Policy adminstration

Zurich announced the release of Zurich Pro Plus, an enhanced Errors & Omissions (E&O) coverage to address the needs of a broad range of business professionals, including consultants, and media and information technology customers.

As I write this, near-term predictions are multiplying for improvement in leading indicators; however, the pressure on cost containment remains strong. How should quality play into this cost reduction discussion? That question is likely to evoke strong opinions.

Instead of purchasing new software, more than half of nearly 2,200 IT executives and technology decision-makers from Forrester's Business Data Services survey say they will be spending IT budgets on the operation and maintenance of existing applications in 2010. The fastest-growing small to midsized software markets will be customer relationship management or information and knowledge management, more than 20% of all small- and medium-size businesses (SMB) have concrete plans to implement these in 2010 or later.

Insurers seeking to improve operational efficiency using predictive analytics will have new solutions from which to choose, and professional assistance in their implementation, thanks to an enhanced partnership between Dublin-based Accenture and Cary, N.C.-based SAS, announced today.

In a recent conversation with a vendor, I was asked if there was any way in which we [Celent] could encourage/support the standardization of request for information documents sent out by insurers. Think ACORD Standards for RFIs! At the heart of her question, was a sense of deep frustration at the evaluation process which inhibits the vendor from highlighting or differentiating themselves. I have some sympathy with this view.

Master Data Management, MDM, is one of those great ideas that everyone agrees on, like maintaining a good diet and getting exercise. But then everyone resists actually doing it. Small wonder my friend Dave Linthicum once said the biggest job in MDM was “Managing Dumb Meatheads.”

Christopher Swift, previously vice chairman and CFO at American Life Insurance Co. (ALICO), an operating company of American International Group (AIG) with $89 billion in assets and operations in 54 countries, will join The Hartford Financial Services Group Inc. as EVP and CFO. Effective March 1, Swift, a 27-year insurance industry veteran, will replace Lizabeth Zlatkus, who will assume the chief risk officer role at The Hartford.

Toronto-based Manulife Financial Corp. announced that it has decided to establish separate audit and risk committees that will be populated by board members.

Customer satisfaction with the goods and services that Americans buy remained strong in the fourth quarter of 2009, according to the American Customer Satisfaction Index (ACSI), produced by ACSI LLC. The same doesn’t hold true for the property/casualty insurance industry. While the full index, which measures buyer satisfaction of 200 companies in 44 industries and government agencies, is largely unchanged (dipping 0.1%), the P&C industry declined 1.2% to an ACSI score of 80 (on a 100-point scale).

Vendor recognized for document management expertise.

Powered by biofuel, the health insurer’s mobile trucks take marketing information to potential clients across Pennsylvania.

Latest version designed for more user autonomy in signature and data placement within electronic documents.

The mortgage insurance unit of Old Republic International Corp. is asking a court to back its refusal to pay claims on soured mortgages originated by Countrywide Financial Corp.

Google Buzz users went nuts when their contacts were assembled without their consent, but other social media users are only too happy to air every piece of dirty laundry in their baskets to anyone who will listen.

Forrester report finds insurance providers among top industries in ranking of customer service interactions.

Insurers look to new crop of quality mortgages to offset losses on loans made during the bubble years, but dealing with tougher underwriting standards.

America's Health Insurance Plans and the Blue Cross and Blue Shield Association lead the collaboration.

Celent recognizes carrier’s use of analytics technology to identify cases of fraud that may be abnormal, or too hard to spot with the human eye.

The Independent Insurance Agents & Brokers of New York says it will not “sit back idly and let the department impose an unnecessary rule that will only serve to add another time-consuming and costly requirement for our members.”

Open source offers rapid turnaround and quicker time to market, which appeals to many insurers.