Digital Platforms

People in Portland, Ore. are mad as hell at distracted drivers and they’re not going to take it any more, according to a poll conducted by PEMCO Insurance. The problem is: some of those same drivers admit to the driving-while-distracted behavior, violating safe driving laws on a regular basis.

Staying connected while away from the office is taking on increasing importance to insurers, according to a new survey. Conducted in September by technology solution provider FirstBest Systems Inc. as part of Market Scout Entrepreneurial Insurance Symposium in Dallas, the survey queried 67 respondents from the carrier/MGA/MGU area, 94 percent of whom primarily represented commercial lines and 46 respondents from the agent/broker area, 90 percent or so representing commercial lines.

As President Obama grapples with a complex series of geopolitical issues during his state visit to Australia, he can take solace in the knowledge that his family will be provided for if he is attacked by a man-eating crocodile.

With catastrophe damage creating insured losses across the country, property and casualty insurance carrier results suffered in the first half of 2011.

State Farm Insurance has put a new spin on why people living in the United States should be grateful this Thanksgiving—they are less likely to be burned or have their homes catch fire as a result of cooking a turkey.

Roughly two-thirds of life and annuity producers surveyed by Deloitte (http://www.deloitte.com) expect to change carriers within the next 12 months. Twenty-nine percent plan to add carriers and one-third expect to both add and drop carriers. Sales support, speed of underwriting and policy issue, and carrier brand are the top factors influencing these decisions. Forty percent are not satisfied with the support they currently receive. And, with more than 80 percent of a producer’s total compensation coming from two favored carriers, there is room for improved producer loyalty and sales through better support, said Rebecca Amoroso, vice chairman, Deloitte LLP and insurance leader.

A group of 13 U.S. Senators are questioning a provision of the Flood Insurance Reform and Modernization Act of 2011 that would require homeowners and businesses to purchase coverage from the National Flood Insurance Program (NFIP).

A number of insurers have released financial results for Q3 2011. The following is a compilation of their announcements:

In its second setback in less than a week, BP Plc learned this morning that it is not entitled to insurance claims reimbursement from Transocean’s insurance carriers as a result of the 2010 Gulf of Mexico oil spill.

Prolonged low-rate environment presents both short- and long-term challenges for life insurers, a new report says.

Balancing innovation and cost leadership, agility and action-oriented methodologies among topics to be covered.

Growth of spending on risk management tools projected to outpace the growth of overall IT spending, making it the hottest corner of the IT market.

With a decision expected by the end of June, 2012, the case is seen as pivotal to Obama’s presidential aspirations, as well as insurers.

New data from Keefe, Bruyette & Woods shows catastrophe losses impacting insurers’ bottom lines.

The Independent Insurance Agents and Brokers of America (IIABA) recently honored Caliper Corporation's Founder and CEO Dr. Herb Greenberg, for his role over a five-decade period in improving the performance of its state associations and member agencies. In particular, Greenberg was noted for his development of the Caliper Profile, a proprietary personality assessment.

After America’s Health Insurance Plans issued a statement requesting the implementation date of the Affordable Care Act’s Summary of Benefits and Coverage be pushed back, health care consumers, practitioners and consumer advocates urge action.

Vendor hopes Xiance Desktop will enable insurers to better predict a property's vulnerability to natural disasters.

According to a new study from Strategy Meets Action, social media has become a nearly universal practice among insurers (nine percent reported not having a social media strategy or initiative planned), however, very few are beyond the basics of posting and monitoring.

The investment income woes of property/casualty insurers did not begin with the 2008 financial crisis, new analysis from Fitch Ratings reveals.

Small-business owners trust independent insurance agents and commercial insurance carriers more than other financial services businesses, according to carrier-sponsored survey.

MIT Sloan and IBM survey points to organizational differences as main factor in competitive advantage with data.

There can be, if insurers become fully aware of the ways to secure data.

Despite slow growth when compared to second-quarter figures, increases in year-to-year annuity sales remain strong.

Vendor's Underwriting Management System, beginning with North America, will seek to unify XL’s global underwriting platform.

Independence Blue Cross is in the process of testing a wireless-enabled fitness device and apps that can be used to support wellness, the Philadelphia-based insurer reports.

AIG, The Hartford, Munich Re, Prudential, Sun Life and nine others release third-quarter figures.

Insurance units of bank holding companies generated a record $7.9 billion in fees during the first half of this year, up 14 percent from the same period in 2010.

Against regulatory pressures, insurers plan to meet challenges of a sluggish economy, weak pricing environment, and inability to generate underwriting profits with organic growth strategies.

Accenture survey says industry needs to embrace analytics and better tailor products and services to customers’ needs.

Unpredictability, layers of complexity, yet-to-be-seen risks all play forward into challenges and opportunities for insurers’ social media strategies.

Insurer says new pension-like product now accounts for 20 percent of its annuity sales volume.

Report says worldwide IT spending pertaining to risk functions will increase to more than $74 billion by 2015.

Poor Communication Feeds Life Insurance Sales Gap

If Novarica’s Chad Hersh had a crystal ball, he would have told insurance technology attendees at a technology user conference in Austin this morning that the future is already here.

A new survey says drivers want more connectivity behind the wheel and that they think automated driving is not far off, but is that what we really want?

New report foresees the financial services industry’s risk technology spending hitting $23 billion by 2013.

New Agent App From ING

Formerly known as WeatherBill, Climate Corp. releases next-generation weather monitoring and location-specific yield assessment.

Insurance Networking News, the independent authority on the latest technology to support insurers' business strategies, kicked off its annual 2011 Vanguards in Insurance (VIP) awards program, in which carriers vote for their industry's top technology providers and these providers in turn nominate the most visionary insurance carriers.

In letter to Sec. Sebelius, governors say tight timetable, funding issues may impact some states’ abilities to comply.

As consumers push back on banking fees, insurer touts its online bank as an alternative.

Russ Bostick, president of Bostick & Associates, took to the stage at Celent’s Creative Disruption—A Core Systems Strategy Workshop in Boston on Nov. 3, 2011, to share his experiences as an insurance IT executive in building successful business cases.

As consumers’ and agents’ service demands increase, insurers will need to improve their websites and portals.

Social Media’s Challenge to Underwriters

Suite to replace multi-system legacy environment with single system for processing of all products.

AIA expresses concern that proposed solvency test may be unduly burdensome.

IIHS Evaluates Minivan Safety

Social media is another form of data that companies must work with regularly, but most businesses have a long road to travel before achieving effective integration.

According to ForeSee’s fourth annual health care benchmark study, health insurance companies, as a whole, provide the least satisfactory websites in the health industry.

Report from PLUS: Tony Blair says changes in our economic and regulatory systems are a given, but should have the core goal of creating a healthy, thriving financial sector.

John Kuhn, Axis, and Jeffrey Klenk, Travelers, recognized.

Recent snow storm along the East Coast quickly reminds industry that snow- and ice-related damage caused more than $2 billion in claims payouts in 2010.