Digital Platforms

The survey, entitled “Big Data – Extracting Value from Digital Landfills” consisted of more than 400 responses to an AIIM member survey conducted in March and April. Less than 10 percent reported that it is already an “essential capability” for business and about 15 percent expect that it will be essential. On the flip side, nearly 15 percent reported they weren’t really aware of what big data is yet and about 20 percent were merely more than curious about its potential. As far as data analysis, reporting and BI across structured data sets, only 4 percent are developing advanced analytics and big data tools, while most still opt for spreadsheets and ad hoc reports (30 percent) and reports in individual business systems (29 percent).

Fannie Mae hopes to banish banks from any involvement in the purchase of force-placed insurance under a plan to lower the cost of the product, according to a copy of a request for proposals obtained by American Banker.

While income plunges, balance sheets remain strong due to growth in net premiums earned and increases in net premiums written.

Research reveals the best practices found for teleworking among technology- and insurance-related professions.

A recent report outlines how improving prices and environmental conditions will ease the burden of catastrophe coverage this year.

Justin Kern

Study from Prudential and CFO finds majority of executives are looking to move to employee-choice models for benefits.

Insurance branch aims for quicker product launch and broader distribution channels with software purchase.

U.S. House of Representatives expected to take up legislation next week, when they return from holiday recess.

Consultancy provides a forum for chief risk officers to discuss trending practices and hot-button issues in risk management.

One-third of insurers currently are replacing or plan to replace their policy administration system, according to the recent Novarica Market Navigator reports, which profile 58 property/casualty and 25 life/annuity/health policy administration solutions.

Ken Fraser will also lead the company's international insurance practice and global broker network.

Executives list data initiatives as top priorities, yet rarely recognize IT as leaders in new digital business plans.

While the anticipated FIO report on how to modernize and improve insurance regulations in the United States is, after missing its initial deadline of January 31, still in progress, McRaith delivered testimony last Thursday, but was only made public today, before a House Committee on Financial Services meeting titled, “U.S. Insurance Sector: International Competitiveness and Jobs.” In McRaith’s testimony, he outlines some of the FIO’s activity in lieu of the report, including the addition of four more professionals this month to bring its team up to 15.

Java-based application contains tools to define custom business rules and design payment, collection and delinquency plans.

The annual Contents Claims Index (CCI) by property insurance software and service provider Enservio found that the number of jewelry items claimed grew 57 percent compared to 15 percent growth in the electronics category for the same year. The average price per piece of jewelry claimed increased by 11 percent with jewelry claims more prevalent on the West Coast of the United States.

The Chartered Insurance Operations Professional Institute honors Crawford & Company and Union Mutual of Vermont for outstanding leadership throughout the insurance industry.

AIR to provide catastrophe modeling services to support FM Global risk management activities.

New feature provides several different views of a property, enabling virtual assessment during underwriting process.

Financial advisors are so uncomfortable speaking about life insurance that more than half, 56 percent, simply don’t do it, according to a recent survey by consultancy Saybrus Partners Inc. Further, almost one-fifth (18 percent) said they were “uncomfortable” or “very uncomfortable” recommending life insurance policies to their clients. Just a third (34 percent) of the financial advisors surveyed said they were “very comfortable” recommending life insurance to their clients.

According to a new survey, 39 percent of CFOs predict a similar IT operating expense budget in 2012 as in 2010, while 44 percent forecast an increase and 17 percent see a decrease.

MetaScale today announced it is incorporating the Kognitio Analytical Platform as a complement to Hadoop as part of its new SaaS-based offering.

Consumers increasingly want an alternative to cover long-term care costs, according to LIMRA VP.

MetLife noted as top seller of annuities, while Prudential leads variable annuity sales; overall, annuity sales decline markedly.

Organic growth continues for brokers and service providers; nearly all 55 insurers reviewed reported combined ratios below 100 percent.

Majority of workers surveyed plan to put off retirement until after 65, and then find retirement work.

Analysts review the most important issues confronting the insurance technology industry, including pace of change, consumer expectations and the implications of the industry’s reliance on legacy systems.

Deloitte’s “The Voice of the Life Insurance Consumer” study found that 62 percent of non-buyers had not received an unsolicited offer to buy life insurance in the past year compared to 44 percent of buyers. Another 30 percent said their employer does not offer life insurance as a benefit while 46 percent of buyers compared to 66 percent of those currently uninsured said they had not looked for life insurance on their own initiative.

Assurant and QBE defend themselves against allegations of collusion with banks and unethical practices in front of the New York Financial Services Department.

After the U.S. House of Representatives delayed voting on H.R. 5740 an extra day, the proposal passed Thursday with vast support, 402-18. The measure provides a one-month extension for the National Flood Insurance Program, which was set to expire May 31, but will now run through June 30.

Mobile quoting and purchasing capabilities for GEICO policyholders expand.

Partnership with CIC aims to extend Elixir North America’s straight-through processing and enrich agent, policyholder experiences.

New York Superintendent of Financial Services voices support for banning insurers from making excessive payments to banks that refer them business.

Rating, billing and policy admin components to be implemented, support COUNTRY's auto, home and agribusiness lines.

Celent’s “2012 North American Insurance Software Deal Trends” studies revealed a 8.6-percent decrease in deal volume with 62 percent of the 1,538 deals in 2010 and 2011 involving property/casualty insurers compared to 38 percent in the life/health/annuity segment.

A series of solution providers announce enhancements designed to drive efficiencies.

The U.S. House of Representatives is expected to vote on H.R. 5740 today, a measure to push back the NFIP deadline one month, from May 31 to June 30.

The New York Department of Financial Services (DFS) has issued a mandate requiring New York life insurers to search the U.S. Social Security Administration’s Death Master File every three months in order to find beneficiaries of the recently deceased who are unaware they are eligible for benefits.

Insurance Networking News and Celent released INN’s sixth annual technology solution provider ranking for the insurance industry last night at an awards event held at the ACORD LOMA Insurance Systems Forum in Orlando.

System includes pre-loaded business rules engine and builds on CSC’s claims and risk management expertise.

Collaboration will progress with a proof of concept describing areas where ACORD data standards may map to XBRL insurance solvency and other business information taxonomies.

About 68 percent of European life insurers polled in a new survey have a positive outlook for their businesses in spite of ongoing market turbulence.

Company also releases actuarial calculation engine to reduce launch time for new products.

Association to roll out knowledge base and enhance social media capabilities on Website.

All three implementations will be deployed via private cloud.

These statistics surrounding disability insurance and public awareness from Sun Life’s recent report, titled “Will workers in America hope to dodge the bullet, remain blind to the risks or simply hide?” despite becoming familiar sights this month, remain startling given another fact cited by the report: Medical problems contribute to roughly half of all personal bankruptcies and home foreclosures in the United States.

The growth of countries such as China, Brazil and India will inevitably lead to more business being written, and that will need new capital to support it, and more insurers, according to Lloyd’s of London Chairman John Nelson. “The challenge we have is to grow the Lloyd’s footprint into the emerging growth countries,” he said in a statement on the company’s website. “There’s an opportunity for Lloyd’s and for the United States, in the high-growth economies. What I hope to see is a situation where brokers are extending their networks, picking up new business across the world and placing it at Lloyd’s.”

Using the platform, the insurer was able to add new features such as an urgent care finder and information access for non-members.

With Don Desiderato's exit, the research and advisory firm pulls Transamerica’s chief architect to fill the gap.

Insurer looks to Accenture Claim Components software to improve customer service and align with previous policy administration and billing purchases from Duck Creek.

EMC, Employers Holdings, Jackson National Life Insurance, Nationwide and Presidential Life Corporation release their first-quarter figures.

New portal developed by Hanover Insurance Group provides sales agents and customer service representatives with constant connectivity to the enterprise.