Core systems

The Governor of North Carolina, Bev Perdue, has signed into law House Bill 1305, legislation that makes statutory changes to the North Carolina Insurance Underwriting Association, commonly known as the Beach Plan.

Omaha-based Berkshire Hathaway Homestate Companies (BHHC), a group of six regional insurance carriers that are part of the Berkshire Hathaway Insurance Group, launched the second phase of its implementation of a policy administration solution from Duck Creek Technologies Inc., Bolivar, Mo. Phase I allowed BHHC to issue policies directly through the Duck Creek's system for workers' compensation business for more than 30 states. Phase II, which is currently underway, will allow BHHC to issue an array of commercial insurance line products including automobile, property, and general liability.

SNL Financial released their initial compilation of Q2 statutory results for the U.S. P&C industry yesterday. Loss ratio numbers were in the low 70’s, demonstrating good pricing and underwriting decisions. The combined ratio for the quarter was right at 100% — surprising given that revenues have been decreasing and this lower revenue base makes the loss and expense ratios worse. Investment gains added to net income results at many companies as the rise in the markets benefitted badly battered portfolios.

According to Stamford, Conn.-based Gartner Inc., picking the correct business focus is the most important first step to successful enterprise content management and information governance.

A new survey by the National Association of Insurance Commissioners (NAIC) finds that many small business owners lack confidence in determining the health insurance that best fits their employees’ needs.

The Department of Health and Human Services issued an interim final rule on Aug. 19, 2009, establishing standards for notification of breaches of unsecured protected health information (PHI).

When I penned my recent rant on the inadvisability (at least at present) of SaaS for core systems in insurance, little did I know I would hear from some enthusiastic fans eager to sing the virtues of SaaS.

In the Twitter era, the ability of information or misinformation to spread rapidly poses operational risks for businesses, a new survey from Hartford, Conn.-based Travelers Cos. Inc. finds.

Oldwick, N.J.-based A.M. Best Co. has withdrawn several of its rating classifications for a raft of health insurance companies, saying it can no longer justify the ratings based solely on publicly available data.

What was positive in theory back in 1986 became a dark reality for health insurance policyholders. When the U.S. government first enacted the Consolidated Omnibus Budget Reconciliation Act (COBRA) legislation to help provide the unemployed with access for up to 18 months of continued medical insurance coverage, the premiums passed along to the unemployed were not discounted; in reality, they carried a 2% additional administrative fee. There were fewer unemployed then; compared to today’s unemployment rate of 9.7%, the average unemployment rate in 1986 was a paltry 7.0%, reports the U.S. Department of Labor’s Bureau of Labor Statistics.

Former New York State Insurance Commissioner was highly visible proponent of state regulation of insurance.

Insurers are interested in technologies that use GPS systems to monitor a car’s speed and force-quit the driver’s text messaging applications.

Drop in California's workers' compensation spending slows growth in national spending in 2007, study reports.

Nearly 60% of North American insurers plan on maintaining a budget at least consistent with 2008 spending, according to Forrester research.

State insurance commissioners suggest that reforms require everyone to purchase health insurance, much as states already require the purchase of auto insurance, but via the use of federal funding where appropriate.

Ameriprise and Markel affirmed, Carolina Casualty upgraded and Oklahoma Farm Bureau Mutual downgraded. Find out what other insurers are affected by recent actions.

Insurers may benefit from a national electronic data interchange network, which one vendor says already exists.

As bipartisan support of legislation to solve the health care crisis seems more elusive every day, the Obama administration is reconsidering its options.

International footprint across five continents reflects financial industry’s need for tighter control of financial transactions under difficult market conditions, company says.

Celent investigates insurers' tactical responses to the recession, finding the streamlining of processes to be their No. 1 focus.