Humana Profit Falls by One-Fifth
Humana Inc posted a 21 percent
decline in quarterly profit on Monday, missing Wall Street's
target, as higher medical benefit costs weighed on the health
insurer's results. Its shares fell 3.5 percent in premarket
Insurers Dodge a Bullet on Q1 Catastrophes
Although insurers’ exposure to costly catastrophes in the first quarter of 2012 was much less severe than what they experienced in the same period a year ago, they are facing new and complicated challenges in areas as diverse as healthcare claims, mobile security and domain/brand protection. Here’s some of what was top of mind for the industry this past week.
Westfield Insurance Adopts Guidewire Claim System
The insurer identified ClaimCenter as system that could best help support its growing commercial business, create operational efficiencies through the consolidation of disparate systems, and address the need for higher quality data in its pursuit of improved analytics.
US Health Insurers to Pay $1.3 Billion in Rebates, Study Finds
U.S. health insurers will
pay $1.3 billion in rebates to consumers and employers this year
under a provision of President Barack Obama's healthcare reform
law that penalizes plans that devote too little of their premium
revenues to health services, an independent study showed on
Two MassMutual Tech Execs Get Promotions to Senior Vice President
Two MassMutual tech execs promoted to Senior Vice President; Sri Dronamraju, who also services as Chief Information Risk Officer, is named SVP, Enterprise Technology; Scott Palmer is named SVP Retirement Services division, reflecting his contribution to the unit's growth.
The Hartford Reaches $24 Million Settlement with N.Y.
Hartford Financial Services Group Inc
will credit $24 million back to New York holders of
accidental death and dismemberment policies under a settlement
with state regulators, the New York Department of Financial
Services said on Thursday.
Consumer-Directed U.S. Health Insurance Surges
There may not be a consensus
in the nation's capital on how to control the cost of health
care, but businesses and their employees are not sitting around
waiting for clarity. They are voting with their wallets for one
approach that's already available: Account-based health
insurance plans, which offer lower premiums in exchange for high
New Great-West Life App Lets Members Submit Insurance Claims
The new GroupNet Mobile app provides secure mobile access to personalized coverage information, allows online submission of healthcare claims, and provides the location of the nearest healthcare providers with access to Great-West Life's Provider eClaims through a built-in GPS-based mapping tool.
Insurance Companies Look to Online Retailers as Role Models
The consumerization of technology has changed how consumers interact with businesses, and online retailers have led the way in providing the kinds of real-time, personalized transactions that customers have come to expect. Insurers can learn from the retail customer experience to improve their own customer satisfaction.
CFPB Warns U.S. Financial Firms About Contractors
U.S. financial institutions
may be held accountable for the actions of the companies they
contract with for services such as telemarketing or product
development, the new U.S. Consumer Financial Protection Bureau
said on Friday.
Talk of the Industry: Who Said What in Insurance and Technology This Week
People in the insurance and technology industries have been debating everything from social media analytics to regulatory uncertainty to policy administration modernization challenges. Insurance & Technology gathered some of these words of wisdom, concern and inquiry about some of the week’s most interesting developments that could influence the insurance business.