Thanks to Artificial Intelligence (AI), Japan’s largest insurer, Tokio Marine Holdings, recently announced it will begin same-day claim payments for automobile insurance beginning in 2020. Reporting the accident, claim settlement and payments will be completed entirely through a smartphone app that automatically locates where the accident took place.
“If you don’t take a chance, you don’t stand a chance”. That old adage is true for all innovators who want to succeed today. But how do you take a chance on a new product or service while still maintaining the ongoing stability of your personal or corporate well-being.
Each year, Medicare is required to report to Congress the computation of Annual Liability Insurance (Including Self-Insurance), No-Fault Insurance, and Workers’ Compensation Settlement Recovery Medicare Secondary Payer (MSP) Thresholds. The threshold amounts are set so that the average cost of collecting conditional payments is at least equal to the amount credited to the Medicare Trust Fund.