Massachusetts Motorcycle Insurance

Automobile Insurance, Insurance Technology

Article | December 19, 2022

The rise in remote work during and after the pandemic has increased cyber vulnerabilities significantly. Cyber insurance protects your company from the financial consequences of cyber threats or data breaches involving computer systems and data. Credit card numbers, social security numbers, account numbers, health records, and driver's license numbers are examples of sensitive customer information. According to a recent SBA survey, 88% of small business owners believe they are vulnerable to a cyberattack. If your company is a victim of cybercrime, the cost of recovery can be prohibitively expensive, including specialized repairs and legal fees. One of the most difficult challenges is quantifying cyber risk. Although approaches and frameworks like NIST CSF, CIS 20, NCSC Cyber Essentials, and ISO 270001 aid in the development of cyber security capabilities, they do not provide the tools to quantify risk. As a result, leaders frequently overestimate their cyber maturity while underestimating cyber insurance premiums. Potential Cyberattack Types are: Breach of data: A breach occurs when critical information, such as personal financial information, is stolen. Cyber-attacks on computers:Your computer system is hacked and compromised in this type of cyberattack. Extortion via the internet:During an extortion threat to your company's computer system, thieves may demand ransom payments. To address these issues, a variety of approaches can be used, ranging from zero-trust models to multi-factor authentication (MFA) and end-point detection and response (EDR) (EDR and XDR). Protective monitoring, encryption applied to the most critical aspects of your network, and patch management processes can also provide insurers with the assurance they require. There are options for both small and large amounts of cyber liability coverage. A small cyber liability insurance policy could be added to the policy of a business owner. A larger cyber liability policy with higher limits would necessitate its own policy. Furthermore, they provide a real-time view of compliance through a risk-based approach that is consolidated, consistent, and aggregated across the entire organization. Workflow automation can help the IRM system become more efficient. By consolidating your risk management processes, you can ensure that controls continue to deliver on their objectives and demonstrate compliance with policies, standards, and regulations while having a lower impact on your day-to-day operational demands. All of this will make it easier to meet cyber insurers' requirements and give organizations confidence that their policy will protect them when they need it.

Insurance Technology

Article | July 14, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Insurance Technology

Article | July 13, 2022

In the insurance industry, artificial intelligence (AI) has become a buzzword. Nonetheless, despite the fact that we are still in the early stages of AI implementation, the industry has made significant progress. The Need for AI in Insurance Insurance is a long-established and highly regulated industry. Perhaps as a result, insurance companies have been slower to adopt technological change than other industries. Insurance is still dominated by manual, paper-based processes that are time-consuming and necessitate human intervention. Even today, customers must deal with time-consuming paperwork and bureaucracy when filing a claim or enrolling in a new insurance policy. Customers may also pay more for insurance if policies are not tailored to their specific needs. Insurance is not always a pleasant customer experience in an age when most of our daily activities are online, digitized, and convenient. Having said that, we are beginning to see a global push by insurance companies to enhance their technological capabilities in order to do business faster, cheaper, and more securely. There have been several notable examples of insurers investing heavily in Artificial Intelligence solutions in recent years. If AI technology is fully applied to the insurance industry, McKinsey estimates a potential annual value of up to $1.1 trillion. How are insurers implementing AI? There are numerous examples of insurers around the world using AI to improve both their bottom line and the customer experience. There are also a slew of start-ups offering AI solutions to insurers and customers. I'll discuss a few interesting cases here. The Future of Artificial Intelligence in Insurance AI has the potential to transform customers' insurance experiences from frustrating and bureaucratic to quick, on-demand, and more affordable. Customized insurance products will attract more customers at lower costs. If insurers apply AI technology to the mountain of data at their disposal, we will soon see more flexible insurance, such as on-demand pay-as-you-go insurance and premiums that adjust automatically in response to accidents, customer health, and so on. Insurance will become more personalized as insurers use AI technology to better understand what their customers require. By accelerating workflows, insurers will be able to save money. They will also discover new revenue streams as artificial intelligence-driven analysis uncovers new business and cross-selling opportunities.

Article | April 13, 2020

Amid COVID-19, banks began offering mortgage deferrals and slashing credit card interest rates in half for cardholders who need relief. Home and auto insurance companies COVID-19 plans are now being released. How will this impact your insurance right now? How can you save on insurance during COVID-19, while making sure to stay protected?