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.
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.
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.
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.
As the commercials make clear, shopping for car insurance can be frustrating. That's in part because that auto insurance pricing is largely a black box for consumers. While the price a consumer pays for insurance is based on a risk estimate derived from demographics, past traffic violations, and claims history, each carrier uses the data in a unique, closely guarded way to calculate a price, and the number of prices for a given risk is as large as the number of insurers. Thus, it is difficult to be sure that you have the best price, or even a decent price, and many consumers are skeptical of the fairness of the entire process. David R. Martin is the chief data scientist at Root Insurance.