Digital Platforms

A.M. Best, Fitch Ratings, Moody’s Investors Service and Standard & Poor's announced ratings updates. The following are some of the most recent:

The latest finger-pointing between American International Group and the rest of the financial world took a turn on Saturday, when AIG’s former chief executive, Maurice "Hank" Greenberg, drew a direct reference to Goldman Sachs’ role in the insurers’ ultimate downfall.

As many variable annuity providers simplify and streamline their products, Axa Equitable Life Insurance Co. in New York is bundling theirs.

Even to those tasked with understanding it, the insurance industry can seem opaque. After in-depth interviews with 43 financial analysts who cover the insurance sector, New York-based PricewaterhouseCoopers finds a widespread dissatisfaction with the current insurance financial reporting framework.

Dice.com, a career Web site for technology professionals and employers, issued its employment report for January 2010. As of Jan. 4, 2010, there were 48,751 jobs available in technology. Of those, 28,142 were full-time, 23,590 were contract, and 1,074 were part-time positions.

Hotels and retailers top Forrester Research’s latest customer experience ranking, Customer Experience Index (CxPi). Insurers, though, rank among the bottom four industries on the list.

WL Ross & Co. (WLR&C) has reportedly ended negotiations with American International Group, New York, to buy its mortgage insurance division, United Guaranty, Greensboro, N.C., according to industry sources.

Fond du Lac, Wis.-based Society Insurance, a provider of commercial insurance to Wisconsin, Illinois, Iowa and Indiana, implemented Denver-based Valen Technologies Inc.’s UnderRight predictive analytics underwriting solution to improve its pricing strategies and profitability. Society is now using UnderRight for its workers’ compensation line of business to positively impact the company’s combined ratio by enabling improved underwriting decision consistency and efficiency.

Genpact Ltd. has been awarded a 3-year contract from Max New York Life Insurance Company Ltd. Under this arrangement, Genpact will provide Max New York Life with customer service related solutions in select geographies, employing multiple regional languages and sophisticated technology.

The insurance industry is offering praise for retiring Senate Banking Committee Chairman Christopher Dodd (D – Conn.), who announced last week he would not seek reelection next year.

Global wealth management technology spending by banks, brokerages and insurance companies is set to reach $3.7 billion by the end of 2010, up 5% from 2009, according to a report released January 7 by Boston-based research firm Celent.

As legislators work to craft a final health care reform bill, insurers are seeking to stop inclusion of a provision that would eliminate industry antitrust exemptions created by the McCarran-Ferguson Act.

Sircon, a wholly owned subsidiary of Vertafore Inc., took to the road the past 14 months to facilitate discussions between Sircon and representatives from a number of insurance companies. Stopping in cities such as New York, Atlanta, Los Angeles, Dallas, Chicago and Philadelphia, Sircon’s insurance-industry solutions team provided attendees with insights into upcoming product developments, industry trends and challenges, and provided hands-on training and question-and-answer sessions on pressing topics.

As Senate Majority Leader Harry Reid (D.-Nev.) and Speaker of the House Nancy Pelosi (D.-Calif.) look to blend their versions of health care reform, the National Association of Insurance Commissioners (NAIC) is offering input.

The good news is there are signs of economic improvement. The bad news is A.M. Best is maintaining its negative rating outlook on the life/health industry.

With 2009 reviews and prognostications thankfully behind us, it's time to get our feet back on the ground and get back to listening to our readers.

An Aberdeen Group study of data management for business intelligence finds a wide gap between best in class companies and the industry average, especially in the areas of data cleansing, search query optimization and master data management (MDM).

Trust representing homeowners asks for compensation for damages due to mold exposure.

Gov. Patterson announces his intention to revive a state-based reinsurance network.

Study predicts insurers will look to trim costs from distribution channels in year ahead.

Harvard Pilgrim Health Care, Aetna and WellPoint are the first of a handful of insurers expected to certify for compliance with the initiative in Q1 2010.

Latest online poll reveals a shift in traditional—if not stereotyped—thinking.

Association commends retiring chairman’s leadership on insurance-related issues.

Conning Research says ongoing economic ramifications may have profound impact on property/casualty sector’s operating results.

S&P withdraws its A+ FSR of Nationwide Life Insurance Co. of America and Nationwide Life & Annuity Co. of America, and Moody's assigns ratings to the multi-issuer, multi-seniority shelf registration of The Travelers Cos. Inc.

The reorganization merges subsidiaries, reducing from five to three the insurer's primary life operating units.

The Property Casualty Insurers Association of America seeks no-fault reform in New York, market-based solutions in coastal states and the preservation of credit scoring, among others, in the coming year.

Guy Carpenter says U.S. reinsurance rates across most property lines dropped between 6% and 11%, on average.

The insurer promotes Jeff Hurd to HR chief, and hires Michael Cowan from Merrill Lynch to fill his shoes.

New report designed to assist agents in creating their own social media practices and policies.

While competitors make bold moves to attract customers, New York Life's steady, deliberate marketing plan still pays dividends.

As usual, the federal government chooses a sledge hammer to swat a fly, which means we all get squashed.

While it took months of wrangling for the House to pass the bill, that process may pale in comparison to getting it through the Senate.

The insurer announces the resignation of the vice chairman for legal, human resources, corporate affairs and chief compliance and regulatory officer.

The Congressional Budget Office says tort reform will result in the reduction of health care costs in both direct and indirect ways.

The Congressional Budget Office says tort reform will result in the reduction of health care costs in both direct and indirect ways.

With the change from Bermuda to Ireland, the global insurance broker expects to see economic benefits that will help ensure continued global competitiveness.

The MGA’s new business, Goss Reinsurance Brokers Inc., will operate as a specialty reinsurance broker for medium to small insurance carriers, captives, self-insurance funds, risk retention groups and other similar specialty insurance operations.

Recent deals for technology software and services

CABINET NG OFFERS CNG-SUPERSEARCH AND RETRIEVER FOR WEBAPPS

E-SIGNATURE SOLUTION DESIGNED FOR MOBILE

MITCHELL LAUNCHES SMARTADVISOR REAL TIME PARTNER BRIDGE

A mixture of new technologies and business imperatives are causing insurers to redefine the boundaries of data security.

The International Association of Outsourcing Professionals foresees insurers returning to outsourcing as a means to recapture innovation and provide flexibility in 2010.

Howard Schmidt will be responsible for orchestrating cybersecurity activities across the government and coordinating efforts to better protect private information networks.

Out-of-state residents are charged with insurance fraud after providing false information.

U.S. property/casualty insurers saw benefits this year from gains in the value of some holdings, and lower than average storm-related claims costs.

In an effort to boost sub-par fixed-income annuity sales, AIG has renamed one of its subsidiaries in an effort to distance the brand from its tarnished image.

The health care reform bill passed by the Senate on Christmas Eve includes several improvements advocated by the organizations that represent insurance brokers and advisers in Washington. For the most part, however, those groups remain opposed to the Senate bill — and more so the version approved by the House.

Roger Crandall will become Chief Executive Officer of Massachusetts Mutual Life Insurance Company (MassMutual) on January 1, 2010, completing the transition in leadership previously announced by the company in June.

New York-based Fitch Ratings has published two documents updating the criteria the firm uses to assess insurance companies.

IT workers are facing an increasingly tough job market, a new study from Park City, Utah-based Janco Associates finds.