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News & Commentary
Content posted in October 2012
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Insurers Respond to Sandy: Report from Rhode Island
News  |  10/31/2012  | 
Insurers report being prepared in advance for the catastrophe and remaining busy handling claims and other customer concerns.
Don’t Think That Sandy Can’t Happen Again
News  |  10/31/2012  | 
We won't know for some time how damaging Sandy has been, but a little historical perspective is in order lest we think we don't need to prepare for such events in the not-too-distant future.
Sandy Update: Flood Insurance Program Under Siege
News  |  10/31/2012  | 
With floods causing the vast majority of damage in the Northeast, the National Flood Insurance Program is in the news.
Sandy Unlikely to Sink Catastrophe Bonds
News  |  10/30/2012  | 
Investors who have put their money into specialist financial bonds which cover insurance companies from huge natural disasters are unlikely to be hit with big losses from monster storm Sandy even though it is one of the biggest ever to hit the United States.

Region's Insurers Silent in Sandy's Wake
Commentary  |  10/30/2012  | 
Few insurers reachable in an area where mass power outages, flooded roads and closed facilities prevail.
Sandy "Worst Possible Category 1 Storm" for N.Y. City: CoreLogic
News  |  10/30/2012  | 
Dr. Tom Jeffery, chief hazard scientist for CoreLogic, says the only way to get a bigger storm surge in Manhattan is with a Category 2 storm.
Regulators Remind Insurers of CAT-related Duties
Commentary  |  10/30/2012  | 
Wolters Kluwer's Kathy Donovan reports that some East Coast regulators issued bulletins and alerts to give insurers guidance on their responsibilities related to Hurricane Sandy.
Video: The Day After Sandy in Bay Ridge, Brooklyn
Commentary  |  10/30/2012  | 
I&T associate editor Nathan Golia checks in again from Bay Ridge, Brooklyn, the day after Hurricane Sandy lashed the New York area.
Hurricane Sandy Insured Losses Widely Outstrip Irene
News  |  10/30/2012  | 
Hurricane Sandy appears to have easily caused more losses than last year's Hurricane Irene, but final totals will be hard to come by for some time because of the scale of the disaster, catastrophe forecasting companies said on Tuesday.

The View from Twitter: Can Insurers Handle Sandy Claims?
Commentary  |  10/29/2012  | 
Whether you believe insurers are adequately capitalized for Sandy claims or not, you'll find someone to back you up on Twitter.
Business Insurers Face Tangle of Sandy Claims
News  |  10/29/2012  | 
The varied size and needs of clients represent a challenge for their insurers.
What’s Sandy Going to Cost?
News  |  10/29/2012  | 
FEMA says Sandy could cause $3 billion in wind damage alone; others place Sandy in the company of Irene, Ike and maybe beyond.
Magna Carta's CIO Reports Remotely on Carrier's Readiness
News  |  10/29/2012  | 
CIO David Lawless reports that the NYC-headquartered company's Northeast employees are working safely from home, thanks to virtualization, and that Oregon-based claims staff are at the ready.
CURE "Beefed Up" Reinsurance After Irene: COO
News  |  10/29/2012  | 
The New Jersey-based auto insurer also plans hyper-local storm outreach for future storms, according to COO Eric Poe, who envisions these major events hitting the company's home state much more often than they have historically.
PURE Prepared for Sandy Using Cloud Based Capabilities
News  |  10/29/2012  | 
PURE will be able to maintain uninterrupted processing, communications and remote work through cloud-based policy administration, claims, telephony and call center.
Video: I&T Reports from Hurricane Sandy's Initial Salvo
Commentary  |  10/29/2012  | 
Insurance & Technology associate editor Nathan Golia puts the "journalist" in "citizen journalist" in this footage taken near his Brooklyn apartment.
Sandy Appears to Be That Once-in-a-Lifetime Storm
Commentary  |  10/29/2012  | 
Sandy appears to be that once-in-a-lifetime storm; it's too early to know what the costs will be, but insurers' responses will be in the spotlight.
Capital Markets Shut After Sandy Strengthens Overnight
News  |  10/29/2012  | 
Hurricane Sandy, the monster storm bearing down on the U.S. East Coast, strengthened on Monday after hundreds of thousands moved to higher ground, public transport shut down and the U.S. stock market suffered its first weather-related closure in 27 years.

As Sandy Approaches, Report Questions Whether We'll Know About the Next One
Commentary  |  10/28/2012  | 
The New York Times reports that the fleet of hurricane-tracking satellites is aging, and could fail without a potential replacement for a year or longer.
Insurers Put Finishing Touches on Hurricane Sandy Prep
News  |  10/28/2012  | 
Insurers say they are making the usual preparations for a hurricane - activating claims teams, staging adjusters near the locations most likely to be affected and generally getting ready to pay for a potentially huge volume of losses.

Is Climate Change Altering Insurers' Hurricane Risk?
Commentary  |  10/26/2012  | 
Hurricanes Irene and Sandy -- not to mention the "Frankenstorm" into which Sandy might develop -- are clear indicators that it's not just Florida at risk for major hurricane damage anymore.
Sandy Leaves 31 Dead in Carribean
News  |  10/26/2012  | 
Slow-moving Hurricane Sandy, a late season Atlantic storm unlike anything seen in more than two decades, slogged toward the U.S. East Coast on Friday after killing at least 31 people on a trail of destruction across the Caribbean.

East Coast Prepares for Unprecedented "Frankenstorm" Sandy
News  |  10/26/2012  | 
Virginia declared a state of emergency on Friday, neighboring states readied utility crews and New York City said it may shut down mass transit as authorities along the U.S. East Coast prepared for a potential pounding from Hurricane Sandy.

Main Street America Finds Agents Prefer Social for Pre-CAT Communications
Commentary  |  10/26/2012  | 
Corporate communications director Mark Friedlander says using social to reach agents in advance of a catastrophe event is efficient and positive for the brand.
Learning from XL and AIG: How to Become an Analytical Competitor
News  |  10/26/2012  | 
Leading companies are instituting enterprise analytic practices, but that's just the beginning of the journey to developing the ability to compete on data analytics.
Reviews: Microsoft Surface RT Long on Promise, Short on Early Results
Commentary  |  10/25/2012  | 
Insurers looking for a more content-creation-friendly tablet than Apple's iPad may have eyed Microsoft's Surface. However, early reviews indicate there's still work to be done before it's a true enterprise-ready device.
A 12 Point Checklist for Automated Underwriting
Commentary  |  10/25/2012  | 
Automated underwriting systems offer the promise of better information and greater efficiency But insurers considering such systems should prepare a checklist to make sure that the systems address the underwriters’ concerns.
Aflac Creates CTO Role in New Investments Division
News  |  10/25/2012  | 
Former Deutsche Bank technology executive J. Peter Kelso takes the reigns of the new position, which is in a recently created office tasked with managing Aflac's investment portfolio.
8 Ways to Maximize Insurance CIO Success
Commentary  |  10/25/2012  | 
Insurance CIOs will need to embrace agile development, focus on execution and utilize a number of other management strategies in order to find continued success, according to Novarica's Matthew Josefowicz.
5 Technology Trends: an Elite 8 CIO View
Commentary  |  10/24/2012  | 
Jackson National CIO Mark Clark shares thoughts about the technologies shaping the insurance industry in the near future.
Blue KC Builds Private Exchange
News  |  10/24/2012  | 
The insurer partnered with Benefitfocus on a retail platform for exchange-based distribution.
Do Insurers — or Anyone — Need a Mini iPad?
Commentary  |  10/24/2012  | 
Real estate is what makes tablet computers enticing for insurers.
Changing Times: How Insurance CIOs Can Strengthen Their Strategic Influence
News  |  10/24/2012  | 
Insurance & Technology's Elite 8 2012 advisory board members discuss what characterizes the successful insurance CIO in a time of great change.
How Insurance & Technology's Elite 8 Balance Work and Life
News  |  10/23/2012  | 
In today's highly charged insurance market, the pressure on technology executives can be extreme. Here's how some of the 2012 Elite 8 leaders balance their work and personal lives.
Reality Check from Nando Parrado, Survivor of ’72 Plane Crash in the Andes
Commentary  |  10/23/2012  | 
The ordeal of Uruguayan Air Force Flight 571 shows not only the importance of teamwork but also the ultimate importance of individual motivation, Nando Parrado said in his address to the general session during the Guidewire Connections conference.
Core Systems Are Not Enough: CEO Ryu Introduces Guidewire Live Network
News  |  10/23/2012  | 
The vendor has pooled data shared within its user community, combined it with external content, and developed apps to deliver meaningful insights.
Where Are They Now? 2011's Elite 8 Continue To Hone Digital Capabilities
Slideshows  |  10/22/2012  | 
As mobile and digital technologies continue to reshape the insurance industry, Insurance & Technology caught up with some of the 2011 Elite 8 to see how the changing expectations of consumers, employees and partners are transforming their focus.
Big Data: Creating a More Sustainable System for Insurance
Commentary  |  10/22/2012  | 
The use of big data and other technologies that can deliver more personalized experiences and also improve care will shape the future of health insurance, says Cigna's Mark Boxer, a 2007 Elite 8 honoree.
Could Prudential be "Too Big to Fail?"
News  |  10/22/2012  | 
The new U.S. risk council has moved closer to deciding whether Prudential Financial is "systemically important," a Prudential spokesman said on Friday, a tag that would translate into greater regulatory scrutiny for the second-largest U.S. life insurer.

Big Data: Technical or Organizational Problem?
Commentary  |  10/22/2012  | 
With the “big data” buzz, focus has zeroed in on technical solutions to increase flow of information. But what are the organizational considerations that insurers need to make? Where does big data fit into data management strategies?
The CMO-CIO Alignment Imperative: Integrating Digital to Drive Insurance Enterprise Performance
News  |  10/22/2012  | 
For insurers to maximize digital opportunities, marketing and IT leaders must collaborate to create an integrated digital marketing and technology road map, says Liz Miller, CMO Council.
Gamification an Outlet for Itchy Mobile Development Organizations
Commentary  |  10/19/2012  | 
Insurers are putting out mobile games with astonishing regularity. There must be a good reason, right?
Guidewire Breaks Tier-1 Barrier Again With The Hartford’s ClaimCenter Contract
News  |  10/19/2012  | 
This latest win shows not only the appetite of top tier companies for simplifying their technology environments, but also the maturity of configurable core insurance software and Guidewire’s maturity as a vendor.
United Insurance Names First Claims Head
News  |  10/19/2012  | 
This is the second holding company to name an enterprise-wide claims leader this week.
ING Sells off Asian Insurance Units to Repay State Debt
News  |  10/19/2012  | 
Hong Kong businessman Richard Li, the younger son of Asia's richest man, is buying ING's Hong Kong, Macau and Thailand insurance units for $2.14 billion in cash, bringing the Dutch financial services company a step closer to paying off its state bailout.

Technology Indistinguishable from Business for Insurers
Commentary  |  10/19/2012  | 
Insurance & Technology's 2012 Elite 8 honorees have been at the forefront of insurance IT's transformation into a critical driver of smart innovation.
Go, Go, Gadget: Top Emerging Technology Tools for Insurers
Slideshows  |  10/18/2012  | 
The executives selected as Elite 8 2012 honorees have reached the heights of their profession by being savvy observers of the digital landscape and prudent marshals of technology. Here are some of their views on the latest and greatest enterprise solutions.
New York Life Names New Long-Term Care Head
News  |  10/18/2012  | 
Troy Glover is currently the COO of the unit, where he oversees among other things tech strategy for long-term care.
Favorable Pricing, Weather Send Travelers to Record Profit
News  |  10/18/2012  | 
Travelers posted a record quarterly operating profit as prices rose and losses from natural disasters fell sharply, the property insurance company said on Thursday.

Elite 8 2012: Sal Abano Leads Tower IT Team To Growth
News  |  10/18/2012  | 
CIO Sal Abano has drawn on a 26-year military career, including his experience as the U.S. Army's regional CTO in Iraq, in applying a team leadership approach in IT to support Tower Group Companies' growth. By Anthony O'Donnell
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