Author Archives: Keith Hernandez

Travelers Advocates Current Auto Insurance System for Autonomous Vehicles

Travelers Institute released a white paper expressing their view on autonomous vehicles (AVs) and the role the auto insurance industry should play in addressing the significant policy questions and challenges that will inevitably arise in the future. An insurer that has been around for more than 160 years, Travelers applauds the safety advances of AVs and believes that the current auto system can accommodate AVs and non-AVs.

Click here for the white paper.

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Filed under auto insurance, Autonomous Technology

Deltona Man Charged With Arson in Insurance Fraud Scheme

Brian Lee Caswell of Deltona was arrested and charged with second-degree arson, arson resulting in injury, burning to defraud an insurer, giving false information to a law enforcement officer and making a false police report.

According to Caswell’s arrest warrant, he had hatched a plan with Alex Spivey of Orlando and Melinda Philbrook of Lady Lake to destroy their truck and collect an insurance payout. Caswell initially claimed the vehicle had been stolen, but later admitted planning the scheme after co-conspirator Spivey caught fire during the arson.

Click here to read the full article.

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Filed under auto insurance, Auto Insurance Fraud, Florida, Fraud, Insurance, Insurance Claims, Insurance Defense, Insurance Fraud

Two Miami Medical Clinics Raided for Staged Accidents & Insurance Fraud

Florida’s Department of Investigative and Forensic Services Bureau of Insurance Fraud and the Miami Police Department raided two South Florida medical clinics accused of paying for patients and fraudulent billing. Both clinics have been under investigation since early 2017 for recruiting people for staged accidents and billing insurance companies for thousands of dollars in treatments that they were not providing.

According to Captain Emissael Díaz of Florida’s Bureau of Insurance Fraud “Just in South Florida alone, most of your rates are going to go up 20 to 25 percent just because of the insurance fraud.” The captain stated that schemes of this kind are the reason insurance rates are going in South Florida.

The suspects taken into custody are facing several charges, including patient brokering, insurance fraud and grand theft.

Click here to read the full article.

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Filed under Florida, Florida Division of Insurance Fraud, Insurance, Insurance Claims, Insurance Fraud, Miami-Dade County, Miami-Dade Fraud

Auto Insurance Market to Shrink by 2050 According to KPMG

According to updated research by KPMG, the auto insurance market will shrink by more than 70 percent by 2050 due to autonomous vehicle technology and a rise in on-demand transportation, shifting liability to manufacturers.

KPMG did an updated study called The Chaotic Middle: The Autonomous Vehicle and Disruption in Automobile Insurance that shows an increase in the demand for new types of insurance products with traditional auto insurance carriers facing the threat of obsolescence. Auto manufacturers have become the likely alternative to covering driving risk according to the study.

According to the consulting firm, three major forces are disrupting the current auto insurance marketplace:

  • Autonomous Technology – making cars increasingly safer
  • Auto Manufacturers (OEMs) – assuming more of the driving risk and associated liability
  • Mobility-On-Demand – quickly translating into the need for less personal auto coverage

KPMG believes that all of this means that auto insurance carriers need to act now. “Insurance companies will have to make important strategic and tactical changes sooner than anticipated to navigate through this turbulent transformation of the industry,” said Jerry Albright, principal in KPMG’s Actuarial and Insurance Risk practice.

Click here to read the full article.

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Filed under auto insurance, Autonomous Technology, Insurance