Spotlight: Technology: Intelligent fraud detection. Pandemic drove 55% increase in average policyholder contact time: Verisk. Risk Solutions Launches Vehicle Build Product to Offer U.S. Insurers Much-Needed ADAS Details for Better Premium Evaluation and Pricing Segmentation. ATLANTA — LexisNexis® Risk Solutions, has announced the availability of LexisNexis® Vehicle Build, a solution that provides U.S. insurance carriers more accurate underwriting and auto insurance risk assessment and comprehensive information about the specific Advanced Driver Assistance Systems (ADAS) features equipped on a vehicle.
Automakers continually develop new ADAS features – sometimes releasing multiple within the same model year – and promote their efficacy in reducing accidents, but these features are often offered as an optional purchase to the car buyers. In addition, each automaker creates its own unique marketing name for its features for the sake of differentiation. This variability in naming similar features, in combination with the difficulty in determining whether those features are actually equipped on a given vehicle, creates a challenge for insurers seeking to properly price the vehicles they underwrite. Post-Covid world promises productivity revolution. Spotlight: Technology: Managing claims surges in the digital age. Machines will wipe out most underwriters in just 10 years - Peter Cullum. Home insurance market set to contract by 1.4% as a result of Covid-19. Egyptian plan for universal health insurance wins World Bank support. The $400m loan will fund the building blocks of the system, allowing it to launch in six of the north African country’s 27 governorates, to protect people against high out-of-pocket costs resulting from the Covid-19 outbreak.
“Expanding healthcare services is a national priority for the government of Egypt,” said minister of international cooperation Rania al-Mashat. “The universal health insurance project with the World Bank encompasses mandatory coverage for citizens and unifies, for the first time, efforts with the private sector.” He added that the project is aimed at eliminating disparities in health outcomes between the rich and poor, with those who are unable to cover the cost of the insurance supported to do so by the government.
“The project will support Egypt in achieving long-term stability in health financing, with less dependence on the state budget and less exposure to economic fluctuations,” said finance minister Mohamed Maait. 7-Eleven Japan selling insurance in its stores. Shoppers at 7-Eleven in Japan can now use the retailer’s multi-function machines to purchase MS&AD Insurance Group's life insurance.
How does it work? Customers can begin the process by applying on their smartphones or PCs partly. The sale is completed once the insurance fee is paid at the checkouts in-store. The two businesses have also set up call centres where licensed insurance employees can support customers. Briefing: Why Allianz could acquire RSA. Blog: Smart telematics - driving the evolution of insurer-customer relationships post Covid-19. Analysis: Garage closures pile pressure on credit hire relations. Untitled. AXA UK is broadening its use of live video to settle commercial property claims, following the renewal of the insurer’s contract with software provider Verisk.
The ClaimXperience app is already being used by AXA’s household customers, who can show escape of water damage in real time to their home insurer. The claims handler can record the video or take stills. They can evaluate the damage immediately and offer a cash settlement. If the policyholder agrees to the amount, the money can reach their bank account within two hours, thanks to a separate payment arrangement. ClaimXperience is part of Verisk’s Xactware portfolio, which provides a single platform for the validation and settlement of building damage claims. Insurtech 100.