The insurance industry is at a pivotal moment, as a recent survey uncovers an overwhelming need for greater transparency and automation in the claims processes. The RDT Tech Poll, which surveyed insurance professionals, has revealed the extent of dissatisfaction with current claims systems. An
The Philippine Health Insurance Corporation (PhilHealth) is taking a transformative step toward modernizing its operations by integrating an AI-powered system for processing health insurance claims. This initiative aims to streamline access to healthcare services and enhance operational efficiency
The insurance sector is increasingly grappling with the growing challenge of combating fraud facilitated by advancing artificial intelligence (AI) technologies. The issue has intensified as sophisticated AI tools have made it easier for fraudsters to create deepfakes and fake images that deceive
The recent announcement by State Farm regarding a substantial proposed increase in homeowners’ insurance premiums in California has sparked significant debate. As the largest insurance provider in the state, State Farm’s actions have widespread ramifications, affecting nearly 1.2 million hom
State Farm, the largest home insurance provider in California, has recently proposed an average homeowners insurance rate increase of 30%. This potential hike stands as the company's most significant in California's history, following earlier approved rate increases of 7% and 20% this
The realm of auto insurance is undergoing a seismic shift as cutting-edge technology collides with traditional practices. In this evolving landscape, Roadzen Inc., a pioneer in AI-driven solutions, has forged a strategic alliance with Oriental Insurance Company Ltd. (OICL), a leading insurer in
The insurance technology (insurtech) industry is undergoing a profound transformation fueled by artificial intelligence (AI). This technological revolution is not only enhancing customer service and internal efficiency but is also raising critical ethical and security considerations. As AI
The recent veto by Louisiana Governor Jeff Landry of proposed insurance reform legislation aimed at revising the state's collateral source doctrine has sparked a lively debate. This doctrine ensures that policyholders receive compensation from the liable party for damages regardless of any
The recently launched National Health Claim Exchange (NHCX), an innovative digital platform by the Insurance Regulatory Development Authority of India (IRDAI), is set to revolutionize the health insurance landscape. Developed in collaboration with the Ministry, the NHCX aims to address
In a noteworthy development that underscores the growing confidence of investors in InsurTech companies, Amplify Life Insurance has successfully closed its Series B funding round, raising $20 million. The San Francisco-based firm, founded in 2019, aims to revolutionize the life insurance landscape
