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Openly, Premium Home Insurance Provider, Open For Business In Kentucky

openly, premium home insurance provider, open for business in kentucky

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BOSTON, May 26, 2020 /PRNewswire/ — Openly Insurance, a tech-forward company that specializes in premium homeowners insurance, announced today that it’s entering Kentucky. Openly is backed by investors like Gradient Ventures, Google’s AI investment fund. Kentucky makes it the fifth state to now offer Openly’s exclusive homeowners insurance product, designed for customers who value broad, innovative and affordable coverage. Openly also hired its first local employee, Byron Roberts, to lead local partnership efforts as the company grows its footprint in Kentucky.”We’re excited to expand our product offering to Kentucky, already our fifth state since launch. We’ve received an overwhelmingly positive response from agents and customers– homeowners who have been able to purchase a more complete and comprehensive product that provides the best coverage in the market,” said Ty Harris, CEO and Co-Founder of Openly.According to Openly, industry homeowners claims relative to premium were lower in Kentucky than the majority of other states. As a result, they can enter the market with more competitive pricing and better coverage options.  Through the use of superior loss prediction models and advanced pricing methods, Openly is able to earn target returns while allowing customers to save on homeowners insurance. In addition, these cost savings …

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Texas Court Backs Phishing Attack Insurance Claim – Security Boulevard

texas court backs phishing attack insurance claim – security boulevard

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Are insurance companies bound to pay claims for phishing attacks resulting in third-party losses? RealPage, a Texas-based company, operated a rent-servicing portal whereby renters could pay their rent and landlords could get paid (minus, of course, a servicing fee to RealPage.) In May  2018, RealPage fell victim to a spear-phishing attack, during which the hackers were able to obtain and alter the credentials of a RealPage employee and redirect about $10 million the company had collected from renters and owed to landlords to their own accounts. $6 million was eventually recovered, and RealPage filed an insurance claim for the lost funds against a commercial crime policy it had purchased two months earlier.The policy purported to cover RealPage’s losses “resulting directly from the use of any computer to fraudulently cause a transfer” from within RealPage or its bank to a place outside RealPage or its bank. The policy also covered any loss “resulting directly from a ‘fraudulent instruction’ directing a financial institution to transfer, pay or deliver ‘funds’ from” RealPage’s accounts. The policy also covered any losses “resulting directly from ‘theft’ (including forgery) committed by an ‘employee,’ whether identified or not, acting alone or in collusion with other persons.”If you …

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Making a dent in customer claims using the power of human contact | PropertyCasualty360

making a dent in customer claims using the power of human contact | propertycasualty360

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When customers reach out for support, they want the experience to be three things: personal, fast and easy. (Credit: Shutterstock)

Insurance companies are experiencing an unprecedented surge in customer service calls and inquiries related to customers’ concerns, whether it’s about paying their premium on time or questions about coverage and copays related to tests and prescription drugs. The number is staggering: hold times during the current crisis have ballooned by as much as 38%, which naturally creates frustration among customers. And unlike the retail sector where customers can easily choose if and where they want to shop and which brands to favor, customers need insurance and often have fewer choices due to state regulation.

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Pandemic insurance fraud: What to watch for…

pandemic insurance fraud: what to watch for…

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Inflated auto towing and storage claims and arson are among the risks the industry faces from the economic downturn and social distancing arising from the pandemic, a fraud and data analytics expert warns.
“A legitimate accident may happen and [a towing firm goes] and picks up the vehicle and they charge $1,000 or $2,000 to disinfect it, and then they put it into storage to have it quarantined for 14 days using COVID-19 to build up those charges,” said Dennis Toomey,  Boston-based global director of counter fraud analytics and insurance solutions for BAE Systems Applied Intelligence.
Toomey is not aware of any specific instances in Canada of auto towing and storage fraud, but suggests it is probably happening here.
“If it is not, then be prepared for it,” Toomey said of inflated auto towing and storage claims. “That is something Canadians should be watching out for.”
The novel coronavirus was declared a pandemic Mar. 11 by the World Health Organization. Since then, social distancing precautions and mandatory business closures have resulted in layoffs in Canada. In Ontario alone, it is estimated that 1.1 million employees have lost their jobs, and another 1.1 million have seen their hours sharply reduced, The Canadian Press reported May 15.
“Whenever we …

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Technology as the backbone of an insurer

technology as the backbone of an insurer

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As a start-up insurer in an emerging market such as India, Digit Insurance is able to incorporate technology from the ground up, without having to deal with legacy systems, unlike older firms. One example of technological integration that Goyal provided was the flight delay benefit in Digit’s travel insurance product.

“We have made claim registration 100% automatic,” he said. “Every time there’s a flight delay, we pro-actively register the claim for the customer. Then we just ask for the boarding pass and the bank details and pay the flat benefit.”

According to the veteran insurance executive, technology is the backbone of Digit Insurance, aiding it in its goal to simplify insurance.

“Technology and simplification of processes is a win-win situation for both the consumer and the insurer, ensuring a sustainable business for us,” Goyal said. “We are one of the first insurance companies in India to be 100% on the cloud. From policy documents to claims, every process is paperless. One of the biggest advantages of being on the cloud is our ability for service recovery. We have simplified our processes end-to-end – from documentation to claims.”

Goyal, who was with Allianz from 1999 to 2016, credited the Allianz Business System (ABS) as …

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Are cloud-based technologies and AI the future for insurance?

are cloud-based technologies and ai the future for insurance?

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“Over the last eight weeks, most organisations have been trying to move from traditional ways of working to either at home 100% or a combination of the two,” Lester said. “Our organisation’s been helping a number of government agencies – both federal and state – and enterprises, both small and large, achieve an at-home capability.”

The next step, after organisations have transitioned to a fully remote workforce, is understanding how to efficiently manage that work at home environment.

“What’s becoming quite apparent is that traditional technologies just aren’t able to monitor effectively what the agent is actually doing,” he said, “to identify whether they’ve been effective and efficient in what they are doing.

“Then there is the loss of that human interaction because one-on-one communication that is face-to-face has been compromised during this pandemic. A lot of organisations are finding that their agents are actually becoming disassociated and not feeling connected.”

The key challenges for the insurance industry are visibility and understanding what’s going on at home; ensuring the highest level of service is being delivered to clients; and then, finally, keeping employees engaged and motivated.

“Organisations that are able to achieve these three key challenges are able …

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Getting More Bang for your Buck on car insurance with Pat Kenny | Newstalk

getting more bang for your buck on car insurance with pat kenny | newstalk

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All this week, The Pat Kenny Show is working to get our listeners ‘More Bang for your Buck.’
We’re bringing you experts on the best ways to battle your monthly bills and save more for that rainy day.
Today, we looked at ways to save on car insurance with Jonathan Hehir, Managing Director of the CFM group, which runs websites like of InsureMyCars.ie.

Corrina wants to know: Why is it so hard to get insured on a private passenger van?
I’m a mother-of-seven and I’ve been driving vans for the last 10 years. I used to be able to shop around for the best quote, but every year more insurance companies are refusing to insure nine-seaters.
This is a common inquiry, as the more we rely on technology for insurance prices, the harder it gets for drivers who don’t fit into a particular box.
Nine-seater vehicles on insurance company systems fall between commercial vehicles and the private car.
If you don’t have a commercial reason for the vehicle, the commercial insurance policies won’t give you a quote and the private car policies wont quote as the vehicle won’t be viewed as a …

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Artificial Intelligence (AI) and Content Service Platforms (CSP) in insurance | PropertyCasualty360

artificial intelligence (ai) and content service platforms (csp) in insurance | propertycasualty360

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Companies that use the right tools and solutions will be the ones to survive in our newly expanded digital world. (ALM Media archives)

Change is never easy. For years we have talked about digital transformation, but those efforts are accelerating at an unprecedented pace. In insurance as well as a myriad of other industries — including banking, retail and manufacturing — innovation is happening practically overnight.

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Online Life Insurance Market is Set for A Potential Growth Global Excellent Technology Trends with Business Opportunities by Lifenet Insurance, Dai-ichi Life Insurance, ACE

online life insurance market is set for a potential growth global excellent technology trends with business opportunities by lifenet insurance, dai-ichi life insurance, ace

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Market Research Inc recently announced its statistical study on Online Life Insurance Market to promote and scale up the growth of the industries. The report comes with the analysis of the risk factors which helps in tracking the ups and downs that are an obstacle for the businesses. The report has been made using primary and secondary research methodologies to discover the current and future statistics.
Request a Sample Online Life Insurance Market Research Report at @ 
https://www.marketresearchinc.com/request-sample.php?id=30055
This global Online Life Insurance Market is very highly inflamed in the regions such as North America, Latin America, Asia, China, Japan, Europe, and India. Facts and figures about the economic growth of the global competitors has been included in the statistical report. The data in terms of innovations, consumers, industries, and brands shape the future of the existing and upcoming businesses.
For competitor segment, the report includes global key players of Online Life Insurance are:
Lifenet InsuranceDai-ichi Life InsuranceACEMitsui Life InsuranceManulife FinancialJapan Post InsuranceMetLif
The recent advances in technology and the efficiency of the services and products of the Global Online Life Insurance Market is becoming a reasonable solution to the current needs of the consumers. …

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