Does Home Insurance Cover Damages from a Storm

| January 18, 2018

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Most home insurance policies will cover damage from wind and storms. Damage to the windows and siding of a house as a result of a storm and/or high winds would typically be covered by the insurance policy. The costs to replace these areas of the house would most likely be paid out by the insurance company as a result of a claim.

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Moreton & Company

Founded by J.B. Moreton in 1910, Moreton & Company started with two employees and a focus on the surety needs of the rapidly growing Salt Lake Valley. As one of the Top 100 privately held insurance brokers in the country (Business Insurance Magazine), "Top 100 Largest Brokers of U.S. Business," July 22, 2015, Rank #73 Moreton & Company employs nearly 200 professionals in six offices located in Utah, Idaho, Colorado and Wisconsin.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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The impact of Coronavirus on the insurance industry

Article | February 12, 2021

Unsurprisingly, that has had a knock on effect on financial service providers across the board and those in the insurance industry are no exception. In some cases insurers have started taking action to protect their businesses which, while sensible, left many consumers in the lurch as airlines failed to cancel flights and governments issued conflicting advice as to whether people should travel or not. Others in the insurance industry meanwhile are being forced into action to customers’ benefit by governments’ emergency responses to the virus.

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What Will My General Liability Insurance Cover?

Article | February 12, 2021

General liability insurance is one of the most important types of insurance you can buy to protect your business. It is a broad type of coverage that provides protection against general risks. General liability coverage protects you from third-party claims made against your business, such as bodily injury and property damage. It does not cover workplace injuries sustained by your employees – those are covered under workers’ compensation insurance.

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Can AI Solve Health Insurance Fraud?

Article | February 12, 2021

Insurance fraud scams seem to make the news at least every month, as organized criminals seek to exploit the way insurers reimburse clinics, pharmacies and other providers for their services. What’s often shocking is how much money fraudsters can steal from insurers before they’re caught. Recently, in a single month, two separate alleged fraud rings based in California were busted for scams that investigators say netted $20 million or more.

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Spotlight

Moreton & Company

Founded by J.B. Moreton in 1910, Moreton & Company started with two employees and a focus on the surety needs of the rapidly growing Salt Lake Valley. As one of the Top 100 privately held insurance brokers in the country (Business Insurance Magazine), "Top 100 Largest Brokers of U.S. Business," July 22, 2015, Rank #73 Moreton & Company employs nearly 200 professionals in six offices located in Utah, Idaho, Colorado and Wisconsin.

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