Digital Platforms

IMF Report says mandatory reinsurance cessions regulations are protectionist, hinder market access and growth.

More natural peril events occurred in 2012, but the losses incurred were far below the record-highs established in 2011.

Insurer looks for greater flexibility and efficiency from BillingCenter, a Guidewire product.

A day after the National Association of Insurance Commissioners announced former U.S. Sen. Ben Nelson (D-Neb.) will be the organization’s new CEO, several industry groups have commented on the appointment.

Experian QAS survey finds fewer than 1 percent of businesses lack data quality initiatives.

Accenture’s Duck Creek Software to support rating and quoting for underwriters and agents.

A recent survey shows a gap between the perception of Own Risk Solvency Assessment Model Act preparedness and the actual completeness of insurers’ enterprise risk management frameworks.

Survey of IT and executive respondents reveals planned functionalities that could turn BYOD into a competitive advantage.

With climate change prompting a transformation, insurers will find opportunity to take on some risk in the energy sector, which will continue to be crucial in the world economy.

From 2008 to 2011, the number of questionable claims suspected of being part of an organized group or ring activity increased by 47 percent, according to the National Insurance Crime Bureau’s “Data Analytics Forecast Report.” However, that number of questionable claims with the OGA referral reason decreased markedly in 2011 and continued to fall in in the first half of 2012.

With Own Risk and Solvency Assessment regulatory requirements approaching, P&C insurers believe the process will improve the link between their company’s enterprise risk management efforts and capital and strategic planning, according to a new Towers Watson survey.

Making agents’ lives easier with these technology advances should be on every insurer's to-do list this year, according to IIABA’s Agents Council for Technology and ACORD’s User Group Information Exchange.

The insurer's Q4 underwriting profit margin this year fell almost two cents on every dollar when compared to results from Q4 2011.

Governor decries "one size fits all" system, calls for reforms to the state's no-fault auto insurance policies.

The CFPB's new rules will reportedly assure that borrowers are warned in advance of force-placed insurance's cost and prevent banks from force-placing policies on many escrowed loans.

Survey outlines both pain points and the most important factors for successful programs of change.

This year, fewer insurers make the list, and all slip in rankings.

Mobile capabilities are expected to prompt a resurgence of business intelligence dollars in 2013.

Insurer looks to achieve greater agility for expansion with new underwriting, policy administration, billing and claims management systems.

Insurance Information Institute’s survey of P&C execs finds majority optimistic about 2013, despite budget battle concerns.

Insured losses from natural catastrophes were greater than $110 billion in 2011, the second-highest figure ever recorded, according to Swiss Re in “Taking a Comprehensive View of Catastrophe Risk Worldwide,” a report from AIR Worldwide. And there is a 6.7 percent probability the insurance industry will experience a loss of this size in any given year. In 2012, insured losses totaled $65 billion, $25 billion of which are attributed to Superstorm Sandy, as estimated by Munich Re.

The clarification of certain rules, as well as information security, were among the topics discussed in two meetings this week.

After a flat 2012 for global life insurance premiums, a new report from Swiss Re has the global growth rate projected at more than 3 percent for 2013.

Ernst & Young’s first Latin American insurance outlook highlights growth opportunities in a market poised for profitability.

Standards organization consolidates with DISA, an organization that focuses on cross-industry electronic standards.

With positions in the Treasury yet to be filled, calls to balance out Lew’s budget-heavy background persist.

Trillium survey finds 75 percent of claims systems should be upgraded or replaced within five years; analytics and better communication present opportunities to improve cost-effective customer satisfaction.

Networked Insurance Agents has licensed Appulate’s Submission Management Portal for its independent retail agent affiliates. The technology offers a workflow designed to save agents time on workers’ compensation submissions.

20-year veteran of AIG climbs to executive ranks after four years at Zurich.

In response to President Obama’s nomination of White House Chief of Staff Jack Lew as Treasury Secretary, the Property Casualty Insurers Association of America expressed its eagerness to working with Lew.

The new offering, IBX Wire, is designed to enable members to connect directly to the insurer and manage their personal health care via mobile device.

Data crunching and tech savvy can take IT talent a long ways, but there's another intangible that differentiates exceptional talent, according to a new study.

The Deloitte Center for Financial Services says consumers may be wary of life and annuity products as they confront more immediate financial concerns.

Report from the U.S. Government Accountability Office also finds some potential risks to consumers and insurers.

Insurers seeking emerging markets are expected to contribute heavily to the rise in M&A this year.

Gartner's first IT forecast of the year anticipates a 5.7-percent increase from 2012's final IT spending tally.

ICMG survey also revealed that about 40 percent of respondents review strategic alliances on an "as needed" basis.

Insurer turns to e-application business fulfillment platform in an attempt to further automate processing.

Fitch says total estimated losses could continue to rise, as several insurers have yet to release loss estimates.

P&C business in the United States ends the year with a 5-percent increase; commercial auto, commercial property and general liability see the highest increase in December.

Board also decides whether or not to let the lawsuit be carried on by Starr.

Shelter Insurance claims to be the latest casualty to regulations found in the Dodd-Frank Act.

End-to-end policy administration system will be implemented by Auto-Owners’ life insurance subsidiary.

A.M. Best maintains its stable outlooks on the P&C, life and reinsurance sectors despite significant and persistent challenges, including loss reserves, low interest rates, weather-related volatility and increasing competition.

The number of deals may have risen in 2012, the total value dropped by more than $10 billion.

A slow overall growth trend at the end of 2012 is cause for concern heading into 2013; however, health care and financial services may hold the best opportunities for IT job growth.

Industry organizations have responded enthusiastically to news that Congress has agreed to a $9.2 billion authorized increase to the National Flood Insurance Program (NFIP), which is necessary to pay claims resulting from Superstorm Sandy. The bill had already passed the Senate and President Barack Obama is expected to sign it.

Severe weather-related catastrophes in United States accounted for a larger-than-normal portion of global catastrophe losses in 2012, increasing to 67 percent from an average of 32 percent, and 90 percent of global insured losses, compared to an average of 57 percent, according to Munich Re.

The 354-67 vote allows the government flood insurance program to continue paying damage claims to about 120,000 policyholders. The measure, raising the program’s borrowing authority by $9.7 billion, needed a two-thirds supermajority to pass under fast-track procedures. The Senate probably will clear the measure later today.

RSA, the security division of EMC, released a report from the Security for Business Innovation Council that assesses how cloud computing, big data analytics, enterprise mobility and social media will transform enterprise IT and “hammer away” at the foundations of information security strategies this year.

Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.

The reinsurance sector entered 2013 with ample dedicated capital and stable pricing, according to “The Route to Profitable Growth,” the 2013 global renewal report from Guy Carpenter & Co. Renewals were supported by lower than normal catastrophe losses during the first nine months of 2012, increased reinsurance capacity and record-high levels of capital.