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Build it and they will come. Such was the faith in location intelligence technology from Church Mutual Insurance Co.'s leaders back in 1999 when the Merrill, Wis.-based provider of insurance for religious institutions began looking for a way to improve its claims operations.Seven years later, the insurance company is using mapping technology from Troy, N.Y.-based MapInfo Corp., in some surprising ways.
September 1 -
Mayfield Village, Ohio - Young independent insurance agents identify technology to help them more easily write business and service customers as the second most important thing – after competitive rates – carriers can offer an independent insurance agency. Drive Insurance Group of Mayfield Village, Ohio-based Progressive Casualty Insurance Co. discovered this while conducting a survey of more than 750 young (40 years of age or younger or those who have been in the industry less than 10 years) independent agents to find out what they think about everything from business growth opportunities and technology to the skills necessary to succeed and the challenges faced by the industry.Drive insurance conducted the survey to coincide with the National Young Agents Leadership Institute, put on by the Independent Insurance Agents & Brokers of America, which gets underway in New Orleans next week.
August 31 -
Cambridge, Mass. - Insurance companies will gradually move away from geographic and product silos, focusing more on cross-domain business processes, according to a report from Cambridge, Mass.-based Forrester Research Inc. The report goes on to predict insurance companies will identify processes that can be implemented with common systems and configured for local needs and that this trend will increase the use of business process outsourcing (BPO) as carriers outsource nondifferentiated processes.The report, "Process-Oriented Insurance Will Drive BPO," suggests insurers implement specialized project teams with process and sourcing expertise, use frameworks like Six Sigma and deploy systems that provide the flexibility to accommodate local needs without complex development efforts.
August 29 -
Charlotte, N.C. - Montgomery Mutual Insurance Co., a Charlotte, N.C.-based member of Liberty Mutual Group, Boston, implemented the Commercial IQ SmartRisk underwriting and pricing system for business owners' policies developed by Liberty Mutual Agency Markets' strategic business unit.After a pilot launch in Maryland yielded a 100% increase in policy issuance, Liberty Mutual made Commercial IQ SmartRisk available to appointed agents for BOP coverage in Delaware, District of Columbia, Georgia, North Carolina and South Carolina, and will be available to Virginia appointed agents this fall.
August 29 -
Boston - Dozens of new insurance activities, such as 'green' building credits and incentives for investing in renewable energy, are emerging to tackle the causes of climate change and rising weather-related losses in the U.S. and globally, according to a new report issued this week by the Boston-based Ceres investor coalition. But the report also states that more insurance companies need to be offering similar services to minimize losses and make the most of business opportunities related to climate change.
August 24 -
Washington, D.C. - As the country approaches the first anniversary of Hurricane Katrina next week, the American Insurance Association (AIA) and ProtectingAmerica.org were at odds as to how best to proceed with a national catastrophe agenda.
August 23 -
Seattle - Safeco has launched online technology that enables independent agents to make instant changes to clients' commercial auto policies. The real-time capability cuts a one-week process into a two-minute drill--saving agencies time and enhancing their customer-service experience.Safeco agencies in 10 states have received access to Safeco's enhanced policy change tool. The rest of the company's more than 9,000 independent agent partners will receive access during rolling state launches that run through November 9. All agencies can use Safeco's single intake system for commercial endorsements, a simple policy change Web form introduced this spring that eliminates agents' need to call, mail or fax.
August 18 -
Mayfield Village, Ohio - Drive Insurance from Progressive, the carrier's program for distributing auto insurance through independent agents and brokers in the United States, has signed a joint marketing agreement with Homesite Insurance Group, a national provider of home insurance products.The agreement paves the way for a test that will allow selected Drive agents in three states--Ohio, Pennsylvania and Oregon--to provide their Drive auto insurance customers quotes for homeowners, renters and condo insurance policies underwritten and serviced by Homesite.
August 17 -
Seattle - Envision Telephony Inc., a provider of contact center software, has named Blue Cross of Idaho among the winners of its 2006 Envision Excellence Awards. Other winners include ShopNBC, Staples and Wachovia.The awards honor companies using Envision's solutions that have transformed their businesses and improved the quality and delivery of business performance required to deliver exceptional customer service from agents' desktops to enterprise decision-makers.
August 17 -
New York - Accenture has agreed to acquire NaviSys, a privately held company that specializes in software solutions for the North American life insurance industry. Terms of the transaction, which is expected to close within the next 60 days, were not disclosed.
August 17