Policy adminstration

I was all set to sit down and start writing this last 2012 commentary about what insurers are going to prioritize in 2013 and why: more focus on the consumer, developing strategies for attracting and retaining IT talent, modernization projects, etc. However, at press time, Superstorm Sandy had just delivered a blow to the United States and the insurance industry. As I write this (a week after Sandy struck), the death toll stands at 110, nearly 1 million New Jersey and 650,000 New York City area homes and businesses are still without power, 30,000-40,000 New Yorkers may need to be relocated, flood claims paid by the National Flood Insurance Program are expected to exceed $10 billion, exhausting the program's existing $4 billion in payment authority and insured losses are estimated at $10- 20 billion.

While there are many advantages to moving to a digital environment, insurers are finding that to be successful, a big-picture, stepped approach is required to address compliance issues.

To reestablish system stability and drive efficiencies in the policy administration and finance groups, OptaComp's new policy administration system had to improve workflow, reporting and the company's ability to create and track documents.

Aetna, among other insurers, plans to spend millions of dollars to support a group fighting to get coverage for the uninsured.

A survey indicates cloud decisions are being made more and more by business managers rather than, or as well as, by IT.

After a decade of falling rates and large profit margins, a new report from Conning urges insurers to review strategies in light of a changing market environment.

Latest version performs five times faster than previous in comparative tests conducted by the provider.

Zurich Insurance re-enters the force-placed market for the first time since 2008.

MetLife Inc. has added the Multi-Index Targeted Risk Portfolio to the MetLife Protected Growth Strategies lineup, available through its variable annuities with the GMIB Max and EDB Max optional benefit riders.

More than eight out of 10 P&C executives say their current systems are not able to embrace new opportunities. The question is, what will replace them?

Insurers increasingly concerned about the expanding scope of regulation, escalating compliance costs and risks from privacy violations and breaches of network security.

Insurers will need to look to technology to focus on products and features, while overcoming a complex set of processes at the back end.

Company reports that about $340 million in payments have been made as of November 26.

William Lawrence brings 26 years of experience in underwriting, service, sales, contract development and consulting.

New version prioritized configuration capabilities and the needs of the business user during redesign.

Industry continues to benefit as home inventories and distressed sales decline and prices stabilize.

Michael Del Secolo has been promoted to SVP and CTO, responsible for guiding the development of the company’s technical strategy, research and innovation.

Of the myriad technologies that engage and empower the distribution network, it’s strategic, not transactional, management efforts that win the day.

Predictions from Gartner outline a sprawling enterprise technology infrastructure that includes more SaaS, BYOD and outsourcing.

Former Arthur J. Gallagher VP hired as a principal.