Digital Platforms

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.

Advocacy group presents New York City as the new hotbed for tech startups and IT careers.

With upgrades, a specialty writer aims for improved speed-to-market and process consistency across lines of business.

Two new studies show that the embrace of existing technologies, such as telematics, could soon have a dramatic effect on the insurance industry.

Latest version aims to improve functionality and flexibility of comprehensive risk management and compliance software.

“Although prices are higher, coverage remains affordable and available on a global scale,” said Bob Hartwig, president of the Insurance Information Institute. “It is a steady and stable environment that includes some risk sensitive increases.”

Berkshire Hathaway cracks top 10 for second year in a row; 14 insurers land in the top 100.

As another deadline approaches for the National Flood Insurance Program, advocacy groups are taking to Capitol Hill this week as Democrats and Republicans attempt to put together an amicable long-term extension before May 31.

Insurance Networking News is proud to present its INN Newscast. This special video edition brings you exclusive coverage from day one of the 2012 ACORD LOMA Insurance Systems Forum in Orlando.

Insurance Networking News is proud to present its INN Newscast. This special video edition brings you exclusive coverage from day one of the 2012 ACORD LOMA Insurance Systems Forum in Orlando.

Risk Radar 2012 designed to provide management and operational staff with real-time visibility into project risks.

New York appeals court calls a lower court "premature" for holding Greenberg and former AIG CFO Howard Smith liable, sets the stage for a trial.

Most workers know little about group disability insurance, but when given information about income protection, the majority say they would opt for the coverage, according to a new study.

Life insurance CIOs need to stay on top of technology trends, initiatives and challenges in the industry. Recently, LOMA asked five CIOs to discuss these, and the group turned the focus to communication and the pervasiveness of IT within companies.

Americans are concerned health care costs not covered by insurance will negatively affect their retirement plans.

Because they underwrite policies differently, perpetual insurers will be analyzed differently than traditional insurers, according A.M Best. The firm’s methodology change, detailed in its “Analyzing Perpetual Insurers” criteria report is not expected to affect ratings and is reflected in the most recent version of “Best’s Credit Rating Methodology (BCRM).”

Underwriting efficiency and accuracy are the goals behind Valen's InsureRight.

While maturity of big data implementations was key to returns, Nucleus Research's review of 58 case studies found an average ROI of 241 percent.

Compared to a year ago, the composite rate for commercial property/casualty and professional lines coverage increased 3 percent in April 2012, according to new research from MarketScout, an insurance distribution and underwriting company.

Progressive Casualty Insurance Company is suing State Farm Mutual Automobile Insurance Company for allegedly infringing on patents related to vehicle monitoring systems and variable insurance rates.

The number of IT jobs in the finance and insurance industry has dropped 0.34 percent, according to a new study.