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Tag: Insurance

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Finance
Insurance firms are facing increasing competitive pressure on all fronts due to the emergence of a number of insurance technology (insurtech) start-ups, according to a report.With the integration of technologies like artificial intelligence, blockchain and drones entering the insurance mix, the sector is being forced to rethink its model.The World Insurance Report, published Wednesday by consulting giant Capgemini and non-profit industry body Efma, found that nearly one third (31.4%) of customers relied on insurtech solutions - either exclusively or in combination with an established insurance company."Customers are seeking more digital touch points for convenience, as customers experience in their daily lives that degree of personalization," Keith Webb, vice president at Capgemini and co-...
Millions who buy health insurance brace for sharp increases

Millions who buy health insurance brace for sharp increases

Health
Millions of people who buy individual health insurance policies and get no financial help from the Affordable Care Act are bracing for another year of double-digit premium increases, and their frustration is boiling over. Some are expecting premiums for 2018 to rival a mortgage payment. What they pay is tied to the price of coverage on the health insurance markets created by the Obama-era law, but these consumers get no protection from the law's tax credits, which cushion against rising premiums. Instead they pay full freight and bear the brunt of market problems such as high costs and diminished competition. On Capitol Hill, there's a chance that upcoming bipartisan hearings by Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., can produce legislation offering some relief. But it...
Most homes in Hurricane Harvey's path don't have flood insurance

Most homes in Hurricane Harvey's path don't have flood insurance

Finance
NOAA: Days of miserable weather aheadMost homes in the path of Hurricane Harvey don't have the flood insurance that owners would need to rebuild if their homes are damaged or destroyed. Standard homeowners insurance policies cover damage from the high winds that are associated with a hurricane, but they don't cover damage from rain or flood waters, such as storm surges or overflowing rivers. But the National Hurricane Center is forecasting up to 35 inches of rain in some locations by the middle of next week due to the storm, which could bring flooding far beyond the Texas coastline. Related: Hurricane Harvey could cause $ 40 billion worth of damage to Texas homes Figures from the National Flood Insurance Program show that only 15% of homes in Harris Country, which includes Houston, have fl...
If you have student loan debt, you might also need life insurance

If you have student loan debt, you might also need life insurance

Finance
Taking out a life insurance policy as a new college graduate may not be top of mind, but it's worth exploring if you have student loans. Some of that debt can live on, even if you die."That's not something that college-age students and their parents tend to think about," said Betsy Mayotte, director of consumer outreach and compliance for American Student Assistance, a nonprofit focused on higher education financing.Four in 10 student borrowers now owe at least $ 20,000 at graduation, double the share from a decade ago, according to a new report from the Consumer Financial Protection Bureau. Over the same period, the number of those owing at least $ 50,000 has more than tripled, from 5 percent to 16 percent of borrowers.If a relative or friend has co-signed on a student loan for you, and y...
How to decide when to get travel insurance

How to decide when to get travel insurance

Finance
There are plenty of what ifs that could derail your travel plans. But does it necessarily follow that you need travel insurance?Nervous travelers have had plenty of real-world examples this summer, from a power outage in the Outer Banks off North Carolina that forced the evacuation of an estimated 50,000 visitors and prevented the arrival of many more, to Tropical Storm Cindy, which affected travel in five states. Last week, the National Oceanic and Atmospheric Administration raised its tropical storm and hurricane forecast, noting this year could be "extremely active."More travelers are opting in for coverage. Last year, 42.6 million travelers purchased more than 32.3 million travel insurance plans, according to the U.S. Travel Insurance Association. Those numbers are up 23.7 percent and ...