How Big Data Drives Insurance Innovation and Better Experiences

How big data drives insurance innovation and better experiences

As advanced technologies continue to fuel disruptive changes in many industries today, insurers are intent on leveraging the benefits of big data, also known as data analytics, to help improve everything from customer service to underwriting.

Here are three areas where the value of data analytics and technology is already fueling insurance innovation and better customer experiences.

  • AI-based underwriting
    Artificial intelligence (AI) is accelerating the technology revolution currently underway in insurance. In fact, according to one forecast, the transformative effect of AI and machine learning on the insurance process just can’t be overstated. As AI continues to evolve, the report concludes, it’s likely to shift insurance from the perspective of “detect and repair” to “predict and prevent.” In our connected world of big data and digital devices, for example, insurers already are leveraging usage-based information to better understand customer risks and coverage needs. This predictive data is inspiring new products, more tailored underwriting, and real-time service delivery. Consider a manufacturing facility where information from wearable-equipped employees and fleet telematics is connected to an actuarial database. Using AI algorithms, an insurer could calculate the business’s risk based on employees’ and vehicles’ activities, as well as the probability and severity of potential events. The benefits of a data-driven approach help both customers and insurers by:
    • Encouraging safety;
    • Delivering more accurate risk assessments and underwriting;
    • Helping to reduce claims costs; and
    • Changing the customer-insurer relationship from reactive to proactive.

The bottom line? When first-hand data informs the insurance situation, the benefits can include better risk identification and underwriting evaluation and more tailored solutions

Proactive policy management via big data automation

Technology is also creating easier access to more reliable data and speedier evaluation of risk.

Liberty Mutual Insurance and its technology partners are harnessing this power of big data to more accurately identify account opportunities and develop proactive coverage solutions for customers. Through its latest relationship with Intellect SEEC, for example, thousands of third-party data sources – like court filings, industry data, and government records, – are analyzed and packaged into actionable information so underwriters can more quickly identify, underwrite, and service potential accounts. The result is a win-win for brokers and customers, providing:

An enhanced ability to understand each potential customer’s insurance service and product needs,

An ongoing window into an account to identify new needs, which can help to customize coverage options and solutions to meet changing risks.

With these deeper insights, Liberty Mutual can more quickly understand current and potential customer needs and create product solutions that help customers better manage their exposures. 

  • Smart contracts powered by blockchain
    As blockchain technology continues to matu

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How to Get the Best Fuel Economy

Try our test-based tips to save at the pump, and see which myths we bust

How you drive can significantly affect your fuel economy. That’s the key finding of CR’s fuel-economy tests. Even when fuel prices are very low, you can still save serious money by making small changes to your driving style and habits.

CR has gathered its best test-based tips and techniques for getting the most gas mileage from your car to help ease the pain at the pump.

The FAQ below addresses common questions we receive and dispels some fuel-economy myths.  

What’s the Best Way to Cut Fuel Costs?

Slow down. In our tests, we’ve found that driving faster on the highway can really take a bite out of a car’s fuel efficiency.

We measured gas mileage while driving at a steady 55, 65, and 75 mph in a Nissan Altima and Toyota RAV4. Reducing speed from 65 mph to 55 mph improved fuel economy by 6 mpg in the Altima and 8 mpg in the RAV4. 

The penalty of cruising at 75 mph, rather than 65 mph, was almost 7 mpg in the Altima and 6 mpg in the RAV4. 

These findings are similar to what we have recorded in the past, once again proving that higher speeds exact a toll on fuel consumption. 

Another way to look at it: Speeding up from 55 to 75 mph is like moving from a compact car to a large SUV. Beyond fuel concerns, speeding is, of course, a safety risk as well.

Avoid hard acceleration and braking whenever possible. In our tests, frequent bursts of acceleration and braking reduced an older Toyota Camry’s mileage by 2 to 3 mpg. Once up to speed on the highway, maintain a steady pace.

The harder you accelerate, the more fuel you use. Unnecessary braking wastes the fuel you used to get up to speed. Drive smoothly and anticipate the movement of traffic. Once up to speed, maintain a steady pace. Smooth acceleration, cornering, and braking also extend the life of the engine, transmission, brakes, and tires.

What’s the Impact of Carrying Stuff on the Roof?

At highway speeds, more than 50 percent of engine power goes to overcoming aerodynamic drag. Don’t add to that by carrying unneeded things on the roof. We did fuel economy tests at highway speed on a Nissan Altima and Toyota RAV4 with a roof rack, tail-hitch rack, and a roof-top box.

Carrying two mountain bikes on the roof had the biggest impact. The Altima lost 13 mpg, going from 46 mpg down to 33. The RAV4 lost 7 mpg, dropping to 32 mpg from 39 mpg.

There’s even a loss when driving with the empty roof rack installed: The Altima dropped 5 mpg and the Toyota lost 2 mpg.

The Nissan lost 12 mpg with the bikes on the hitch-mounted rack, while the RAV4 was down only 5 mpg. The bikes stuck out to the sides of the sedan, which created extra drag. They were mostly hidden behind the wider, boxier RAV4’s bodywork.

The roof-top box resulted in a 9 mpg decrease for the Altima, and a 5 mpg drop for the RAV4.

Overall, the aerodynamic drag doesn’t hurt the more boxy RAV4 as much as the sleeker Altima. 

Going across town, this may not be a concern. But on a multistate family road trip, a carrier or rack on the roof would have a real impact on fuel costs. And it could create some annoying wind noise. 

Use AC or Open Windows?

The harder the AC system has to work, the worse the impact on fuel economy. When we measured the fuel-economy difference in a  2008 Ford Focus, Honda  Accord, and Subaru Forester, we found that fuel use with the  AC running went up with higher outside temperatures.  

At 55° F, there were negligible differences. But when we measured again on days when the temperature was in the low 70s and high 80s, we got fewer miles per gallon with the AC on.

In general, expect a drop from 1 to 4 mpg with the air conditioning running. The effect of opening the windows at 65 mph was not measurable. In any case, the AC helps dehumidify the cabin, which can contribute to keeping the driver alert and safe. We think that’s a worthwhile trade-off.

How Far Can You Go When the Low-Fuel Warning Light Comes On?

There is no set rule, but most cars have a reserve of between 1 and 2 gallons of gas when the light goes on, or enough to travel about 40 to 50 miles or so at a moderate speed.

To maximize those last couple of gallons, we suggest slowing down and maintaining a steady pace. Because you never know what challenges life will serve up, including traffic, don’t rely on the light as your cue to fill up. 

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Hello 2020-21 NBA Season!

Things you need to know about the 2020-21 NBA season

Here are some common questions and answers about the format, rules, scheduling, structure, and health protocols of the 2020-21 NBA season.

The NBA and the National Basketball Players Association announced on Nov. 9 that they’ve struck a deal on rules for the 2020-21 NBA season, which will start on Dec. 22. On November 10, the NBA’s Board of Governors approved the amended Collective Bargaining Agreement for 2020-21 by a unanimous vote, allowing the 2020-21 season to begin. The NBA announced the 2020-21 season structure and format, including a playoff Play-In Tournament on Nov. 17.

In anticipation of the new NBA season, here are some common questions and answers about the 2020-21 NBA season.


Q: When does the 2020-21 NBA season begin and end?

Dec. 22 is the start date. The end of the 2020-21 season is tentatively scheduled for May 16.

Q: When did training camps open? When was the preseason?

Individual player workouts ran from Dec. 1-5 with Media “Week” taking place during the same time frame. Group player workouts went from Dec. 6-10 and the preseason ran from Dec. 11-19. In the preseason, each team played a minimum of two and a maximum of four games as part of the NBA’s 49-game preseason schedule. The game schedule for the 2020 preseason is available here.

Q: How many games will each team play in the 2020-21 NBA season

Each team will play 72 regular-season games, which is 10 games fewer than in a typical, 82-game NBA season.

Q: What does the 2020-21 schedule look like?

The schedule will be released in two segments, with the First Half of the schedule coming around the start of training camp and the Second Half of the schedule coming out during the latter part of the First Half. For now, the plan is for each team to play three games against each intraconference opponent (42 total), and two against each interconference opponent (30 games).

Q: How will the Play-In Tournament be structured?

The Play-In Tournament, which will take place after the regular season and before the first round of the playoffs, will include the teams with the seventh-highest through the tenth-highest winning percentages in each conference. For further information on the Play-In Tournament, click here.

Q: What are the Key Dates for the 2020-21 NBA season?

• Dec. 1-5: Individual player workouts and Media “Week”
• Dec. 6-10: Group player workouts begin• Dec. 11-19: Preseason games
• Dec. 22 – March 4: First Half of regular season
 March 5-9: All-Star break
 March 10-May 16: Second Half of regular season
 March 25: NBA Trade Deadline
 May 13-15: Class of 2020 Hall of Fame Enshrinement
 May 18-21: Play-In Tournament
 May 22-July 22: 2021 NBA Playoffs

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‘Revenge Travel’ Will Be All The Rage Over The Next Few Years

‘Revenge Travel’ Will Be All The Rage Over The Next Few Years

By Caroline Bologna | 03/19/2021 12:17pm EDT | Updated April 6, 2021 | Huffpost.com

With the vaccine rollout picking up pace, Americans are starting to feel more cautiously optimistic about the prospect of traveling again, and it’s called Revenge Travel.

Those in the travel industry are hoping for a surge in bookings in the coming months and years. A sense of wanderlust has been building, after all ― it’s only natural that we’ll want to explore new places after so much time at home. Many are calling this phenomenon “revenge travel.”

But what exactly does “revenge travel” mean and how might it manifest? HuffPost asked travel experts to share their thoughts about “revenge travel” and the future of Americans’ vacation plans.

What is ‘revenge travel’?

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Want More Energy In The Morning?

Want More Energy In The Morning? Try This Easy Science-Backed Method.

By Kate Bratskeir | 04/14/2021 05:45am EDT | Huffpost.com

Wouldn’t it be wonderful if you could magically turn yourself into a morning person? This doesn’t have to be just a dream: A group of sleep researchers developed a method that could very well transform the way you feel during the wee hours of the morning — or at least help you get more energy and feel a little less sluggish in the a.m.

The science-backed process ― called the RISE-UP method ― was created a few years ago, but it’s especially helpful now. The pandemic has made sleep inertia — the transitional state between sleep and wake, marked by grogginess, impaired performance, and a desire to return to sleep — more common, said sleep researcher Kate Kaplan, a clinical instructor at the Stanford University School of Medicine. Adjusting your morning habits using the technique may help reverse some of those effects.

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How technology is transforming the construction industry

In today’s construction industry market, there’s little doubt that technology holds transformative power.

Not only have new technological advancements led to greater efficiency in day-to-day operations, but they’ve also created new opportunities for companies to gain a competitive edge and focus on strategic growth.

There are several ways technology is making positive impacts on key priorities within the construction industry, including workforce, safety and risk management, and operational efficiency.

Finding solutions for construction industry labor challenges

Labor shortages in the construction industry remain significant and widespread. A new survey by the Associated General Contractors of America (AGC) found that 80 percent of construction companies report having a tough time filling hourly craft positions, representing the bulk of the construction workforce. On top of that, 56 percent also are finding it difficult to fill salaried positions. According to AGC, preparing, attracting, and re-skilling the future workforce are necessary steps in reducing that figure – and technology can help bridge the gap.

How can technology help with labor shortages? First, investing in cutting-edge approaches can help recruit and retain more young adults from tech-savvy generations into construction careers. Second, technology can streamline labor needs. By adopting tech methods to reduce on-site work time, such as using virtual construction tools like Building Information Modeling (BIM) and automating inventories and the ordering process, a contractor can better manage productivity levels and its workforce.

Addressing construction industry safety and risk

According to the latest Construction Technology Report by JBKnowledge, almost 50 percent of today’s contractors now have dedicated IT departments, and more construction companies are using technology solutions to internally manage workflows like estimating, project scheduling, and project management as well as to improve safety. Here are some of the ways technology is helping with efficiency and safety:

  • Wearables.

With wearable technology’s popularity and growth in consumer markets, the construction industry is now considering how to use different features to improve worksite safety. Some potential applications for wearable technology include monitoring an employee’s movements or vitals and providing real-time alerts if work conditions become dangerous. Smart helmets, for example, turn traditional hardhats into on-the-ground safety systems that can detect a worker’s level of fatigue or a worksite’s carbon monoxide level or temperature.

Smart helmets turn traditional hardhats into on-the-ground safety systems that can detect a worker’s level of fatigue or a worksite’s carbon monoxide level or temperature.

As another example, gear like augmented-reality glasses can provide workers with real-time guidance and detect errors before an accident, which, along with the proper training, could help improve productivity and safety.

Plusses like these will likely fuel more experimentation with wearables and research on their effectiveness at improving safety. Nearly two-thirds of insurers, for example, expect wearable technologies to have a significant impact in coming years, according to a survey of more than 200 insurance executives.

  • Mobile devices.

The importance of mobile capabilities has soared, the JBKnowledge report shows, with 83 percent of firms surveyed saying mobile is “important” or “very important” to their operations vs. just 59 percent who thought so in 2012.

The daily use of laptops in the construction field also has increased, from 64 percent in 2015 to 78 percent in 2017. And the use of smartphones, tablets, and other portable devices is quickly streamlining much of the construction process, from creating and approving blueprints to post-construction monitoring.

In terms of safety benefits, the adoption of mobile technologies enables real-time communication with all members of a construction team as well as faster incident reporting and injury documentation, all of which can help reduce the risk of injuries and the cost of worker’s compensation claims.

Boosting worksite efficiency with labor-saving strategies

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8 Easy Steps to a More Organized Home

An Organized Home: Even small efforts to declutter can lead to tidier spaces

En español | We love to think about decluttering and having an organized home. But we don’t always love to do it.

Last year, people binge-watched The Home Edit on Netflix to see pantries and bookshelves organized in a rainbow of colors and messy garages and bedrooms transformed. In the past, people have Marie Kondo–ed their closets and drawers by tossing items that don’t spark joy.

It can be hard to get around to decluttering in real life, even when people are spending more time at home because of COVID-19. But a few small steps can help jump-start the effort and may even improve your mental health just as much as your home.

“The more clutter you have, the less happy you tend to be,” says Joseph Ferrari, a professor at DePaul University, who along with his research partner has studied the negative impact of all that stuff. “The more you have, the less life satisfaction people report.”

Decluttering for an organized home made simple

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Tips for Motorcycle Road Trips


Foremost Insurance Group

Before heading out on motorcycle road trips, make sure you and your bike are ready!

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Careful when choosing your deductible

Choosing Your Deductible | Shield Insurance Agency Blog | Start A Quote Today!

Careful when choosing your deductible

A high deductible is often a great way to keep your insurance premiums down.  However, you shouldn’t set a deductible that is so high that you cannot afford to pay the deductible when you have a claim.  I’ve seen people change their collision deductible from a $500 deductible to a $1,000 deductible because money was tight and this allowed them to save about $10 per month on the premium.

Wouldn’t you know it, but not even 2 months later they ended up in an At-Fault accident.  Money was tight so they didn’t have that $1,000 to get the vehicle repaired. It took forever to save up that $1,000 so they were down to one vehicle which made it tough getting back and forth to work.

Please make sure you have something in savings for an emergency.  Whether it’s a car accident or your furnace breaks down. Emergencies will happen, but if you’re prepared, you can transform that emergency into an inconvenience.

submitted by Joe


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Save money on renters insurance

Top ways customers say they’ve saved money on renters insurance


Buying renters insurance isn’t always considered a priority by renters. Some might not even consider it if the rental agreement doesn’t require it. The good news is that renters insurance is generally very affordable and easy to obtain.

As noted, it is now frequently a requirement to show proof of an active renters insurance policy when you sign a lease agreement.

Even though renters insurance coverage is very affordable, you still want to make sure that you’re getting the best price for the coverage that you need. If you want to know how to save on renters insurance, this post has some valuable tips from the best source — renters themselves.

Clearsurance looked at reviews and compiled this list of the top ways customers say they save money on renters insurance. These renters insurance tips from actual customers can guide anyone who is looking for cheap renters insurance for apartments or other rental properties.

Tip 1: Ask about renters insurance discounts

There are a lot of discounts available to renters, including some that you might not even realize can help you save money. For example, when you move into an apartment, you might think that the sprinklers or other fire suppression systems in your apartment are there to protect your landlord’s property, such as the building structure.

However, since these systems are effective at putting fires out quickly, they protect your personal property too, so many insurers will discount your renter’s insurance if your apartment or rental unit is equipped with them.

The same goes for other systems that may be installed by your landlord, such as security systems and alarms.

Even information such as the building’s construction and the materials it is made from can make you eligible for discounts, so don’t be afraid to ask your insurance company about discounts.

Here’s what one customer learned about Lemonade renters insurance:

“Best customer service ever! My lemonade policy barely costs a fast food meal a month. It’s so cheap. My property required renter’s insurance (which I really did not want at the time – I thought it was pointless, what could happen to me – right?!) I found lemonade online and chose them due to their great rates. I got a lot of discounts because I have a security system in my apartment and my complex has fire sprinklers in every room, fire alarms in every room, and smoke detectors in every room.” – sam1, Lemonade Customer Reviewer (Read the full review here.)

Tip 2: Regularly review your pricing

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