Artificial intelligence (AI) is set to change the health insurance industry, potentially slashing costs and boosting revenues for payers grappling with economic pressures. As insurers face rising medical service utilization and provider costs and tightening Medicare Advantage reimbursements, AI and automation technologies offer a possible solution to improve efficiency and profitability. Payers could reportedly achieve
High insurance premiums affect home-buying decisions Published 12:06 pm Monday, July 15, 2024 (Metro Creative Services) Earlier this year, CNBC reported that 31 percent of Gen Z can’t afford to buy or rent, and 2023 was the least affordable home buying year in more than a decade. In Southwest Louisiana, high interest rates and inflation
Article Content Have you noticed your homeowners insurance premiums going up, or even had trouble finding a policy at all? You’re not alone. Across the country, insurance companies are raising rates, reducing coverage, and sometimes even exiting the market entirely. As natural disasters increase in frequency and intensity due to climate change – with annual
Further Supports BIGN’s Innovative Approach to Risk Management Solutions CINCINNATI, July 15, 2024–(BUSINESS WIRE)–BOSS Bonds Insurance Agency, a subsidiary of General Indemnity Group (GIG), announced today a partnership with The Beyond Insurance Global Network (BIGN) to deploy BOSS Bonds’ industry leading SuretyBonds.Market (SBM) platform. Beyond Insurance was founded in 2007 with a focus on a
Global specialty insurer, Mosaic Insurance, has announced a restructure of roles across its underwriting and operational teams, in a move that is anticipated to drive growth within its agency business, effective immediately. This includes, Liam Jones becoming Agency CEO, where he will oversee strategic vision, growth, profitability, and operational excellence of the specialty insurers agency
Some insurance companies may have to make a change to how they settle certain kinds of home damage claims in Michigan next year. In many cases, insurance companies pay actual replacement costs for property damage claims. But if the homeowner decides to take what’s called Actual Cash Value instead, the company often depreciates or discounts
The dilemma in today’s labor market is real. In 2023, the U.S. labor market had 9.5 million unfilled jobs. Yet there were just 6.5 million unemployed workers, according to the U.S. Chamber of Commerce. If every unemployed person found a position tomorrow, there would still be over two million open positions. Finding talent today is
The risk of fire is devastating, leaving behind not only material losses but often human lives as well. Precautionary measures like checking electrical safety, handling flammable liquids or aerosol cans with care, and installing smoke detectors and fire alarms are indeed good investments. However, fire sometimes occurs in places we cannot monitor or control, making
By L.S. Howard A majority of global insurers are actively endorsing the application of AI chatbots and generative AI in claims resolution processes, underwriting and customer fulfilment, according to a survey conducted by Gallagher Bassett, the claims-services provider and subsidiary of Arthur J. Gallagher & Co. The survey found that insurers in 2024 are placing
By Chad Hemenway According to industry rating agency AM Best, there are enough positive factors to give the cyber insurance market a “stable” outlook despite a stall in premium growth. Analysts at AM Best issued a segment outlook and report in late June, and said the cyber market in 2023 was essentially flat following a