Core systems

The average year-over-year increase in insurers’ 2013 IT budgets was 6.3 percent; policy admin, underwriting and two other areas consume just over half of total new project resources, according to a recent survey of 24 CIOs.

The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.

Industry sees improvement in pre- and after-tax income, underwriting results and combined ratio in 2012, but the improvements pale in comparison with long-term norms.

Of those currently using smartphones to make payments, 60 percent said they would increase their usage if they could track receipts, manage personal finances (56 percent), or show proof of insurance (56 percent) or a valid driver’s license (54 percent).

Survey reveals an awareness of the gap in coverage among U.S. homeowners, even as annual flood-damage costs continue to soar.

Growing staffs and catastrophe claims are not the main reasons costs are rising. Instead, severity is canceling out the efficiencies technology is creating, according to an analyst at this week's CEB TowerGroup Financial Services Technology Conference.

The Director of the Federal Insurance Office, Michael McRaith, is calling for the submission of information regarding natural catastrophes and insurance for a report to be submitted to Congress, an FIO report mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.

First-quarter earnings excluding one-time items were $2.94 a share, 56 cents higher than the average of 19 analysts’ estimates compiled by Bloomberg. Full-year profit is now forecast to be at least $7.80 a share, the Indianapolis-based health plan today said in a statement.

Adventist Risk Management looks to improve operational efficiencies, customer experience through the purchase.

New report from International Data Corp. tracks software sales and outlines the shift toward social business and customer experience.

U.S. consumers are turning to digital sources for insurance quotes and other information, but still prefer personal contact with agents when purchasing.

Honoree awarded for leading networking and social initiatives, will receive $1,000 scholarship.

New York and New Jersey accounted for more than half the claims in the wake of the superstorm; nearly all have been settled.

Many compliance executives working in the U.S. insurance space admit to a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology.

While risk managers are increasingly prepared for a variety of risks, gaps exist between process and action, according to a Towers Watson survey.

Claims for business interruption will probably drive insurance costs tied to the bombings, according to catastrophe modeler Risk Management Solutions Inc.

Satisfaction with the auto claims experience declined in early 2013, as claimants noted an increase in repair costs, according to the J.D. Power and Associates “2013 Auto Claims Satisfaction Study—Wave 2.”

Despite growth trajectory, stifled investment yields persist beyond expectations.

A new survey finds that an overwhelming majority of consumers would not sign up for health coverage to avoid the penalty; report examines the potential consequences non-buyers would pose the system.

Robust claims management and business continuity plans are crucial to success, as is understanding the requirements likely to be placed on mutual by reinsurers.