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As the life insurance and annuity industries move toward model-based approaches to reserve and capital valuation, actuarial models are increasing in complexity and sophistication while the imperative to avoid modeling errors also increases, according to a recent report from Deloitte, titled “Actuarial Modeling Controls: A Survey of Actuarial Modeling Controls in the Context of a Model-Based Valuation Framework.”

New York State's Department of Financial Services has reached a settlement with the country's largest force-placed home insurer, in a deal meant to lower prices and prohibit widespread kickbacks in the industry. The agreement with Assurant Inc., one of two insurers which dominate the market, will lower insurers' profit margins and prohibit banks from receiving payments that pad the cost of insurance.

Enterprise Accounting System and investment solution brought in to support the insurer's regional expansion.

Customer self-service solution purchased in an attempt to provide a better consumer experience, cut operational costs.

Using a top-tier insurer as an example, analysts advise companies to start small and think big.

Despite rate increases, CAT losses and bodily injury claims weighed on 2012 results.

While the percentage of Americans who believe it is acceptable to increase an insurance claim by a small amount is down 9 percent from a similar survey in 2002, 86 percent know that insurance fraud leads to higher rates for everyone.

The enhancement is designed to enable users to add multiple product variations without custom modification and design fixed, indexed and combination annuities.

Compared to 2012, some insurers reported increases of 30 to 55 percent in applications submitted during the first two months of this year.

In the United States, aggregate deal volume declined 21 percent, however, Q4 activity increased.