Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: smart homes by insurers, A.I. and insurance, and identity theft.
Smart home devices from insurance companies
Over the last few years, home insurers have begun partnering with smart home solutions companies to offer premium discounts to customer who use products such as water leak sensors and fire/carbon monoxide detectors. These IoT devices can help prevent damages to homes and reduce claims. A new whitepaper by Parks Associates now suggests that insurers should offer their own branded smart home products and leverage the user data to improve risk assessment. Read more in John Liu’s article, Insurance firms should provide their own smart home products for asmag.com.
Insurers should take advantage of AI
Excerpted from Smart solutions for Insurance Companies with Artificial Intelligence on cioreview.com: Digitalization has provided organizations with huge sets of data, opening new avenues to deploy and benefit from Big data and analytics. Every year insurance companies report billions of dollars of fraudulent cases and the most common form of fraud is identity theft. There is an imminent need for data to be secured and discovered properly to mitigate such fraudulent claims. AI with machine learning, big data and analytics can enhance the efficiency of data.
Identity theft: What insurers should know
According to the Generali Global Assistance 2019 Cyber Barometer, some three out of five Americans report they are ‘very worried’ about cybersecurity issues and say an identity theft incident would be ‘very stressful’. On the plus side, most Americans are aware of threats and are interested in taking steps to protect themselves. Elana Ashanti Jefferson, in her propertycasualty360.com article, Americans and identity theft: 8 things insurers should know, highlights some of the findings from the study.
The Oscars are coming…and so are the diamonds
Every year, Hollywood stars promenade down the famed red carpet at the Academy Awards. And every year, designers vie for the opportunity to outfit celebrities in their latest styles. What better advertising? In addition to the fabulous gowns worn by starlets, jewelry designers and dealers also vie for the coveted honor of having a celebrity wear their creations. In 2018, the estimated value of jewelry and watches loaned to attendees was more than $30 million, presenting an interesting liability issue. Read more in Million-dollar red carpet gems require unique protection by Burns & Wilcox for propertycasualty360.com.
Many home policies didn’t survive the fires
Excerpted from Pauline Bartolone’s article for NPR, Their Home Survived the Camp Fire – But Their Insurance Did Not: Tom and Tamara Conry were dead set on returning to Paradise after the deadly Camp Fire destroyed the town last November. The couple’s home was barely touched by the fire, and most other survivors had a much steeper climb to recovery. But when their property insurer notified them in December that it wasn’t renewing the couple’s homeowner’s coverage, they realized that returning home would be even harder than expected.