Data and information management

In a new report, Forrester Research Inc. identified edge IPK, the provider of edgeConnect, an insurance user experience platform (UXP) designed to provide the optimal user experience to any insurance user, through any device, browser, and language, as a vendor to watch.

The introduction of telematic technologies will help improve overall road safety, new data from U.K.-based The Co-operative Insurance shows.

AgentsofAmerica.org (AoA) reports that it will publish a 26-chapter e-book on risk management in early 2012. The “E&O Loss Control & Risk Management Program for Insurance Agents and Brokers” represents a collaborative effort by more than 25 top E&O insurance attorneys and experts from across the country, notes AoA, and includes an appendix on best practices.

RMSI, a geospatial and software services company, has been awarded the Technology Initiative of the Year award, as part of the 15th Asia Insurance Industry Awards, held recently in Singapore.

Former American International Group CEO Maurice R. "Hank" Greenberg is seeking $25 billion in damages from the federal government for the manner in which it bailed out the insurance giant in 2008.

Late yesterday both houses of Congress passed a continuing Resolution which provides for a 30-day extension of the National Flood Insurance Program. The program is now set to expire on Dec. 16, 2011.

Surveys and studies show that insurers are actively implementing new policy administration systems. In September, Celent released its “Policy Administration System Vendors, North American Commercial P/C Insurance 2011” report. And this month, the analyst and consulting firm released a similar report for the life, health and annuities industry.

Through conducting a survey at 2011 Professional Liability Underwriting Society’s Annual International Conference in San Diego earlier this month, global specialty insurer Torus set out to identify key issues affecting the management and professional liability insurance market. The results reveal a professional lines market in flux with widespread concerns over pricing uncertainty in 2012, a heightened awareness of the current regulatory environment and fast-emerging new risks for small businesses. Thirty percent of the 102 insurance professionals surveyed, among them brokers, agents, insurers and risk managers, affirmed that the changing pricing environment is a major cause for unease, viewing it to have the biggest overall impact on the market over the next 12 months. Respondents also note that an increase in market competition (25 percent), the current regulatory environment (23 percent) and the creation of new products (17 percent) were also major concerns.

Staying connected while away from the office is taking on increasing importance to insurers, according to a new survey. Conducted in September by technology solution provider FirstBest Systems Inc. as part of Market Scout Entrepreneurial Insurance Symposium in Dallas, the survey queried 67 respondents from the carrier/MGA/MGU area, 94 percent of whom primarily represented commercial lines and 46 respondents from the agent/broker area, 90 percent or so representing commercial lines.

Insurance software vendor Ebix, serving payers in multiple industries, has acquired HealthConnect Systems, a vendor of online insurance exchange software. Terms were not disclosed.

With catastrophe damage creating insured losses across the country, property and casualty insurance carrier results suffered in the first half of 2011.

A group of 13 U.S. Senators are questioning a provision of the Flood Insurance Reform and Modernization Act of 2011 that would require homeowners and businesses to purchase coverage from the National Flood Insurance Program (NFIP).

Growth of spending on risk management tools projected to outpace the growth of overall IT spending, making it the hottest corner of the IT market.

New data from Keefe, Bruyette & Woods shows catastrophe losses impacting insurers’ bottom lines.

Turnstile aims to expedite processing time for carriers receiving submissions from independent agents.

Vendor hopes Xiance Desktop will enable insurers to better predict a property's vulnerability to natural disasters.

Vendor claims its new platform can sharply reduce the data security risks of insurers.

According to a new study from Strategy Meets Action, social media has become a nearly universal practice among insurers (nine percent reported not having a social media strategy or initiative planned), however, very few are beyond the basics of posting and monitoring.

The investment income woes of property/casualty insurers did not begin with the 2008 financial crisis, new analysis from Fitch Ratings reveals.

MIT Sloan and IBM survey points to organizational differences as main factor in competitive advantage with data.