Your center for insurance and risk management tips, news and trends.

Why Machine Learning Is the Next Big Opportunity for Insurance Professionals

Posted by Parker Beauchamp on Sep 07, 2016

Machine learning is a branch of artificial intelligence (AI) that deals with teaching computer algorithms how to improve their results. This can happen in a supervised environment, in which humans tell the computer the correct answers and it learns from them. Or, it may occur in an unsupervised environment, in which the computer improves on its own.

This may sound like science fiction, but it’s a real—albeit unseen—technology that powers our modern world. For instance, Amazon uses machine learning to refine its recommendation algorithms: each new purchase you make gives Amazon’s recommendation engine more insight into what you like, and it adapts accordingly. Netflix uses machine learning to offer suggestions on what to binge-watch next.

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Topics: Insurance News & Trends

How Insurance Agents Can Market to Millennials: Q&A With a Young Industry Pro

Posted by Parker Beauchamp on Sep 01, 2016

Move over baby boomers, there’s a new generation of movers and shakers who are calling the shots now: millennials. According to Pew Research, millennials — the current generation of 18 to 34 year olds — is now the largest living generation. And this group hasn’t kept quiet: they’ve taken over headlines as being digitally savvy, adventurous, and outgoing on social and political topics alike.

What’s more, millennial communication and shopping preferences have forced many industries to rethink the customer experience and sales process. Old-fashioned tactics may have worked on their parents and earlier counterparts, but direct mail and cold calling will get you nowhere with this group. Instead, they expect intelligent, personalized interactions that are less disruptive and precisely targeted to their needs.

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Topics: Insurance News & Trends

Ubers, and Lyfts and Rideshares — Oh my! The Insurance Implications for an Evolving Industry

Posted by Parker Beauchamp on Aug 24, 2016

Note: This post was updated on Aug. 24, 2016 to include updated information and resources.

Over the past few years, rideshare services, such as Uber and Lyft, have made their mark on cities across the nation and have grown to be a billion dollar industry. Since the inception of their popularity—largely during 2013 and 2014—one question has remained consistent: “How do rideshare services differ from taxi services and how are their drivers and passengers insured?

Popularity and rising safety concerns have forced the insurance industry to rethink auto coverages for these evolving services and their unique needs. While rideshares are similar to traditional taxis, the insurance coverages, compensation and responsibilities have generally been quite different between the two transportation options.

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Topics: Insurance News & Trends

Information and Technology Insurance: Basics of Insuring a Tech Startup

Posted by Parker Beauchamp on Aug 11, 2016

Insurance protection is essential for the survival of any business, but this is especially true for startups. Most businesses will invest in general liability insurance, which provides basic coverage for physical injuries, property damage and lawsuits. Tech startups, however, cannot assume this coverage will be sufficient for their venture; they must address their unique needs to protect their employees, intellectual property, software and equipment.

Uber, a ride-sharing service, realized the extent of protection required to keep the business afloat once they became a target for lawsuits. In response, the company designed an insurance plan to protect drivers and passengers, and clarify liability claims. This high-growth startup serves as an example of a company that successfully responded to its unique risks with appropriate insurance coverage.

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Topics: Business Insurance

NFL Concussion Lawsuit Shows Room for Improvement in Protecting Athletes

Posted by Parker Beauchamp on Aug 03, 2016

Football is one of America’s favorite pastimes, with record numbers of viewers each season watching the infamous Super Bowl game, making it one of the most highly anticipated and popular broadcasts of the year. Because of the love and fandom for football, the aggressive nature of the sport can be overlooked at times. But one of the most common injuries—concussions—continues to impact players long after their career is over, particularly in cases of chronic traumatic encephalopathy (CTE).

With the number of concussions among players rising nearly 32% in the 2015/2016 NFL season, the league is currently conducting a review of its current concussion protocol. The review comes during a time in which many are watching the league with a close eye, as recent developments in the NFL’s concussion lawsuit and settlement have shown the need for improvements—particularly in the areas of equipment and training practices.

Beyond better training methods and safer playing on the field, there’s an additional layer of protection for players not as frequently discussed—insurance.

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Topics: Risk Management, Insurance News & Trends