Digital Platforms

Potential voluntary federal guidelines foretell a future that may require keeping a close eye on the balance between collaboration and control.

The U.S. property and casualty sector’s profits got a boost in the first half of 2012, largely as a result of underwriting improvements resulting from a quiet catastrophe year to date. According to ISO, a Verisk Analytics company, and the Property Casualty Insurers Association of America (PCI), private U.S. property/casualty insurers’ net income after taxes jumped to $16.4 billion in first-half 2012 from $4.8 billion in first-half 2011. Measuring insurers’ overall profitability as an annualized rate of return, policyholders’ surplus on average climbed to 5.9 from 1.7 percent.

Forecasted savings reached by 90 percent that adopt cloud technology.

More than half of U.S. insurers surveyed expect rise in personal property, workers' compensation and auto insurance fraud losses.

The global financial crisis and subsequent economic developments have brought to light critical weaknesses in existing hedge programs.

Based on a review of 35 major health plan websites, most issuers are still struggling to provide the Summary of Benefits and Coverage (SBC), even while the SBC provision of the Patient Protection and Affordable Care Act (PPACA) law took effect last week, according to Tyrula LLC. The law requires insurers to provide a paper SBC document within seven days of application, renewal, or the first day of coverage.

Program to provide review of building characteristics, factors that affect a building's wind resistance.

According to one Gartner analyst, precision, personalization and collaboration will motivate a new wave of business analytics.

The Federal Reserve sets January 5 as deadline for insurer to show it can handle severe economic stress.

Subscription service to track and review web resources for 16 providers of defined contribution plans, including ING, New York Life and Principal.

Two-thirds of life/annuity insurers plan to increase spending on analytics in the next two years as they seek to enhance the customer experience.

Surplus lines see spike in direct premiums written, experience turnaround as standard market insurers express the need to increase rates.

A new report from Forrester outlines potential mobile-enabled innovations and market transformations that could transform the insurance marketplace by 2020.

Spending is expected to nearly triple from current levels by 2016.

Insurer hopes e-signature capabilities will improve mobile distribution strategies, enable straight-through mobile processing.

Erie Insurance and IIHS study finds the teen driving death rate triple that of adult drivers.

ARCLand title specialists expect continuing growth and record premium levels for Q3 2012.

Stephen Halfpenny, formerly of Allstate and Munich Re, joins firm to lead Canadian business development.

By charting processes and performance as though it were a game, P&C and life insurers may have a cheap, engaging way to instill behavioral change within an organization.

J.D. Power 2012 Homeowner survey finds multi-policy owners most satisfied, but all add-on policies are not created equal in the retention equation.

Claims processing remained the top compliance issue for P&C insurers, followed by rating factors and the cancelation of policies. In terms of life and health insurers, problems with claims processing stole the top spot away from compliant policy forms, which was reported last year as the biggest compliance issue. Failure to pay claims properly in accordance with policy provisions was only fifth on that list for life and health insurers.

Mobility—rising from its humble beginnings—is on a roll, driven by ever-higher-performing smartphones, tablets, and other devices enabled by 3G and 4G networks, as well as an explosion of innovative applications. Indeed, we believe that enterprise IT is on the brink of a revolution that promises to boost productivity by expanding office functionality beyond the brick-and-mortar location. There are opportunities galore, but cost, governance and security challenges must also be reckoned with.

IRC study considers catastrophe- and noncatastrophe-related events over a 15-year period.

A new research brief from Strategy Meets Action outlines how ambitious insurer's investments are, why they're making those investments and what helps foster innovation.

The majority of insurance executives participating in a recent survey agree that effective networking requires ongoing practice and development.

With 2015 deadlines approaching, the NAIC recently conducted a pilot program with 13 insurers and shared some guidelines and best practices.

Given a $3 million-to-$5 million bump in budget, almost one-third of insurer CIOs would put the money toward analytics, despite already investing heavily in that area, according to “If I Had $5 Million… Where Insurer CIOs Would Spend Money They Don’t Have and Why,” a survey from Novarica.

The rate increase would be the third consecutive annual increase, according to the Insurance Information Institute.

Strategy Meets Action presents its Innovation in Action Awards, recognizing solutions that enable insurers to move beyond modernizing and optimizing to innovation and transformation.

Thunderhead's NOW solution looks to provide a single platform for the insurer's enterprise communication.

Many major insurers use non-driving factors, such as education, occupation and lack of previous insurance in setting prices, and a majority of Americans think that’s unfair, according to results of a Consumer Federation of America (CFA) survey.

New report laments the inability of companies to encrypt, control and secure information stored on employee-owned devices.

USAA received the highest online policyholder security rating based on a new report from Corporate Insight, titled “Login Security: Keeping Policyholder Information Safe.” Amica received marks just short of USAA’s while Progressive was cited just behind Amica. Best practices offered by the research firm were for insurers to offer login access throughout the company website, provide additional security options, provide easily accessible security information and provide users with the option to set security questions.

In the insurance industry, online purchase decisions made via mobile devices are increasing at an incredible rate. In this short video, mobile expert Bill Loller reviews the essentials to optimize your online user experience for the small screen. Viewers will also learn how an understanding of your policyholders' mobile experience will impact the bottom line.

Kaiser Foundation, Harvard Pilgrim Health Care and several other health insurers receive recognition by the National Committee for Quality Assurance.

Former Minnesota governor quits Romney campaign to represent some of the biggest financial institutions in the world, including Allstate and State Farm.

Towers Watson survey of claims officers finds reassessment of best practices necessary for enhancing claims performance.

Leap System becomes an independent affiliate of the mutual life insurer.

Annuities have garnered strong support in 2012 compared to responses from the same survey a year ago.

Celent report finds annuity writers that defer core systems updates risk alienating third-party distributors.

Evolving regulatory initiatives force insurers to focus on understanding and articulating their risks.

Insurer expects the new commercial lines system to streamline operations, enhance workflow and provide agents with a greater ease of doing business.

While generations differ on when and why to make the purchase, life insurance is increasingly being added to financial plans.

From NAMIC, Pete Dailey of AIR Worldwide explains what scientists know about climate change and helps insurers address the uncertainty about what climate change could bring.

A new survey of more than 1,700 teens nationwide, conducted by Liberty Mutual and SADD (Students Against Destructive Decisions), compares the destructive driving habits of parents, as observed by the teens, to those of the teens themselves—and the results are unsettling.

In a new CFO survey from Towers Watson, P&C CFOs discuss which portfolio objectives are being satisfied and why they’re expecting slightly more aggressive investment strategies.

Harnessing in-memory technology, XL Group expects to embed analytic decision management process and application systems across the organization.

Despite the rising cost of initiatives, financial institutions remain determined to thwart security risks, according to a new report from Deloitte.

Examples of insurance data breaches point to just how common they are, and what usually causes them—internal abuse and mistakes.

Initial implementation of STG Billing to concentrate on personal and commercial auto, property and accident insurance.

IT spending growth is expected to settle in at $2 trillion for 2012, according to IDC’s forecast of IT spending in 54 countries and more than two-dozen market segments, such as hardware, software, IT services and mobile.

SMA study finds customers, products, finance and investments next areas ripe for transformation.