Customer experience

JUPITER, Fla.-- Property and casualty insurers more than doubled their profits during 2003, earning $32.3 billion compared to the $13.5 billion reported in 2002, according to Weiss Ratings, Inc., the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks.

As carriers "turn off" paper documentation and replace it with electronic information, agents and brokers are confronted with a new set of workflow challenges that can set back agency efficiency significantly unless carriers take specific steps with regard to the electronic information they provide to their sales forces.This is a conclusion of phase two of a report published by the Agents Council for Technology, a partnership of independent agents, companies and technology vendors, user groups and associations dedicated to enhancing the use of technology.

WHITE PLAINS, N.Y.--Cybersettle, the world's number one online settlement company, has been selected by CNA, the fourth largest U.S. commercial insurer, as its online settlement partner to assist with the quick resolution of commercial insurance claims.

HARTFORD, Conn.-- The Hartford Financial Services Group along with Ibbotson Associates, recently surveyed investors and found that eight out of 10 investors indicated that they are practicing asset allocation. However, when asked to describe what they believe asset allocation is, the majority describe simple "diversification" of assets rather than true asset allocation.

UnumProvident is now providing toll-free access for brokers to connect directly with individual disability income protection underwriters."We’re encouraging this dialogue so brokers can better understand the ‘whys’ of underwriting, and so we can better understand the individual customer," says Steve Joseph, vice president of individual disability underwriting at the Chattanooga, Tenn.-based insurance company.

NEEDHAM, MA--Until recently, regulatory compliance has been a relatively straightforward issue for U.S. insurance companies. Long deemed a service for the "public good," the insurance industry has been regulated by various entities for over 100 years - making compliance as commonplace as breathing for most insurers.

OMAHA, Neb., and HARRISBURG, Pa.-- Two leaders in the employee benefits arena -- Mutual of Omaha and United Concordia Companies, Inc. -- today announced a new line of dental insurance plans for employers of all sizes.

SAN FRANCISCO--Esurance, a direct-to-consumer personal auto insurance company, has selected ProcessClaims to provide a customized software management platform to support Esurance's expanding claims organization. Esurance believes that ProcessClaims' ClaimsPort material damage management system will increase claims handling efficiency, decrease cycle time costs, and scale with Esurance's rapid growth.

Forty-six percent of U.S. insurance organizations identified the lack of historical databases as a major cause of poor claims management, according to a recent customer poll conducted by Insurance Services Office Inc. (ISO), Jersey City, N.J. This follows an earlier ISO poll in which 78% of insurance organizations said reducing the rising cost of claims handling is their single most important goal for 2004.The poll asked insurance organizations to identify the most likely reason for paying injury claims incorrectly. Of the five options, just under half (46%) identified lack of historical databases as a major cause, and 20% cited lack of medical knowledge as the second most probable reason. Sixteen percent said inadequate negotiation skills, while 13% cited claims adjusters' inexperience.

Following the first quarter of integration activities, Prudential Retirement, a business of Prudential Financial, Newark, N.J. has moved out of the initial planning phase of integration and is now focused on the next phase, implementation of enhanced products and services for the retirement markets it serves."In just about 100 days, we've built the foundation for a new, stronger, and more dynamic Prudential Retirement," says John Y. Kim, president of Prudential Retirement. "In fact, strategic plans have been completed for all full-service retirement businesses, each of which is now working hard to enhance existing products and develop new ones," he adds.