Content posted in June 2009
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Start-up Healthcare IT Company Targets Third-Party Recoveries
SubroShare, a start-up healthcare IT company, targets third-party recoveries to improve efficiency.
Exari Launches New Version of InsuranceAccelerator
Exari Group has released a new version of its InsuranceAccelerator document assembly software.
Outsourcing Compliance: are you playing Russian Roulette with your data?
Customers expect their personal data to be protected. So how can companies that handle the confidential customer information outsource certain functions and still ensure that their data is safe? The gold standard for privacy and security practices is the American Institute of Certified Public Accountants' (AICPA) Statement on Auditing Standards, No. 70 (SAS 70).
Madoff Got Off Easy
Theft on a grand scale - which is what Madoff's crimes amount to - must be appreciated for the devastation it cause to lives, the destruction of time and effort that could have been spent otherwise, more easily, more joyfully, perhaps more healthfully.
Regence Delivers Access to Provider Cost Information for Oregon Members
New functionality at the regional BlueCrossBlueShield plan's member delivers online compliance with an Oregon requirement that health plans provide estimates of out-of-pocket costs for certain medical services.
Oracle Insurance Releases Oracle Insight 6.0
Oracle Insurance has released a new version of its insurance-specific data warehouse with business intelligence capabilities.
The Hartford Completes Participation Agreement for $3.4B Treasury Investment
The U.S. Department of Treasury's investment in The Hartford under the Capital Purchase Program takes the form of non-voting senior preferred shares with a cumulative annual dividend of 5 percent for the first five years and 9 percent thereafter.
Honor Roll: This Week's Top Insurance Blogs (Jun. 21-27)
Our favorite insurance technology-related blog posts from around the Web (June 21-27, 2009):
Majestic Insurance Taps StoneRiver for Outsourced Reinsurance Solution
Contract for outsourced Universal Reinsurance System solution builds on Majestic Insurance's use of StoneRiver's PowerSuite workers' comp policy admin system.
Western World Insurance Group Selects INSTEC’s QuickSolver 3.0
Western World Insurance Group selects INSTEC's QuickSolver 3.0I policy administration software for commercial package policy, auto, product and professional liability.
ICW Group Improves Incident Flow with Service-Now.com SaaS Solution
Service-now.com's process management and application development tool provides "Swiss Army Knife"-like capabilities in support of the super-regional carrier's ITIL-based service management environment.
The Poor Are a Goldmine
Successes in East Asia are likely to lead to expansion of offerings into places like Central Asia, Africa and Latin America. It may transpire that lessons learned from this business will translate to other market opportunities for smaller risks and those of a more temporary nature, similar to the travel insurance and car rental liability insurance markets.
Blue Cross Blue Shield Assoc. Selects Voice and Data Services Provider
The Blue Cross and Blue Shield Association (BCBSA) has selected Qwest Communications as its preferred voice and data services provider.
Towers Perrin Debuts RiskAgility P&C V 1.2
The solution is designed to help P&C companies measure risk across their enteprise better, determine capital requirements and allocate capital to business units, as well as enabling them to develop reserve ranges, optimize reinsurance programs and measure economic performance and value creation.
Discovery Insurance Chooses New Policy Admin Suite
Discovery Insurance has selected Ravello Solutions' policy administration suite for policy admin, claims and billing.
Builders Insurance Services Selects DRC DecisionMaker Suite
The DRC solution, which includes DecisionMaker Quote, Rating, Policy, Blling and Claims, will handle policy administration for BIS's Contractor General Liability program.
Texas Farm Bureau Insurance Companies Select SunGard’s iWorks Investment Management
Texas Farm Bureau Insurance Companies select SunGard's iWorks Investment Management solution, which will provide investment accounting, reporting, portfolio analytics, and decision support.
Carrier-Agent Transactions Increase Significantly in 2009
IVANS has reported that electronic communication within the insurance industry has increased significantly in the last year, citing data from its Automation Reporting solution.
MassMutual Announces New CEO
MassMutual has announced that Roger W. Crandall will succeed Stuart H. Reese as the company's chief executive officer (CEO) in January.
RMS Releases Underwriting Toolkit for the UK
Risk Management Solutions (RMS) has launched a new underwriting toolkit for United Kingdom-based property risk assessment.
ACE Group Signs $97 Million Tech Services Agreement with IBM
ACE Group signs $97 Million tech services agreement with IBM to support ACE's North American infrastructure and application management environments.
BlueCross BlueShield of Tennessee Selects MetricStream for GRC
BlueCross BlueShield of Tennessee selects MetricStream for GRC; platform will provide an integrated software solution for compliance, risk and quality management.
Unum Group Appoints Former Sun Life Exec as New CFO
Unum Group has appointed Richard P. McKenney as its new chief financial officer (CFO).
Sun Life Names Colm Freyne Interim CFO
Freyne will stand in for Rick McKenny, who will leave Sun Life to take an executive position with a U.S. financial services company.
Deloitte: Insurance M&A Likely to Increase in Late 2009
New report identifies five situations in which mergers are likely to increase, a strategic objectives checklist for insurance M&A and a four-phase approach to planning and executing M&A.
ILOG Releases New Product Versions
ILOG has released new versions of business rules management solutions optimized under its recent acquisition by IBM.
Honor Roll: This Week's Top Insurance Blogs (June 14-20)
Our favorite insurance technology-related blog posts from around the Web (June 14-20, 2009):
The Hartford Names Christopher Lewis SVP of Capital Planning and Chief Risk Officer, P&C
Lewis will be responsible for further streamlining capital planning infrastructure across the organization and for enterprise risk management initiatives and implementation within the P&C operations.
Regulatory Reform: Insurance as an Afterthought
The Obama administration has neither the energy nor the inclination to budge the state regulators from their position of authority; however, a similar deference toward banking regulators on the part of the administration affirmed in principle the ability of financial institutions to choose their regulator in some circumstances.
CFG Goes Live on FIS Agency Management System
Implementation builds upon Columbian Financial Group's launch of FIS' ALIS policy admin system and sets the stage for conversion of in-force policies.
Insurance Industry Reacts to President’s Financial Service Regulation Reform Proposals
President Obama's proposals include enhanced oversight of the insurance sector and the establishment of an Office of National Insurance.
PwC Seals BearingPoint Deal
PricewaterhouseCoopers' purchase of BearingPoint assets and hiring of its professionals bring significant insurance technology advisory capabilities, increasing the firm's bench strength in areas such as policy administration, claims, and sales and distribution.
Experian Introduces New Portfolio Management Scores
Experian has unveiled three new predictive credit scores for its Small Business Credit Share program.
Algorithmics and Barrie & Hibbert Announce Partnership to Help Insurers Address Solvency II Requirements
Algorithmics and Barrie & Hibbert announce partnership to help insurers address Solvency II requirements.
Insurance Tech Spending: Is This As Good As It Gets?
Vendors say they see signs of life in the insurance technology market, and their marketing strategies are geared toward helping carriers control the costs and risks of IT investments.
Critical Compliance Technologies for the Insurance Industry: Part II - Master Data Management to the Rescue
Not all MDM technologies can address the various compliance requirements facing today's businesses. Only an integrated, model-driven, and flexible MDM platform that is easily configurable can provide the functionality needed to meet compliance requirements and lower risk.
Critical Compliance Technologies for the Insurance Industry: Part I - The Compliance Challenges
The root of the problem is that many insurers rely on a decentralized IT infrastructure, with different systems for different lines of business, or a patchwork of systems built up over time as a result of mergers and acquisitions.
Highmark Rolls Out Real-Time Claims Tools
Pilot begun last November shows high rates of satisfaction among providers who use the real-time claims processing and member liability estimation tools via the Highmark's NaviNet provider portal.
Five Insurance Trade Groups Sign Statement Supporting Optional Federal Charter
The statement will be presented at the June 16 hearing on Risk and Insurance House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Thomas O’Neill Named COO of Lincoln Financial Distributors
Thomas O'Neill, former AEGON Financial Services Group exec, named COO of Lincoln Financial Distributors.
Honor Roll: This Week's Top Insurance Blogs (June 7-13)
Our favorite insurance technology-related blog posts from around the Web (June 7-13, 2009):
The Hartford Redesigns Web Site
New site includes the ability for individuals, businesses and financial professionals to set a custom landing page, providing personalized Web pages with content and tools directly related to their needs.
Video: The Expectations of Independent Agents
At the 2009 ACORD LOMA Insurance Systems Forum, I spoke with AgencyPort's Michael Albert about the vendor's recent tour of insurance agencies up and down the East Coast.
The New Approach to Cost-Containment
Today insurers indeed understand better the importance of technology for both supporting operations and ensuring distributors and end-customers are satisfied. They also understand that IT costs are minor compared to overall operational costs, and that IT is key to reducing operational costs while supporting acquisition and retention initiatives.
ULLICO Life Selects New Illustration System
ULLICO Life Insurance Company has selected the iPipeline Illustration Suite for its flexibility and ease of use.
Video: Rethinking Cost Cutting
What are the challenges that insurers face as they try to manage expenses in the current business environment? In this video podcast, recorded at last month's ACORD LOMA Insurance Systems Forum, I&T's Kathy Burger spoke with Accenture's Michael Costonis about this challenge.
Measuring Underwriting Productivity and Quality: The New ROI Metrics
New technologies are enabling new underwriting processes, and offering improved ways of tracking underwriting processes and quality. Today, the vision of what underwriting metrics insurance companies can provide can now easily expand.
ICW Group Selects Valen Technologies for Analytics Solution
SaaS-delivery predictive analytics solution is being developed to support ICW Group's geographic expansion strategy in its workers' comp line of business.
Video: The Benefits of E-Signature Technology
At the 2009 ACORD LOMA Insurance Systems Forum, I spoke with Forrester Research's Ellen Carney about the benefits of e-signature technology and its barriers to adoption in the insurance industry.
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