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Though 43% of recently surveyed European insurers expect compliance to cost them less than €5 million, they believe that many of their core risk management capabilities need to be enhanced.

Carriers find their enterprise risk management (ERM) capabilities are no longer a purely internal matter as their organizations come under increased scrutiny by regulators and raters.

The insurance industry is partnering with academia in the use of some rather unique efforts to actively address the anticipated shortage of IT talent.

Turnersville, N.J. — The Computer Measurement Group (CMG), a not-for-profit worldwide organization of IT professionals committed to ensuring the efficiency and scalability of IT service delivery to the enterprise through measurement, quantitative analysis and modeling, is making its conference proceedings from 1997 through 2005 available to the public.

Seattle — In recent years, increasing attention has been paid to the role of lifestyle-based analytics (LBA) in health insurance underwriting, according to Seattle-based actuarial and consulting firm Milliman Inc. In some instances, proponents of LBA made overly optimistic claims about the use of consumer data as a predictor in the underwriting process. Milliman's Jonathan Shreve, author of the white paper “Lifestyle-based Analytics: A Practical Guide”, examined the appropriate and effective use of LBA as an advance in risk selection and classification.

San Francisco — Universal Warranty Corp. (UWC), a subsidiary of GMAC Insurance, Maryland Heights, Mo., introduced new technology and process enhancements, making its aftermarket finance and insurance (F&I) sales process completely electronic. The full set of solutions, Online Performance Suite, is the most recent addition to GMAC Insurance's portfolio of customer-centric products and services, and also has the potential to reduce time spent on every transaction by up to 20 minutes, according to the company.

West Des Moines, Iowa — The Property Casualty Insurers Association of America (PCI) recently elected Jim Wallace to its Board during its recent Executive Roundtable held in Naples, Fla. Wallace is president and CEO at GuideOne Insurance, an insurers of churches and churchgoers.

Kansas City – The National Association of Insurance Commissioners (NAIC) has launched a public database containing the regulatory status of certain insurer-owned securities. The database is intended to assist market participants that advise insurance companies and investment professionals working for insurance companies. The tool shows whether a publicly rated security is subject to regulatory guidance other than as indicated by its credit rating assigned by one or more public rating organizations.

New York – Consulting firm Oliver Wyman Group acquired Boston-based Celent LLC on Feb. 1, 2008. Oliver Wyman, a subsidiary of New York-based Marsh & McLennan Cos., has a staff of more than 2,500 people, operating in 16 countries, and specializes in the financial services industry, where Celent has positioned itself over the past eight years.

Mobile units enable insurers to provide immediate lines of aid to those affected by recent tornadoes.

A pair of reports detail what the year ahead has in store for the insurance industry.

Cambridge, Mass. — A new Web site created by Liberty Mutual is generating acclaim for its ability to educate Generations X and Y about the value of renters insurance. Youcovered.com, is an online experience that has already received several industry awards including a "Best in Class" Interactive Media Award (IMA) and "Site of the Week" from Communications Arts since its debut in October 2007. It was also recognized as a finalist in the 2007 MITX (Massachusetts Innovation & Technology exchange) Awards. The Web site was designed and implemented by Sapient Interactive, the marketing services group of Sapient.

Baton Rouge, La. - Chance Perry of Vinton, La., has been selected as the 2007 recipient of the Stephen Cavanaugh Scholarship. Louisiana Workers' Compensation Corp. (LWCC) established the Stephen W. Cavanaugh Scholarship Fund in 2006 in honor of Cavanaugh's leadership and lasting contributions to the insurance industry in Louisiana. Cavanaugh was LWCC's CEO from the company's inception in 1992 until his resignation in 2006. He was diagnosed in September 2006 with Stage IV pancreatic cancer and died November 15, 2006, at age 55.

Columbia, S.C. - Colonial Life & Accident Insurance Co. announced a partnership with ESPN that involves the sole sponsorship for the "one-on-one" match-up analysis to run during ABC's college basketball game of the week each Saturday for the remainder of the regular NCAA season.

San Mateo, Calif. – While the industry has traditionally viewed billing as a back-office function, Guidewire’s newest version of its BillingCenter product takes advantage of the J3EE standard to enable insurers to move billing front and center, the company reports.

Competitors from unlikely verticals, a reduction in IT staff, and the ability to clean up data stores and use them to garner business intelligence are but some of the challenges insurers will face through the year 2012.

Alpharetta, Ga. – ChoicePoint has resumed its acquiring ways by snapping up Optimal Decisions Group (ODG), an Australian firm that develops analytics and software for the insurance industry.

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.

Sacramento, Calif. – Fireman’s Fund Insurance Co., Novato, Calif., is entering the ever-expanding wine industry with an “Insurance for Wineries” product that includes coverages specifically created for the business of growing, making and selling wine.

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).