Core systems

One-third of insurers currently are replacing or plan to replace their policy administration system, according to the recent Novarica Market Navigator reports, which profile 58 property/casualty and 25 life/annuity/health policy administration solutions.

Executives list data initiatives as top priorities, yet rarely recognize IT as leaders in new digital business plans.

While the anticipated FIO report on how to modernize and improve insurance regulations in the United States is, after missing its initial deadline of January 31, still in progress, McRaith delivered testimony last Thursday, but was only made public today, before a House Committee on Financial Services meeting titled, “U.S. Insurance Sector: International Competitiveness and Jobs.” In McRaith’s testimony, he outlines some of the FIO’s activity in lieu of the report, including the addition of four more professionals this month to bring its team up to 15.

Java-based application contains tools to define custom business rules and design payment, collection and delinquency plans.

The annual Contents Claims Index (CCI) by property insurance software and service provider Enservio found that the number of jewelry items claimed grew 57 percent compared to 15 percent growth in the electronics category for the same year. The average price per piece of jewelry claimed increased by 11 percent with jewelry claims more prevalent on the West Coast of the United States.

The Chartered Insurance Operations Professional Institute honors Crawford & Company and Union Mutual of Vermont for outstanding leadership throughout the insurance industry.

New feature provides several different views of a property, enabling virtual assessment during underwriting process.

Financial advisors are so uncomfortable speaking about life insurance that more than half, 56 percent, simply don’t do it, according to a recent survey by consultancy Saybrus Partners Inc. Further, almost one-fifth (18 percent) said they were “uncomfortable” or “very uncomfortable” recommending life insurance policies to their clients. Just a third (34 percent) of the financial advisors surveyed said they were “very comfortable” recommending life insurance to their clients.

According to a new survey, 39 percent of CFOs predict a similar IT operating expense budget in 2012 as in 2010, while 44 percent forecast an increase and 17 percent see a decrease.

MetaScale today announced it is incorporating the Kognitio Analytical Platform as a complement to Hadoop as part of its new SaaS-based offering.

Consumers increasingly want an alternative to cover long-term care costs, according to LIMRA VP.

MetLife noted as top seller of annuities, while Prudential leads variable annuity sales; overall, annuity sales decline markedly.

Organic growth continues for brokers and service providers; nearly all 55 insurers reviewed reported combined ratios below 100 percent.

Majority of workers surveyed plan to put off retirement until after 65, and then find retirement work.

Analysts review the most important issues confronting the insurance technology industry, including pace of change, consumer expectations and the implications of the industry’s reliance on legacy systems.

Deloitte’s “The Voice of the Life Insurance Consumer” study found that 62 percent of non-buyers had not received an unsolicited offer to buy life insurance in the past year compared to 44 percent of buyers. Another 30 percent said their employer does not offer life insurance as a benefit while 46 percent of buyers compared to 66 percent of those currently uninsured said they had not looked for life insurance on their own initiative.

Assurant and QBE defend themselves against allegations of collusion with banks and unethical practices in front of the New York Financial Services Department.

After the U.S. House of Representatives delayed voting on H.R. 5740 an extra day, the proposal passed Thursday with vast support, 402-18. The measure provides a one-month extension for the National Flood Insurance Program, which was set to expire May 31, but will now run through June 30.

Mobile quoting and purchasing capabilities for GEICO policyholders expand.

Partnership with CIC aims to extend Elixir North America’s straight-through processing and enrich agent, policyholder experiences.