The 2022 Atlantic hurricane season is officially underway. As always, there was a flurry of media activity on the launch day of June 01, with everyone sharing their (rather gloomy) predictions for the season ahead. Last week you were reading Allstate Files Patent Application For \u201cInsurance VR Simulator\u201d<\/a>.\u00a0This week we\u2019re bringing you:<\/p>\n Homeowners and public adjusters may feel a little more emboldened to record an insurance adjuster\u2019s inspection of a home after a Florida appeals court ruled in favor of the practice last week \u2013 the third such ruling in as many years.<\/p>\n The 4th District Court of Appeal in West Palm Beach held that the American Strategic Insurance Corp. policy does not address the question of video and audio recording of an inspection. The case should be remanded and reconsidered. The court reversed a Palm Beach County trial court\u2019s 2021 ruling in favor of the insurer, which found that the insurance policy did not authorize the filming of the insurer\u2019s inspector.<\/p>\n \u201cWe conclude that nothing on this record precludes an insured from recording an insurance adjuster\u2019s inspection while in the insured\u2019s own home,\u201d 3rd DCA Judge Martha Warner wrote in the opinion. \u201cThe trial court erred in entering declaratory judgment for the insurer.\u201d<\/p>\n American Strategic<\/a>, a Progressive Insurance Co. subsidiary based in St. Petersburg, argued that the HO policy did not permit recording its inspector. But the appellate court found that the policy did not forbid it, either. The judges noted that courts have consistently held that any ambiguity in a policy must be strictly construed in favor of the insured \u201cand strictly against the insurer.\u201d<\/p>\n Emerging tools such as artificial intelligence and natural language processing are being used in the insurance industry<\/a>, but costs remain high, and there are questions about bias being introduced into machine learning, according to a speaker at the Public Risk Management Association\u2019s annual meeting Monday.<\/p>\n \u201cEverything is smart these days,\u201d said Brian Billings, vice president of predictive analytics in Ballwin, Missouri, for Midwest Employers Casualty Co., part of W.R Berkeley Corp., and such devices as cell phones and televisions now collect data from their users. \u201cAll of that technology is being driven by the use of data.\u201d<\/p>\n Machine learning, including\u00a0artificial intelligence<\/a>\u00a0and natural language processing, takes the data being collected and tries to predict some kind of outcome, Mr. Billings said, such as a numerical value or, in the case of the insurance sector, a claims scenario.<\/p>\n With natural language processing, a model is trained to read text, Mr. Billings said. Such technology can take a 40-page discharge summary and extract specific relevant text, such as all doctors\u2019 or lawyers\u2019 names or medical notes. \u201cIt has huge implications in the claims adjusting space.\u201d He noted that his company has such tools in use.<\/p>\n The 2022 Atlantic hurricane season is officially underway. As always, there was a flurry of media activity on the launch day of June 01, with everyone sharing their (rather gloomy) predictions for the season ahead.<\/p>\n Forecasters in the\u00a0National Oceanic and Atmospheric Administration (NOAA)\u2019s<\/a>\u00a0Climate Prediction Center, a division of the National Weather Service in the United States, have predicted \u201cabove average\u201d hurricane activity for the 2022 Atlantic hurricane season, which runs until November 30. Specifically, they have predicted a 65% chance of an above-normal season, a 25% chance of a near-normal season, and a 10% chance of a below-normal season.<\/p>\n NOAA forecasters have predicted this above-normal activity due to several climate factors, including the ongoing La Ni\u00f1a that is likely to persist throughout the hurricane season, warmer-than-average sea surface temperatures in the Atlantic Ocean and Caribbean Sea, weaker tropical Atlantic trade winds and an enhanced west African monsoon.<\/p>\n Mobility insurance VOOM<\/a>\u00a0and specialty insurer Markel have teamed up to launch a per-mile insurance offering for motorcycles in select states.<\/p>\n VOOM will distribute the per-mile product directly to riders and through select partners, while Markel will provide underwriting and claims handling.<\/p>\n VOOM maintains that many motorcycle riders pay high seasonal insurance costs when they sit in the garage for weeks and even months. According to VOOM\u2019s research, the risk associated with low-mileage riding can be more than 80% lower than that of high-mileage motorcycling. Still, traditional insurance policies are annual across the board.<\/p>\n VOOM says per-mile coverage is ideal for motorcyclists who travel short distances or ride only on occasion. With this new offering, riders can pay a low monthly base rate determined by certain factors, such as the type of motorcycle they ride. The offering does not require a physical device or mobile app to track mileage or behavior. Instead, riders submit a photo of their odometers every month.<\/p>\n The offering is accompanied by online policy management and other coverage options, including liability, comprehensive, medical payments, collision, uninsured motorists, and accessory coverage are available.<\/p>\n The insurance is available in Arizona, Illinois, Indiana, and Ohio. Markel American Insurance Co underwrites insurance industry.<\/p>\n EZLynx has announced a partnership with Must, a technology platform that allows independent agents to offer their clients a monthly vehicle service contract for mechanical breakdowns.<\/p>\n The partnership allows agents to offer coverage and increase revenue directly within the\u00a0EZLynx Connect<\/a>\u00a0rating engine.\u201cEZLynx is excited about our partnership with Onust,\u201d said Kevin Coplin, director of strategic partnerships at EZLynx. \u201cA monthly vehicle service contract is a natural add-on product for our agents to offer while quoting their customers\u2019 auto coverage. Onust\u2019s subscription model is unique in the marketplace, and our agents\u2019 customers get so much more than just a vehicle service contract.\u201d<\/p>\n Vehicle service contracts can be expensive and are generally only available at the point of purchase at auto dealers. They can also be difficult for insureds to understand, EZLynx said. Must have simplified the offering with comprehensive coverage at an affordable monthly subscription. Customers pay for only their chosen services and can cancel their subscriptions anytime.<\/p>\n Must focus on ensuring that agents and customers have the best experience before, during, and after subscription sign-up, EZLynx said. The model is centred around Onust\u2019s Member Advocacy Center (MAC), a service that assists agents and subscribers in handling inquiries from new and existing customers. Once the agent initiates a referral from EZLynx Connect, a MAC team member corresponds with a prospective subscriber with minimal involvement from the agent.<\/p>\n If you\u2019re having trouble wrapping your mind around the spree of natural catastrophes currently plaguing the world\u2014from deadly July floods in Germany and China to the wildfires still burning in Greece, California, and Siberia \u2014you may be interested to know the professional risk calculators are too.<\/p>\n Climate change is exacerbating extreme and freak weather events so rapidly that even the insurance industry is struggling to keep up.<\/p>\n![\"insurance](\"https:\/\/ileads.com\/wp-content\/uploads\/sites\/89\/2022\/06\/Homeowners-Can-Record-Insurance-Company-Adjusters-Inspections-Florida-Court-Says-min.png\")
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<\/a><\/p>\nInsurtech VOOM, Markel Offering Mileage-Based Motorcycle Insurance<\/strong><\/h2>\n
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<\/p>\nEZLynx partners with Onust to offer vehicle service contracts<\/strong><\/h2>\n
Why Snow, Hail, and Wildfire Are Expensive for Insurance Industry<\/strong><\/h2>\n
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