Digital Platforms

Research shows that automated processes for risk analysis and management, and the ability to align IT policy, risk and operations management with business initiatives are important when deciding whether to invest in a GRC solution.

Insurer hopes end-to-end book roll solution will help its agents streamline operations.

San Diego – Hurricanes pose the greatest “act of nature” risk to the U.S. insurance industry for 2008, according to EMB, a San Diego-based actuarial consulting firm. In order to stay ahead, P&C companies must develop detailed enterprise risk management (ERM) strategies and processes that account for the risks in a shifting climate, the company says.

To counter stagnant growth, distribution channels and technologies need to be examined anew, says research firm.

Auto insurer fosters innovation through highly visible competition.

The insurer was impressed with the system's flexibility, capacity for rapid deployment and its use of a rules-based model.

NATIONWIDE MUTUAL ADOPTS APP TESTING SOLUTION

EPAM NAMED ITO LEADER

ACCENTURE UNVEILS P&C INSURANCE SOLUTIONS

More sophisticated modeling and advances in location intelligence are helping insurers better assess risk on a changing planet.

A sweeping proposal for a new regulatory framework for the nation’s financial markets that includes establishment of an optional federal charter (OFC) for insurers is splitting the insurance along a familiar fault line. Proponents of an OFC are praising the report, while OFC opponents are united in opprobrium.

The National Association of Mutual Insurance Companies rallies to blunt the recent spate of state regulations.

Florida's insurance commissioner says personal travel should not limit life insurance options.

Lines are drawn over plan to nationalize producer licensing.

ICS Merrill will exclusively handle all of Riverport's investigation, special investigation, fraud abatement and compliance functions.

Washington, D.C. - Five industry leaders were honored with an “Insurance Legends” award for making significant contributions to the life insurance and life reinsurance industry at ReFocus 2008, the premier conference for reinsurance industry professionals.

Springfield , Mass. - Building on several years of successful efforts to recruit and retain top financial services professionals, Massachusetts Mutual Life Insurance Co. (MassMutual) today unveiled a creative, new Web site that introduces career changers, industry veterans and college graduates to a career with MassMutual through the eyes and words of its agents.

MassMutual, The Hanover Insurance Group Inc. and Zurich Financial Services make technology changes to attract and retain agents.

A new study indicates that investments in a customer-centric approach are paying dividends.

The company released tools designed to simplify the insurance decision-making process for consumers, as well as demystify how insurance works in its short film.

Insurers may have enterprise risk management (ERM) building blocks in place, but lack of data, modeling capabilities and lack of business unit buy-in are impediments to fully incorporating ERM into strategic business decision-making.

A recent Towers Perrin survey found attracting and retaining top talent is emerging as a major issue facing carriers in 2008.

Washington – Insurers are praising the introduction of a bill that clarifies patent law in the aftermarket automobile parts market. The bill, introduced by Rep. Zoe Lofgren (D-Calif.), further clarifies existing patent law, and would help reverse an International Trade Commission ruling that sought to ban the importation of competitive parts.

Ethos now provides on-site surveillance operations in Kentucky, Florida and Alabama.

Compliance publication names Norkom “Vendor of Year” for its contribution to financial services and accounting compliance and regulation.

While admirers push a bill seeking to nationalize agent licensing, detractors say the legislation is meant only to stymie other efforts.

Insurers perceive quality of service as key to gaining competitive edge, and will make IT management software investments accordingly.

The Los Angeles P&C carrier adds ID theft resolution services to its offerings.

As the industry continues to consolidate, technology will be key to attracting a broader, more ethnically diverse customer base, says the association.

The federal Agency for Healthcare Research and Quality is providing $5 million to fund two studies of best practices for using clinical decision support software.

To appease concerned insurers, the vendor community needs to step up with improved home health monitoring technologies, according to a recent Parks Associates’ report.

A new survey reports that most insurance industry executives feel confident in their ability to manage risks, yet those with excellent S&P ratings are more conservative. Both cite technology as an enabler.

Members of the insurer, vendor and consulting communities last week discussed the keys to forging mutually beneficial, long-term business relationships.

Washington – State and federal regulators, consumer advocacy groups, life insurance companies and those who sell and distribute annuity products recently gathered to address the issues of suitability of annuity sales at a summit. The Bethesda, Md.-based Insurance Marketplace Standards Association (IMSA) convened the summit.

Hillside, N.J. — myClosingSPACE.com, an online title insurance and closing services company, announced it is now available to new homebuyers, mortgage refinancers, attorneys, lenders and Realtors nationwide. The decision was made after the title company successfully test marketed its online business in New Jersey, Florida, Pennsylvania and New York.

Predictive modeling and emerging claims technologies will affect the nonstandard auto insurance market, according to Conning Research & Consulting.

New studies say climate and demographic changes are two of many interrelated risks that insurers must consider.

New York — Gov. Eliot Spitzer, known throughout the insurance industry for his tireless and tough ethics reform as attorney general, announced his resignation, effective Monday, March 17. Quickly following Monday’s revelation of his involvement with a prostitution ring, Spitzer announced this morning that he will relinquish his position to Lt. Gov. David Paterson.

Beijing — The largest life insurer in China, China Life Insurance Company Limited (“China Life”), has selected Germany-based SAP AG’s SAP for Insurance solutions to help the company quickly respond to the changing insurance market and create a stable platform for future growth and evolving business needs. With SAP’s flagship enterprise resource planning (ERP) application, China Life aims to optimize its financial and human resource management processes, provide reliable support for its future operations and apply tools for better strategic decision-making on a unified, efficient and information-based platform.

Insurers are stepping up and out with best practice technology implementation and methodologies.

Charlottesville, Va. — SNL Financial, a sector-focused provider of business intelligence to financial institutions, released to its clients 2007 annual statutory insurance data for early-filing companies. Included with the release is detailed financial data on each filer, data by state and line of business, Schedule P loss triangle data and summary investment data, with hundreds of ratios, snapshots and analytics to facilitate analysis of this robust dataset. SNL also intends to make consolidated insurance group data available in the coming weeks.

New York — Gov. Eliot Spitzer, known throughout the insurance industry for his tireless and tough ethics reform, made a formal statement that clarifies his involvement with a prostitution ring, reported The New York Times today.

Raleigh, N.C. — BB&T Insurance Services Inc., a Raleigh, N.C.-based, wholly owned subsidiary of Branch Banking and Trust Co., plans to expand its Florida operation with the acquisition of Burkey Risk Services of metro Orlando.

Washington – The House of Representatives passed the Paul Wellstone Mental Health and Addiction Equity Act of 2007.

Saint Paul, Minn. – The aviation unit of Travelers Cos. Inc. is using a technology-based approach to introduce a new workers’ compensation insurance program for corporate flight departments.

The insurance industry looks to technology to combat rise in claim severity.

Fairfax, Va. — The Public Entity Risk Institute (PERI), a nonprofit research institute focused on risk management, launched an improved Web site designed to ease access to an extensive collection of risk management publications, programs and tools. Among the enhanced features found on the site is an expanded resource library organized by topic, audience and type of resource for more user-friendly research.

Insurers competing for boomer business will need business and technology platforms flexible enough to accommodate different boomer market segments, new types of transactions, new federal and state regulations and competition from multiple fronts.

Newark, Calif. — Risk Management Solutions Inc. (RMS), a provider of products

Novato, Calif. – Michael LaRocco was recently named president and CEO of Fireman’s Fund Insurance Co., a $6 billion property/casualty insurance firm based in Novato, Calif.

Because the invoice is an opportunity to renew contact with a policyholder and demonstrate excellence in customer service, new attention is being paid to the technology behind the opportunity.

San Jose, Calif. — ISCS Inc., a Web-based policy administration solutions provider, opened a new office in Missoula, Mont. in January 2008.