Insurers embracing data from the internet of things
The connected world is bringing new insights and analytics to the insurance industry according to Microsoft. On the company’s enterprise blog, managing director of worldwide insurance Tony Jacob writes: “We’re seeing increasing interest among insurance carriers in the smart home or smart facility type of opportunity. A growing collection of home automation devices, from Internet cameras and motion sensors to gas and water leak detectors, is providing data and insights that can inform insurance products as well as value-added services.” Jacob also notes that telematics from almost any device is changing the way insurers can tap into everything from risk identification to pricing and value-added products.
New global airline solutions partnership
Zurich Insurance and Collinson Group have launched a new partnership to provide solutions to the global airline industry. The venture will provide technology platforms to help airlines deliver better customer service and benefits. It will also allow airlines to gain better customer insight for travel insurance sales. The Collinson Group is a market leader in membership and loyalty programs and the collaboration with Zurich will enhance its global footprint and allow integration of customer-focused insurance products at an attractive cost to airlines.
UK report says creditor insurance industry unlikely to recover
In the UK there has been a scandal over the last few years relating to mis-selling of payment protection insurance products. Campaigns have seen thousands of customers using consumer laws to claim back premiums from policies they should never have been sold by banks, loan and credit card companies. A new report says that the creditor insurance industry is unlikely to bounce back from the scandal. Research firm Timetric reports that although there has been some “supportive trends” for the sector and many firms have managed to disassociate themselves from the scandal it expected creditor insurance to continue in decline for the next few years.
Farmers Insurance raises $3 million for charity with golf tournament
A golf tournament organized by Farmers Insurance and Century Club of San Diego has raised more than $3.1 million for local charities and organizations. The record figure was achieved during the four round annual event held in February and will help local children and families in the San Diego area.