Digital Platforms

Today’s increasingly competitive marketplace elevates the importance of flexibility and efficiency in the policy administration process, says researcher.

C-level insurers have a better chance of improving their financial performance if they can act upon certain value levers and imperatives in order to create a true “integrated insurance enterprise.” Not unlike chasing the Holy Grail, getting there may require a sea change in corporate strategy and culture.

Surveys conducted by four chapters of the Professional Insurance Agents’ organization reveal that the treatment and support they receive from their carriers comprise more than customer service.

The reinsurer met an aggressive timetable, successfully implementing a policy admin system for its new U.S. operations.

Connecticut AG is seeking to reform the way public bonds are rated.

The CFO Forum believes a new set of market-consistent embedded values produce additional consistency and improved disclosure.

To remain competitive, insurers must be both inventive and innovative, claims the Ohio senator and astronaut. The key to our industry’s—and our country’s—success lies with education and research.

A recent Novarica/IASA survey of P&C insurer CIOs traces the evolution of focus from e-business to policy administration systems to predictive analytics.

At its annual conference last week, TowerGroup’s David West said carriers must invest in IT to thrive.

NAMIC adds voice to those opposing NAIC plan to aggregate market conduct data.

Predictive analytics, customer relationship management software and business applications are the key to carriers developing an effective mobility strategy.

FARMERS LAUNCHES IDENTITY SHIELD VIA IDENTITY THEFT 911

RISK ANALYSIS

Current board members Yvonne Norton Leung and Gary Binger will step down in December 2008.

Life insurer hopes to capture additional business with ID theft add-on.

Non-profit continuing education organization bolsters line-up with newly created targeted events, seminars.

Testifying before Congress, insurance executives make case for the use of credit scores.

The initiative threatens confidentiality, according to the industry group.

Ottawa, Ontario - Shenandoah Life Insurance Co., Roanoke , Va. , has licensed the Global IQX software platform to provide capabilities for online quoting, rating, proposal generation, underwriting, renewal management and detailed reporting.

Brookfield , Wis. , - Pekin Insurance Co., a provider of property, casualty, life, individual, business, and group products, plans to implement an advanced billing solution from Fiserv Inc., a Brookfield , Wis. , provider of technology solutions for the financial and insurance industries.

San Mateo, Calif. - The P&C companies of Unitrin, Inc., a Chicago-based $3 billion financial services company, will transition from less flexible mainframe and client/server claims systems to Guidewire’s ClaimCenter, the companies report.

Washington — Tough economic times give insurers all the more reason to be vigilant when it comes to fraud, and the FBI is helping with a new report based on data on a host of insurance crimes currently taking place.

After false starts in 2006 and 2007’s hurricane season, meteorological experts are again predicting high hurricane activity, driving reinsurers to rethink enterprise risk management and technology-based strategies.

Report says that up to 33 million licensed drivers should not be driving.

Insurer is processing claims and serving meals in storm-damaged Minnesota town.

Survey ranks data integrity high, but few companies are monitoring it.

A devalued greenback will keep American insurance companies looking inward when it comes to acquisitions.

Initiative seeks to make medical files easily transferable between insurance companies.

The insurer plans to release its property loss prevention engineering guidelines at no cost through its Web site.

In 2007, banks that sold insurance were more profitable than banks that didn’t.

In a recent message to Congress, the National Association of Mutual Insurance Companies cited the use of credit scoring enhanced the fairness of insurance underwriting.

Two new studies examine the implications of Treasury Secretary Paulson’s Plan to overhaul regulation of financial services.

Founder of first hurricane catastrophe model recognized as a valuable contributor to award-winning scientific climate change work.

Beginning in 2009, the U.S. Securities and Exchange Commission will have some of the nation's largest companies file their financial results in extensible business reporting language (XBRL).

Rather than react to economic pressures, insurer CIOs are urged to respond with IT strategies that drive the greatest business value.

The state of Iowa enacted a measure to deter stranger-originated life insurance.

Law enables carriers to use “flex band” rating.

Contributions promise significant, long-term enhancements to information and insurance capability models.

Only 38% of a recent survey said they are “very confident” or “quite confident” that e-mails related to documenting commitments and obligations made by staff are recorded, complete and retrievable.

The data wave is no longer coming—it has arrived, bigger and more powerful than expected.

A Towers Perrin survey reveals rating agencies having an effect on ERM development.

A new study from IVANS says spending on real-time capabilities to continue irrespective of economic slowdown.

Web site assistance aims to help advisors better counsel on the importance of disability coverage.

Winners represent reader recognition of insurance business and technology solution visionaries.

In an ever-changing vendor landscape, Oracle says it will add policy administration to its insurance technology suite.

The Wall Street Journal reports that Hewlett-Packard is reportedly nearing a deal to buy Electronic Data Systems for between $12 billion and $13 billion.

Senate blocks move to expand National Flood Insurance Program.

Greenwich Associates presents the award based on a study of 714 risk managers, which concluded that insurers’ claim management process is a significant determinant of customer satisfaction and loyalty.

Matthew Grant will take over the role of group executive of global client development from Bill Keogh.

A new report says telematics will help insurers improve the accuracy of their risk-based pricing models, and potentially allow them to offer more variable, pay-as-you-drive pricing models.

The Massachusetts Association of Insurance Agents alleges the company’s online quotes mislead consumers in Massachusetts.

Two executives and an actuary constitute this year’s International Insurance Society class of inductees.