InsurX is a digital capacity exchange that connects insurance brokers and carriers in a digital environment to better trade commercial insurance capacity

InsurX

When we talk about broad-spectrum finance, we are not only talking about purely super-complicated products, but also about insurance, and also in decentralized finance (DeFi), we also find this type of instrument. Traditional insurance In this case we find ourselves faced with 2 parties, the insurer and the insured, the first undertakes to cover any future damage and the second undertakes to pay an agreed amount to cover the risk to the insured, in the event that potential damage may occur in the future and call the insurer to compensate for any damage. There are insurances of various kinds that cover different objects or situations, think of the normal insurance of our cars or large household appliances, but also of the more complex ones such as in the case of theft of a jewelry store or potential disasters that can cancel a concert and in that case the insurer will undertake to compensate the users for any ticket or other eventualities established in the contract, let's think about what happened during the pandemic, especially with important sporting events, which thanks to these insurances, were able to cover part of the costs. Crypto insurance Even in the crypto and blockchain world, the first projects of this kind have begun to appear, although still at a very small and not widespread enough level given that there are particular difficulties and risks that many do not want to take on, think of possible errors in the code of the smart contract or an external attack that causes the loss of funds, all episodes that have occurred and will occur in the future. Nexus Mutual However, a project that has certainly stood out in this area is that of Nexus Mutual, founded by Hugh Karp, which is a decentralized insurance company that uses the blockchain (in this case on Ethereum) to create a mutual or a shared risk pool with other users and in this way open up to the insurance of smart contracts, in fact in this case the focus is on the most important part of the project in this sector, because it is the heart around which the whole system revolves. The system also plans to govern everything with the relevant NXM tokens and therefore take part in decisions regarding whether to cover the problem that has arisen or not, given that it is the members who decide who and how much to cover after the damage has occurred. Recall that the Nexus Mutual team operates as a traditional company, and is regulated by the Financial Conduct Authority (Bank of England) and this allows it to have the name “Mutual” in the project name. To participate in this project and therefore also use this form of coverage you need to become a member of Nexus Mutual, which is interesting but requires going through a KYC (Know Your Customer) procedure since we will respond and interface personally with the our funds and in the event of a loss, also bear the same. With this system we can cover practically every smart contract that we find on the Ethereum blockchain, even if it must have at least some interesting and minimum parameters because it would not make sense to cover a smart contract that has little value within it or that is not used. Before proceeding to see how this protocol works, there is a detail that we must point out is that if it is true that Nexus Mutual offers coverage for smart contracts, it is also true that it does not use its system, a risk that could put user funds at risk, even though this has never happened and the related smart contract has been audited by Solidified. Obviously there is other interesting information regarding this protocol, such as the governance model, tokens and so on, which in this case we will not delve into but which is a good idea to read on the relevant website and therefore read up carefully by also reading the project's whitepaper to have an overview. How to cover the funds Once we have connected to the site, we will have to log in with our wallet, so as to be able to access the platform and here we will be able to see all the various options available and also search for the relevant protocol we are interested in: For example, let's search for the Aave protocol and see what protocol is available: In our case we choose v3 and open the page with all the details relating to this coverage, what it covers and how much it costs: So we choose both the time and the amount we want to cover and continue to become members of the protocol: On this page we then have to enter all the information for the KYC part such as our personal data, among other things there is the possibility to choose whether we are acting as an individual or as a company, also allowing companies to cover their own funds in case of future problems: In this way and thanks to this but also other protocols, it is possible to protect ourselves from any attacks or problems regarding those protocols we use, and therefore having an additional level of security for our funds, especially if they are important. Conclusion In conclusion, decentralized finance (DeFi) is evolving rapidly and decentralized insurance is becoming an increasingly important aspect of protecting user funds and Nexus Mutual is an example of a decentralized insurance platform that uses the Ethereum blockchain to create a shared risk mutual among users. Thanks to this system, it is possible to cover the smart contracts used in DeFi protocols, protecting yourself from any future attacks or problems, however, it is important to underline that the use of these platforms requires a KYC procedure and the active participation of users in the governance of the protocol, and in more, it is essential to carefully read up on the characteristics of the project and the coverage offered before using these services because decentralized insurance represents an important step towards greater security and protection of funds in DeFi. When we talk about broad-spectrum finance, we are not only talking about purely super-complicated products, but also about insurance, and also in decentralized finance (DeFi), we also find this type of instrument. Traditional insurance In this case we find ourselves faced with 2 parties, the insurer and the insured, the first undertakes to cover any future damage and the second undertakes to pay an agreed amount to cover the risk to the insured, in the event that potential damage may occur in the future and call the insurer to compensate for any damage. There are insurances of various kinds that cover different objects or situations, think of the normal insurance of our cars or large household appliances, but also of the more complex ones such as in the case of theft of a jewelry store or potential disasters that can cancel a concert and in that case the insurer will undertake to compensate the users for any ticket or other eventualities established in the contract, let's think about what happened during the pandemic, especially with important sporting events, which thanks to these insurances, were able to cover part of the costs. Crypto insurance Even in the crypto and blockchain world, the first projects of this kind have begun to appear, although still at a very small and not widespread enough level given that there are particular difficulties and risks that many do not want to take on, think of possible errors in the code of the smart contract or an external attack that causes the loss of funds, all episodes that have occurred and will occur in the future. Nexus Mutual However, a project that has certainly stood out in this area is that of Nexus Mutual, founded by Hugh Karp, which is a decentralized insurance company that uses the blockchain (in this case on Ethereum) to create a mutual or a shared risk pool with other users and in this way open up to the insurance of smart contracts, in fact in this case the focus is on the most important part of the project in this sector, because it is the heart around which the whole system revolves. The system also plans to govern everything with the relevant NXM tokens and therefore take part in decisions regarding whether to cover the problem that has arisen or not, given that it is the members who decide who and how much to cover after the damage has occurred. Recall that the Nexus Mutual team operates as a traditional company, and is regulated by the Financial Conduct Authority (Bank of England) and this allows it to have the name “Mutual” in the project name. To participate in this project and therefore also use this form of coverage you need to become a member of Nexus Mutual, which is interesting but requires going through a KYC (Know Your Customer) procedure since we will respond and interface personally with the our funds and in the event of a loss, also bear the same. With this system we can cover practically every smart contract that we find on the Ethereum blockchain, even if it must have at least some interesting and minimum parameters because it would not make sense to cover a smart contract that has little value within it or that is not used. Before proceeding to see how this protocol works, there is a detail that we must point out is that if it is true that Nexus Mutual offers coverage for smart contracts, it is also true that it does not use its system, a risk that could put user funds at risk, even though this has never happened and the related smart contract has been audited by Solidified. Obviously there is other interesting information regarding this protocol, such as the governance model, tokens and so on, which in this case we will not delve into but which is a good idea to read on the relevant website and therefore read up carefully by also reading the project's whitepaper to have an overview. How to cover the funds Once we have connected to the site, we will have to log in with our wallet, so as to be able to access the platform and here we will be able to see all the various options available and also search for the relevant protocol we are interested in: For example, let's search for the Aave protocol and see what protocol is available: In our case we choose v3 and open the page with all the details relating to this coverage, what it covers and how much it costs: So we choose both the time and the amount we want to cover and continue to become members of the protocol: On this page we then have to enter all the information for the KYC part such as our personal data, among other things there is the possibility to choose whether we are acting as an individual or as a company, also allowing companies to cover their own funds in case of future problems: In this way and thanks to this but also other protocols, it is possible to protect ourselves from any attacks or problems regarding those protocols we use, and therefore having an additional level of security for our funds, especially if they are important. Conclusion In conclusion, decentralized finance (DeFi) is evolving rapidly and decentralized insurance is becoming an increasingly important aspect of protecting user funds and Nexus Mutual is an example of a decentralized insurance platform that uses the Ethereum blockchain to create a shared risk mutual among users. Thanks to this system, it is possible to cover the smart contracts used in DeFi protocols, protecting yourself from any future attacks or problems, however, it is important to underline that the use of these platforms requires a KYC procedure and the active participation of users in the governance of the protocol, and in more, it is essential to carefully read up on the characteristics of the project and the coverage offered before using these services because decentralized insurance represents an important step towards greater security and protection of funds in DeFi.

How to Insure Your DeFi Plays with Nexus Mutual

Streamlined customer experience, increased efficiency, and cost reduction are some of the many benefits insurers gain by integrating artificial intelligence (AI) in their internal and client-facing processes.Defying its traditional image, insurance companies today embrace innovative solutions that foster convenience, transforming conventional insurance practices.Whether underwriting, claims processing, or accurately evaluating risks by analyzing large sums of data, AI solutions are paving the way to all verticles of the insurance industry. Insurance can hugely benefit from AI-based technologies such as machine learning (ML), deep learning, and related techs such as neural networks to refine vast amounts of internal and external data. Let’s delve deeper to explore the profound role of AI in insurance, learning its applications and current trends. Benefits of Using AI for Insurance Companies Integrating AI for insurance can be tedious, with underlying concerns about cybersecurity risks. Companies need to establish ground rules to use this technology responsibly while learning the reliability and accuracy when choosing it for high-impact use cases. Yet, as the world discovers what AI is capable of, it has become hard to avoid the ease and automation it provides. Some of the evident benefits of AI include: Enhanced Efficiency The insurance sector must deal with a significant volume of digital data daily. It can be a blessing to find this data in a structured format and a curse when it’s not. AI holds the potential to refine and structure data at a rapid pace, allowing employees to focus on more high-value tasks. Reduced Costs When a task is concluded quicker, the cost to perform each task decreases. It also increases employee satisfaction, as they need not waste their time and energy on mundane tasks. Streamlined Customer Experience Applying AI to your customer-facing processes gives them an easy-to-access and streamlined insurance process. A happy customer is one of the most remarkable feats any service provider can achieve. It instills trust in your clients and adds more to repeat business. How Are AI Solutions Reshaping the Insurance Industry? The insurance landscape is fiercely competitive. Therefore, adopting automation technologies has become imperative to gain a competitive advantage. AI offers immense value to insurers by automating repetitive tasks such as policy administration, data entry, document processing, and scaling operations. Let’s explore how integrating advanced technologies such as AI can expedite laborious and time-consuming insurance procedures. 1. Efficient Claims Handling Insurers must manually assess policies in detail to determine the comprehension a claimant would receive for a particular claim. Introducing claims processing automation can reduce this time and issues faced with manual verification. Insurance companies have leveraged AI, RPA, and IoT to increase operational efficiency. 2. Risk Assessment Applicants carried out the risk assessment process, filling out insurance forms manually. Here, the possibility of inaccurate risk assessments increases due to a claimant’s mistakes or dishonesty. The rise of connectivity and IoT devices allows insurers to gather larger datasets with accurate information. Additionally, risk assessments can be enhanced using Natural Language Processing (NLP), which helps insurance companies find their desired information in text sources. 3. Detecting and Preventing Fraud Around $ 1 trillion is collected via premiums in the insurance industry. With such high stakes, the risk of fraud also increases exponentially. The cost of non-health insurance fraud is over $ 40 billion every year. This results in a premium amount rising from $ 400 to $ 700 annually. Machine learning fraud detection is a boon for detecting and preventing fraud. Analyzing vast amounts of data can learn suspicious patterns and caution insurers against potential fraud in real-time. AI assists insurers by reducing monetary losses, upholding operational integrity, and managing risks. It empowers the business and policyholders by shielding them against fraudulent activities. 4. Reporting FNOLs Leveraging AI in insurance, first notice of loss can be reported, routed, triaged, and assigned with minimal human intervention. Chatbots can be used to support this process, offering convenience to customers to register their incidents anytime and anywhere. 5. Expedite Everyday Operations Introducing AI in everyday operations can enhance customer experience. Chatbots are highly efficient when initiating a process and further circulating the information to the following aligned process, making the process smoother, quicker, and error-free. AI-enabled chatbots can cross-sell and upsell products by learning the customer’s profile and history. Using AI to its fullest potential in scaling operations, human resources can be used for other crucial and strategic roles. 6. Conducting Loss Estimation Assessing damages using images has become exceedingly easy using the latest advancements in AI technology, such as deep learning, machine learning, and OCR. By only uploading a picture of the damaged object, the extent of the damage can be determined within seconds. In addition to that, these techs can be further trained to predict potential losses and offer valuable recommendations. Conclusion In today’s dynamic business landscape, leveraging AI is crucial for gaining a competitive advantage. Insurance companies that adopt advanced technologies early, making their processes flexible for customers and employees, achieve unprecedented success. Industries heavily reliant on data-driven decision-making, such as insurance, are increasingly inclined towards integrating AI solutions. Automation enhances the entire process, especially in the insurance sector, from application to claims settlement. Although AI in insurance is still emerging, it holds the potential for substantial transformation. The insurance sector has numerous AI use cases, and how quickly companies adopt this technology will determine their competitive edge. Streamlined customer experience, increased efficiency, and cost reduction are some of the many benefits insurers gain by integrating artificial intelligence (AI) in their internal and client-facing processes. Defying its traditional image, insurance companies today embrace innovative solutions that foster convenience, transforming conventional insurance practices. Whether underwriting, claims processing, or accurately evaluating risks by analyzing large sums of data, AI solutions are paving the way to all verticles of the insurance industry. Insurance can hugely benefit from AI-based technologies such as machine learning (ML), deep learning, and related techs such as neural networks to refine vast amounts of internal and external data. Let’s delve deeper to explore the profound role of AI in insurance, learning its applications and current trends. Benefits of Using AI for Insurance Companies Benefits of Using AI for Insurance Companies Integrating AI for insurance can be tedious, with underlying concerns about cybersecurity risks. Companies need to establish ground rules to use this technology responsibly while learning the reliability and accuracy when choosing it for high-impact use cases. Yet, as the world discovers what AI is capable of, it has become hard to avoid the ease and automation it provides. Some of the evident benefits of AI include: Enhanced Efficiency Enhanced Efficiency Enhanced Efficiency The insurance sector must deal with a significant volume of digital data daily. It can be a blessing to find this data in a structured format and a curse when it’s not. AI holds the potential to refine and structure data at a rapid pace, allowing employees to focus on more high-value tasks. Reduced Costs Reduced Costs Reduced Costs When a task is concluded quicker, the cost to perform each task decreases. It also increases employee satisfaction, as they need not waste their time and energy on mundane tasks. Streamlined Customer Experience Streamlined Customer Experience Streamlined Customer Experience Applying AI to your customer-facing processes gives them an easy-to-access and streamlined insurance process. A happy customer is one of the most remarkable feats any service provider can achieve. It instills trust in your clients and adds more to repeat business. How Are AI Solutions Reshaping the Insurance Industry? How Are AI Solutions Reshaping the Insurance Industry? The insurance landscape is fiercely competitive. Therefore, adopting automation technologies has become imperative to gain a competitive advantage. AI offers immense value to insurers by automating repetitive tasks such as policy administration, data entry, document processing, and scaling operations. Let’s explore how integrating advanced technologies such as AI can expedite laborious and time-consuming insurance procedures. 1. Efficient Claims Handling 1. Efficient Claims Handling Insurers must manually assess policies in detail to determine the comprehension a claimant would receive for a particular claim. Introducing claims processing automation can reduce this time and issues faced with manual verification. Insurance companies have leveraged AI, RPA, and IoT to increase operational efficiency. claims processing automation claims processing automation 2. Risk Assessment 2. Risk Assessment Applicants carried out the risk assessment process, filling out insurance forms manually. Here, the possibility of inaccurate risk assessments increases due to a claimant’s mistakes or dishonesty. The rise of connectivity and IoT devices allows insurers to gather larger datasets with accurate information. Additionally, risk assessments can be enhanced using Natural Language Processing (NLP), which helps insurance companies find their desired information in text sources. 3. Detecting and Preventing Fraud 3. Detecting and Preventing Fraud Around $ 1 trillion is collected via premiums in the insurance industry. With such high stakes, the risk of fraud also increases exponentially. The cost of non-health insurance fraud is over $ 40 billion every year. This results in a premium amount rising from $ 400 to $ 700 annually. $ 1 trillion $ 1 trillion Machine learning fraud detection is a boon for detecting and preventing fraud. Analyzing vast amounts of data can learn suspicious patterns and caution insurers against potential fraud in real-time. AI assists insurers by reducing monetary losses, upholding operational integrity, and managing risks. It empowers the business and policyholders by shielding them against fraudulent activities. Machine learning fraud detection Machine learning fraud detection 4. Reporting FNOLs 4. Leveraging AI in insurance, first notice of loss can be reported, routed, triaged, and assigned with minimal human intervention. Chatbots can be used to support this process, offering convenience to customers to register their incidents anytime and anywhere. 5. Expedite Everyday Operations 5. Introducing AI in everyday operations can enhance customer experience. Chatbots are highly efficient when initiating a process and further circulating the information to the following aligned process, making the process smoother, quicker, and error-free. AI-enabled chatbots can cross-sell and upsell products by learning the customer’s profile and history. Using AI to its fullest potential in scaling operations, human resources can be used for other crucial and strategic roles. 6. Conducting Loss Estimation 6. Assessing damages using images has become exceedingly easy using the latest advancements in AI technology, such as deep learning, machine learning, and OCR. By only uploading a picture of the damaged object, the extent of the damage can be determined within seconds. In addition to that, these techs can be further trained to predict potential losses and offer valuable recommendations. Conclusion Conclusion In today’s dynamic business landscape, leveraging AI is crucial for gaining a competitive advantage. Insurance companies that adopt advanced technologies early, making their processes flexible for customers and employees, achieve unprecedented success. Industries heavily reliant on data-driven decision-making, such as insurance, are increasingly inclined towards integrating AI solutions. Automation enhances the entire process, especially in the insurance sector, from application to claims settlement. Although AI in insurance is still emerging, it holds the potential for substantial transformation. The insurance sector has numerous AI use cases, and how quickly companies adopt this technology will determine their competitive edge.

How AI Is Transforming the Insurance Industry

এআই কীভাবে বীমা শিল্পকে রূপান্তরিত করছে

Wie KI die Versicherungsbranche verändert

Cómo la IA está transformando la industria de los seguros

Comment l’IA transforme le secteur de l’assurance

एआई बीमा उद्योग को कैसे बदल रहा है?

AI が保険業界をどのように変革するか

AI가 보험 산업을 변화시키는 방법

Como a IA está transformando a indústria de seguros

Как ИИ меняет страховую отрасль

Yapay Zeka Sigorta Sektörünü Nasıl Dönüştürüyor?

AI đang biến đổi ngành bảo hiểm như thế nào

人工智能如何改变保险业

Let's learn about via these 46 free stories. They are ordered by most time reading created on HackerNoon. Visit the to find the most read stories about any technology. Insurance /Learn Repo 1. Allstate Accused of Overcharging Loyal California Customers $1 Billion Allstate, the insurance company, has been accused of overcharging customers in California. 2. If You Do Not Report Your Gun Stolen or Missing You Can Held Liable For Crimes the Gun is Used For Crimes committed with stolen guns that were not reported remain liable for property damage etc. 3. The Insurers' Dilemma: Balancing Consumer Demands and Legacy Conventions In an era of rapidly changing technology, the greatest challenge facing the insurance industry is its ability to keep up with consumer demand. 4. Top 3 Benefits of Insurance Data Analytics The Importance of data analytics and data-driven decisions across the board and in this case insurance data. 5. "Insurers Miss Out On Millions Of Dollars In Business", Manuel San Miguel, Ignatica CEO Ignatica CEO and Co-Founder Manuel San Miguel discusses why he founded the company, AI and Machine Learning and why he should have gone to Japan sooner. 6. The Social Impact of Mixing Business and Medicine COVID-19 has been hitting the healthcare system pretty hard these last few weeks. In U.S. hospitals they are now facing critical shortages of equipment. As of the end of March, nearly 1 in 4 hospitals have fewer than 100 N95 masks on hand and 1 in 5 reports immediate need for more ventilators. Already back in February, the FDA reported shortages in drugs related to coronavirus. 7. A Guide to HIPAA Compliance in 2021 & Its Benefits Following HIPAA laws provides a higher level of safety for your corporation and its leaders. 8. The Perks and Obstacles of AI Adoption in Insurance Imagine that you are a leader at an insurance company. You know that artificial intelligence (AI) will give you a competitive edge and have decided to invest. 9. The Glorious Return of the Conference: Highlights from My First Tech Conference in 2 Years As the world reopens, it's becoming evident that the new Insuretechs don’t see what they are doing as disruption but as an evolution of their strategies. 10. What Are The Advantages Of Usage-Based Car Insurance? In recent years, Usage-Based Insurance (UBI) has become one of the most talked-about technologies in the automotive insurance industry - and for good reason. 11. A Digital-First Approach Could Take the Headaches Away from Buying Insurance A deep dive into major tech-driven changes within the legacy insurance industry. 12. Startup Interview with Ato Kasymov, CEO & Co-founder of Zentist 13. How To Be a Responsible Employer and a Leader in Times of Workplace Crisis Based on the type of work you are doing and the capacity in which your workers operate, any or more of the following occupational injuries can occur to your employees. 14. "All DeFi Applications Are Shooting For The Sky But no One is Wearing a Parachute" - Allan Henders There is a lot to take away from the price performance of the digital asset market in 2020. One of such is that the concept of bitcoin halving, as expected, is a major contributing factor to the success of the bitcoin market and has eventually delivered the level of price swings projected during the pre-halving days. Another is that DeFi is perhaps the most potent application of cryptocurrency technology, which makes it the most plausible instigator of the next wave of growth. In the months following the global market crash, the DeFi landscape has attracted around $14 billion worth of capital. Why is this so? 15. Can Robots Manage Health Benefits? In an attempt to manage soaring health care costs, some government officials and health care companies are turning to algorithms to determine how to allocate limited benefits, who to provide care to first, or whether a person should receive care at all. 16. Insurance for Digital Assets Can Help to Protect Users in the Crypto Space Cryptocurrency insurance can be instrumental in reducing the losses that come with engaging in the crypto market. 17. Fintech Is Dead: All Hail Insurtech Wall Street. Tokyo. London. Shanghai. Hong Kong. 18. How I can Save my Insurance Firm During Disaster? Natural disasters are unpredictable that has the ability to destruct the
globe entirely. It has so much force that even giant construction can
get into the ground in seconds, imagine where humans would go. In
such scenarios, one should stay full secure but preparedness is the
only way to combat a natural disaster. 19. What Does 2021 Hold For Insurance on The Blockchain? Blockchain has seen multiple use cases over the years, from simple payment coins to tokenizing art. But there is a class of projects aiming to build solutions to last over the years, with a level of complexity rivaling traditional business and financial structures. 20. Insure your Bitcoin with Options [A How-To Guide] 21. Technology Is Transforming The Auto Insurance Industry Faster Than We Know It Car insurance is about as dull as things can get, right? WRONG. In the dawn of artificial intelligence, machine learning and robotics, just about every industry is undergoing huge transformation - and the insurance industry is no different. For instance, auto-reminders are now in place so clients can have a peace of mind - one of the many ways technology affords us more convenience. 22. Guide to Online Liability Insurance Application Thinking of applying for liability insurance for your business online? Congratulations, you have come to the right place! We will take you through each step of the process, so you know exactly what to expect when you apply online. 23. Cryptocurrency Insurance Can Protect You Against Hacks [Infographic] Crypto insurance is worth checking out in order to protect your cryptocurrency gains in the market. 24. Unlocking the Power of Artificial Intelligence in the Insurance Industry Today, artificial intelligence (AI) has barely begun to scratch the surface of the insurance sector. Here are a few of the most AI-friendly applications. 25. How Can Insurance Companies Pivot To A Digital-First Future With Technology? The future of the insurance industry looks bright with insurance technology trends such as AI, ML, cloud computing, hyper-automation and APIs on the rise. 26. A Buyer's Guide To Cyber Insurance, Cyber Liability, and Fraud Protection Cyber insurance can be a great way to protect your company against cybersecurity risks like fraud. But what are you liable for and what does insurance cover? 27. RPA in Insurance: Your Complete Guide 28. Unemployment Insurance Fraud Rose During the Pandemic A ProPublica investigation reveals that much of the fraud has been organized — both in the U.S. and abroad. 29. Did Insurance Companies Benefit From COVID-19? Lewis Carroll – author of Alice's Adventures in Wonderland – once wrote, “every story has a moral you just need to be clever enough to find it.” The Covid-19 pandemic, for example, has taught us that things can always take an unexpected turn. The question then emerges, how can one protect against this kind of event? The answer is very simple – insurance. 30. Providing Decentralized Insurance Services Worldwide with Hybrid Smart Contracts In this piece, the CTO of Etherisc discusses the central role that hybrid smart contracts and oracles play in enabling parametric insurance products on-chain 31. "Be ready to fire youself," advised Markus Wunsch, Executive Chairman at Mount Wish Mount Wish was nominated as one of the best startups in New York City in Startups of the Year hosted by HackerNoon. 32. 4 Challenges Of Implementing AI In The Insurance Industry and How To Overcome Them AI in insurance comes with its set of challenges that can be pivoted into opportunities. Read all about it here. 33. Implementing a Bridge Between Next-Gen Insurance Claims and Exceptional Customer Service In the insurance sector, customer service takes on multiple roles and features at various touchpoints. 34. Hacking Auto Insurance: Are Givebacks a Good Deal? COVID-19 has changed the way many of us live our lives as stores, restaurants, and more have begun closing up shop, causing many to lose their jobs or start working from home. With millions now stuck in their homes, people are driving much less. Less driving means fewer low-speed accidents, and fewer incidents of aggressive acceleration. Insurance companies have started to give back to their customers to help them financially through the pandemic. Insurance companies are offering financial assistance and more flexible payment programs, penalty-free grace period for late payments, to pause cancellation due to non-payment, and waive deductibles for commuting healthcare workers. In response to the sharp decrease in Americans’ driving mileage, some of the nation’s largest insurers have begun to refund auto insurance premiums. Companies such as Allstate, Geico, Progressive, and StateFarm have returned a total of $14 billion to policyholders. 35. Drones Will Change The Insurance Industry It is never too early to be thinking about the future. And if you are thinking about the future, think about drones. 36. How Self-Driving Cars Will Change the Auto Insurance Industry Welcome to the dawn of the self-driving car era, and a subsequent emerging challenge: how to insure them. 37. Startup Largo Coin Found a Solution to Reduce Investment Risks Largo Coin Limited has launched a blockchain-enabled warranty service targeted at securing private investors’ funds. This project looks to partner with startups and established firms by providing a trustless investment relations solution. 38. Founder Interviews: Lingke Wang of Ethos Lingke Wang and the Ethos team have recently raised over $46 million in order to simplify and modernize the archaic life insurance industry. 39. The Defi Ecosystem: Risk Reduction by Defi Insurance Everything you need to know about DeFi insurance 40. Hacking Better Solutions With AI Powered Insurance Verification A look at how improving the healthcare insurance data capture system will improve through OCR and AI card scan. 41. Research: Organizational AI Adoption in the Insurance Industry Executive Summary 42. Insurance and Blockchain: An A-Z Guide The insurance industry is a huge market. In the United States, in 2019, the volume of paid insurance premiums amounted to a trillion dollars. However, despite such volumes, the industry is experiencing great difficulties, because of which insurance companies are losing more than $100 billion every year. 43. 12 Years of Blockchain: Where Are The Applications? There were a lot of talking about where and how blockchain is suitable. Attempting to stick the blockchain everywhere and to everything is a parody. 44. Is Cyber Insurance Worthwhile? A cyber attack can cost a business everything. Cyber insurance isn’t a bulletproof shield, so is it worth it? 45. Allstate's Car Insurance Algorithm: How Insurance Algorithm Squeezes Big Spenders Seven years ago, Allstate Corporation told Maryland regulators it was time to update its auto insurance rates. The insurer said its new, sophisticated risk analysis showed it was charging nearly all of its 93,000 Maryland customers outdated premiums. Some of the old rates were off by miles. One 36-year-old man from Prince George’s County, Md., who Allstate said in public records should have been paying $3,750 every six months, was instead being charged twice that, more than $7,500. Other customers were paying hundreds or thousands of dollars less than they should have been, based on Allstate’s new calculation of the risk that they would file a claim. 46. Allstate's Car Insurance Algorithm: How Insurance Algorithm Was Analyzed State regulators and consumer advocacy groups have scrutinized Allstate Corporation’s use of big data and personalized pricing in the way it calculates how much the company charges its private auto insurance customers. Thank you for checking out the 46 most read stories about Insurance on HackerNoon. to find the most read stories about any technology. Visit the /Learn Repo

46 Stories To Learn About Insurance

Crypto insurance can be an important tool for boosting confidence and drawing in newcomers to the blockchain and cryptocurrency sectors. However, it is important to understand that crypto insurance is a developing field, with varying coverage and terms subject to the specific insurance provider and regulatory environment in each region. If we take cyberattack insurance, it typically covers damages related to business interruption, system and data recovery costs, including expenses for necessary software, as well as costs for mitigating the impact and investigating the origins of security incidents. If we take crypto insurance, it offers protection against the losses and risks associated with cryptocurrencies, blockchains, and other digital assets. Its main aim is to lessen financial risks and provide security for those who hold cryptocurrencies and engage with crypto exchanges. Insurance providers focused on crypto insurance create specific policies and terms that consider the unique aspects of digital assets and the blockchain industry. They perform risk assessments, evaluate the security of platforms, and employ technologies like multi-signature and cold storage to safeguard assets. Within the blockchain arena, insurance policies may center around technological aspects such as , digital identities, decentralized apps, and various groundbreaking innovations. On the other hand, cryptocurrency insurance focuses on the security and management of risks associated with the storage, transfer, and use of cryptocurrency assets. smart contracts Cryptosphere Risks Cryptocurrencies and blockchain technology, while technologically advanced and brimming with potential, come with their own set of specific risks. It is important to be aware of these when navigating the cryptosphere. Let's explore the primary risks associated with this innovative and dynamic area. Cybersecurity Just like any other IT system, the crypto world faces cybersecurity threats, including targeted attacks, phishing, fraud, and theft. Attackers often aim for digital wallets, centralized crypto exchanges, or smart contracts to illegally access digital assets. Weaknesses in software and poor security practices can lead to lost funds or the exposure of confidential data. Regulatory Risks Cryptocurrencies and blockchain technology are deeply influenced by regulatory risks that stem from potential changes in laws, political decisions, and governmental actions. Shifts in legal regulations can impact how cryptocurrencies are used and their legal status, as well as dictate new rules for crypto exchanges and other cryptosphere participants. Moreover, the lack of uniform international or national regulations adds a layer of uncertainty and risk. This can leave the legal status of participants in a grey area and consumer protection might not be robust enough. This absence of adequate regulatory frameworks can also lead to increased instances of fraud and unethical practices within the crypto world. Technical Risks On the technical front, glitches or errors in blockchain technology or smart contracts can lead to significant financial losses or compromise the integrity of data. Imperfections in code and software development flaws can create vulnerabilities, giving attackers opportunities to disrupt the system's operations. Main Types of Crypto Insurance In the cryptosphere, insurance types vary based on the object or area at risk. Each form of is crafted to address the unique risks and requirements of those involved. These insurance options are geared towards minimizing financial risks and bolstering security, which in turn enhances trust and encourages the continued growth and development of the sector. crypto insurance Theft Insurance: This type of insurance covers losses due to the theft of cryptocurrency, which could be due to hacking, phishing, or other forms of cyberattacks. It is particularly important for crypto exchanges and wallets. Loss of Access Coverage: Insurance for situations where users lose access to their cryptocurrency, such as forgetting passwords or losing private keys. This type of insurance might cover the cost of attempts to recover the lost currency. Smart Contract Coverage: This insurance can provide coverage if a smart contract fails or has vulnerabilities that lead to a financial loss. Professional Liability Insurance: Aimed at businesses in the crypto space, this covers legal fees and damages for services provided. This is relevant for financial advisors, blockchain consultants, and other professionals in the cryptocurrency sector. Custodial Insurance: For entities that hold crypto assets on behalf of others, custodial insurance provides coverage against the loss of those assets, whether due to theft, hacking, or operational errors. Initial Coin Offering (ICO) Insurance: This covers the risks associated with launching new cryptocurrencies, including regulatory risks, project failure, or fraud. Legal and Regulatory Insurance: Due to the rapidly changing legal landscape around cryptocurrencies, this type of insurance helps cover costs related to legal challenges, regulatory fines, or compliance issues. Directors and Officers (D&O) Insurance: This protects the personal assets of directors and officers of crypto companies in case they are sued for their management decisions Product Liability Insurance: For companies that develop crypto-related products, this insurance covers damages caused by these products, such as software that fails to perform as advertised. Cyber Liability Insurance: While not exclusive to the crypto industry, cyber liability insurance is crucial for any business dealing with digital assets, covering losses due to cyberattacks, data breaches, and other digital threats. Crypto insurance should not replace a robust information security management system. It does not negate the necessity for developing response strategies for security incidents, implementing a training program for staff, or adopting various organizational and technical safeguards for information assets. Instead, crypto insurance should be viewed as a crucial element of the ISMS, helping to combat security threats and enhance business resilience. Crypto Insurance Challenges The field of crypto insurance faces several challenges due to the relatively young age of the cryptosphere and the lack of extensive historical data on claims and risks, unlike traditional insurance. This lack of data complicates risk assessment and premium setting for insurers. Furthermore, the high volatility and uncertainty characteristic of cryptocurrencies add to the difficulty in predicting risks and estimating potential losses. Another significant challenge is the heightened susceptibility of the cryptosphere to cybersecurity threats like hacker attacks and data breaches. Effective crypto insurance, therefore, demands not just traditional protection methods but also the development and implementation of specialized tools for monitoring and responding to new cyber threats. Additionally, the unique nature of blockchain necessitates extra expertise and technical understanding for insurers to effectively evaluate risks and create insurance products. This includes a deep comprehension of cryptographic principles and the methods used for storing and transmitting cryptocurrencies. Lastly, the cryptocurrency sector is navigating a complex landscape of regulatory and legal issues. As laws and policies regarding cryptocurrencies and blockchain are still being formulated in many jurisdictions, insurance companies face the challenge of adhering to diverse regulatory requirements and maintaining legal compliance. Conclusion Insurance companies are vital to offering security and shielding users from the financial risks tied to cryptocurrencies and blockchain. They contribute significantly to the industry's growth and stability by fostering trust and offering compensation during adverse events. Yet, to fully develop, it needs to address prevailing uncertainties. While the best insurance is undoubtedly robust protection systems and preventive measures, having a policy as a backup is always a wise choice.

Digital Asset Protection and the Rise of Crypto Insurance

Small commercial enterprise owners face many challenges and risks in the dynamic international of entrepreneurship. From belongings damage and felony liabilities to employee-associated dangers, the course to achievement is fraught with capacity barriers. This is wherein the function of Comprehensive Small Business Insurance Plans will become important, presenting a safety net that may mean the difference between flourishing and floundering in hard times. Understanding the Importance of Small Business Insurance Small companies are particularly prone to economic setbacks arising from unforeseen events. An unmarried lawsuit, natural catastrophe, or workplace twist of fate can result in expenses that many small agencies are unprepared to handle. Insurance is not just a protection degree; it's a fundamental part of your enterprise's economic fitness. Types of Insurance Plans for Small Businesses When thinking about coverage, small business owners ought to be privy to the diverse sorts of coverage available: General Liability Insurance protects your commercial enterprise from well-known prison claims, such as injuries. Property Insurance: If you own or rent space in your commercial enterprise, assets insurance is important to shield your physical belongings against fireplaces, robbery, and other damages. Professional Liability Insurance: Also referred to as Errors and Omissions insurance, it is essential for agencies that provide services or advice to customers. Workers' Compensation Insurance: This is necessary when you have employees. It covers scientific prices and lost wages if an employee gets injured. Product Liability Insurance: If your enterprise manufactures products on the market, this insurance protects against damages that products could cause. Tailoring a Plan to Your Business Needs No groups are alike, and insurance wishes can vary greatly depending on your industry, size, and precise business activities. It's essential to assess your risks and consequently tailor your coverage insurance. Consulting with coverage experts who provide Comprehensive Small Business Insurance Plans can offer insights and alternatives that align with your business requirements. The Cost of Insurance vs. The Cost of Risk While managing expenses concerns small enterprises, skimping coverage may be a steeply-priced mistake. The charges fee is often less than the potential losses from an uninsured event. It's a balancing act between finding less costly insurance and ensuring adequate safety. In conclusion, coverage isn't always just a regulatory requirement; it is a strategy to guard your business's destiny. With the right Comprehensive Small Business Insurance Plans, small commercial enterprise proprietors can shield their tough-earned belongings from the unpredictable nature of the business world. Remember, being organized is not about managing dangers; it is about ensuring the durability and success of your business. This story was distributed as a release by Ascend under HackerNoon’s Brand As An Author Program. Learn more about the program here: https://business.hackernoon.com/brand-as-author

Navigating the Complexities of Small Business Insurance: A Must for Entrepreneurs

ছোট ব্যবসা বীমা জটিলতা নেভিগেট: উদ্যোক্তাদের জন্য একটি আবশ্যক

Bewältigung der Komplexität der Versicherung für Kleinunternehmen: Ein Muss für Unternehmer

Navegando por las complejidades de los seguros para pequeñas empresas: una necesidad para los emprendedores

Naviguer dans les complexités de l’assurance pour petites entreprises : un incontournable pour les entrepreneurs

लघु व्यवसाय बीमा की जटिलताओं से निपटना: उद्यमियों के लिए जरूरी है

中小企業保険の複雑さを乗り越える: 起業家必需品

중소기업 보험의 복잡성 탐색: 기업가에게 필수

Navegando pelas complexidades do seguro para pequenas empresas: uma obrigação para os empreendedores

Преодоление сложностей страхования малого бизнеса: необходимость для предпринимателей

Küçük İşletme Sigortasının Karmaşıklıklarını Aşmak: Girişimciler İçin Bir Zorunluluk

Điều hướng sự phức tạp của bảo hiểm doanh nghiệp nhỏ: Điều bắt buộc đối với doanh nhân

应对小企业保险的复杂性：企业家的必修课

REAL ESTATE AND INSURANCE

Scientific American, Volume XXIV., No. 12, March 18, 1871 by Various, is part of the HackerNoon Books Series. You can jump to any chapter in this book . The Hartford Steam Boiler Inspection and Insurance Company. here The Hartford Steam Boiler Inspection and Insurance Company. The Hartford Steam Boiler Inspection and Insurance Company makes the following report of its inspections in January, 1871: During the month, there were 522 visits of inspection made, and 1,030 boilers examined—853 externally and 363 internally, while 106 have been tested by hydraulic pressure. Number of defects in all discovered, 431, of which 163 were regarded as dangerous. These defects were as follows: Furnaces out of shape, 24—3 dangerous; fractures, 47—25 dangerous; burned plates, 29—14 dangerous; blistered plates, 54—10 dangerous; cases of sediment and deposit, 97—18 dangerous; cases of incrustation and scale, 70—24 dangerous. To show how little attention is paid to the internal condition of boilers by incompetent engineers, we copy the following from a letter of one of our inspectors: "In one tubular boiler I found sediment in the back end, eight inches deep, and extending forward more than four feet. It seemed to be an accumulation of fine scale cemented together, so that it was necessary to break it up with a hammer and chisel before it could be removed. The engineer said , and objected to my making another examination. This is one of the many cases we find, where the proprietor trusts everything about his boilers to his engineer, supposing him to be reliable." he had cleaned the boilers only three days before With such accumulation of sediment and deposit, is it any wonder that sheets are burned? A careful engineer will understand, if the feed water be impure, that he must blow down two or three inches every day, or oftener, that the sediment may be removed as it accumulates, and then an internal examination once in two weeks, or once a month, will insure a clean boiler. Cases of external corrosion, 26—10 dangerous; cases of internal corrosion, 17—5 dangerous; cases of internal grooving, 28—11 dangerous; water gages out of order, 50; blow-out apparatus out of order, 15—7 dangerous; safety valves overloaded, 40—12 dangerous; pressure gages out of order, 54—6 dangerous, varying from -15 to +8 pounds. (We have found several gages entirely ruined from being frozen). Boilers without gages, 4; cases of deficiency of water, 5—1 dangerous; broken braces and stays, 31—7 dangerous; boilers condemned, 2—both dangerous. Two engineers were found drunk on duty, and promptly discharged. There were 9 serious explosions during the month, by which 99 persons were killed, and 6 wounded. Eighty-seven of the killed were passengers on the ill-fated steamer , on the Mississippi River. Many were drowned, and some burned, but the origin of the calamity was the bad quality of the boilers, which a careless management was unable to detect. The upper and fore part of the boat was blown away by the exploded boilers, and, to add to the horror, what remained took fire. H. R. Arthur None of these exploded boilers were under the care of this company. Five ore-roasting furnaces are in full blast in Nevada. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Various (2006). Scientific American, Volume XXIV., No. 12, March 18, 1871. Urbana, Illinois: Project Gutenberg. Retrieved https://www.gutenberg.org/cache/epub/19180/pg19180-images.html This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at , located at . www.gutenberg.org https://www.gutenberg.org/policy/license.html

The Hartford Steam Boiler Inspection and Insurance Company

Mark Twain's Speeches by Mark Twain, is part of the HackerNoon Books Series. You can jump to any chapter in this book . ACCIDENT INSURANCE—ETC. here ACCIDENT INSURANCE—ETC. DELIVERED IN HARTFORD, AT A DINNER TO CORNELIUS WALFORD,
          OF LONDON GENTLEMEN,—I am glad, indeed, to assist in welcoming the distinguished guest of this occasion to a city whose fame as an insurance centre has extended to all lands, and given us the name of being a quadruple band of brothers working sweetly hand in hand—the Colt’s arms company making the destruction of our race easy and convenient, our life-insurance citizens paying for the victims when they pass away, Mr. Batterson perpetuating their memory with his stately monuments, and our fire-insurance comrades taking care of their hereafter. I am glad to assist in welcoming our guest—first, because he is an Englishman, and I owe a heavy debt of hospitality to certain of his fellow-countrymen; and secondly, because he is in sympathy with insurance, and has been the means of making many other men cast their sympathies in the same direction. Certainly there is no nobler field for human effort than the insurance line of business—especially accident insurance. Ever since I have been a director in an accident-insurance company I have felt that I am a better man. Life has seemed more precious. Accidents have assumed a kindlier aspect. Distressing special providences have lost half their horror. I look upon a cripple now with affectionate interest—as an advertisement. I do not seem to care for poetry any more. I do not care for politics—even agriculture does not excite me. But to me now there is a charm about a railway collision that is unspeakable. There is nothing more beneficent than accident insurance. I have seen an entire family lifted out of poverty and into affluence by the simple boon of a broken leg. I have had people come to me on crutches, with tears in their eyes, to bless this beneficent institution. In all my experience of life, I have seen nothing so seraphic as the look that comes into a freshly mutilated man’s face when he feels in his vest pocket with his remaining hand and finds his accident ticket all right. And I have seen nothing so sad as the look that came into another splintered customer’s face when he found he couldn’t collect on a wooden leg. I will remark here, by way of advertisement, that that noble charity which we have named the HARTFORD ACCIDENT INSURANCE COMPANY is an institution, which is peculiarly to be depended upon. A man is bound to prosper who gives it his custom. No man can take out a policy in it and not get crippled before the year is out. Now there was one indigent man who had been disappointed so often with other companies that he had grown disheartened, his appetite left him, he ceased to smile—said life was but a weariness. Three weeks ago I got him to insure with us, and now he is the brightest, happiest spirit in this land—has a good steady income and a stylish suit of new bandages every day, and travels around on a shutter. I will say in conclusion, that my share of the welcome to our guest is none the less hearty because I talk so much nonsense, and I know that I can say the same far the rest of the speakers. (The speaker was a director of the company named.) About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Mark Twain (2004). Mark Twain's Speeches. Urbana, Illinois: Project Gutenberg. Retrieved October 2022 https://www.gutenberg.org/cache/epub/3188/pg3188-images.html This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at , located at . www.gutenberg.org https://www.gutenberg.org/policy/license.html

ACCIDENT INSURANCE—ETC.

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