Blogs by Greg Donaldson

April 9, 2020

In a matter of weeks, the COVID-19 pandemic has triggered a massive mobility shift that has forced many auto insurers to reevaluate policy pricing and exposure, leading to premium refunds, discounts, and payment deferrals. While these actions by Allstate, American Family, GEICO, Liberty Mutual, Farmers, and others are to be lauded given the circumstances, this is expensive for the carrier and based on inaccurate data, creating added financial pressure in an already uncertain time.

April 1, 2020

The current situation with COVID-19 is unprecedented, and the impact it is having on our economy and our way of life is greater than most could have imagined a few weeks ago. Every industry worldwide is hit by these events, and the time to come together and act is now. The initial wave of affected businesses includes many small businesses that cannot afford to be closed for long and will be looking to their insurance companies for assistance through this troubling time.

October 7, 2019

Last week at InsureTech Connect in Las Vegas, Aite Group hosted our inaugural Fraud Roundtable and Networking event. In attendance were life and property and casualty (P&C) carriers that came together with a common purpose: to discuss application and claims fraud. Our intention was to spur active discussion about the human element of fraud, explore ways to identify it, and discuss strategies to prevent it. We focused on three main categories of fraud detection and prevention with our event sponsors and carrier panelists:

August 29, 2019

Fraud is an ever-present threat to insurance companies. Most estimates place the impact of fraud at 10% of premiums, and that leads to billions of dollars in losses every year. Every time we think we are starting to catch up to the latest fraud efforts, new schemes pop up to take advantage of our industry. The real problem is that most traditional fraud detection methods happen after the payment, which creates a “pay and chase” situation resulting in expensive recovery efforts.