Willkie Farr & Gallagher LLP’s Post

All lines of insurance will have major changes and implications occur this and next year, especially with A.I and the insurance industry being very much behind in comparison with others already applying and utilizing its advantages. The approach to many markets in insurance will be somewhat different in my opinion, more like a "hybrid." when incorporating new advanced tech. That's because personable, real people and negotiating will always be a crucial, intricate part in insurance. Like with Bankers, financial advisors, and so on.

The summary: Root Insurance uses technology to analyze data and predict costs. When inflation made things like car repairs more expensive, Root's systems quickly recognized these changes. Their technology then adjusted the prices they charge for insurance to cover these higher costs. This ability to swiftly adapt helped Root manage their financial risk effectively during an inflationary period, demonstrating the robustness of their tech-driven approach https://buff.ly/3VqYZ5Y

The summary: Root Insurance uses technology to analyze data and predict costs. When inflation made things like car repairs more expensive, Root's systems quickly recognized these changes. Their technology then adjusted the prices they charge for insurance to cover these higher costs. This ability to swiftly adapt helped Root manage their financial risk effectively during an inflationary period, demonstrating the robustness of their tech-driven approach https://buff.ly/4bf0TfW

Here are THIS WEEK'S HEADLINES for June 10, 2024 : · FinCEN’s Year: Infographic Highlights · FINRA Foundation Finds Consumers Are Not Sold on AI for Financial Advice · Hefty Fine: Treatment Center Penalized $2.5M by FTC for Privacy Failures · Your Guide to Insurance Regulations, Bulletins, and Legislation #insurancecompliance #insurancecomplianceinsight #insuranceinsights #insurance #compliance #compliancenews #compliancenewsletter #insuranceregulation #insurancebulletins #insurancelegislation #fincen #fincenalert #employeeretention #employeeretentioncredit #employeeretentioncreditfraud #sars Subscribe today or request a FREE 3-week trial from our Contact Us page.

Amid regulatory change and customer expectations shifting from simply getting the payout to requiring a streamlined process, insurers are updating their claims processes. When it comes to claims management, there is a clear recognition from within the insurance industry that the old ways of doing things are no longer fully aligned to the developing expectations of its customers. Find out what is changing...

In this report, we explore some of the drivers for claims transformation in today’s market, identify the opportunities and barriers, and share key considerations to help insurance organisations on their transformation journey. Read more herehttps://lnkd.in/eFDyggEd

Artificial Intelligence in Insurance | The Rise of A.I. The e-book by Vymo provides an overview of how A.I. is poised to impact the insurance value chain across four key areas: Product Development, Sales and Distribution, Underwriting & Risk, and Claims Processing. #insuranceindustry #artificialintelligence #emergingrisks https://lnkd.in/eCbHUFD6

Our latest blog post delves into the transformative role of reporting and analytics in improving insurance verification processes. Learn how utilizing data insights can streamline processes, enhance accuracy, and drive excellence in insurance verification. https://lnkd.in/g92s56DK

The New York Department of Financial Services (NYDFS) issued Insurance Circular Letter No. 7, which provides guidance on the use of Artificial Intelligence (AI) and External Consumer Data and Information Sources (ECDIS) in insurance underwriting and pricing. The Circular has significant implications for the insurance industry, especially in the areas of data governance, algorithmic accountability, and consumer protection. Join DLA Piper's Kathleen Birrane, Zev J. E., and Mike O'Day as they discuss the key aspects of the circular, the challenges and opportunities it presents for insurers, and the best practices for compliance and risk management. #NYCircular #insuranceregulation #artificialintelligence

⚠️For insurance friends ⚠️ Very interesting AI regulations are emerging for insurance underwriting. A must-read for insurance professionals. Instead of combing through pages and pages of legislation, this overview highlights everything you need to know... 🔗 https://lnkd.in/eerV8DDj