Core systems

Advertiser Website Address Page

PRODUCT DEVELOPMENT APP CENTRALIZES INFORMATION

AT&T PROVIDES NETWORK SERVICES FOR PROASSURANCE

LIBERTY UNVEILS COMMERCIAL PRODUCT

Dayton, Ohio — Nationwide Mutual Insurance Co. has been recognized for its innovative use of technology across and beyond the business to create and sustain highly significant and quantifiable business value, according to DM Review magazine and the Teradata Corp., division of NCR, a Dayton, Ohio, data warehousing and business intelligence technology provider.

In a new 68-page report entitled 'BPO Opportunities in the Property & Casualty Insurance Sector,' analyst John Willmott finds that P&C insurers perceive themselves to be in a mature and highly competitive industry where process cost reduction and continuous service improvement are viewed as far more important mechanisms for achieving improvements in competitive positioning than process innovation.

Washington – An extension to the Terrorism Risk Insurance Act (TRIA) has passed the U.S. Senate. The measure was approved by unanimous consent. The original TRIA was passed in wake of 9/11 and is set to expire on December 31.

Philadelphia — CIGNA Corp. is expanding into the small-group healthcare market with the announcement of its intention to pay $1.5 billion in cash for Great-West Healthcare, a deal that is expected to close during the first half of 2008, subject to regulatory approval. The Philadelphia-based carrier, whose CIGNA HealthCare business is based in Bloomfield, Conn., said it plans to fund the deal through cash and debt, and that it will also inject approximately $400 million of capital into its subsidiaries to support the acquired business.

Los Angeles – Using the 2006 fatal crash data released by the U. S. Department of Transportation just weeks ago, Farmers Group Inc. has completed a study to determine the most influential factors in drivers’ mortality rate in multi-vehicle accidents.

Washington — Insurance industry associations are obliging to a request for comments by the U.S. Treasury Department as it conducts a review of the regulatory structure associated with financial institutions. Several associations used the opportunity to reiterate their opposition to the creation of the optional federal charter (OFC) for the insurance industry. Senators Tim Johnson, D-N.D. and John Sununu, R-N.H., introduced the National Insurance Act of 2007 into the upper house in May.

Needham, Mass. — The insurance industry has relied upon the independent agency system as a main distribution channel for decades. However, new business concerns are threatening its success and even its existence, according to recent research from Needham, Mass.-based TowerGroup Inc.

Needham, Mass — While the insurance industry has not typically been known for leading in technological innovation, new TowerGroup Inc. research finds that rapid advancements in technology are poised to reshape the insurance landscape over the next five to 10 years.

London – As recently as a decade ago, most carriers did not consider the potential ramifications of emerging nanotechnologies. Now, even Lloyd’s of London is acknowledging the risks and opportunities that nanotechnology presents. The London-based firm, in collaboration the London-based Lighthill Risk Network, not-for-profit science organization, is hosting a half-day seminar in the Old Library on December 10 to discuss the topic.

Oakland, Calif. — Kaiser Permanente has received the "Recognizing Innovation in Multicultural Health Care Award" from the National Committee for Quality Assurance (NCQA) for its efforts to provide health plan members across the country with culturally and linguistically appropriate health care services.

Washington – An extension to the Terrorism Risk Insurance Act (TRIA) has passed the U.S. Senate. The measure was approved on Friday by unanimous consent. The original TRIA was passed in wake of 9/11 and is set to expire on December 31.

Mayfield Village, Ohio - In early September, The Progressive Group of Insurance Cos., based in Mayfield Village, Ohio, announced a reorganization designed to increase the company's ability to execute on key strategies, lower its non-claims expense ratio and foster growth through more competitive pricing, improved customer retention and an increased focus on brand development. The reorganization included combining its agency and direct businesses into a single personal lines organization.

Washington – The Homeowners' Defense Act of 2007, introduced into the upper chamber by Senators Hillary Clinton, D-N.Y., and Bill Nelson, D-Fla., aims to address availability and affordability of natural disaster insurance.

Washington – A Bill to revamp the National Flood Insurance Program has left the Senate Banking Committee and is set for the floor. To the delight of many, the Senate version does not add coverage to wind losses to the program.

Kansas City, Mo. – The National Association of Insurance Commissioners (NAIC) has responded to a letter from a coalition of consumer groups that questioned the impartiality of the recently adopted revisions to the NAIC Viatical Settlements Model Act with a letter of their own.

Bismarck, N.D. – A coalition of consumer representatives have asked the National Association of Insurance Commissioners (NAIC) to revisit the recently adopted changes to the viatical settlement model law. In a letter, the group raised the specter of conflict of interest, and urged NAIC to strengthen its policy regarding it.