Insurance

Legal Medical Marijuana Linked to Reduced Health Insurance Premiums, Study Finds

August 23, 2023

A recent study published in the International Journal of Drug Policy has revealed a noteworthy correlation between states that have legalized medical marijuana and a substantial reduction in health insurance premiums, compared to states where cannabis remains illegal.

Researchers conducted an extensive analysis of private health insurance data spanning a decade, sourced from the National nAssociation of Insurance Commissioners. The study focused on the years following the implementation of medical cannabis laws in different states. While the initial reductions in premiums were moderate, the study highlighted a consistent trend. Over a period of seven, eight, and nine years following implementation, annual premiums dropped by $1,663, $1,542, and $1,626, respectively, in states that had legalized medical marijuana.

Insurance, Science & Technology News

Get ahead of veterinary expenses in 2021 with pet insurance from Lemonade

February 24, 2021

The love and joy that come with adopting a pet make all the work involved well worth it. When you wake up at 5 am to walk your dog or scrape out the bottom of your cat’s litterbox, it’s all for the rewards of the cuddles, snuggles and companionship they give you in return. Taking care of your pet’s health while balancing your finances, however, can be a bit trickier.

Pet insurance is an optimal way to make sure that your furry friend stays healthy while allowing you to maintain financial stability. By paying a low monthly premium, you can anticipate the possibility of an expensive, emergency trip to the vet in a way that’s sustainable for your budget.

Automobiles, Elon Musk, Insurance, Science & Technology News, Tesla

Elon Musk says Tesla is launching an insurance company

August 4, 2020

Tesla is about to get into the auto insurance game, CEO Elon Musk announced Wednesday.

On a call with investors, Musk said that Tesla is in the process of “building” what he called a “major insurance company,” Business Insider reports. By the end of the year, he hopes to have launched in a handful of U.S. states, generating premiums and rates for drivers based on data collected by their cars’ internal sensors.

Continue reading… “Elon Musk says Tesla is launching an insurance company”

Analysis, Healthcare, Insurance, Science & Technology News

Hospitals charging the privately insured 2.4 times what they charge medicare patients

June 7, 2019

Indiana Rep. Sen. Jim Banks’ Hospital Competition Act of 2019 would curtail the pricing power of regional hospital monopolies, and incentivize them to restore a competitive market.

For generations, the prices that hospitals charge patients with private insurance have been shrouded in secrecy. An explosive new study has unlocked some of those secrets. It finds that employers and their insurers are failing to control hospital costs, increasing calls for transparency into insurer-hospital agreements.

Continue reading… “Hospitals charging the privately insured 2.4 times what they charge medicare patients”

AI, Artificial Intelligence, Business, Insurance, Internet of Things, Science & Technology News

Very risky business: the pros and cons of insurance companies embracing artificial intelligence

May 7, 2019

The enabling technology for insurers to use AI is the ‘ecosystem’ of sensors known as the internet of things.

It’s a new day not very far in the future. You wake up; your wristwatch has recorded how long you’ve slept, and monitored your heartbeat and breathing. You drive to work; car sensors track your speed and braking. You pick up some breakfast on your way, paying electronically; the transaction and the calorie content of your meal are recorded.

Then you have a car accident. You phone your insurance company. Your call is answered immediately. The voice on the other end knows your name and amiably chats to you about your pet cat and how your favourite football team did on the weekend.

You’re talking to a chat-bot. The reason it “knows” so much about you is because the insurance company is using artificial intelligence to scrape information about you from social media. It knows a lot more besides, because you’ve agreed to let it monitor your personal devices in exchange for cheaper insurance premiums.

Continue reading… “Very risky business: the pros and cons of insurance companies embracing artificial intelligence”

Automobiles, Driverless cars, Driverless vehicles, Insurance, Science & Technology News, Tesla

Self-driving cars might kill auto insurance as we know it

February 27, 2019

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Without humans to cause accidents, 90% of risk is removed. Insurers are scrambling to prepare.

Dan Peate, a venture capitalist and entrepreneur in Southern California, was thinking of buying a Tesla Model X a few years ago—until he called his insurance company and found out how much his premiums would rise.

“They quoted me $10,000 a year,” Peate recalled.

Continue reading… “Self-driving cars might kill auto insurance as we know it”

AI, Artificial Intelligence, Corporate Manipulation, Insurance, Science & Technology News

Very risky business: the pros and cons of insurance companies embracing artificial intelligence

February 25, 2019

The enabling technology for insurers to use AI is the ‘ecosystem’ of sensors known as the internet of things.

It’s a new day not very far in the future. You wake up; your wristwatch has recorded how long you’ve slept, and monitored your heartbeat and breathing. You drive to work; car sensors track your speed and braking. You pick up some breakfast on your way, paying electronically; the transaction and the calorie content of your meal are recorded.

Then you have a car accident. You phone your insurance company. Your call is answered immediately. The voice on the other end knows your name and amiably chats to you about your pet cat and how your favourite football team did on the weekend.

You’re talking to a chat-bot. The reason it “knows” so much about you is because the insurance company is using artificial intelligence to scrape information about you from social media. It knows a lot more besides, because you’ve agreed to let it monitor your personal devices in exchange for cheaper insurance premiums.

This isn’t science fiction. More than three-quarters of insurance executives believe artificial intelligence will revolutionise the industry within a few years. By 2030, according to McKinsey futurists, artificial intelligence will mean your car and life insurance premiums could change based on whether you decide to take one route or another.

Continue reading… “Very risky business: the pros and cons of insurance companies embracing artificial intelligence”

AI, Artificial Intelligence, Business, Housing, Insurance, Space

This data startup uses artificial intelligence to figure out if your roof is in decent shape

April 10, 2018

When you first buy a house, your insurance company doesn’t know very much about it or how much insuring it will cost. That’s because it first has to send out an inspector to look at the exterior of your house, take measurements, and check out your roof to see what kind of shape it’s in.

Cape Analytics, a Mountain View-based data analytics startup, aims to change all that. Its API-pipeline can feed an insurance company information about a house’s exterior square footage, roof type, roof condition, changes in a home and more – all thanks to the use of machine learning to analyze aerial imagery.

Continue reading… “This data startup uses artificial intelligence to figure out if your roof is in decent shape”

Big Problems, Healthcare, Hot Issues, Insurance

Heading North: American doctors are heading to Canada

December 19, 2017

For Peter Cram, an American internist who spent most of his career practicing in Iowa City, Iowa, moving to Toronto in 2014 was an easy decision.

He says he is among a handful of American doctors who went north to practice in Canada’s single-payer system. Now he doesn’t worry about whether his patients can afford treatment. “Everyone gets a basic level of care,” he says, which lets him focus on their medical needs instead of their finances.

Continue reading… “Heading North: American doctors are heading to Canada”

drones, Insurance, Science & Technology News

Insurance drones expected to play a major role in Hurricane Harvey’s aftermath

September 2, 2017

Property insurance firms like State Farm and Allstate are preparing to use drones to inspect commercial and residential properties in Texas and Louisiana they insure that were damaged by Hurricane Harvey, according to Slate. The companies expect to start inspecting properties early next week, once the storm completely subsides.

Continue reading… “Insurance drones expected to play a major role in Hurricane Harvey’s aftermath”