Analytics

Yonkers N.Y., - An investigation in the March 2006 issue of Consumer Reports magazine contends that a national system of Electronic Health Records (EHRs) being developed by the federal government, states, HMOs, and PPOs to link the medical records of every American has potential for abuse. Consumer Reports claims that while such electronic medical records systems could save lives and billions of dollars in health-care spending, it may also jeopardize the security of personal health care information.The advantages of EHRs are many, according to Consumer Reports, include: more precise patient care from doctors, greater participation by patients, and an early-warning system for medical disasters such as the appearance of avian flu are among the hoped-for achievements for an electronic medical records network.

Needham, Mass. - In the next five years, analysts predict more than 77 million individuals in the U.S. will be of traditional retirement age, and this segment of the population is predicted to be the dominant demographic for a period of 20 years or more. TowerGroup, a Needham, Mass., research firm, expects that this explosion in the retired market will ultimately redefine the U.S. financial services industry, accelerating industry consolidation across banking, securities and investments, and insurance.

Waterloo, Ont. - Intelligent Mechatronic Systems Inc. (IMS), a of provider of usage-based insurance (UBI) technologies, is launching a year-long iPAID pilot program in North America and the United Kingdom.The pilot will allow the media, advocacy groups and government policy makers to evaluate the effectiveness of UBI programs in improving driver safety, potential insurance savings, and its ability to alleviate traffic congestion and decrease the levels of vehicle-emitted pollutants.

Dublin, Ireland - Insurers will benefit from a trend in wide-spread adoption of electronic capture of patient data, according to Research and Markets, Dublin, Ireland. In a newly released report, Research and Markets says many businesses already routinely capture documents and data for both regulatory and business intelligence purposes. But health care in the clinical setting has resisted this industry-transforming technology for nearly 20 years, citing the lack of user-friendly interfaces for busy health care providers, lack of workflow understanding on the part of vendors, the expense and complexity of implementation and maintenance solutions, and, simply, the lack of a transparent return on investment for providers. Research and Markets addresses this in "How Electronic Data Capture Will Change Healthcare and Pharmaceutical Marketing," an addition to its offerings of market research reports and industry newsletters.

New York - The United Nations Development Programme (UNDP), the United Nations Population Fund (UNFPA), and the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) signed an agreement with Firstlogic Inc., an information technology software provider that will supply data quality software on a pro-bono basis.This data quality software, known as IQ8 and IQ Insight, will be used for data analysis on forensic and financial records of United Nations programs in tsunami-affected areas. The software will improve the quality of data analysis.

TRANSAMERICA RECEIVES SIX 'BEST IN CLASS' RANKINGSAs a testament to its relationship with its clients, Los Angeles-based Transamerica Retirement Services received six "Best in Class" ratings from the Chatham Partners' 2005 Client Satisfaction Analysis. Transamerica received "Best in Class" ratings: timeliness of contributions, distributions and loans, accuracy of contributions, overall satisfaction with processing of employee transactions, accuracy of participant statements, clarity of participant statements, and courtesy and professionalism of personnel.

Insurance firms that lack a cohesive vision and strategy across their entire enterprise are failing to take advantage of the bounty of newfound technological options available to them and are limiting their capacity for differentiation and growth.This message, highlighted in the report "Business Architecture: Aligning Process, Content and Data to Enhance Profitability" by TowerGroup, a Needham, Mass.-based research and consulting firm, serves as a clarion call for insurers to embrace enterprisewide initiatives now or else cede an important competitive advantage.

A year ago, faced with stiff pressures to reduce costs and increase production, Penn National Insurance began searching for a robust solution to handle its document management functions for its different business lines."It wouldn't become our enterprise solution overnight, of course," says Timothy Caskey, senior systems analyst for the Harrisburg, Pa.-based insurer. "But ultimately it would become our print engine-the document composition and printing tool for the company."

WEALTH RISK MANAGEMENTThe Chubb Group of Insurance Cos., Warren, N.J., has selected New York-based Risk Control Strategies to support its new Signature Suite offering of luxury personal risk management services. Signature Suite is designed to help identify potential threats and help affluent individuals protect their families and wealth. Risk Control Strategies will provide Chubb's high-net-worth and family office customers with a complimentary personal risk assessment. Risk Control Strategies will also offer Chubb's clients an array of services including cyber crime investigations, identity theft prevention and response, and premise security strategy and implementation.

Indian Wells, Calif. - "For many financial institutions, a network security breach involving the release of confidential customer information is not a matter of if, but when," cautioned Tracey Vispoli, vice president, Chubb & Son, during the 2006 American Bankers Association Insurance Risk Management Annual Conference. "It's time for financial institutions to further tighten their data security controls and to prepare for the potentially significant financial cost of this risk."Vispoli, the global fidelity manager for Chubb Specialty Insurance, explained that new laws in nearly half the states require companies to disclose security breaches to their customers residing in those states. "Network security breaches expose companies to class-action lawsuits as well as irreversible damage to the corporate brand," she said. "The new state laws add another layer of responsibility and cost by mandating that companies notify customers of actual or suspected security breaches."