News & Commentary
Content posted in January 2013
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Microinsurance: Monitoring a Maturing Market
Commentary  |  1/31/2013  | 
Microinsurance may cover as many as 1 billion people by 2020, according to the Microinsurance Network, but questions remain as to the potential profitability of the business in a given geography.
3 Ways Insurers Can Win with Predictive Analytics
Commentary  |  1/31/2013  | 
Implementation of predictive modeling is on a slow but steady climb in insurance. Here's some tips for getting the most out of your initiatives.
Aetna Profit Falls After Settlement
News  |  1/31/2013  | 
Aetna Inc said on Thursday that fourth-quarter earnings fell sharply, as costs rose in parts of its employer-based insurance business and it took charges for settling litigation over payment practices for out-of-network care.

How Predictive Modeling Exposes Claims Scams
News  |  1/30/2013  | 
Universal American has saved millions using a FICO predictive modeling tool to uncover fraud. Here's how.
RIM Changes Name to Blackberry, Hoping For Fresh Start
News  |  1/30/2013  | 
Research In Motion Ltd is changing its name to BlackBerry, the company announced on Wednesday, in move to refresh its tarnished image as it begins marketing a reengineered line of BlackBerry 10 smartphones.

In CAT-Prone Haiti, Microinsurance Gains Steam
News  |  1/30/2013  | 
When Hurricane Sandy struck Haiti late last year, the home Guerda Pierre shares with her three children and mother in Cabaret, north of Port-au-Prince, was flooded - and so was the merchandise she sold to make a living.

U.S. Government Warns of Hacking Threat to PCs
News  |  1/29/2013  | 
The U.S. Department of Homeland Security urged computer users on Tuesday to disable a common networking technology feature, after researchers warned that hackers could exploit flaws to gain access to tens of millions of vulnerable devices.

2013 a Pivotal Year for Insurance CIOs: Gartner
News  |  1/29/2013  | 
Insurance CIOs must begin to address legacy issues and skill deficits in order to be able to meet the service, operational efficiency and profitability demands of the next decade.
Inside the Sandy Claims Response: From the Front Lines
News  |  1/28/2013  | 
Insurers are combining technological prowess with an improvisational spirit to address the superstorm's claims challenge.
5 Tips for Tackling the Insurance Industry's Biggest Marketing Challenges
Commentary  |  1/25/2013  | 
As insurers strive to improve customer prospecting, cross-selling and branding, they increasingly are turning to digital marketing management solutions.
Perspectives on Changing Global Risk, Natural and Otherwise
Commentary  |  1/25/2013  | 
AIR Worldwide and Willis counsel against increased risks from natural catastrophe, cyber risk, reputational risk and the potential consequences of abandoning ERM efforts.
Twitter Launches Vine: What Could Insurers Do With Six Seconds of Video?
Commentary  |  1/25/2013  | 
Twitter's Vine micro-video service is live. What could insurers do with it?
5 Insurance Ads That Score This NFL Season
News  |  1/25/2013  | 
Insurance is a heavily advertised product, and professional football is notorious for its commercial breaks. Those two factors combine for some inescapable insurance commercials.
Crum & Forster Creates Analytics VP Position
News  |  1/24/2013  | 
The new hire will assist the company's underwriting, marketing, and claims operations with data mining and predictive modeling.
Nationwide’s PolicyCenter Project Pioneers Package Policy Admin for Top-Tier Insurers
News  |  1/24/2013  | 
CIO Jim Korcykoski and project leader Seth Flory, VP, Business Transformation Office, relate how Nationwide decided the time — and the target system — was right for a package policy admin system implementation for processing policies representing about $9 billion in premium.
WellPoint Posts Higher Profit
News  |  1/23/2013  | 
WellPoint Inc reported a higher-than-expected fourth-quarter profit on Wednesday as it kept medical costs down, but the second-largest U.S. health insurer said it was taking a "prudent" view of 2013 in the face of industry reform.

Customer Retention, Firmer Pricing Lift Travelers
News  |  1/23/2013  | 
U.S. insurer Travelers Cos Inc's quarterly profit handily beat Wall Street expectations as it charged more for insurance coverage while holding on to its customers, sending its shares up as much as 5 percent to an all-time high.

What Does Nelson’s Appointment as NAIC’s CEO Mean for Insurers?
News  |  1/22/2013  | 
Industry associations and commentators praise Nelson’s government and insurance experience at a time when the industry is under closer scrutiny by the federal government.
Financial Services Still a BYOD Leader: Good Technology Survey
News  |  1/22/2013  | 
Most financial services companies will support devices bought for personal use by employees, but don't offer stipends or direct payment for devices and plans.
NAIC Names New CEO
News  |  1/22/2013  | 
Former Senator Ben Nelson brings legislative, regulatory and executive experience to CEO role.
Aetna to Sell Missouri Medicaid as Part of Coventry Deal
News  |  1/22/2013  | 
Aetna Inc said on Tuesday it agreed to sell its Missouri Medicaid business to WellCare Health Plans Inc as part of its purchase of Coventry Health Care Inc because their combined Missouri businesses had exceeded Medicaid membership limits.

Balancing Creativity and Control: Bringing Process Discipline to Predictive Analytics
Commentary  |  1/21/2013  | 
As competitive pressures increase the need for organizations to master analytics, internal analytic teams have increased their statistical sophistication, but are struggling to operationalize their insight.
Insurers' Performance On Sandy Claims: Good News And Bad News
Commentary  |  1/18/2013  | 
Insurers' claims systems appear to have been up to the challenge of handling Superstorm Sandy claims. The same can't always be said for the industry's leadership and communication, however.
Grading Insurers' Sandy Claims Response
Commentary  |  1/18/2013  | 
The picture of how well or how poorly insurers responded to Hurricane Sandy is complex. While some carriers did outstanding work, others were slow to respond, disappointing the public, agents and brokers. Some carriers' legalistic wrangling about claims has magnified that disappointment.
Lawsuit Against XL Proves CEO's Admonition Correct
Commentary  |  1/18/2013  | 
The electric car company Fisker is suing its insurance provider, XL America, over issues the company's CEO recently warned threatened the insurance industry.
P&C CEOs Speak Out on Regulation & Technology
Slideshows  |  1/18/2013  | 
At the recent Property/Casualty Joint Industry Forum in New York, six insurance company CEOs took the opportunity to evaluate Sandy response, debate the merits of regulation, and ruminate on the role of technology in the business. Here are some of the most interesting soundbites.
Will Auto Insurance Vanish? There's Actually a Debate
Commentary  |  1/17/2013  | 
State Farm CEO Edward Rust weighed in on the potential for auto insurance to become irrelevant.
Sun Life and Malaysian Government to Buy Aviva Malaysian Unit
News  |  1/17/2013  | 
Canada's Sun Life Financial Inc and Malaysian state investor Khazanah will buy the Malaysian insurance joint venture of Britain's No.2 insurer Aviva Plc and lender CIMB Group.
UnitedHealth Q4 Revenue Up, Costs Controlled
News  |  1/17/2013  | 
UnitedHealth Group Inc, the largest U.S. health insurer, said on Thursday it kept fourth-quarter costs under control and increased revenue by more than 11 percent, helping earnings per share to rise.

Sandy Dominates Conversation at P&C Industry Forum
News  |  1/16/2013  | 
Both industry observers and industry participants spent a lot of time discussing Hurricane Sandy at this year's Insurance Information Institute Property/Casualty Joint Industry Forum.
Goldman Sachs to Sell Stake in Reinsurance Group
News  |  1/16/2013  | 
Goldman Sachs Group is seeking a buyer for a majority stake of its $1.4 billion reinsurance group, according to a copy of its January presentation to potential buyers that was viewed by Reuters.

Gartner: Corporate IT Budgets to Fall Half a Percent
News  |  1/16/2013  | 
Corporate budgets for technology spending are set to fall 0.5 percent in 2013 from last year's levels as companies look to cut costs amid concerns about the economy, according to a survey by Gartner Research.

Tech Vital for Insurers to Meet Equity Analysts' Expectations
Commentary  |  1/15/2013  | 
Technology is one of four key elements that both P&C and life insurers must get right to grow at the rates that equity analysts – and, by extension, the worldwide investment community – expect.
WellPoint Calls Up Amerigroup Exec for its CMO
News  |  1/15/2013  | 
The health insurer has named Patrick Blair has been named senior VP and CMO after he held a similar position at recent takeover target Amerigroup.
Battle Lines Drawn on Insurance Data Use
Commentary  |  1/15/2013  | 
Some companies vow to protect consumers from use of their personal data by insurers.
Insurers Face Riskier World: WEF’s Global Risks 2013 Report
News  |  1/15/2013  | 
Three of the top five risks ranked by 1,000 influential respondents from around the world could have a profound effect on the insurance industry, according to Michel-Kerjan of the Wharton School.
Achieving Technology Self-Sufficiency Requires a Marathon, Not a Sprint
Commentary  |  1/14/2013  | 
While independence from the solution provider sounds attractive, self-sufficiency doesn’t come without a learning curve, challenges, and risks.
The Cheapest and Most Expensive Cars to Insure
News  |  1/14/2013  | 
According to Insure.com, the four-cylinder Ford Edge SE is the cheapest 2013 model year car in America to insure. But which is most expensive?

New Genworth Divisional CTO to Drive Customer Experience Innovation
News  |  1/11/2013  | 
Former Bank of the West EVP and CTO James Hanna will support Genworth Financial Wealth Management's continuing efforts to deliver innovative solutions and functionality for advisors and their clients.
Joplin Losses Still Not Settled 18 Months Later
News  |  1/11/2013  | 
With insurance companies still tabulating losses from the May 2011 Joplin, Mo., tornado, it's folly to expect any clarity on the full scope of even larger events like Hurricane Sandy for years.
Deloitte: Direct Sales A 2013 Priority for Life, P&C
Commentary  |  1/11/2013  | 
Among the items that appeared on the consultancy's 2013 priority lists, direct sales was one of a couple that life and P&C insurers share.
10 Realities of the Sandy Claims Process
Slideshows  |  1/11/2013  | 
Sorting through the rhetoric, recognition and razzing around the insurance industry’s efforts to resolve claims from Superstorm Sandy.
The Future of Auto Insurance — A Reply
Commentary  |  1/10/2013  | 
"On-board" technologies are not the only ones insurers need to consider as having the potential to reduce auto premium, insists Celent's Donald Light.
What Two Doctors' Offices Can Tell Us About The Motivation to Innovate
Commentary  |  1/10/2013  | 
Identifying the time to make innovative, forward-looking changes to IT infrastructure before the opportunity passes will help leading insurers differentiate themselves.
AIG Won't Sue Gov't, and Greenberg Won't Sue AIG
News  |  1/10/2013  | 
Hank Greenberg will not sue AIG over the company's decision not to join his lawsuit against the U.S. government, his lawyer said on Thursday.

China's Insurance Regulator to Reject $9.4 Billion HSBC Deal: Reports
News  |  1/9/2013  | 
China's insurance regulator is expected to reject HSBC's sale of its $9.4 billion stake in Ping An Insurance to Thai conglomerate CP Group, media reports said on Wednesday.

AIG Board Meets on Possible Lawsuit vs. U.S. as Public Rages
News  |  1/9/2013  | 
The board of American International Group Inc met on Wednesday to consider a lawsuit against the U.S. government over the terms of the company's bailout, a discussion directors defended as their responsibility but one that critics condemned as the height of ingratitude.

Adminovate Surprises with Indian Health Insurance TPA Debut
News  |  1/9/2013  | 
The Philadelphia-based vendor, whose forwardPAS system has a pedigree through pioneer L&A-focused system AdminServer, will support Mumbai-based Health India TPA Services’ healthcare claims administration.
The Reshaping of Auto Insurance
Commentary  |  1/8/2013  | 
Strong forces that stand to reshape the sector include shifts to new types of coverage, alternative distribution channels, and redefined customer segments.
AT&T to Launch Home Monitoring Service in March
News  |  1/8/2013  | 
AT&T Inc plans to kick off its Digital Life home monitoring service in eight U.S. markets in March, part of its efforts to expand wireless services beyond phones.

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