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Leading U.S. Insurer Awards Verint $4.5 Million Contract to Deploy AI-Powered Bots 0

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Leading U.S. Insurer Awards Verint $4.5 Million Contract to Deploy AI-Powered Bots

Melville, NY (Aug. 1, 2024) – Verint®, The CX Automation Company™, is pleased to announce that a leading insurance company awarded Verint a $4.5 million contract over three years. They will use the Verint bots to increase CX automation and deliver AI business outcomes across their contact center of 3,000 agents. The insurer is looking to increase agent capacity and elevate CX across three business units. They will deploy multiple AI-powered Verint bots including the Exact Transcription Bot, Knowledge Automation Bot, Coaching Bot, Interaction Wrap Up Bot and Data Insights Bot. These bots will initially be deployed across 600 agents in one business unit with plans to extend to the other business units and remaining agents in the near future. The insurer expects Verint’s solution to pay for itself in under six months and increase the usage volume of the AI-powered bots over time. “AI is reshaping the insurance landscape and creating new opportunities to increase CX automation now,” says Verint’s Jaime Meritt, chief product officer. “Around the world, insurance brands are leveraging Verint’s AI-powered bots and reporting strong AI business outcomes, creating more capacity in the contact center and elevating the customer experience.” Visit Verint Open Platform for more...

IMS Applauded by Frost & Sullivan for Shaping Safer and Smarter Mobility with Its Telematics and Connected Insurance Solutions 0

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IMS Applauded by Frost & Sullivan for Shaping Safer and Smarter Mobility with Its Telematics and Connected Insurance Solutions

IMS’s telematics insurance solutions for usage-based insurance (UBI) provide cost-effective and streamlined access to vehicle and driving data, refining the overall driver experience and revolutionizing the insurance landscape San Antonio, TX (Aug. 1, 2024) – Frost & Sullivan recently researched the telematics insurance industry and, based on its findings, recognizes IMS with the 2024 North American Technology Innovation Leadership Award. The company offers a suite of fully digital UBI solutions that cater to the diverse needs of insurers and policyholders in today’s fast-paced insurance landscape, where consumers demand faster, fairer underwriting and slicker claims experiences. IMS’s solutions allow insurers to refine pricing practices, improve risk management, streamline claims processing, reduce operational costs, and enhance overall customer satisfaction and experience. With over a decade of global expertise in insurance telematics programs, IMS provides a carrier’s policyholders with detailed driving style feedback with personalized premiums and provide insurers with invaluable, actionable insights into risk assessment and mitigation. IMS relentlessly focuses on customer engagement-led product design and enables drivers to enhance their driving behavior, fostering a safer and more efficient mobility ecosystem. IMS leverages extensive expertise in data analytics, transforming raw data points into predictive risk scoring and equipping insurers with the tools...

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Oklahoma Contractor Faces $85K Fine Over Fatal Trench Collapse

Article 0 Comments An Edmond, Oklahoma contractor with a history of workplace safety violations dating back to 2018, including three related to the dangers in underground trenches, was found disregarding U.S. Department of Labor regulations. In February 2024, investigators with the department’s Occupational Safety and Health Administration learned a 61-year-old pipe layer employed by Jerlow Construction Co. suffered fatal injuries when a 9-foot deep trench collapsed at a residential work site near Shawnee. The agency determined the employer allowed their employees to work in an excavation without proper protections, including shielding, benching, sloping or other devices. The incident occurred as employees worked below the surface to install an 8-inch water line. “No one should ever be allowed to enter or work in an excavation without required protective systems in place and without inspection of the trench by a qualified person,” explained OSHA Area Director Steven Kirby in Oklahoma City. “Despite numerous warnings and notices of violations for failing to protect employees in trenches, Jerlow Construction has joined the all-too-long list of employers whose defiance of federal regulations resulted in a preventable loss of life. Their failures are inexcusable.” OSHA issued citations to Jerlow Construction for one repeat violation and three...

Climate Change, Natural Catastrophes and Consumer Awareness 0

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Climate Change, Natural Catastrophes and Consumer Awareness

Toronto, ON (Aug. 5, 2023) – The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) are encouraged to see insurers and intermediaries’ response to the CCIR’s Position Paper, Climate Change, Natural Catastrophes and Consumer Awareness. In 2023, the CCIR released this position paper that focuses on actions the insurance industry can take to ensure Canadians receive and understand information about the risk of natural catastrophes to their property and policy coverages that can help address their risk. Since then, CCIR has partnered with CISRO to engage the property and casualty insurance sector on addressing the recommendations in the 2023 position paper. In response to that engagement, the Insurance Bureau of Canada (IBC) and the Insurance Brokers Association of Canada (IBAC) have jointly established a working group to engage with the property and casualty insurance sector to explore ways to enhance existing practices to help Canadians better understand how natural catastrophes could affect their home and property. CCIR and CISRO are encouraged to see insurers and intermediaries’ response to the position paper to collaborate on ways the insurance industry can help Canadians become better informed. “CCIR is very encouraged by the collaboration between insurers and...

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New Retirement Income Model Shows Which Workers Are at Highest Risk

What You Need to Know Research highlights challenges facing certain demographics, particularly single women and people of color. Baby boomers and Gen Xers are up against shorter accumulation periods in workplace retirement plan savings. Consistent participation in retirement plans helps all groups achieve greater readiness. A detailed new retirement readiness model created by researchers at Morningstar confirms that defined contribution plan access provides a big boost to retirement readiness for a given individual, but the work also lays bare some major gaps in readiness among certain demographic groups. Specifically, lower-income workers are at a considerably higher risk of retirement insecurity — especially if the funding woes of Social Security aren’t addressed — as are baby boomers and members of Generation X who face shorter accumulation periods in workplace retirement plan savings. The findings from the new “stochastic decumulation module” are detailed in a white paper put together by Spencer Look, an associate director of retirement studies, and Jack VanDerhei, director of retirement studies. Look and VanDerhei suggest that the new model offers an improved understanding of U.S. retirement readiness thanks to its explicit breakdown of many important post-retirement considerations, such as longevity risk, investment risk and the risk of catastrophically expensive...

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California Commissioner Orders Insurance Cancelation Moratorium for 185K Residents

Article 0 Comments California Insurance Commissioner Ricardo Lara issued a one-year moratorium on insurance companies to preserve residential insurance coverage for more than 185,000 policyholders affected by the Park, Borel and Gold Complex fires. The moratorium shields those living within the perimeters or adjoining ZIP Codes of these fires from insurance non-renewal or cancellation for one year from the date of the Gov. Gavin Newsom’s emergency declarations regardless of whether they suffered a loss. The order protects more than 185,000 policyholders for one year for the fires. Consumers can go to the California Department of Insurance website to see if their ZIP Code is included in the moratorium. The Park Fire is now the state’s fourth largest on record. It is now 427,067 acres and is 34% contained, and it covers four counties— Butte, Plumas, Shasta and Tehama. The fire has destroyed 636 structures and damaged 49 structures. The Park Fire started on July 24. A Chico man accused of setting the fire by pushing a flaming vehicle into a grassy area was arrested, and he has said it was an accident. July and now August have been active for wildfires. According to CalFire, 4,946 wildfires have burned 805,096 acres...

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This Looming Health Threat Faces a Third of Older Americans. Advisors Can Help.

Fortunately, research has shown that lifestyle changes can go far in delaying the onset of symptoms and reducing their severity when present. A proper diet, no drinking or smoking, moderate exercise, ample sleep, low stress and strong relationships have proved helpful. The key, though, is to incorporate this lifestyle as early as possible. A new study from the New England Journal of Medicine reveals that people might have Alzheimer’s 20 years before they develop symptoms. The U.K. set a goal to diagnose two-thirds of patients early, but that remains elusive. This is why financial advisors must engage with clients on this important topic. In addition to the emotional toll, the financial burden is often devastating. Round-the-clock care can cost $150,000 per year. Spouses often find themselves forced to forgo promotions and shift to part-time work — or leave the workforce entirely — to serve as caregivers. Children spend an average of $7,200 annually on caring for a parent. What Advisors Can Do An advisor is the individual best positioned to alert clients that their future is likely to involve dementia or Alzheimer’s. This can include being persuasive in helping them decide to improve their lifestyle, and to increase their savings or alter their...

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Arkansas Fines PBMs $1.5M for Violating State Law

Article 0 Comments Arkansas Governor Sarah Huckabee Sanders and Insurance Department Commissioner Alan McClain announced Tuesday notices of penalties and hearings against four major pharmacy benefit managers (PBMs), Caremark, Magellan, Express Scripts, and MedImpact. These enforcement actions follow on the heels of a June 28, 2024, bulletin issued by the Insurance Department advising PBMs to cease paying Arkansas pharmacies below the national average drug acquisition cost (NADAC), in violation of state law. The Department is seeking a $5,000 fine for each payment made below NADAC pricing. PBM Caremark is alleged to have committed approximately 217 violations, Magellan, 50 alleged violations, and Express Scripts, 19 alleged violations. This is the largest pharmaceutical enforcement action in Arkansas history, totaling $1.47 million in possible penalties. Source: Office of the Governor of Arkansas Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

Modernizing Customer Correspondence in Insurance 0

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Modernizing Customer Correspondence in Insurance

By Patrick Kehoe, EVP of Product Management, Messagepoint, Inc. — Customer expectations have changed dramatically in recent years. While printed communications were once accepted as standard, younger generations of consumers have a strong preference for dynamic and highly personalized digital experiences. Yet despite this, print documents and PDFs continue to be the primary mechanism for many of the insurance industry’s communications, even though consumers expect to communicate via their phones using digital friendly apps and portals. This creates challenges for traditional insurers when faced with competition from digital-native market entrants that cater to consumers’ digital preferences throughout the entire customer lifecycle from marketing to onboarding through servicing. Many of the systems that are relied on to generate these communications were designed in a time when print was the primary communication channel. They are built around the rigid structures of generating documents and lack the flexibility required to accommodate newer digital engagement. These outdated systems lock content into individual communication templates, making it impossible to reuse content across multiple channels in formats that are suitable for digital apps. In order to stay relevant and compete in a world with changing consumer demographics and expectations, insurers need to take a hard look...

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PE Owners: Act Fast Before the Estate Tax Exemption Shrinks

What You Need to Know The historically high estate tax exemption could fall by about 50% at the end of 2025. Planning may be especially apt for private equity principals holding carried interests. Clients who wait too long to engage legal and accounting experts may find themselves out of luck. Clients with a substantial portion of their legacy wealth tied up in private equity investments have less than 18 months to prepare for the sunset of key provisions of the 2017 tax overhaul known as the Tax Cuts and Jobs Act — particularly the reduction of the estate tax exemption. “That is just not a lot of time to get some potentially complex planning done,” warned Mike Kirkman, a partner and certified public accountant at Cherry Bekaert. “Specific strategies such as lifetime gifting and vertical slice planning can be very effective for wealthy clients looking to mitigate their estate taxes, but they aren’t straightforward.” Adding more pressure is that legal and accounting professionals with the expertise to help clients enact these and other wealth-protection strategies are already in sky-high demand. So much so that clients who wait too long may find themselves out of luck. “This is the busiest time...