Digital distribution

Eighty-three percent of P&C insurers indicate that they will increase their spending over the next three years. The top three areas for investments in analytics, according to SMA’s data, “remain the risk-centric areas” of product development, underwriting and claims.

State Farm is beginning to test RightLane, which collects basic information about a person's driving via an Android smartphone.

App brings Microsoft’s newest platform and operating system into GEICO's mobile app catalog.

The average year-over-year increase in insurers’ 2013 IT budgets was 6.3 percent; policy admin, underwriting and two other areas consume just over half of total new project resources, according to a recent survey of 24 CIOs.

The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.

Of those currently using smartphones to make payments, 60 percent said they would increase their usage if they could track receipts, manage personal finances (56 percent), or show proof of insurance (56 percent) or a valid driver’s license (54 percent).

Mobile platform developed as a companion to Web-based risk software released by the insurer last year.

U.S. consumers are turning to digital sources for insurance quotes and other information, but still prefer personal contact with agents when purchasing.

Towers Watson, a global professional services company, has appointed three senior specialist insurance brokers to its crisis management brokerage and consultancy operation.

Aetna, Cigna and Humana among the first to offer benefits through Mercer's Marketplace.

The insurer will use the platform to process Covered California Exchange enrollment and billing, and meet the demands of new members.

iPipeline, a provider of on-demand marketing, selling and processing technology for insurers, distributors and producers, announced American Equity Investment Life Insurance Co. has selected the Content Partner platform to aggregate and distribute annuity product information and forms to 1,200 distributors via the iPipeline distributor network.

Americans are relying on technology to help with their personal finance needs, but most (60 percent) use it to simplify and automate financial tasks such as banking and bill payment, according to a recent survey conducted by Northwestern Mutual's financial literacy website, TheMint.org.

Less than a month after releasing a report that pointed out the soaring sales of cyber insurance, Marsh announced today that Matt McCabe, a former congressional advisor on cyber security, has joined Marsh’s growing Network Security and Privacy Practice as an SVP. In his new role, McCabe will be responsible for advising clients on emerging cyber security trends and issues and ways in which they can address their unique data and privacy needs.

Online billing system, developed with Guidewire, offers multiple payment options, combined billing and other features intended to build relationships between agents and customers.

The Federal Housing Finance Agency has proposed banning force-placed insurance commissions in a blow to banks and other mortgage servicers.

Dovetail Insurance, supplier of cloud-based insurance product-delivery services for P&C insurers, MGAs and brokers, has acquired NetComp Insurance, a growing web-based distributor of workers’ compensation insurance.

In 2012, banks sold $1.6 billion in life insurance premium, the second highest annual production level in the history of the bank channel. The bank’s record year was 2010, when it sold $1.8 billion in life insurance.

The three insurers join Aetna and Blue Cross and Blue Shield of Illinois in offering products through the private insurance exchange.

The insurance industry in Puerto Rico had a compound-annual-growth-rate of 5.8 percent between 2007 and 2011, despite a contracting national economy, according to a report from Timetric, a provider of online data, analysis and advisory services on the financial services industry. However, opportunities for further foreign investment and sustained growth in Puerto Rico are limited, due to the high rate of insurance penetration, according to Timetric’s “The Insurance Industry in Puerto Rico, Key Trends and Opportunities to 2017.”