and productive as possible is key to customer retention.

Cybersecurity Insurance Not Paying for NotPetya Losses

Schneier on Security

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S.

Cybersecurity Insurance

Schneier on Security

Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. In my new book -- out in September -- I write: There are challenges to creating these new insurance products. There are two basic models for insurance.

First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records

Krebs on Security

The Web site for Fortune 500 real estate title insurance giant First American Financial Corp. based First American is a leading provider of title insurance and settlement services to the real estate and mortgage industries.

Apple, Cisco Strike Partnerships for Cyber Insurance

Data Breach Today

Policies Offer Incentives for Good Information Security Practices Apple and Cisco say they've partnered with insurers Aon and Allianz to offer cyber insurance policies for organizations that meet best security practices and use products from the technology companies.

Health insurers diving deeper on social, demographic data

Information Management Resources

Under-served populations Population health Healthcare plans Health insurance HIT AnalyticsPayers are pursuing new directions in taking care of members, putting a premium on how they use analytics to identify risks that can be mitigated.

Cybersecurity Insurance: How Underwriting Is Changing

Data Breach Today

Cybersecurity insurers, faced with growing demand, are looking for new ways to better measure their risks, says Aleksandr Yampolskiy, CEO of SecurityScorecard. So some are moving toward more carefully scrutinizing the cybersecurity postures of their potential clients

8 Top Cyber Insurance Vendors

eSecurity Planet

Cyber insurance is one more way to manage cybersecurity risk. Here are the top cyber insurance vendors that can help

How to make sure your cyber insurance policy pays out

IT Governance

Cyber insurance is big business these days. Find out how a ransomware victim used cyber insurance to guide its response effort >> A cyber insurance policy doesn’t necessarily guarantee that you will receive aid following a data breach.

MongoDB Leak Exposed Millions of Medical Insurance Records

Threatpost

Millions of records containing personal information and medical insurance data were exposed by a database belonging to insurance marketing website MedicareSupplement.com.

Redefining insurance claims service in the digital age

DXC Technology

For both of these insureds, the world has just spun out of control. And now, in the midst of this upheaval, each of them must also file an insurance claim. Insurance digital claimsA high wind just brought a tree down on a customer’s house. Meanwhile, another customer watches helplessly as his basement fills with water. For many […].

A Lawyer's Guide to Cyber Insurance: 4 Basic Tips

Dark Reading

The time to read the fine print in your cybersecurity insurance policy is before you sign on the dotted line

Property and Casualty Insurance needs modernizing

OpenText Information Management

Last year when I was in the process of buying a new house for my family, a home owners insurance company approached me and offered a good insurance policy. It was about the same price as others … The post Property and Casualty Insurance needs modernizing appeared first on OpenText Blogs. Business Process Management Information Management case management Insurance OpenText Process Suite 16 P&C insurance Property and Casualty Insurance

Insurance Occurrence Assurance?

Andrew Hay

Though the breaches are concerning, the real story is that the financial institution suing its insurance provider for refusing to fully cover the losses. This, unfortunately, is the nature of insurance. News ciso cyber insurance cyber security insurance security security program

The Evolution of Health IT is Affecting How People Think of Benefits and Insurance

InfoGoTo

These advances are impacting insurance benefit offerings. News Amazon healthcare industry insurance benefit offeringsThe healthcare industry has increased access to health services and patient data with advances in health IT. One example is with recent Amazon Alexa updates where PHI can be communicated through Alexa in a HIPAA compliant way. Read more here.

How digitalization supplants old insurance models

Information Management Resources

Analytics Sensor data Customer data Data modeling Auto insurance Credit scoresThanks to explosions in data and analytics capability, carriers have more options than ever to avoid leaning on controversial tactics like credit scores.

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities.

Mastering the 'post-digital' era in insurance

Information Management Resources

Usage-based insurance Telematics Wearable technology AccentureCarriers will begin leveraging data for more personalized products based on customers' 'digital demographics,' says Accenture.

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space. Most significant challenges diversified insurance, life insurance, and property and casualty insurance companies face and how they are solving them.

3 ways the cloud boosts insurance digitalization

Information Management Resources

Cloud adoption has more than tripled over the last three years for insurance carriers, primarily because it is the true digital facilitator. Cloud computing

7 digital customer experience trends in insurance

Information Management Resources

SMA sees significant spending and shifts in personal lines projects that are aimed at aligning insurers’ strategies to transformation and growth. Customer experience Insurance technology Property and casualty insurance Investment strategies Customer-centricity Core systems Artificial intelligence Strategy Meets Action

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. The answers to these big questions lie in the strategic initiatives that insurance companies must embrace to move their business forward. To learn about them, download our new guide: 2018 State of the Insurance Industry. That is, how can they generate more revenue and increase profitability? How can they get a bigger piece of the pie in a market that offers customers so many options?

Insurers need to formalize IoT strategy

Information Management Resources

Telematics Internet of things Connected cars Connected home Growth strategies Big data Claims Property and casualty insurance Life insurance LexisNexisFour out of five carriers don't have a plan for collecting, analyzing or securing the flood of data from connected devices, according to LexisNexis survey.

Insurers: What’s Your Plan for Virtual Claims Handling?

Nuxeo

When it comes to auto insurance, 95% of the nation’s top 50 carriers are already using virtual claims handling and are actively exploring the potential of touchless claims, where a claim is handled electronically from first notice of loss through payment

Enabling Key Stakeholders in the Insurance Industry

Perficient Data & Analytics

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

How the top 15 car insurers are going digital

Information Management Resources

Digital Insurance takes a look at the auto insurance carriers with the biggest U.S. Auto insurance Insurtech State Farm Allstate Nationwide Progressive Liberty Mutual Farmers Insurance GEICO Travelersmarket presence and their recent technological initiatives.

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic.

3 large health insurers, 2 vendors begin test of blockchain

Information Management Resources

Blockchain Distributed ledger technology Health insurancePilot program to use the emerging technology to validate info in provider directories, says Mike Jacobs.

ONE Insurance, Munich Re team up for personalized insurance

Information Management Resources

Sensor data Usage-based insurance Customer data Customer-centricity Munich ReThe ONE Coach platform will use sensor data to identify opportunities for risk-management products tailored to the customer.

Insurers Collaborate on Cybersecurity Ratings

Dark Reading

A group of insurers will base rates and terms on whether customers purchase technology that has earned a stamp of approval

Arron Banks, the insurers and my strange data trail

The Guardian Data Protection

Carole Cadwalladr just wanted to insure her car. In fact, I had no idea about either the question or the answer when I submitted a “subject access request” to Eldon Insurance Services in December last year. Data protection Data and computer security Brexit Cambridge Analytica Insurance industry Insurance Twitter InternetSix months later, she found a mass of personal details held by a firm she had never contacted that is run by Leave.EU’s s biggest donor, Arron Banks.

Bankrupt Cancer Clinic Chain's Insurer to Cover Breach Fine

Data Breach Today

21st Century Oncology Faces More Than $29 Million in Penalties in Two Settlements In an usual move, federal regulators have made arrangements to have a cyber insurer cover a $2.3

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

— To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Technology investment is an essential component of most strategic growth and operational efficiency initiatives. Technology comes in two parts. There’s the front-end technology that customers experience. There’s also the back-end technology that other stakeholders (i.e.,

Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies. This means all insurers, agencies, and brokers doing business in Michigan are covered.

Marsh explores blockchain applications with proof of insurance

Information Management Resources

The commercial insurance broker's pilot, in partnership with IBM and ACORD, is the second such initiative in the P&C sector. Blockchain Brokers Claims Underwriting Risk management Insurance technology Marsh & McLennan Nationwide AIG

Sensor technology making more appearances across insurance

Information Management Resources

Internet of things Homeowners insurance Commercial lines Travelers ChubbA diverse range of carriers including Travelers and Chubb are deploying internet of things devices to aid customers in several business lines.