Risk

Insurers venturing into new territories, both geographically and technologically, may need to pay closer attention to data standards.

2013 Terrorism Risk Insurance Report outlines current marketplace as well as potential effects of letting the coverage expire.

Profitability will depend on monitoring, automated reconciliation, proper administration and compliance.

New version includes portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy.

The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.

The Director of the Federal Insurance Office, Michael McRaith, is calling for the submission of information regarding natural catastrophes and insurance for a report to be submitted to Congress, an FIO report mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.

Mobile platform developed as a companion to Web-based risk software released by the insurer last year.

Adventist Risk Management looks to improve operational efficiencies, customer experience through the purchase.

At RIMS, intellectual, intangible and other non-standard property coverage are top of mind.

Service to address uncertainty in real-time data reporting by incorporating catastrophe-loss scenarios.

New analytics-based software designed to weigh factors of individual companies, such as location of operations and cost-severity factors, against historical data.

Many compliance executives working in the U.S. insurance space admit to a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology.

As part of the additions made, travel risk coverage has been expanded to the renewable energy industry.

While risk managers are increasingly prepared for a variety of risks, gaps exist between process and action, according to a Towers Watson survey.

Claims for business interruption will probably drive insurance costs tied to the bombings, according to catastrophe modeler Risk Management Solutions Inc.

Slightly more than half of respondents account for risk in their current compensation arrangements, according to a new Towers Watson survey, which is making some execs unhappy.

SAS Risk Management for Insurance brought in by insurers to support Solvency II compliance.

“The longer things remain uncertain, the more pressure that puts on the industry,” said Howard Mills, director and chief advisor of Deloitte’s insurance industry group and former New York State Insurance superintendent. “It’s sort of an artificial cloud hanging over the industry’s head; what’s going to happen with SIFI designations, what’s going to be in the FIO report? There’s just so much uncertainty out there.”

Additions to Technology Advantage designed to help agents navigate interfaces and technology companies protect against risk.

Configurable app blocks network connectivity; separate “What If Calculator” demonstrates the impact of tickets, accidents, moving and changing vehicles on insurance rates.