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Auto insurers can face mileage-related lies

Unfortunately, auto insurers can’t always count on people being honest with them. There are a variety of policyholder lies such companies could be exposed to. Among the things that could tempt a policyholder to be dishonest with their insurer is the prospect of gaining some sort of financial advantage by lying.

For example, a person might be tempted to be dishonest in an auto insurance claim they filed to try to increase the likelihood of the claim being approved or increase the amount of the claim.

Louisiana’s auto insurance rates among nation’s highest

Local conditions in a state can have impacts on many things, including auto insurance.

Variation in conditions among the states is among the things that make it so auto insurance rates can differ quite a bit between states. There are a variety of factors within a state that can have impacts on auto insurance premium levels.

Big gap developing in commercial insurance customer satisfaction

Among the things that have major impacts for an insurance company is how happy customers are with their experience with the company. An insurer’s customer satisfaction levels could affect its abilities to keep current customers. Such levels could also impact an insurer’s likelihood of attracting new customers.

A recent study looked at customer satisfaction in the field of commercial insurance. Specifically, it looked at how satisfied small businesses were with their commercial insurers.

Summer and theft crime claims

One thing homeowners insurance companies can see a lot of during the summer months are insurance claims related to theft. Experts point to theft claims being at rather high levels during the summer. And statistics indicate that we are entering what is traditionally the most theft-claim-heavy time of this season.

The statistics are from Travelers Insurance, and they regard which months see the most theft -related claims. They indicate that the month we just left, July, sees the second highest total of such claims. What month holds the highest total? The month that just started, August.

Weather-related payouts hit high levels in 2017’s first half

Severe storms can cause a great deal of damage. For example, hail and wind from such storms can end up significantly damaging homes, businesses and motor vehicles. The damage from severe weather can have big financial implications for many parties.

This includes insurance companies. This is because such companies can receive significant claims (such as large auto insurance or property insurance claims) from policyholders in connection to severe weather damage. An insurer’s overall financial situation following a storm can be greatly impacted by what ends up happening with such claims. So, ensuring the handling of storm-related claims and any disputes or problems connected to them is done properly can be important for an insurance company.

What are the most common auto insurance application lies?

Being lied to can be very harmful. This isn’t just the case for individuals, but for companies too, such as auto insurance companies. Among the lies auto insurers could end up being subjected to are lies told by their policyholders.

Dishonesty by policyholders could have the potential to have big negative financial ramifications for auto insurers. So, keeping an eye out for red flags that a policyholder might have given them incorrect information can be important for such insurers, particular when reviewing claims. When an insurance company detects a possible policyholder lie when reviewing a claim, the lie could raise complex legal issues related to the claim. When a complicating issue comes up in connection to the handling of an insurance claim, such as the discovery of a policyholder lie, an auto insurer may want to go over the issue with an experienced insurance lawyer.

Disasters have hit many parts of Louisiana in recent times

Insurance claims related to disasters are ones that many insurers that operate here in Louisiana may have seen in recent years. As recent statistics put forward by the Louisiana Department of Insurance point to, disasters have hit all different parts of the state in recent times.

The study regards federal major disaster declarations issued over around the past year and a half. The declarations issued in relation to Louisiana over this period, in total, covered 56 of the state’s parishes. This is almost 90 percent of the parishes in the state.

Fraudulent claims can have big financial impacts on auto insurers

The claims auto insurers receive can vary in their validity. Sometimes, among the invalid claims such an insurer receives are claims aimed at defrauding it. For example, sometimes, dishonest individuals stage accidents and file fraudulent insurance claims in relation to such “crashes.”

Recently, over a dozen arrests were made in relation to an alleged staged accident scheme here in Louisiana.

Insurance industry could see considerable growth in AI use

There are many technologies insurance companies might turn to to try to reduce costs and improve the efficiency of their operations. Among these are artificial-intelligence-based systems. Such systems can be used in a customer service capacity. An example of this is providing customers with access to a “virtual assistant," such as through a mobile app, which can help with obtaining basic policy and claims information.

A recent survey of insurance executives indicates there is already a fair amount of AI use within the insurance industry. According to the survey’s results, “virtual assistant” AI technology is something around two-thirds of insurers make use of.

Certain property insurance misconceptions quite common

The coverage terms of property insurance policies are very important and impactful things. However, many consumers make incorrect assumptions about what terms such policies typically contain. As a recent InsuranceQuotes survey underscores, some such misconceptions are very common.

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