Policy adminstration

The amount of data we have is growing faster than our ability to store it, and that spells trouble for enterprises.

Even to those tasked with understanding it, the insurance industry can seem opaque. After in-depth interviews with 43 financial analysts who cover the insurance sector, New York-based PricewaterhouseCoopers finds a widespread dissatisfaction with the current insurance financial reporting framework.

Dice.com, a career Web site for technology professionals and employers, issued its employment report for January 2010. As of Jan. 4, 2010, there were 48,751 jobs available in technology. Of those, 28,142 were full-time, 23,590 were contract, and 1,074 were part-time positions.

Hotels and retailers top Forrester Research’s latest customer experience ranking, Customer Experience Index (CxPi). Insurers, though, rank among the bottom four industries on the list.

WL Ross & Co. (WLR&C) has reportedly ended negotiations with American International Group, New York, to buy its mortgage insurance division, United Guaranty, Greensboro, N.C., according to industry sources.

Genpact Ltd. has been awarded a 3-year contract from Max New York Life Insurance Company Ltd. Under this arrangement, Genpact will provide Max New York Life with customer service related solutions in select geographies, employing multiple regional languages and sophisticated technology.

The insurance industry is offering praise for retiring Senate Banking Committee Chairman Christopher Dodd (D – Conn.), who announced last week he would not seek reelection next year.

GEICO has had enough; the insurer is working with the New York State Insurance Department’s Frauds Bureau, the National Insurance Crime Bureau (NICB) and law enforcement agencies to curb fraud and increase public awareness of the problem.

Global wealth management technology spending by banks, brokerages and insurance companies is set to reach $3.7 billion by the end of 2010, up 5% from 2009, according to a report released January 7 by Boston-based research firm Celent.

As legislators work to craft a final health care reform bill, insurers are seeking to stop inclusion of a provision that would eliminate industry antitrust exemptions created by the McCarran-Ferguson Act.

AXA Equitable Life Insurance Co.’s board elected Andrew McMahon as president of its Financial Protection and Wealth Management business, James Shepherdson as president of its Retirement Savings business, and Richard V. Silver as chief administrative officer and chief legal officer. The three executives, along with Richard Dziadzio, CFO, were also elected as senior EVPs of AXA Equitable. All four, previously EVPs, will continue to report to Christopher "Kip" Condron, chairman and CEO of AXA Equitable.

Sircon, a wholly owned subsidiary of Vertafore Inc., took to the road the past 14 months to facilitate discussions between Sircon and representatives from a number of insurance companies. Stopping in cities such as New York, Atlanta, Los Angeles, Dallas, Chicago and Philadelphia, Sircon’s insurance-industry solutions team provided attendees with insights into upcoming product developments, industry trends and challenges, and provided hands-on training and question-and-answer sessions on pressing topics.

CSE Insurance Group, released its second iPhone application, the CSE Accident Tool Kit application for the Apple iPhone and iTouch. The mobile application is designed to have everything policyholders need to report an auto accident and file a claim from an iPhone or iTouch.

As Senate Majority Leader Harry Reid (D.-Nev.) and Speaker of the House Nancy Pelosi (D.-Calif.) look to blend their versions of health care reform, the National Association of Insurance Commissioners (NAIC) is offering input.

The good news is there are signs of economic improvement. The bad news is A.M. Best is maintaining its negative rating outlook on the life/health industry.

With 2009 reviews and prognostications thankfully behind us, it's time to get our feet back on the ground and get back to listening to our readers.

An Aberdeen Group study of data management for business intelligence finds a wide gap between best in class companies and the industry average, especially in the areas of data cleansing, search query optimization and master data management (MDM).

Trust representing homeowners asks for compensation for damages due to mold exposure.

Gov. Patterson announces his intention to revive a state-based reinsurance network.

While still seen by many as a double-edged sword, social media helps insurers bring bring about new innovation.