Country Financial

Gov. JB Pritzker signed legislation Tuesday that will give the Illinois Department of Insurance authority to review and approve rate changes for homeowners and automobile policies. Bloomington's two insurers opposed the bills as they moved through the legislature.

As artificial intelligence budges its way into the business world, insurance companies are grappling with the changes to the kind of work that happens, the types of workers they need and how to develop them.

Most insurance companies, including State Farm and Country Financial, are already implementing AI across their businesses. Here's how they're going about it.

Country Financial has already seen 1,000 property and auto claims from this week's back-to-back severe wind and tornado events. They expect more in the coming days as residents sort through their homes.

Bloomington-based Country Financial, one of McLean County’s largest employers, announced the leadership changes on Wednesday morning. CEO Jim Jacobs plans to retire on June 30 after 21 years with the company.

The Illinois legislature has passed rate-increase regulations for both home and auto insurance, though critics argue the changes fail to address the root cause of rate increases and could backfire by raising costs and reducing options for coverage.

So far, State Farm and Country Financial have fielded a combined 656 insurance claims in McLean County from the April 17 storms and tornadoes.

The Illinois House has passed a bill requiring insurance companies get approval for rate increases and give a 60-day notice to customers if they increase rates more than 10%. Insurance companies said this could raise rates in the long term and does not address the real cause of the rate increases.

Bloomington state Rep. Sharon Chung has introduced a insurance bill that invites conversation and compromise between insurance companies and the state.

Bloomington-Normal leaders are calling for better dialogue between lawmakers, Gov. JB Pritzker, and insurance companies such as Bloomington-based State Farm.