Capstone Insights
Social media networking, namely Twitter, presents businesses with several advantages including reaching potential and current customers. However, when used without prudence, social media, and namely Twitter can also result in situations where companies can face various liabilities including reputation damage, defamation cases and intellectual property lawsuits. Therefore, it’s important for individuals and businesses to exercise prudent risk management before deciding whether to tweet. Continue reading →
Equifax, you had one job. Your only purpose as a corporation, the reason you were created and remain a going concern, is to collect and maintain people’s most private financial data.
Now you have fallen down on your only job — and spectacularly so. Hackers penetrated the spectral gauze of security surrounding your website, and over the course of nearly two months, they made away with the personal information of as many as 143 million Americans. It is the most important financial data available on any of us — our names, birth dates, Social Security numbers, home addresses and in some instances a lot more — and it was just sitting there on your site, all but wrapped up in a red bow. Continue reading →
With so many eyes on claims files, it’s no wonder documentation is a touchy subject for adjusters. Claims files are reviewed by auditors, supervisors, bad faith attorneys and others passing judgment often months or years after the fact, according to Kevin Quinley, founder and principal of Quinley Risk Associates. Continue reading →
Some of the most popular industrial and consumer robots are dangerously easy to hack and could be turned into bugging devices or weapons, IOActive Inc. said.
The Seattle-based cybersecurity firm found major security flaws in industrial models sold by Universal Robots, a division of U.S. technology company Teradyne Inc. It also cited issues with consumer robots Pepper and NAO, which are manufactured by Japan’s Softbank Group Corp., and the Alpha 1 and Alpha 2 made by China-based UBTech Robotics. Continue reading →
In 1990, the Americans with Disabilities Act (ADA) was signed into law to give disabled people the same access to American life as those without disabilities. The Act is intended to give equal access to all Americans to all public spaces. The law was initially thought of as only applying to brick and mortar locations and couldn’t address access to the Internet, since the Internet wasn’t fully commercialized until 1995. Continue reading →
Subrogation is the legal doctrine which allows one party, usually an insurance company, that pays a loss by its insured which was caused by a third party, to take over the rights of its insured against the third party and recover its claim payments. It wouldn’t make much sense if, after paying a first-party insurance claim that its insured was partly responsible for, an insurance company could sue its insured to get their money back. It would defeat the purpose of insurance. Preventing precisely that sort of inequitable scenario is the purpose of the anti-subrogation rule (ASR). Sometimes known as the “suing your own insured” defense, the ASR was originally developed based on the logical premise that because the carrier stands in the shoes of it’s insured, it would essentially be suing itself. Therefore, no right of subrogation can arise in favor of an insurance company against its own insured. Wager v. Providence Ins. Co., 150 U.S. 99 (1893); The John Russell, 68 F.2d 901 (2nd Cir. 1934); Sherwood Trucking, Inc. v. Carolina Cas. Ins. Co., 552 F.2d 568 (4th Cir. 1977); Peavey Co. v. M/V ANPA, 971 F.2d 1168 (5th Cir. 1992) (insured or additional assured); Prestige Cas. Co. v. Michigan Mut. Ins. Co., 99 F.3d 1340 (6th Cir. 1996). Continue reading →
A report released earlier this year by research and advisory firm Novarica highlights how digital opportunities, analytics and the Internet of Things (IoT) are driving changes in claims.
Customer service standards set by other industries is contributing to the digital transformation in the insurance industry and in claims, stated the report, The Digital Evolution of P/C Claims. Continue reading →
Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. Continue reading →
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