Digital Platforms

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.

BillingCenter to provide billing management system for all Amica’s lines of business.

Contract covers application maintenance and development services in six countries.

Nearly a decade since the enactment of the Terrorism Risk Insurance Act, the industry asserts that a national backstop is still needed.

Separate studies from ING and MetLife show that couples don’t discuss and lack adequate life insurance.

Esurance has expanded its usage-based insurance program and now offers both UBI and traditional auto insurance in Arkansas. Esurance is backed by Allstate, the largest publicly held personal lines insurer in the United States.

InsureRight 2.0 partially designed to improve workers’ compensation loss ratios through risk-based pricing.

Hurricane Isaac is not likely to be a market-changing event that would tip the balance to a hard property market.

More than half of insurers surveyed now use anti-fraud technology solutions, according to “The State of Insurance Fraud Technology: A study of insurer use, strategies and plans for anti-fraud technology,” from the Coalition Against Insurance Fraud and SAS. However the study found that while the majority of respondents (79 percent) said that special investigations units are the sponsors of anti-fraud projects, other departments typically control the project budgets, which could slow the implementation of the technologies, the study said.

Company to purchase up to $5 billion at $2.50 per share.

Workers’ compensation and commercial property experienced the largest price adjustments.

Reinsurers look to new opportunities for growth as buyers remain tepid.

Island Insurance has selected Guidewire PolicyCenter to replace its underwriting and policy administration solutions. The initial rollout of PolicyCenter will serve Island Insurance’s commercial auto business and eventually will be deployed for all personal and commercial lines.

As the technology has matured, so have the marketing messages supporting it.

New report indicates that the portion of the typical IT budget—in a number of industries, insurance included—allocated to outsourcing is up nearly 23 percent.

The life and health insurer expects increased productivity and greater flexibility to enable increased scalability and forecasting capabilities.

The insurance industry uses just 20 percent of mobile apps' potential, research firm says. However a few insurers are doing it right.

The branchless bank is combining retail banking, retirement and insurance services in its online banking site.

As Costa Rica sends rescue teams to an area hit yesterday by a magnitude 7.6 earthquake, risk modelers have more natural catastrophe data to contend with: flood loss. Flood losses are on a rapid upswing, according to a report issued today by Swiss Re. Affecting an estimated 500 million people worldwide annually, the increase in flood-related claims has been significant, notes Swiss Re’s new report, “Flood - an Underestimated Risk: Inspect, Inform, Insure.”

Data and cloud continue to pave the way to profitable initiatives such as telematics and customer management.

American International Group Inc., the bailed-out U.S. insurer, is raising as much as $2 billion selling a stake in AIA Group Ltd. as Chief Executive Officer Robert Benmosche accumulates funds to repurchase his company’s stock from the Treasury Department. AIG is offering about 600 million AIA shares at HK$25.75 to HK$26.75, according to a term sheet obtained by Bloomberg News. AIG plans to spend as much $5 billion buying back its shares, it said in a statement released via Business Wire.