Digital Platforms

FinSecure partnered with SBS to implement several customer service advancements in one fell swoop.

The insurers will offer custom product suites on iSelect Custom Benefits Store, a Michigan multi-carrier and multi-distributor benefits exchange for mid-sized and small employers.

The part of the legislation that prompted the halt placed a cap on non-emergency care and a 14-day deadline for treatment from massage therapists, acupuncturists or chiropractors, as well as the requirement that an emergency medical condition exist for the full $10,000 PIP coverage.

Shifting health care costs and aging claimants will sharply affect auto insurance costs in the years ahead, according to Assured Research.

As the life insurance and annuity industries move toward model-based approaches to reserve and capital valuation, actuarial models are increasing in complexity and sophistication while the imperative to avoid modeling errors also increases, according to a recent report from Deloitte, titled “Actuarial Modeling Controls: A Survey of Actuarial Modeling Controls in the Context of a Model-Based Valuation Framework.”

New York State's Department of Financial Services has reached a settlement with the country's largest force-placed home insurer, in a deal meant to lower prices and prohibit widespread kickbacks in the industry. The agreement with Assurant Inc., one of two insurers which dominate the market, will lower insurers' profit margins and prohibit banks from receiving payments that pad the cost of insurance.

Enterprise Accounting System and investment solution brought in to support the insurer's regional expansion.

Customer self-service solution purchased in an attempt to provide a better consumer experience, cut operational costs.

Despite rate increases, CAT losses and bodily injury claims weighed on 2012 results.

While the percentage of Americans who believe it is acceptable to increase an insurance claim by a small amount is down 9 percent from a similar survey in 2002, 86 percent know that insurance fraud leads to higher rates for everyone.

Compared to 2012, some insurers reported increases of 30 to 55 percent in applications submitted during the first two months of this year.

In the United States, aggregate deal volume declined 21 percent, however, Q4 activity increased.

Insurer sets production target of January 2014 for major policy administration and claims implementation.

The 23rd annual Retirement Confidence Survey indicates that 28 percent of respondents—the highest level in the survey’s history—are not confident about being able to afford a comfortable retirement.

Contributing to the dramatic rise in popularity are automakers rolling out safety telematics globally, and partnerships between wireless carriers and insurers.

According to a new release from Fitch Ratings, the firm’s compilation of full-year GAAP 2012 financial results for a group of 48 publicly traded reinsurers reveals a 75-percent improvement in operating earnings and operating return on equity of 7.3 percent versus 4.4 percent in 2011.

North American insurers expected to overtake Europeans by 2015 in terms of IT spending.

Growth strategies aimed at baby boomers may be losing their effectiveness among younger consumers, as the population becomes more racially and ethnically diverse, according to “Life-Annuity Consumer Markets Annual,” from Conning. Additionally, generational attitudes toward financial services products and technology are not only different, but evolving.

As the market responds to the Affordable Care Act, group and voluntary benefit insurers must externalize IT architecture, billing and enrollment systems to be successful with and in health insurance exchanges, according to study.

Maryland Automobile Insurance Fund also to use STG Insurance Content Designer and Content Manager tools.

Analytics teams must be based in business and ready for “chaos” as an agile response to the ongoing shift in sources and certainty of business data, according to International Institute for Analytics faculty member Mike Lampa.

National Life Group has selected iGO e-App to automate the marketing, selling and processing of its diversified life and annuity products.

The directors and officers (D&O) liability insurance marketplace is in a state of transition, characterized by a firming market, according to the “2012 Directors and Officers Liability Survey,” conducted by professional services company Towers Watson.

Cyber coverage levels also increased according to the report. Across industries, limits purchased in 2012 averaged $16.8 million, a 20-percent increase over 2011. Communication, media and technology companies led other industries in terms of average limits purchased, at $33.4 million, and the rate of increase, which was nearly 36 percent.

With persistently low interest rates continuing to dampen profitability, group life/annuity/voluntary benefit insurers are investing in benefit and policy administration systems, customer and agent portals, and easy enrollment capabilities to increase profits, according to “Business and Technology Trends: Group Life/Annuities/Voluntary Benefits,” a report from Novarica.

Armed with analytics, insurers should be able to make better business decisions more quickly and mobilize teams to connect better with customers, leading to success and growth, according to PwC.

U.S. life insurers underperformed most industries after taking risks that should have been left to Wall Street banks, McKinsey & Co. said in a report today.

Peak Reinsurance Co., a reinsurer focusing primarily on the Asia-Pacific market, has selected a catastrophe modeling solution from AIR Worldwide to manage its catastrophe risk.

Munich Re, the world’s biggest reinsurer, said profit this year will be about 3 billion euros ($3.9 billion), little changed from 2012, as prices remain stable and lower interest rates weigh on investment income.

Life policy administration solution designed to support underwriting, policy administration and payouts.

With just weeks before launch, MetLife Spain had to completely rethink its stalled customer document creation project.

Partnership intended to simplify the BPM and CRM provider’s encryption approach.

Net income for P&C insurers increased almost 50 percent in 2012 compared to the year prior, driven by higher earned premiums and slightly-lower, but still high, catastrophe losses, according to a special comment from Moody’s Investor Service. For most insurers, investment income increased modestly and reserve releases were down.

After years of market contraction, all P&C insurance premium lines grew, and agencies and brokers could capture a substantial piece of the market going forward, according to market share study.

For the fourth time, and across every line of business, commercial insurance prices rose in aggregate by almost 7 percent during the fourth quarter of 2012. That was the eighth-consecutive quarter of price increases, according to the latest “Commercial Lines Insurance Pricing Survey (CLIPS)” from Towers Watson.

While IT job growth has slowed a bit, a management consulting firm sees greater demand for mid-level managers and technologists.

Twelve-percent individual life premium growth in the fourth quarter contributed to a 6-percent rise in annualized premium growth in 2012.

However, report says P&C carriers better equipped than others; PCI discounts findings.

Largest annuity insurers also listed, which finds Prudential doubling the direct premiums of the next-closest insurer.

While connectivity improves, conflicting financial priorities and rekeying data is still a problem for many insurers and agents, SMA finds.

The National Association for Insurance Commissioners ranks the sector’s largest insurers and reveals their market shares by line of business.

Claim Components software bought in an effort to enable real-time analytics and improve service for agents, customers.

Ebix to provide SaaS-based policy administration system for front- and back-end processes.

Despite billions spent on marketing, the majority of consumers don't have a retirement savings and income plan.

Commissioned by The Hartford Steam Boiler Inspection and Insurance Co., Ponemon Institute’s survey results show many small businesses have had a data breach, almost all involving electronic records.

Technology alone doesn't deliver insights, but being able to answer four basic questions surrounding your data flow does.

A number of answers received in response to a blog posted a couple weeks ago have kept us thinking.

The insurer signs on for another three years with Merkle.

The goal of the partnership is to provide a file exchange between GEMS Economic Scenario Generator, MG-ALFA actuarial software.

Activist regulators, increased CAT losses pose larger risks, companies must adapt, A.M. Best says.

Vodafone and Towers Watson are launching the telematics/usage-based insurance offerings for motor insurance companies operating outside of North America.

Personal and commercial P&C rates increase 3 and 4 percent, respectively, for the month of February.