LexisNexis: More insurance execs using, open to virtual claims, might go touchless

The 2019 LexisNexis Future of Claims Study released earlier this year found more insurance executives open to virtual and even touchless claims than two years prior.The results lend insight into what collision repairers might expect to see on the ground and how a shop might choose to handle customers employing newer claims processes.LexisNexis interviewed 24 senior-level auto claims executives from among the Top 50 auto insurance carriers and compared their answers in 2018 to just 18 months ago, in 2016, according to the white paper.All 24 continued to use the traditional claims process of an adjuster inspecting the vehicle and writing an estimate, and the number using Fast Track, such as a direct repair program shop writing the first estimate, grew from 20 to 21 carriers.

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The Hanover Insurance Group

As a top property and casualty insurance company, The Hanover is searching for the most talented professionals at every level to join our company. The Hanover offers a collaborative environment where you’ll gain new experience and grow your career. The Hanover offers comprehensive benefits to help you stay healthy, build financial security, and balance work/home life. At The Hanover, you’ll enjoy what you do and have the support you need to succeed.

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Core Insurance, Risk Management

10 Most Impactful AI-based Insurance Innovations of 2019

Article | August 4, 2022

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Automobile Insurance, Insurance Technology

The economy is slowing down: what does it mean for insurance companies?

Article | December 19, 2022

Since 2010, as countries waded out of the recession of 2008, they enjoyed economic growth. Coupled with technological innovation, the global economy really got a boost. But, mirroring Nature’s cycles, it seems it is now time to hit a plateau and slow down. In this article, we explore why the slowdown could be happening and more importantly, what it means for us in the insurance industry.

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Insurance Technology

Unlocking the potential of deeper customer-agent-insurer relationships

Article | August 9, 2022

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

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Covid-19 will make cyber and digital insurance policies more relevant than ever

Article | April 17, 2020

Kennedy's Elizabeth Bardsley discusses the risks brokers need to be aware of as more and more professionals work from home as a result of the coronavirus pandemic. As the insurance industry continues to grapple with the Covid-19 pandemic, many have begun to give thought to what lasting changes will stay with us once the crisis has passed. For example, attitudes towards flexible working are expected to permanently change as more and more professionals work from home. And in a similar vein, we are likely to see a significant impact on the popularity of cyber and digital liability policies.

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Spotlight

The Hanover Insurance Group

As a top property and casualty insurance company, The Hanover is searching for the most talented professionals at every level to join our company. The Hanover offers a collaborative environment where you’ll gain new experience and grow your career. The Hanover offers comprehensive benefits to help you stay healthy, build financial security, and balance work/home life. At The Hanover, you’ll enjoy what you do and have the support you need to succeed.

Related News

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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