Policy adminstration

Unrelenting pressure on expenses, improvements in networking and communication technology and an increased appreciation for flexible business models are driving insurers to outsource core processes.

National Association of Mutual Insurance Companies (NAMIC) says the Federal Trade Commission’s (FTC) decision to order nine major insurance companies to provide data for a study of credit-based insurance scoring and homeowners insurance is unnecessary and a waste of money.

The 10-year moving average of insured catastrophe losses costs continued to rise in 2008, increasing by 7% over 2007—from $35.5 billion to $38 billion.

Advisen Ltd. predicts that general commercial insurance prices will begin increasing by the fourth quarter of 2009 or the first quarter of 2010.

The move should allow the insurer to cancel an equivalent amount of swaps contracts that its finance subsidiary had written on those securities.

Some of the new statutes are designed to reduce claims for accidents or medical needs, push the current limits of employee benefits and refresh the staid regulatory rating environment.

Swiss Re says the catastrophes led to overall financial losses of $61 billion across the globe, with property insurers contending with losses totaling $25 billion.

London - According to the latest report by independent market analyst Datamonitor, global financial institutions, in response to evolving marketing conditions, are beginning to view operational risk (OpRisk) as a means of providing a more proactive management decision-making framework.

Celtics all-star Jo Jo White helps kick off “Drive Out Hunger” program.

Honolulu – Decision Research Corp. (DRC), a rating and policy processing software solution provider to the property & casualty insurance industry, announced today that Chicago-based Unitrin Direct has expanded its production use of DRC’s DecisionMaker Policy Administration Suite to include its homeowners line of business. The company, which went live with its implementation within seven months from contract signing in three states, currently supports homeowners business in 10 states.

Region’s first paperless system is designed to save small businesses and brokers significant time, and eliminate up to one million pieces of paper annually.

Firm says it’s the first to offer electronic mutual fund transactions and deliver an e-signature-enabled, real-time workflow process.

BB&T acquired Burkey Risk Services of Maitland and Boynton Beach in March, with completion of the transaction expected by the end of the month.

The company's primary focus through this acquisition program is expected to be on guaranteed issue group insurance.

The move reflects the company’s continued goal of streamlining services to contain costs and stabilize the market for medical malpractice insurance in New York.

Currently, Rob Howard is Farmers’ AVP, national auto physical damage operations.

The head of the House Financial Services Committee says that such an important decision should have been handled by the incoming administration.

The association is condemning a vote to bring indexed annuities under federal regulation.

Consumers should continue to seek side air bags and anti-rollover technology as standard, says the Insurance Institute for Highway Safety.

According to the SEC, the move to use XBRL to find and sort information makes it easier to compare financial results, and has the potential to increase the speed, accuracy and usability of financial disclosure while eventually reduce costs for investors.