Latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has increased. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2015, released this month, illustrates the increasing percentage of underwriting dollars going to pay claims on auto […]
Ford Launches App to Help Customers Save on Auto Insurance
Ford announced it is first to connect with the new DriverScore smartphone app that provides a personalized score based on individual driving behavior, which could lead to lower insurance rates. Developed by IVOX, DriverScore is a smartphone app compatible with the Ford SYNC AppLink platform. DriverScore empowers consumers by giving them the option to share […]
Study Finds Mutual Auto Insurance Companies Provide Best Value to Consumers
Report highlights significant difference in paid loss ratio between mutual, private and publicly-traded auto insurance companies. U.S. consumers effectively overpaid for auto insurance coverage by a stunning $101 billion in the last five years, a new study by insurance analytics company ValChoice has found. According to the company, 90 percent of consumers could have gotten […]
J.D. Power Reports Modest Increase in Auto Insurance Claims Satisfaction
Study finds that while the use of digital channels increases, technology can’t fully replace human connections during auto insurance claims process. The Hartford ranks highest in satisfaction among insurers without closed memberships. According to the J.D. Power 2016 U.S. Auto Claims Satisfaction Study, Gen Y customer satisfaction with the auto insurance process, while still the […]
Rising Automobile Claims Costs Put Upward Pressure on Price Of Insurance
I.I.I. White Paper Details Increase In Frequency and Severity of auto crashes. Over the past two years, U.S. auto insurance companies have seen private-passenger loss costs rise sharply as insurers receive more, and costlier, claims, according to the Insurance Information Institute (I.I.I.). “There has been an alarming increase in crashes and claims reported. This, combined […]
State Farm Projects 2016 Likelihood of Deer Collision
Cost of large animal claims down slight in 2015-2016 State Farm has released its annual deer claim study, which ranks states by the potential drivers had of hitting a large animal, including deer, elk and moose over a given time period. On average, one of every 41 West Virginia drivers will have an insurance claim […]
Ford Sees Emerging Revenue Opportunities in Autonomy, Mobility Services and Insurance
Vehicle manufacturer eyes transformation from traditional auto manufacturing to transportation services provider. Ford Motor Company (NYSE:F) told investors yesterday the company sees an attractive upside as it invests in emerging opportunities and expands as an auto and mobility company. Ford expects the financial performance of its core business to be strong through 2018 and its […]
Autonomous Vehicles May Reduce US Auto Insurance Premiums by More than 40% by 2050
According to the annual Global Insurance Market Opportunities report by Aon Benfield, premiums will shrink due to the adoption of autonomous vehicles. Forecast assumes an 81 percent reduction in claims frequency, increase in severity. Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON), has launched its annual Global Insurance Market Opportunities […]
NAIC Hosts Autonomous Vehicle Event for Insurance Regulators
Center for Insurance Policy and Research examines potential impact of autonomous vehicles on insurance sector. More than 300 regulators, consumer representatives and industry stakeholders discussed autonomous vehicles at a forum coordinated by the Center for Insurance Policy and Research (CIPR). The event, Gearing Up for Autonomous Vehicles, was held in conjunction with the National Association […]
Large U.S. Auto Insurers Drag Industrywide Customer Satisfaction Down
According to the latest research from J.D. Power, the decline in satisfaction is due to price perception. After improving in each of the past two years, a decline in satisfaction among the nation’s largest auto insurers is driving overall industry satisfaction downward as customers react negatively to the perception of price increases, according to the […]