What are some sources of Big Data used in insurance?

Insurance companies collect data from IoT devices, social media, medical records, telematics (vehicle tracking), online transactions, wearable health devices, government databases, and customer interactions. These data sources provide valuable insights into behavior, lifestyle, and potential risks, helping insurers refine policies and pricing strategies.

What should I do if my insurance premium increases unexpectedly?

Review your policy for changes, compare quotes from other insurers, ask about discounts, adjust coverage limits, or inquire about risk factors contributing to the increase.

What is the difference between earthquake insurance and flood insurance?

Earthquake insurance covers damage from seismic events, while flood insurance covers damage from rising water. These are separate types of coverage and usually require different policies.

How does third-party insurance work?

If the insured causes an accident resulting in injury or property damage to a third party, they must notify their insurer. The insurer then assesses the claim and compensates the affected party, up to the policy’s coverage limit.

What should I do if my claim is denied due to an exclusion?

Policyholders can review the denial letter, check policy wording, provide additional evidence, request a reconsideration, consult an insurance expert, or file an appeal if they believe the exclusion was misapplied.

Can I purchase on-demand insurance for a one-time event?

Yes, on-demand insurance is perfect for one-time events like weddings, conferences, or parties, providing temporary coverage for liability, cancellations, or damages specific to that event.

How does insurable interest apply to property insurance?

In property insurance, the policyholder must have a financial stake in the insured property. If a person does not own or have a financial obligation related to the property, they cannot insure it. For example, a tenant cannot insure a landlord’s building but can insure their personal belongings inside the property.

How do I file a claim for emergency evacuation costs?

You must contact your insurer immediately, provide medical records and receipts, and follow the insurer’s process for arranging and approving the evacuation before incurring costs.