Uncovering Undisclosed Drivers in Online Auto Insurance Applications
Uncovering Undisclosed Drivers in Online Auto Insurance In an era where convenience reigns supreme, the evolution of online auto insurance applications has significantly streamlined obtaining coverage. While beneficial, this transformation has inadvertently paved the way for leakage to seep into the underwriting process. One of the biggest leakage culprits is the issue of undisclosed drivers […]
The Toxic Truth: Tobacco Nondisclosure Has Doubled Since 2017
The Toxic Truth: Tobacco Nondisclosure Has Doubled Since 2017 In recent years, nondisclosure of smoking and tobacco use has become increasingly problematic in the life insurance industry. It’s estimated to cost carriers over $4 billion per year. As smoking habits evolve and new tobacco products emerge, insurance underwriters face greater challenges in accurately assessing risk. A recent […]
The Hidden Culprit Behind Persistent Inflation: Surging Insurance Costs
The Hidden Culprit Behind Persistent Inflation: Surging Insurance Costs In the ongoing battle against inflation, a frequently overlooked factor is casting a long shadow: the sharp rise in insurance costs. As we navigate through the complexities of the economy, Federal Reserve Chair Jerome Powell sheds light on an unexpected inflationary pressure—soaring rates for home and […]
Turning Digital Behaviors into Real-Time Actionable Insights in P&C Insurance
Turning Digital Behaviors into Real-Time Actionable Insights in P&C Insurance As P&C carriers look for ways to combat the rise in risk, fraud, and leakage during the digital underwriting process while providing a positive user experience, the ability to harness actionable insights from digital behaviors has increasingly become a competitive advantage. ForMotiv is at the […]
Uncovering the Hidden Truth: The Growing Challenge of Nondisclosure in Life Insurance
Uncovering the Hidden Truth: The Growing Challenge of Nondisclosure in Life Insurance One of the most pressing issues for life insurance carriers, as they migrate to digital and accelerated underwriting, is the rising prevalence of nondisclosure and material misrepresentation. According to industry estimates, over 7% of life insurance policies written contain some form of non- […]
Predictive Analytics in Insurance – Top 6 Use Cases for 2024
Predictive Analytics in Insurance | Top 6 Use Cases for 2024 The rapid advancement of data science, machine learning, and predictive analytics in insurance is setting 2024 up to be an exciting year in the insurance space. These tools have become the backbone of modern insurance operations, reshaping everything from risk assessment to customer engagement […]
