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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.