The digital transformation of the insurance industry is a work in progress. Digitizing trillions of dollars in payments bumps up against the complexities of the claims processes, and the tangled web of interactions between carriers, policyholders, regulators and a host of multiple payees. eCommerce has...
InsurTech startup 1Fort has raised $7.5 million in a funding round to enhance the artificial intelligence (AI) capabilities of its platform for business insurance. The company’s platform is designed to empower insurance brokers by automating processes that are traditionally manual and time-consuming, 1Fort said in...
Insurance is one of the most complex industries, marked by multiple touch points among several stakeholders — from carriers to customers, claims adjusters to contractors. One Inc. Chief Revenue Officer Kevin Ostrander told PYMNTS that payments remain among the most important touch points within those...
The commercial insurance industry, an economic linchpin valued in the hundreds of billions, has long been bogged down by antiquated, paper-based processes. While that should come as no surprise to anyone who has interacted with it recently, it’s not necessarily a conscious choice. The insurance...
New York has closed a multi-year probe into car insurers’ failure to report timely information. That investigation, the New York State Department of Financial Services (NYDFS) said Monday (Feb. 24), has resulted in $20.4 million in fines on insurers who failed to provide insured vehicle information to the state’s...
Latin American InsurTech Olé Life has raised $13 million with the help of PayPal Ventures. The Series B funding, announced Thursday (Jan. 16), will allow Olé to boost its growth across Latin America by establishing local operations in key markets and introducing new products beyond...
Insurance industry payment platform One Inc says Columbia Insurance Group has adopted its digital payments solutions. Columbia Insurance Group (CIG), specializing in property and casualty insurance for small and mid-size businesses, will now begin using One’s PremiumPay and ClaimsPay solutions, for both inbound and outbound payments, the company announced...
Insurance payments platform ePayPolicy has added a quoting and invoicing tool. Designed for insurance companies and their customers, the new Quotes and Invoices leads insured payers from quote, to invoice, to online payment, the company said in a Wednesday (Jan. 15) press release. “When done...
The billions of dollars in damages — and the incalculable emotional toll — of wildfires raging through the Los Angeles area will reverberate for years. The wildfires have leveled neighborhoods, schools and stores, and the insured losses are estimated to top more than $20 billion,...
