PowerPoint Presentation

Trends in Insurance ClaimsBy: Phillip Bichy

More use of Big Data

Costly but necessary

Insurance companies utilize data to make decisions

More effective risk assessment

Insurance companies are concerned with risk mitigation

Fraud Mitigation

Across the country fraud is on the rise

Fraud is costly and not only effects the insurance company but also the customer

RidesharingRidesharing is new to the insurance industry

Coverage can be complicated depending on each specific loss

Conclusions:

As the industry moves forward the reliance on data will increase to make decisions. Insurers need to be willing to change to be competitive.

Costs to the insurer trickles down to the customer. A major cost to any insurance company is fraud, whether small or large. Insurers need to be creative to uncover these.

New industries are being created and others changing. Insurance policies practices need to be adjusted to be as effective as possible and mitigate risk.

ReferencesAuto insurance fraud is rising in New York, says new article on New York Motor Insurance website. (2013, February 18). PR Newswire. Retrieved from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=edsgbe&AN=edsgcl.319263780&site=eds-live&scope=site

Ford, M. (2015). Beyond big data: Inside the technological evolution of property & casualty insurance. Claims, 63(06). Retrieved from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=edsgbe&AN=edsgcl.416087780&site=eds-live&scope=site

Jaafari, J. (2015). 4 technologies that are revolutionizing the insurance industry. Property and Casualty 360. Retrieved from http://ezproxy.umuc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=edsgbe&AN=edsgcl.399980003&site=eds-live&scope=site

Rogak, L. N. (2003, November 23) One of the hottest fraud trends: False statements in auto apps, such as garaging, to save premium $$$$. Insurance Advocate. 14, 45. False Tetrault, P. (2014). Grappling with ridesharing. National Underwriter. 54-55.

Tuckey, S. (2005). New York auto market: rates down, availability up. National Underwriter Property & Casualty. 12-15.