Core systems

Surveys and studies show that insurers are actively implementing new policy administration systems. In September, Celent released its “Policy Administration System Vendors, North American Commercial P/C Insurance 2011” report. And this month, the analyst and consulting firm released a similar report for the life, health and annuities industry.

Through conducting a survey at 2011 Professional Liability Underwriting Society’s Annual International Conference in San Diego earlier this month, global specialty insurer Torus set out to identify key issues affecting the management and professional liability insurance market. The results reveal a professional lines market in flux with widespread concerns over pricing uncertainty in 2012, a heightened awareness of the current regulatory environment and fast-emerging new risks for small businesses. Thirty percent of the 102 insurance professionals surveyed, among them brokers, agents, insurers and risk managers, affirmed that the changing pricing environment is a major cause for unease, viewing it to have the biggest overall impact on the market over the next 12 months. Respondents also note that an increase in market competition (25 percent), the current regulatory environment (23 percent) and the creation of new products (17 percent) were also major concerns.

As 2011 winds down, few would dispute the centrality of mobile communications to the insurance industry.

People in Portland, Ore. are mad as hell at distracted drivers and they’re not going to take it any more, according to a poll conducted by PEMCO Insurance. The problem is: some of those same drivers admit to the driving-while-distracted behavior, violating safe driving laws on a regular basis.

Staying connected while away from the office is taking on increasing importance to insurers, according to a new survey. Conducted in September by technology solution provider FirstBest Systems Inc. as part of Market Scout Entrepreneurial Insurance Symposium in Dallas, the survey queried 67 respondents from the carrier/MGA/MGU area, 94 percent of whom primarily represented commercial lines and 46 respondents from the agent/broker area, 90 percent or so representing commercial lines.

As President Obama grapples with a complex series of geopolitical issues during his state visit to Australia, he can take solace in the knowledge that his family will be provided for if he is attacked by a man-eating crocodile.

With catastrophe damage creating insured losses across the country, property and casualty insurance carrier results suffered in the first half of 2011.

State Farm Insurance has put a new spin on why people living in the United States should be grateful this Thanksgiving—they are less likely to be burned or have their homes catch fire as a result of cooking a turkey.

Roughly two-thirds of life and annuity producers surveyed by Deloitte (http://www.deloitte.com) expect to change carriers within the next 12 months. Twenty-nine percent plan to add carriers and one-third expect to both add and drop carriers. Sales support, speed of underwriting and policy issue, and carrier brand are the top factors influencing these decisions. Forty percent are not satisfied with the support they currently receive. And, with more than 80 percent of a producer’s total compensation coming from two favored carriers, there is room for improved producer loyalty and sales through better support, said Rebecca Amoroso, vice chairman, Deloitte LLP and insurance leader.

A group of 13 U.S. Senators are questioning a provision of the Flood Insurance Reform and Modernization Act of 2011 that would require homeowners and businesses to purchase coverage from the National Flood Insurance Program (NFIP).

A number of insurers have released financial results for Q3 2011. The following is a compilation of their announcements:

In its second setback in less than a week, BP Plc learned this morning that it is not entitled to insurance claims reimbursement from Transocean’s insurance carriers as a result of the 2010 Gulf of Mexico oil spill.

Prolonged low-rate environment presents both short- and long-term challenges for life insurers, a new report says.

Balancing innovation and cost leadership, agility and action-oriented methodologies among topics to be covered.

With a decision expected by the end of June, 2012, the case is seen as pivotal to Obama’s presidential aspirations, as well as insurers.

New data from Keefe, Bruyette & Woods shows catastrophe losses impacting insurers’ bottom lines.

The Independent Insurance Agents and Brokers of America (IIABA) recently honored Caliper Corporation's Founder and CEO Dr. Herb Greenberg, for his role over a five-decade period in improving the performance of its state associations and member agencies. In particular, Greenberg was noted for his development of the Caliper Profile, a proprietary personality assessment.

After America’s Health Insurance Plans issued a statement requesting the implementation date of the Affordable Care Act’s Summary of Benefits and Coverage be pushed back, health care consumers, practitioners and consumer advocates urge action.

According to a new study from Strategy Meets Action, social media has become a nearly universal practice among insurers (nine percent reported not having a social media strategy or initiative planned), however, very few are beyond the basics of posting and monitoring.

The investment income woes of property/casualty insurers did not begin with the 2008 financial crisis, new analysis from Fitch Ratings reveals.