Core systems

A.M. Best, Fitch Ratings, Moody’s Investors Service and Standard & Poor's announced ratings updates. The following are some of the most recent:

The latest finger-pointing between American International Group and the rest of the financial world took a turn on Saturday, when AIG’s former chief executive, Maurice "Hank" Greenberg, drew a direct reference to Goldman Sachs’ role in the insurers’ ultimate downfall.

As many variable annuity providers simplify and streamline their products, Axa Equitable Life Insurance Co. in New York is bundling theirs.

Even to those tasked with understanding it, the insurance industry can seem opaque. After in-depth interviews with 43 financial analysts who cover the insurance sector, New York-based PricewaterhouseCoopers finds a widespread dissatisfaction with the current insurance financial reporting framework.

Dice.com, a career Web site for technology professionals and employers, issued its employment report for January 2010. As of Jan. 4, 2010, there were 48,751 jobs available in technology. Of those, 28,142 were full-time, 23,590 were contract, and 1,074 were part-time positions.

Hotels and retailers top Forrester Research’s latest customer experience ranking, Customer Experience Index (CxPi). Insurers, though, rank among the bottom four industries on the list.

WL Ross & Co. (WLR&C) has reportedly ended negotiations with American International Group, New York, to buy its mortgage insurance division, United Guaranty, Greensboro, N.C., according to industry sources.

Fond du Lac, Wis.-based Society Insurance, a provider of commercial insurance to Wisconsin, Illinois, Iowa and Indiana, implemented Denver-based Valen Technologies Inc.’s UnderRight predictive analytics underwriting solution to improve its pricing strategies and profitability. Society is now using UnderRight for its workers’ compensation line of business to positively impact the company’s combined ratio by enabling improved underwriting decision consistency and efficiency.

Genpact Ltd. has been awarded a 3-year contract from Max New York Life Insurance Company Ltd. Under this arrangement, Genpact will provide Max New York Life with customer service related solutions in select geographies, employing multiple regional languages and sophisticated technology.

The insurance industry is offering praise for retiring Senate Banking Committee Chairman Christopher Dodd (D – Conn.), who announced last week he would not seek reelection next year.

Global wealth management technology spending by banks, brokerages and insurance companies is set to reach $3.7 billion by the end of 2010, up 5% from 2009, according to a report released January 7 by Boston-based research firm Celent.

As legislators work to craft a final health care reform bill, insurers are seeking to stop inclusion of a provision that would eliminate industry antitrust exemptions created by the McCarran-Ferguson Act.

Sircon, a wholly owned subsidiary of Vertafore Inc., took to the road the past 14 months to facilitate discussions between Sircon and representatives from a number of insurance companies. Stopping in cities such as New York, Atlanta, Los Angeles, Dallas, Chicago and Philadelphia, Sircon’s insurance-industry solutions team provided attendees with insights into upcoming product developments, industry trends and challenges, and provided hands-on training and question-and-answer sessions on pressing topics.

As Senate Majority Leader Harry Reid (D.-Nev.) and Speaker of the House Nancy Pelosi (D.-Calif.) look to blend their versions of health care reform, the National Association of Insurance Commissioners (NAIC) is offering input.

The good news is there are signs of economic improvement. The bad news is A.M. Best is maintaining its negative rating outlook on the life/health industry.

With 2009 reviews and prognostications thankfully behind us, it's time to get our feet back on the ground and get back to listening to our readers.

An Aberdeen Group study of data management for business intelligence finds a wide gap between best in class companies and the industry average, especially in the areas of data cleansing, search query optimization and master data management (MDM).

Trust representing homeowners asks for compensation for damages due to mold exposure.

Gov. Patterson announces his intention to revive a state-based reinsurance network.

Study predicts insurers will look to trim costs from distribution channels in year ahead.