Exploring Peer-based Auto Insurance In New York: Community-centric Coverage – Auto insurance is one of the most widely used types of personal insurance. Motorists need auto policies to comply with state law, satisfy lenders, and protect assets. Most drivers will eventually need to file a claim for one reason or another.
Remember, safety is the priority after a car crash. Call 911 if anyone is hurt. If your car is mobile, move it out of traffic if you can do so safely.
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Collect information after a crash. You must exchange information with the other driver. Get his name, address and the name and phone number of the insurance company. This information is found on the insurance verification card. If you can’t get this information, write down his or her license number and license plate number to give to your insurance company. Share the same information about yourself with the other driver.
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How to submit a claim. To file a claim, call the phone number on your proof of insurance card as soon as possible. Many insurers also allow consumers to submit claims on smartphone apps.
The insurance company will appoint a claims adjuster to assess the damage and determine payment. These adjusters can be company employees or independent contractors. You must cooperate with the regulator’s investigation of your claim. The adjuster may want to meet with you to inspect the damage. Take notes and record the dates of every conversation you have with your agent or adjuster.
How often you file a claim and the types of claims you file can affect your premium and whether your insurer will renew your policy.
If you do not agree with your settlement, try to resolve the dispute with your insurer. You may want your auto repairer to meet with you and the insurance adjuster. Don’t feel rushed or pressured into agreeing to something you’re not comfortable with; your insurer does not have the final say.
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Ask questions and ask the adjuster to provide a written explanation of the decisions he or she makes. If you and the insurer still cannot agree on the treatment or settlement of the claim, you should seek help from the consumer services staff at your state insurance department. If you do not agree on the value of the claim, check your policy for an appraisal clause.
As part of our state system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data and analysis to insurance commissioners to effectively regulate the industry and protect consumers. The US standard-setting organization is led by the chief insurance regulators from the 50 states, the District of Columbia and five US territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff support these efforts and represent the collective views of state regulators at home and abroad. Insurtech refers to the use of technological innovations designed to find cost savings and efficiencies from the current insurance industry model. Insurtech is a combination of the words “insurance” and “technology”, inspired by the term fintech.
Insurtech is founded on the belief that the insurance industry is ripe for innovation and disruption. Insurtech is exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-personalized policies, social security and using new streams of data from internet-enabled devices to value dynamically primed according to observed behavior.
In terms of traditional insurance, some people pay more than they should based on the baseline data used to group people. Among other things, insurtech is looking to tackle this issue of data and analytics head-on. Using data from all kinds of devices, including car location tracking to activity trackers on our wrists, these companies are building more detailed risk groupings, allowing products to be priced more competitively.
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In addition to better pricing models, insurtech startups are testing the waters on a host of potential game-changers. These include using artificial intelligence trained with deep learning (AI) to handle brokers’ tasks and find the right mix of policies to complete an individual’s coverage.
There is also interest in using apps to pull different policies into one platform for management and monitoring, creating on-demand insurance for micro-events like borrowing a friend’s car, and adopting a peer-to-peer model to create both personalized group coverage and encouraging positive choices through group discounts.
There are many similarities with the goals and implementation of insurtech and fintech, as the insurance industry and the financial industry are undergoing fundamental process changes.
Insurtech plays an important role in changing the way coverage is applied and paid for in a number of different ways:
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The claims management process traditionally resulted in manually reviewing each claim, deciding the compensation to award, and then returning that compensation. Now, insurtech companies aim to build processes that automate certain processes and detect fraud.
Larger companies can use technology to collect and aggregate specific data points related to specific claims. These claims can also be validated using automation by comparing different data streams. Finally, large companies can use automation or repetitive workflows to pay large numbers of claims with minimal human intervention.
The underwriting process involves reviewing an individual’s profile, assessing their risk profile and providing them with an insurance package offer that includes their coverage. The information given to a customer also includes their monthly premium, apart from the compensation they may be entitled to for various claims.
Most of this data can be extracted or collected automatically. Even if a customer has to submit information, modern technology uses multiple data points to compare with historical data that can continuously learn, grow, and make more educated guesses. This means that the data decides on its own whether to extend a policy to the individual and what price is fair for the associated level of risk.
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Whether it has to do with paying a claim, applying for another level of insurance, closing a lapsed customer’s policy or approving a new customer, there are a large number of contracts related to insurance.
When using blockchain technology, smart contracts can be triggered to execute when specific criteria are met. This eliminates the human element of needing to handle the contract, and it allows an unbiased, neutral party (i.e. technology) to evaluate the criteria of a contract and decide the appropriate course of action.
As mentioned earlier, big data can be used to collect, analyze and summarize information. This includes analyzing a customer’s historical activity or evaluating a wide range of claim types. Based on the information gathered, insurers may be able to detect fraud, protect against inappropriate risk, or better understand where they may be more exposed.
According to Grand View Research, the total value of the insurance technology industry in 2022 was $5.4 billion. The revenue forecast for 2030 is 152 billion dollars.
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There continues to be a growing and evolving range of technology used in insurtech that is changing the way insurance is conducted. Here are the following most notable technologies being used.
Artificial intelligence functions allow certain tasks that previously required human interaction to now be performed exclusively depending on technology. For example, customers previously had to interact with representatives to answer questions; now, interactive chatbot discussions can allow a customer to get help without speaking to a human.
A subset of artificial intelligence is machine learning, the ability to mine historical data and compile predictive models. These patterns are then used to disseminate information and can be placed in a feedback loop. If future data is fed into the model, the model can “learn” and continually evaluate how to calculate appropriate premiums based on demographics or risk profiles.
Insurtech change relies on efficiency. This means that when insurance customers fill out a document online, that record is automatically stored in a database or used to automatically compile a policy ready for underwriting. Automation tools are used to avoid manual human intervention when technological tools can perform a process on their own.
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Big data refers to the collection of massive amounts of information. This includes a wide range of data, rapid real-time data collection and a variety of data sets. Big data collection techniques allow insurers to collect a broader set of data used to analyze a customer’s risk profile to better understand their characteristics and habits. In addition, this information can be collected for millions of customers and fed into the predictive models discussed earlier.
Although best known for cryptocurrencies, the underlying basis for blockchain technology is immutable, distributed. This allows immutable data storage to ensure security and reliability in information storage. It also allows smart contract execution to reside on a blockchain, remaining dormant until specific conditions are met to release insurance proceeds or validate an insurance client.
Insurtech also relies on innovative hardware technologies. Drones can be used to assess property, assess property damage where it may have been physically unsafe for humans to traverse, or audit a site for a claim. Drones are now increasingly relying on high-definition photo and video quality, allowing appraisers to rely heavily on photos and images saved from flights.
Another insurtech innovation that relies on physical innovation is the Internet of Things
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