Analytics

For years, life insurance providers and their agents have relied on obtuse, text-heavy sales presentations to their individual customers. Too often, though, poor sales presentation tools fail to enlighten individuals concerning the magnitude of a life purchase.

Unlike previous industry attempts to standardize data exchanges between carriers, agents and third-party partners, it appears that XML is the real deal. Still, the industry has a long way to go before support for ACORD XML turns into widespread adoption.ACORD's XML specifications-covering property/casualty, life, and reinsurance- were designed for transferring data across firewalls, but some carriers are exploring use of the standards as a cost-effective internal integration tool for extracting data from legacy systems. In addition to controlling costs and opening access, such internal data integration capabilities may also help companies meet growing demands from regulators for increased accountability in internal operations.

When it comes to inefficiencies surrounding information technology security practices, global corporations are discovering that to err is human.A survey conducted by Oakbrook Terrace, Ill.-based global trade association Computing Technology Industry Association (CompTIA) discovered that human error-defined mainly as a lack of adequate certification and training-is the root cause of lax IT security at most corporations.

ST. PAUL, Minn. -- Through aggressive health care fraud investigations and coordination among other states' Blue Cross plans, the Blue Cross Special Investigations Unit (SIU) stopped payment on $8.7 million of suspect claims last year, reducing the impact of fraud on premiums in Minnesota.

NEW YORK--The Guardian Life Insurance Co. of America is making an effort to demystify the financial planning process and educate visitors on the role that Guardian's products and financial representatives play in an overall financial planning strategy. The company is doing it with a new Web site, located at www.GuardianLife.com. The new site replaces Guardian's existing Web address at www.glic.com.

In recognition of the HIPAA security rule pre-anniversary deadline that passed this month, Washington, D.C.-based nonprofit URAC released a report examining the state of preparedness in the health care industry in complying with the security rule.

Denver, CO--Valen Technologies, a provider of intelligent predictive analysis and decision enabling software, announced the availability of a premium modification module for its predictive underwriting software, Risk Manager. The new module develops a sophisticated, multivariate pure premium model that underwriters use on a daily basis to surcharge and discount policies more effectively.

San Diego, CA--WorldGroup has introduced InsureWorx First Report of Injury (FROI), the latest InsureWorx On Demand Solution (ODS). The new FROI capabilities offer exceptional efficiency and customer service to the First Report of Injury process, enabling efficient and timely intervention - critically important to controlling overall costs of workplace injury claims. The company launched the solution at RIMS Annual Conference & Exhibition.

SAN DIEGO, CA---Assurex Global, the world's largest privately held risk management, commercial insurance and employee benefits broker group, is launching new software to enhance communication and information-sharing among its independent broker partners and commercial clients around the world. The software was introduced here at the Risk and Insurance Management Society's annual conference.

SunGard Sherwood Systems, an operating unit of SunGard today announced that Wawanesa Mutual Insurance Company, one of the largest property and casualty insurers in Canada, has licensed SunGard's FrontTier solution to replace its existing legacy policy, billing, workflow and claims systems.