Core systems

Moncton, N.B. Canada--Whitehill Technologies Inc., a provider of document composition and data transformation software, has acquired the technology assets of Metaserver Inc. With this deal, Whitehill now owns the patented technology platform behind Metaserver's suite of business process integration (BPI) software and solutions for the insurance industry.

With industry research indicating that many individuals don't understand their annuity and life insurance needs, the responsibility falls on insurers to provide product research and needs-analysis to customers.While meeting with a financial advisor is one way to educate customers, many carriers, such as New York Life, are enhancing their Web capabilities to reach customers directly. And their efforts are being noticed.

In a move to strengthen the services it provides to sponsors of defined contribution plans such as 401(k) plans, Nationwide Financial Services Inc. in April purchased a company that provides third-party money management services to plan participants.The company, Registered Investment Advisors Services Inc. (RIA), which is based in Dallas, has been providing investment management services since June 2002 to plans that are part of Nationwide's Best of America Group Pension Series programs. Based on that experience, Nationwide executives say tighter integration with RIA Services will provide plan participants with expert advice on how to manage their retirement funds, and it will enable Nationwide to expand these services to other plans.

Industry experts often criticize insurers as being "laggards" in adopting new technologies. But carriers are leading most other industries when it comes to adopting scanning and imaging technologies, a new study concludes.For example, 86% of insurers surveyed by AIIM, an enterprise content management association based in Silver Spring, Md., are using scanned documents and images to answer inquiries from customers, compared with 73% of companies across all industries. Furthermore, 60% of carriers use scanned documents to respond to litigation, compared with 45% of all survey respondents.

The Contracts Update section includes announcements of contracts insurance information technology companies have signed with customers in recent weeks. Contract news can be faxed to Insurance Networking News magazine at (312) 913-1366 or by electronic mail to Stephen.Dwyer sourcemedia.com Apres Systems Inc.

At Erie Insurance Group, the foundation for fighting fraud is a business strategy that defines objectives, quantifiable goals, and tactical and operational plans: What is the company trying to accomplish? Does the company have enough resources to react to instances of fraud? How is Erie going to get better referrals to its special investigations unit and become more proactive in identifying fraud?"Erie is keenly aware that our experienced people-our claims adjusters, field investigators, intelligence analysts and information specialist-coupled with our use of fraud detection technology and investigation tools, have made our anti-fraud program so successful," says David Rioux, assistant vice president and manager, corporate security and investigative services for Erie Insurance Group, Erie, Pa.

IVANS STUDY REVEALS SECURITY CONCERNS FOR AGENTSInternet security is a major concern for independent agents, according to a recent survey by IVANS Inc., Old Greenwich, Conn. A full 80% of agents are most worried about viruses and worms, and 42% said hackers are their second-biggest worry. The survey also revealed that 100% of respondents currently use an agency management system. In a November 2003 survey, 86% used an agency management system. In addition, 76% of this year's respondents prefer to retrieve carrier information through their agency management systems, versus 52% in 2003. Only 10% of agents prefer to retrieve data through carrier Web sites, while 8% prefer to receive information via paper.

Life Settlement Insights has launched what the company claims is the life insurance settlement industry's first online exchange. Called LifeX (www.life-x.com) institutional buyers will be able to electronically submit bids for an individual's unneeded life insurance policy in an open-forward auction format.

U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.1 billion for insured property-loss claims from eight catastrophes in the first quarter, according to preliminary estimates by ISO's Property Claim Services (PCS) unit.

RLI Corp. a Peroia, Ill.-based provider of property/casualty insurance and surety bonds that targets underserved markets, has established a strategic information services department to manage and develop RLI's strategic and management information services. The company has also named Iqbal "Q" Shariff to serve as vice president of the new department.

Newark, Calif.--As Florida's annual hurricane deductible law goes into effect on May 1 for the state's residential policyholders, Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, released the results of an analysis exploring the insurance industry impact of using the new deductible instead of a single event hurricane deductible.

MFXchange US, Inc. (MFX), a Parsippany, N.J.-based provider of technology solutions to the insurance industry, is launching a new business process outsourcing service called ProcessSure. The initial ProcessSure offering includes statistical reporting (bureau reporting and state calls for P&C lines of business, including workers' compensation), rate, rule and form compliance, and runoff company transition planning.

Global 360 (formerly eiStream), a Dallas-based provider of business process management (BPM) and analysis solutions, announced that UICI has chosen to leverage its existing Global 360 Enterprise BPM solution to meet Sarbanes Oxley and HIPAA compliance. UICI-Oklahoma City, a division of MEGA Life & Health Insurance Co., North Richland Hills, Texas, provides health, life and related insurance products targeted at the small business and self-employed markets.

McCamish Systems L.L.C., an Atlanta-based BPO service provider to the life and annuity market, is now offering a broad range of agent management services on a business process outsourcing model (BPO). Previously, the company offered this service only to its life insurance and annuity policy administration clients, but it now offers these same services on a standalone basis.

COLUMBUS, Ohio--Nationwide Insurance and Washington D.C.-based ID Theft Assist are joining forces to offer ground-breaking identity theft protection and recovery service that surpasses IDtheft policies currently on the market.

MISSOULA, Mont.--RemoteScan Corporation, the makers of network connectivity software for document scanners and digital cameras, today announced the release of RemoteScan for Insurance Agents.

PHILADELPHIA--Regardless of whether or not the U.S. Federal Government authorizes an extension to TRIA (Terrorism Risk Insurance Act) beyond the end of this year, terrorism remains a very real threat and should not be ignored.

SIMSBURY, Conn. - The Hartford Financial Services Group, Inc. and Protective Life Corporation, through wholly owned subsidiaries, have formed Life Alliance, LLC, a new online joint venture to help broker-dealers, banks and other distributors meet their customers' term life insurance needs.

MUMBAI, India - Teradata, a division of NCR Corp., announced today that it is providing data warehousing solutions to Life Insurance Corporation (LIC) of India. Called the Corporate Active Data Warehouse (CADW), the 60-terabyte solution, implemented in 2004, is the largest data warehouse project of its kind in India. The CADW will cater to business volumes larger than 160 million insurance policies of 130 million policyholders with large volumes of cash transactions per day.With more than 24.5 million policies sold every year, LIC is one of the largest life insurance companies in the world. The Teradata Warehouse will enable LIC to understand various usage profiles of the customers and policies in order to customize offerings and bundles and effectively manage them.

IASA (Insurance Accounting & Systems Association) will offer a CFO and a CIO roundtable at its annual Conference & Business Show that will be held June 5-8 at the Anaheim Convention Center in Anaheim, Calif. These "by invitation only" events are open only to insurance company Chief Financial Officers and Chief Information Officers and will be held June 7 from 11:30 a.m. to 6 p.m.