Digital Platforms

Insurance companies worldwide have suffered less than banks since the collapse of the subprime market in the United States in late 2007, Celent says. However, they have been impacted by the volatility of international markets and the uncertainty linked to the slow recovery of economies in industrialized countries. European insurers, in particular, have reacted to the changing environment successfully, implementing actions to adapt to the current changes and gain operational efficiency, according to the analyst/consulting firm.

By integrating disparate data elements, carriers can gain more granular insights, but need to first address data quality issues.

Providence Mutual Launches Agent Portal

The insurance industry faces some headwinds entering 2011 – the most prominent of which is a persistent soft market.

AIG unit adopting remediation plan based on review of statutory filings to Pennsylvania Department of Insurance.

The lawsuit claims the excessively high default rates on the underlying loans shows that Countrywide, now part of Bank of America, disregarded underwriting guidelines to match the "worst features of mortgage products" by competitors.

2010 lessons rely heavily on financial regulation, risk management, according to an Enterprise Data Management Council report.

Royal Neighbors of America a non-profit fraternal organization, will use StoneRiver’s Life Portraits ES e-Application and LifeSuite automated underwriting solutions to improve the efficiencies and speed of new business processing, the companies report. The solution is described as moving information from point A to point B without interruption, error or human intervention, eliminating cost in time and business.

Agile business intelligence the hot trend; pervasive BI and skilled talent sought, says Forrester research.

Advancements in mobile deposit technologies in the coming year may be of interest to insurers.

AIA and ACLI contend interim rule would violate McCarran-Ferguson Act.

Gearing up to redefine health insurance is among the list of issues that will take front and center for the health care industry in 2011, according to PwC’s Health Research Institute.

New report says in the wake of the financial crisis, life insurers face some major challenges.

SPM provider recognized in MarketScope for Insurance Incentive Compensation Management software.

National Insurance Crime Bureau names the 11 holidays with the most reported auto thefts.

A.M. Best affirmed USAA’s ratings, Fitch affirmed ratings for The Chubb Corp. and S&P affirmed its negative outlook on Kingsway and its subsidiaries.

The coming year will bring additional regulatory oversight and new efforts by health insurers to manage it. Health insurers will be asked to justify rate increases for individual and group policies, according to the Department of Health and Human Services. Last week HHS said it will require rate increases of 10% or more to be publicly disclosed and reviewed.

Provision of Dodd-Frank Act would require agencies to issue ratings using identical terminology.

Executives from across the globe are wrapping up reports on just what went wrong and why this year, with the key goal of avoiding similar glitches in the future.

Insurers may learn something from banks' successes in the social media realm.

Consumer Financial Protection Bureau may prove to be the most important agency to watch in 2011.

Setting $4.3B of credit, AIG systematically tries to exit bailout.

Sedgwick Claims Management Services purchased the unit for $278 million in cash.

Gartner predicts continued growth and increased deployment of social business technologies; cloud and SaaS remain keys to adoption.

Analyst flips the coin to uncover the biggest losers by market cap in 2010.

Perhaps no section of the law is more critical to that discussion than the Federal Deposit Insurance Corp.'s power to unwind failing giants.

Survey finds misgivings about annuities rampant in wake of financial crisis.

SSA & Co. predicts 2011 will feature more complexity in the insurance industry and less customer service outsourcing.

Deciding which financial firms beyond banks are systemically important is one of the biggest decisions still to be made by regulators under the Dodd-Frank Act.

A member of RIMS’ board since 2000, Scott Clark will succeed Terry Fleming as RIMS’ president.

Business intelligence and document automation solutions introduced for insurance companies.

Insurer revamps website with research and tools to help employers manage the issue of absence administration.

New figures from PCI and ISO reveal a 62% gain in net income for P&C insurers.

New report highlights best practices for ensuring that projects come in on budget.

A.M. Best affirms AIG’s P&C and life/health subsidiaries; Moody's affirms Fireman's Fund intercompany pool; Fitch affirms Lloyd's of London.

IIABA says removal of uncertainty going forward is key as President Obama signs extension of existing rates

With all the reports about how much insurers plan to spend on technology in 2011, little has been written about the impetus behind the decision. For carriers focused on compliance with regulatory bodies (which comprises the bulk of insurers), the strongest incentive for technology investments is risk management.

Association will focus first and foremost on working with regulators on implementation of the Dodd-Frank Act.

Fitch’s methodology is based on strategy/franchise strength, sensitivity to the insurance pricing cycle, earnings performance, and funding and capital.

Throughout the United States, arson, motor vehicle theft, larceny-theft fell and burglary all decreased this year, says FBI.

Vendors serving the insurance industry make analyst's year-end list.

Treasury secretary testified before Congress yesterday, saying that the bailout will show a "positive return."

It's illegal to text while driving in most U.S. states. Yet a study by researchers at the Highway Loss Data Institute (HLDI) that tracked four states’ claims activities before and after such laws were passed finds no reductions in crashes after laws take effect.

New report details principles of document management in insurance.

Guidewire ClaimCenter enabled Everest National to capture more and better data, and provide better operational reports and on-line management tools.

After procedural hurdles held up the vote for much of the day, the House reconvened in the evening to settle the terms.

New life insurance premiums sold through banks in Q3 2010 hit $512 million, up from $225 million in Q3 2008.

Regulatory, economic uncertainty cloud life and annuity carriers’ growth potential, making delivery of new products, cost cutting now mandatory, notes Ernst & Young report.

Gartner report offers new strategies for IT leaders.

Insurers may be interested to note the results of the study released by the Basel Committee on Banking Supervision.

Five severe weather events, one winter-based storm, two earthquakes and two floods comprised the top 10 insured loss events, says Aon Benfield

Chronicling insurers' continuing challenges combating auto theft, Insurance Bureau of Canada (IBC) today released its annual list of most frequently stolen vehicles.