Core systems

A recent survey shows a gap in IT’s ability to deliver and demonstrate the value it provides the business, and IT execs blame their IT systems, processes and services.

Not only does asking an agent for customer lists cause agents to question your rationale behind the request, it is a significant breach of the relationship, Professional Insurance Agents say.

One of the most frightening aspects of the financial services meltdown is that it may well happen again. Indeed, a new paper from Society of Actuaries (SOA) and the Joint Risk Management Section says a focus a widespread embrace of enterprise risk management coupled with regulatory enhancements are needed to avert future crises.

As part of its stated goal to create a digital insurance community, Insurance Networking News is adding a comments section to its blog postings. This functionality is part of a larger effort to leverage INN’s Web site to offer timelier editorial offerings.

Just a year after the launch of its Attachments Warehouse, the National Insurance Producer Registry(NIPR), a non-profit affiliate of the National Association of Insurance Commissioners, announced an enhancement to the licensing tool that electronically stores documents submitted by applicants. NIPR’s Reporting of Actions (ROA) expands electronic filing abilities to enable producers to submit necessary documents for reporting administrative, criminal or civil action.

Jersey City, N.J.-based ISO and the Des Plaines, Il.-based National Insurance Crime Bureau (NICB) are partnering to create a national information sharing system aimed at thwarting cargo crime.

Few organizations, including insurers, have even begun PIM initiatives; lack of resources a major barrier.

USAble Life and Benefitfocus have struck a multi-year partnership through 2013 that leverages the Benefitfocus suite of solutions related to how group and voluntary benefits are sold, enrolled, billed and serviced, the companies report.

AXA Insurance UK has signed with Duck Creek Technologies Europe Ltd., a software and service solutions provider for the insurance industry, and Tata Consultancy Services (TCS), to supply a new commercial insurance processing system for the insurer.

Genworth, Markel and Unum are just a few of the insurers affected by A.M. Best and Fitch’s latest rating actions.

The Xerox name is generally well known. And now, Xerox Corp. may become even more well known in the insurance industry, as it signed a definitive agreement with Affiliated Computer Services Inc. (ACS) to acquire the business process outsourcing (BPO) firm.

A decline in investment gains seems to be the driver of private U.S. P&C insurers’ poor first-half net income numbers. Net income after taxes fell 59.3% to $5.8 billion in first-half 2009 from $14.1 billion in first-half 2008. P&C insurers’ net investment gains—the sum of net investment income and realized capital gains (or losses) on investments—fell 50.2% to $12.4 billion in first-half 2009 from $24.9 billion in first-half 2008, according to ISO and the Property Casualty Insurers Association of America (PCI).

Association cheers legal ruling in Michigan.

The National Association of Insurance Commissioners (NAIC) is denouncing marketing efforts by insurance companies aimed at shifting the debate over Medicare Advantage.

Discoverture Solutions (Discoverture), .a Phoenix-based insurance industry-focused IT solution and service provider, is pleased to announce the company's software development center achieved a CMMI Maturity Level 3 rating during a recent appraisal.

The Independent Insurance Agents & Brokers of America of New Jersey is recognized for its contributions to education.

One of the most contentious subjects broached at the National Association of Insurance Commissioners Fall 2009 meeting was the issue of a public catastrophe model.

Testifying before the House Small Business Committee, J. Douglas Robinson, chairman and CEO of Utica, N.Y.-based Utica National Insurance Group, said efforts to rein in the excesses of Wall Street firms might adversely impact smaller insurance companies.

The National Association of Professional Insurance Agents (PIA) is expressing gratitude for an amendment that counters efforts to exclude independent agents from the health care exchanges envisioned in America’s Affordable Health Choices Act of 2009 (H.R. 3200).

While endorsements of an optional federal charter for insurers were easy to come by during the previous administration, the Obama administration has largely avoided offering an opinion on the controversial issue.