Insurance

Washington – A recent report by the Government Accountability Office (GAO) suggests that insurers should make a broader swath of claims data available to Federal Emergency Management Agency (FEMA) regulators. The suggestion arises in the wake of questions prompted by Hurricane Katrina concerning the responsibility for damages and later allegations that insurers misrepresented wind damage in claims to the National Flood Insurance Program (NFIP) in order to limit their financial losses after the storm.

Hartford, Conn. — Aetna reports that it has entered into an agreement with Flexible (Flex) Benefit Service Corp., a third-party administrator based in Rosemont, Ill., to provide self-funded HRA (Health Reimbursement Arrangement) administrative services to Aetna’s small group market, with the Aetna HealthFund HRA for Small Group. The agreement with Flex is designed to enable Aetna to support the growing needs of the small group market. The HRA will be available nationally for small group customers (groups with two to 50 employees).

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E-business has become a critical component of life and health insurers' way of doing business with agents, prospects and policyholders.

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Hillsdale, N.J. — Despite the ongoing crisis in the real estate industry, MyClosingSPACE.com is making its debut in New York, offering residents across the state the ability to purchase title insurance and mortgage closing services directly online.

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A recently published study from Diamond Management & Technology Consultants Inc. finds that roughly 33% of organizations prematurely terminated at least one business process outsourcing relationship during the past year.

New York — Marsh & McLennan Cos. Inc. has named former ACE Ltd. CEO Brian Duperreault as president and CEO of MMC. Duperreault, who retired from Hamilton, Bermuda-based ACE in 2006, succeeds Michael Cherkasky in the lead role at MMC. The New York-based company announced last month it was seeking to replace Cherkasky, citing a need for new leadership amid disappointing financial results.

Wausau, Wis. — Susan Doyle was appointed president and COO of Wausau Insurance. Wausau Insurance comprises the operations of Employers Insurance Co. of Wausau, Wausau General Insurance Co., Wausau Business Insurance Co. and Wausau Underwriters Insurance Co. Wausau Insurance is part of the Commercial Markets business unit of the Liberty Mutual Group.

Brookfield, Wis. — Fiserv Inc., a provider of technology solutions, announced its appointment of Denis O’Leary, a private investor and consultant with expertise in enterprise technology, financial services and consumer payments, to its board of directors.