Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: new data tools for life underwriting, Identity Access Management platform announced, and news on COVID-19 lawsuits.
Combining medical and non-medical data for life underwriting
LexisNexis® Risk Solutions and ExamOne®, a Quest Diagnostics company and leading laboratory and prescription history data provider for life insurance, announced a strategic relationship to offer insurance carriers a next-generation life mortality model to underwrite new policies. The collaboration allows life insurers to more confidently expand age and policy ranges, utilize data in a more consistent, cost-effective manner, and deliver better experiences to consumers within minutes versus weeks using LexisNexis® Risk Classifier. Click here to read the full press release and download the report.
New Identity Access Management Solutions available
LexisNexis® Risk Solutions recently announced the availability of the LexisNexis® ID Compass Platform for Insurance. A multi-layered identity access management (IAM) solution, the platform combines physical and digital intelligence to help insurance carriers respond to identity risk and reduce friction for consumers seeking insurance quotes and other transactions. Click here to read the full press release and download the report.
Success for insurers in COVID-19 lawsuits
Excerpted from the Insurance Journal article, Insurers Gain Early Wins in COVID-19 Business Interruption Lawsuits, by Jim Sams: Insurers have succeeded in dismissing COVID-19 business-interruption lawsuits in 17 out of 23 cases heard so far, with a growing number of judges finding that some tangible alteration of a property is required to trigger coverage under commercial property policies.
Optimizing AI/ML in the time of COVID
The insurance industry’s biggest and most valuable resource is the data that insurance companies have collected over the years on everything from weather risk to consumer behavior. Insurers had only just begun to incorporate artificial intelligence and machine learning (AI/ML) into processing this data before the pandemic erupted. Ryohei Fujimaki, in his new article for Property Casualty 360, covers 5 tips for insurers for optimizing AI/ML during COVID-19, helping illuminate specific pain points and goals along with ways insurers can better use AI/ML to drive business impact.
Louisiana hurricane deductible law reminder
In advance of Hurricane Delta’s impending landfall, Louisiana’s state insurance department is reminding policyholders that the state’s single season named-storm/hurricane deductible law prohibits a homeowner from having to pay more than one named-storm/hurricane deductible in the same hurricane season. Louisiana Insurance Commissioner Jim Donelon wants policyholders affected by Hurricane Laura and who may be impacted by Hurricane Delta to be aware of that statute. Read more in the Insurance Journal article, Louisiana Insurance Commissioner: Pay Only 1 Hurricane Deductible Per Season.