Digital Platforms

Illustrations Suite, iGO e-App designed to modernize how agents market, sell and process products.

Insurance IT experts discuss the technology challenges insurers are facing, social business is demystified and several insurers make analytics, mobile moves.

The rating agency forecasts a calendar year combined ratio of 99.5 percent for 2013, which would make it the fourth year in the last 35 in which the market achieved an underwriting profit.

A new report from Saugatuck outlines the challenges BI has faced, and where BI operations are likely to settle within enterprises.

Gartner’s Harris-Ferrante, Celent’s Johnston and Novarica’s Josefowicz discussed and debated the changing insurance landscape, and suggested strategies and tactics for insurers.

Yesterday the Consumer Federation of America (CFA) released a statement that suggested a renewal of the Terrorism Risk Insurance Act (TRIA) may not be necessary given the near-record industry surplus of nearly $600 billion. Today, the Insurance Information Institute responded by emphasizing the stability TRIA continues to provide.

IBM says software should enable the insurer to turn social media into an actionable communications channel.

High losses come despite a dramatic decrease in the number of tornadoes last month.

Berkshire Hathaway was listed fifth overall on the 2013 Fortune 500; Berkshire was the top-listed insurer out of the 36 that appeared overall. 11 insurers were landed in the top 100. In 2012, 14 insurers were in the top 100 and 46 were listed among the Fortune 500.

Ninety-eight percent of insurer respondents indicated that they have a woman serving in an executive position within their company, according the new “Women in Insurance Leadership Insight Report.” Yet, there is only one woman CEO at either a Fortune 500 or 1000 insurance company.

Reinsurance administration system to replace the insurer's current legacy system.

Insurer will customize and brand the mobile app while integrating it with their core back-end systems using existing Web services.

Personal lines also sees small increase; commercial property and workers’ compensation lines edged up to 6% increases.

INN developed the ranking in partnership with Celent, an independent business research and advisory service with a specialization in insurance technology. Celent facilitated survey development, data collection and analysis. The result is an insightful set of rankings based on objective peer review.

Eighty-three percent of P&C insurers indicate that they will increase their spending over the next three years. The top three areas for investments in analytics, according to SMA’s data, “remain the risk-centric areas” of product development, underwriting and claims.

New partnership enables 161,000 service members to earn nationally recognized certifications across a dozen tech professions.

State Farm is beginning to test RightLane, which collects basic information about a person's driving via an Android smartphone.

As national unemployment improved to 7.5 percent last month, growth of IT jobs has fallen from a peak of 11,700 jobs added in January to only 4,600 added in April, according to this month’s IT jobs report from Janco Associates.

Direct-to-consumer auto insurer implementing underwriting and policy administration software first with renewal processing, then with new business.

Directors & officers liability insurance (D&O) and professional liability business is generating accident year underwriting losses for the industry despite recent stability in loss ratios, according to a new segment analysis from Fitch. D&O premium rates were previously lagging the market recovery in the broader commercial lines segment, but pricing trends are now catching up.

Sandy resulted in approximately 1.5 million claims overall, 92 percent of which were completed at four months.

Investment income dropped to $4.16 billion from $7.11 billion the previous year earlier.

The chairman of Berkshire Hathaway says he wants to get into commercial insurance — "big time."

New data from Novarica’s most recent IT roundtable finds that while P&C insurers are focusing on data capabilities, speed to market is a particular point of emphasis for life/health insurers.

Allstate, The Hanover, Travelers and five others announce quarterly results.

The tech provider will distribute PilotFish software with and without LifeSuite bundle.

While 98 percent of recently surveyed insurers plan to increase their social media use in 2013, none of the respondents said their social tools are “excellent.”

Veterans of the AIG bailout are now helping ING U.S. prepare for the scheduled sale of as much as $1.54 billion in stock.

2013 Terrorism Risk Insurance Report outlines current marketplace as well as potential effects of letting the coverage expire.

New version includes portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy.

J.D. Power ranks top 24 insurers based on purchasing experiences, satisfaction; survey also finds that when consumers do shop for insurance, almost half switch insurers.

This formerly discounted, underinsured and underpenetrated generation now presents a larger sales opportunity than boomers.

Property/casualty CEO in Americas was joined by the president of the Latin American and Caribbean P&C division, the President of Lexington Insurance and one other in his departure for Berkshire Hathaway.

Survey finds chief investment officers more optimistic and aggressive; interest rates supersede the European debt crisis as their primary macroeconomic concern.

The average year-over-year increase in insurers’ 2013 IT budgets was 6.3 percent; policy admin, underwriting and two other areas consume just over half of total new project resources, according to a recent survey of 24 CIOs.

The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.

Industry sees improvement in pre- and after-tax income, underwriting results and combined ratio in 2012, but the improvements pale in comparison with long-term norms.

Of those currently using smartphones to make payments, 60 percent said they would increase their usage if they could track receipts, manage personal finances (56 percent), or show proof of insurance (56 percent) or a valid driver’s license (54 percent).

Survey reveals an awareness of the gap in coverage among U.S. homeowners, even as annual flood-damage costs continue to soar.

Growing staffs and catastrophe claims are not the main reasons costs are rising. Instead, severity is canceling out the efficiencies technology is creating, according to an analyst at this week's CEB TowerGroup Financial Services Technology Conference.

The Director of the Federal Insurance Office, Michael McRaith, is calling for the submission of information regarding natural catastrophes and insurance for a report to be submitted to Congress, an FIO report mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.

First-quarter earnings excluding one-time items were $2.94 a share, 56 cents higher than the average of 19 analysts’ estimates compiled by Bloomberg. Full-year profit is now forecast to be at least $7.80 a share, the Indianapolis-based health plan today said in a statement.

Mobile platform developed as a companion to Web-based risk software released by the insurer last year.

Adventist Risk Management looks to improve operational efficiencies, customer experience through the purchase.

At RIMS, intellectual, intangible and other non-standard property coverage are top of mind.

New report from International Data Corp. tracks software sales and outlines the shift toward social business and customer experience.

Service to address uncertainty in real-time data reporting by incorporating catastrophe-loss scenarios.

New analytics-based software designed to weigh factors of individual companies, such as location of operations and cost-severity factors, against historical data.

U.S. consumers are turning to digital sources for insurance quotes and other information, but still prefer personal contact with agents when purchasing.

Honoree awarded for leading networking and social initiatives, will receive $1,000 scholarship.

New York and New Jersey accounted for more than half the claims in the wake of the superstorm; nearly all have been settled.

Many compliance executives working in the U.S. insurance space admit to a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology.