Woman Accused of Lying to Insurance Company About Accident

U.S. News

A criminal complaint says Fuentes' vehicle struck another vehicle on Feb. 16 when she backed out of a parking stall at work. The complaint says she applied that evening for insurance to cover her vehicle. Then, the complaint says, she filed a claim Feb. 19 with her new insurer. She reported that the accident had occurred that day, instead of Feb. 16, before she applied for coverage.


Wells Fargo says it charged up to 570,000 customers for insurance they didn't request or need

Los Angeles Times

Wells Fargo & Co. says that it charged hundreds of thousands of auto loan customers for insurance they did not ask for or need -- in some cases causing those customers' cars to be repossessed -- and that it's taking steps now to try to make things right. After reviewing records from 2012 through 2017, Wells Fargo identified about 570,000 customers who may have been wrongly pushed into these insurance policies and will give them "refunds and other payments as compensation," the San Francisco bank said in a news release late Thursday. Wells Fargo made its announcement shortly after the New York Times published an article, based on a report commissioned by the bank, that first reported the problem and said more than 800,000 customers may have been affected. That report was prepared months ago by a consulting firm at the bank's request. The bank continued its internal review and concluded that a smaller number of customers were affected and would qualify for refunds.


Use of Internet of Things in insurance

@machinelearnbot

As per Business Insider Intelligence, the total number of IoT devices is set to explode to 9 billion all over the world. They have the power to influence every facet of our life and insurance is no exception. Technology has created a new trend in insurance, namely, usage based insurance. Wikipedia says that The Internet of Things (IoT) is the network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data. Notably, India is set to see the world's biggest IoT network in the coming years.


How will driverless cars impact the insurance industry?

#artificialintelligence

In the next decade or so, it's predicted that our roads will be awash with driverless cars, with estimates that they will account for a quarter of global car sales by 2035. This will present either a huge opportunity for the insurance sector or a challenge that could lead to its downfall. Car insurance has long been a lucrative business, generating billions of dollars in annual revenue and supporting thousands of jobs. So the disruption promised by driverless cars is a genuine concern. The primary challenge comes from the fact that 90 percent of road traffic accidents are caused by human error, a risk that driverless cars have the potential to eradicate, sparking a significant improvement in road safety.


Vehicle Insurance Market 2020 Global Overview, Drivers, Growth, Trends, Top Players, Investment Analysis and Future Outlook – The NyseNasdaqLive News

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Upstream raw materials and equipment and downstream demand analysis is also carried out. The Vehicle Insurance market development trends and marketing channels are analysed. Finally the feasibility of new investment projects are assessed and overall research conclusions offered. Vehicle insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage.