“Policy makers should build on progress made by the Affordable Care Act by continuing to implement the Health Insurance Marketplaces and delivery system reform, increasing federal financial assistance for Marketplace enrollees, introducing a public plan option in areas lacking individual market competition, and taking actions to reduce prescription drug costs.”
“These four insurers have agreed to do the right thing for consumers and to use the Death Master File to determine if a life insurance policyholder died and then to pay benefits,” said Commissioner Dave Jones. “I urge other life insurers to follow the lead of the 24 life insurers who have entered into regulatory settlement agreements to use the Death Master File to identify deceased policyholders and pay benefits to their beneficiaries.”
“Insurance companies’ heavy reliance on the popular premium discount model is hindering progress of the usage-based insurance market in the U.S., according to a new study by Novarica.”
“If you’ve ever bought car insurance, you’ve probably considered switching insurers. Given how quickly rates can spike — and the glut of competitors to choose from — there’s incentive to look often for a better deal. You also may want to swap policies if you’ve received poor customer service or are moving to a state outside your insurer’s territory.”
“Like most other parts of the insurance business, claims operations are undergoing significant change. Shifting customer priorities, technological advances and even demographic changes will lead to profound change and present opportunities for transformation.
EY’s Future of Claims research identified six significant external business drivers that are reshaping claims organizations and reshuffling its priorities”
A Florida-based homeowners insurer has beefed up its flood insurance offering with the launch of a new flood-coverage only company called TypTap.
The new company, a wholly owned subsidiary of Homeowners Choice Property & Casualty Insurance (HCI), one of the top writers of flood insurance in Florida, began operations on March 1 in Ocala after being licensed to offer standalone admitted flood coverage in the state on Jan. 15.