Practice management

Agent extranets that don't support quoting, issuing and servicing policies are like dinosaurs: plodding, cumbersome and heading toward extinction.Grange Insurance executives understood that merely pushing information through a portal to its agents would fail to meet its standards of service.

Independent insurance agents have built their reputations serving customers, but now they're being asked to not only serve customers, but to protect their personal information.As individuals become increasingly vigilant about the privacy and security of their health and personal information, the onus has fallen on independent agents and brokers to safeguard this information, according to a new report by Agents Council for Technology (ACT).

In the fiercely competitive direct-to-consumer insurance market, the ability to mine prospect data-and act quickly on that information-is critical to success. That was the challenge Savings Bank Life Insurance Co. of Massachusetts (SBLI) faced as it launched an aggressive marketing effort that would eventually bring in tens of thousands of new inquiries from potential customers.Specifically, SBLI, which is based in Woburn, Mass., needed to move several gigabytes worth of data through a system that not only could help identify hot prospects, but also would more proactively track the status of pending customers moving through the application process.

Insurance and financial services companies don't produce shiny new cars for their customers to drive away-or big-screen TVs for their customers to take home and show off to the neighbors. Essentially, they sell agreements-promises described in documents that they deliver to their customers-traditionally in paper form, but more and more in electronic versions.Ameritas Acacia Cos., a diversified insurance and financial services firm comprising Ameritas Life, Acacia Life and their affiliates, is one such company. "The end product we produce for the customer is a document," says Kirk Dietrich, document composition analyst at the Lincoln, Neb.-based firm.

In December 2003, a handful of insurance execs interested in starting their own business venture came up with an idea: an Internet-based distribution network that could cut application processing time and expense for carriers, give agents a more efficient and profitable way to write policies and provide consumers with competitive, lower-cost health insurance.Almost one year later, their dream became a reality in the launching of America's HealthCare/Rx Plan (AHCP), a subsidiary of Chicago-based Insurance Capital Management. The Web site, www.ameri-choice.com, has resulted in more than 5,000 new major medical insurance applications worth more than $10 million in premium revenue since its full launch last June. In addition, more than 2,000 independent insurance agents are writing health policy business for the site's principal carrier partner, Continental General Insurance, a division of Ceres Group, Cleveland.

MetLife Inc. and Citigroup Inc. today announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments.

Tempe, Ariz.-The Progressive Group of Cos. is opening what it believes to be the only insurance group-owned commercial auto claims training facility in the U.S.

SAN FRANCISCO--A new study that details due diligence considerations for institutions seeking an identity theft solution provider has been released by Identity Theft 911, the nation's recognized leader in identity theft resolution, defense, and education. The study examines issues that are too often overlooked by financial institutions, insurance firms, and other organizations as they sift through the diverse offerings that have emerged in response to the identity theft crisis.

JERSEY CITY, N.J.--ISO has acquired AppIntelligence, a provider of Web-based analytic tools designed to identify and detect fraud in the residential mortgage industry. More than 600 customers of the Weldon Spring, Mo.-based company use AppIntelligence solutions in the prequalification, processing, underwriting, quality control/quality assurance and compliance phases of the mortgage-lending process. Customers will not experience any service disruption from the transfer of AppIntelligence's control, both companies stressed. Terms were not disclosed.

Addison, TX--Universal Conversion Technologies (UCT), a provider of insurance industry data conversion solutions, today announced it has been selected by CUNA Mutual Group to assist with CUNA Mutual's data conversion project. The conversion involves the migration from two legacy policy administration systems to an existing system used by CUNA Mutual to support its current and future operations. In addition to their proven conversion software, UCT will provide expert conversion services.

Benefitfocus.com Inc., a Charleston, S.C.-based provider of insurance enrollment and benefit solutions, has launched BenefitfocusSM eBilling, an electronic invoice presentment and payment (EIPP) application designed specifically for insurers and their policyholders. The application features three primary components: Web-based invoicing, automated reconciliation, and online bill pay.

NEW YORK--Vettro, a leading provider of mobile enterprise applications, today announced that Phoenix Life Insurance Company, a subsidiary of The Phoenix Companies, Inc., has selected Vettro RainMaker to empower its sales managers and wholesalers with always-available access to Salesforce.com via BlackBerry from Research In Motion (RIM).

PARSIPPANY, New Jersey--MFX Roanoke Inc. has acquired Atlantic Mutual's data center facility in Roanoke, Virginia. Under the arrangement, which became effective January 1, MFX provides complete, on-site data center processing services to Atlantic Mutual from MFX's new operation. Atlantic Mutual will continue to maintain its technology and customer service center in Roanoke, Virginia.

WASHINGTON--As the Internet becomes an increasingly important resource for informing decisions about health and health care options, a new national survey of older Americans by the Kaiser Family Foundation finds that less than a third (31%) of seniors (age 65 and older) have ever gone online, but that more than two-thirds (70%) of the next generation of seniors (50-64 year-olds) have done so.

HARTFORD, Conn.--The convergence of regulatory environments for the financial markets and the banking industry have created a friendlier climate for multinational life insurers, according to a new study by Conning Research and Consulting, Inc.

NEW YORK--The Guardian Life Insurance Company of America (Guardian) today announced a major expansion of its group small business distribution capabilities. In 2005, Guardian will open dedicated Small Group Sales (SGS) counterparts for each of its Regional Group Offices (RGO) nationwide.

Beaverton, Ontario--People looking into new insurance now have a new resource available that will help answer some of the questions they might have when looking for a new insurance company.

WASHINGTON, D.C.--With the start of a new Congress and state legislative sessions, the Independent Insurance Agents and Brokers of America is announcing its legislative agenda for 2005. Top issues for the nation's largest insurance association this year will include the following items:

WAUSAU, Wis.--With the beginning of a new year, the direct sales force of Wausau Insurance has reorganized as a new legal entity as Wausau Signature Agency.

Washington, D.C. --The American Council of Life Insurers (ACLI) issued today its 2005 Bank Insurance Study titled, "Catalyst for Change: Next Steps in Bridging the Cultural Divide Between Banks and Life Insurers." The report offers specific proposals designed to support the growth of a vibrant bank insurance marketplace.