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In a since-deleted tweet thread, insurance company, Lemonade, boasted that their artificial intelligence (AI) technology has helped them reduce its loss ratios by determining its customers’ “level of risk.” In an example, provided by the company, itself, Lemonade claims its AI has improved fraud detection through the use of non-verbal cues. This method of data collection raises a lot of concern about the accuracy and inherent bias that comes from a system designed to maximize profitability.   Lemonade Insurance and AI Technology  Since its inception in 2015, Lemonade has become one of the fastest-growing businesses in the insurance section. The company,…
Head injuries are commonly associated with full contact sports, like football. While they can range in severity from a bump on the head to a full-blown traumatic brain injury (TBI), cognitive issues almost always develop after a head injury occurs. A recent study found cognition problems that persist after a mild head injury can potentially be treated with medication. Treating Mild Head Injuries A recent study conducted by neuroscientists at Georgetown University Medical Center found tailored drug therapy could help treat brain cognition issues after a mild head injury. The goal of the study was to understand changes in the…
During a natural disaster, data centers are expected to remain up and running to ensure pertinent information for the businesses they serve is not lost in the event of a power outage. Therefore, data centers should be well prepared for natural disasters. Natural Disasters and Data Centers Data centers provide many important services to a variety of businesses across the globe. They are typically tasked with collecting, storing, processing, and distributing large amounts of information. These facilities are responsible for data backups and recovery, as well as providing other network support functionality. They can also host websites; manage email and…
In Texas, severe weather season runs from March through June and signifies when the state sees its highest frequency of hail, wind, and tornado events. While this time of year does see heightened storm activity, some of the weather alerts that come with it can cause confusion. It’s important to examine what causes this confusion and how commercial property owners can best decipher these severe weather alerts to ensure they are prepared for impactful weather events. Severe Weather Alert Confusion While severe weather can happen at any time of the year, the spring and summer months are typically when…
As many in coastal communities know, hurricanes can pack a serious punch when it comes to property damage. While these areas often suffer the initial impact of storm damage, inland communities aren’t immune to hurricane damage. With the 2021 hurricane season quickly approaching, it’s important to examine the different factors that can contribute to inland property damage during and after a hurricane. Why Hurricane Damage Can Extend to Inland Communities As this year’s hurricane season enters the early stages, many property owners are starting to prepare for the possibility of property damage. Despite often being looked at as weather events…
Texas is no stranger to severe weather. From intense hurricanes to tornadoes and droughts, the Lone Star State sees its fair share of extreme weather events each year. The recent freeze brought on by Winter Storm Uri, however, proved to be much different as a myriad of different factors contributed to the devastation caused by the February storm. With this in mind, it’s important for property owners to understand which factors made the freeze such an unprecedented weather event. An Unprecedented Texas Freeze In February of this year, Texas and surrounding states suffered the wrath of Winter Storm Uri. The…
Running a restaurant can be an incredibly rewarding experience; however, just like with any other business, restaurants come with their own unique set of challenges. As such, these business owners must take the necessary steps to ensure their businesses continue to run efficiently, including having appropriate commercial property insurance coverage. Insurance Coverage For Restaurants Customers often look at restaurants as places to meet with friends and family to share a delicious meal and enjoy each other’s company. Restaurant owners and operators manage all of the different logistics required to provide an excellent customer experience, such as the cost of…
Although Winter Storm Uri happened back in February, many Texans are still recovering. Though the freeze lasted only a few days, the state-wide power outages resulted in thousands of burst pipes, which left many suffering in frigid temperatures without power and water for days. Though we don’t have to worry about pipes freezing with temperatures rising, the state’s grid operator has estimated the upcoming summer heat could have a negative impact on grid operations. Severe Weather This Summer Could Cause More Outages When Winter Storm Uri hit Texas in February, our severely overwhelmed power grid caused power outages across the…
Commercial aircraft pilots are required to log up to 15,000 hours of flying experience before they are allowed to fly a commercial plane. These massive aircrafts can weigh up to 90,000 pounds and cruise at speeds up to 575 miles per hour, making for an utterly devastating situation should the worst happen. Therefore, pilots and aircraft carriers should always have proper aircraft insurance coverage that they regularly review and renew. Commercial Aircraft Insurance Renewals When it comes to renewing an insurance policy, there are many things to consider, such as whether the past coverage is still adequate and the…
The impacts of Winter Storm Uri can still be felt by many across the state. As business owners continue to assess the damage caused by this catastrophic freeze, information is beginning to be released on the cost of insurance claims related to the storm. In fact, a new report from the Texas Department of Insurance (TDI) calculates related insurance claims have now topped $1.7 billion. Billions in Winter Storm Insurance Claims According to Insurance Journal, TDI reported that as of late March, policyholders in Texas have filed over 380,000 property and auto insurance claims related to the winter storm.…