News & Commentary
Content posted in May 2013
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Tweets of the Week: Telematics and Driverless Cars
News  |  5/31/2013  | 
What once was a niche topic within certain insurance companies has blossomed to a growing industry, and everyone's got an opinion.
MagMutual Names New Risk Management VP
News  |  5/31/2013  | 
Laura Martinez takes over the position.
With Up to 20 Named Storms Predicted, Millions at Storm Surge Risk
News  |  5/31/2013  | 
The NOAA predicts 13 to 20 named storms this hurricane season, while CoreLogic estimates $1.1 trillion in property at risk from storm surge.
5 Agenda Items for the 2013 IASA Annual Conference
Slideshows  |  5/31/2013  | 
Insurance & Technology reached out to attendees of the upcoming 2013 IASA Conference in Washington, D.C., to find out what they’ll be looking out for at the industry trade show.
Hartford Steam Boiler Partners on Blackout Risk Tech
News  |  5/30/2013  | 
The Munich Re unit has partnered with Atmospheric and Environmental Research to develop a technology that insurers and clients can use to assess blackout risk.
4 Things Insurers Really Want from Mobile
Slideshows  |  5/29/2013  | 
FirstBest surveyed insurers to discover exactly what insurance company employees want in enterprise mobile capabilities.
Report: Only 7% of Policyholders Interact with Insurers on Social Media
News  |  5/29/2013  | 
A survey of 2,000 insureds by Phoenix Marketing found that within that percentage, Facebook was the most popular social network for insured/insurer interaction.
N.Y. Gov. Cuomo Inquires on Insurers' Cyber Security
News  |  5/29/2013  | 
The New York governor has sent letters to 31 insurance companies asking for information on their information security practices.
3 Signs of Analytical Maturity
Commentary  |  5/29/2013  | 
Companies have been installing and utilizing business analytic tools for decades. An organization high on the analytics maturity scale should lower their continued investment in software and services while reaping greater value on their investment.
Is E-Commerce Right for Insurance?
News  |  5/28/2013  | 
The normalization of e-commerce has led insurers to invest heavily in it. But will the product ever be right for the channel?
Lincoln Financial Plans Big Policyholder Analytics Initiative
News  |  5/28/2013  | 
The carrier will work with Towers Watson and Oliver Wyman to study the behavior of its variable annuity customers.
Bring Your Own Service: The Next Wave in Collaboration?
News  |  5/28/2013  | 
A new Microsoft survey across 32 countries shows worker appetite for social tools is increasing. However, financial services firms may not be prepared to satisfy this appetite.
Moore Tornado May Spur CAT Reserving Regulatory Reform
News  |  5/24/2013  | 
If insurers were permitted to put aside funds with favorable tax treatment, it would not take long to build up significant reserves that would be available in the event of a catastrophe, notes Howard Mills, chief advisor with Deloitte LLP's insurance industry group.
Bulletin: Late May Tornadoes Could Hit $5 Billion in Insured Losses
News  |  5/24/2013  | 
The deadly twister in Moore, Okla., accounts for a majority of the loss potential, according to EQECAT.
Aegon Appoints Americas Exec Global CTO
News  |  5/24/2013  | 
The Netherlands-based life insurer has moved Brenda Clancy into a global role from her Americas-centric one.
Progressive Wants to Innovate in Commercial Auto, Too
News  |  5/23/2013  | 
The carrier has found that small business owners' demands for self-service are similar to those of personal auto customers.
4 Key Benefits of SaaS Automated Systems for Life Insurers
Commentary  |  5/23/2013  | 
The potential benefits of automated systems for new business and underwriting – in terms of speed, accuracy, cost reduction and improved service – make for a compelling value proposition.
Aflac Announces Management Changes
News  |  5/22/2013  | 
The insurer has altered certain managers' roles within its global management structure.
3 Reasons Insurance Carriers Should Bet on Mobile Technology
Commentary  |  5/22/2013  | 
In order to remain profitable, productive and competitive, insurers have seen the need to develop mobile capabilities to meet rapidly changing customer expectations.
Moore, Oklahoma Tornado Most Deadly Since Joplin, Missouri 2011
News  |  5/21/2013  | 
Insurance losses are expected to be at least in the hundreds of millions, but it's too early to tell whether the event will exceed the $1 billion in losses of the Bridge Creek-Moore tornado of 1999.
Lincoln Financial Group Names New VP & Managing Director Of Portfolio Management Analytics
News  |  5/21/2013  | 
Credit risk management expert Paul Narayanan most recently headed Credit Risk Analytics at AIG Property Casualty.
KCC Releases WindfieldBuilder Hurricane Track and Wind Spread Tool
News  |  5/20/2013  | 
Already used by top ten P&C carriers and reinsurers, the tool has been made generally available to enable customers to create realistic footprints for hurricanes both before and after landfall and to conduct detailed claims analyses using their own loss experience.
Can Electric Toothbrushes Yield Insurance-Relevant Data? One Company Thinks So
Commentary  |  5/20/2013  | 
Per AdAge, at least one insurance company has partnered with an electric toothbrush manufacturer to share brushing data.
Capital Insurance Goes Native for Mobile Experience
News  |  5/20/2013  | 
The regional P&C insurer has released an app for iPhone and Android platforms.
NCIB Reports 27% Increase in Questionable Claims
News  |  5/17/2013  | 
Insurers are responding to increased fraud activity with more anti-fraud technology budget, aimed at detecting potentially fraud as early as possible in the claims lifecycle.
Jackson National Life's Rapid Growth Drives Facilities, IT Expansion
News  |  5/17/2013  | 
As part of his effort to accommodate an IT organization under increasing demand, CIO Mark Clark envisions the creation of an innovation-friendly workspace to foster collaborative work.
Security First Takes to Social Media for Insurance Claims
News  |  5/17/2013  | 
Security First is using big-data cloud social media analytics software from IBM and partner Integritie to analyze incoming messages sent by email and social media.
4 Steps to Incorporate Big Data Into Insurance Marketing
Commentary  |  5/17/2013  | 
While insurance marketers have long used data to segment and target customers, analyzing and acting on this data offers even more.
Aetna Names J.P. Morgan Vet New CISO
News  |  5/16/2013  | 
James Routh has joined Aetna as chief information security officer responsible for the overall program around the health insurer's information assets.
4 Ways Driverless Cars Are Poised to Shake up Insurance
Slideshows  |  5/16/2013  | 
Driverless cars are closer to reality than you think. Here are some impacts they might have on the insurance industry.
First Major Tornado Outbreak Levels Homes, Kills 6 in Texas
News  |  5/16/2013  | 
Insurance loss estimates have yet to be released for storms that hit a community southwest of Fort Worth last night.
Big Data for Fraud Detection
Commentary  |  5/16/2013  | 
Insurers have lots of data, and they are finding new ways to leverage it. High-performance analytics technology is inspiring a whole new set of fraud detection capabilities.
5 Market Forces Driving Change in Insurance Carriers' Strategy — Deloitte
Commentary  |  5/15/2013  | 
Gary Shaw, Deloitte's new insurance industry lead, talks about major market forces that the consulting firm's clients face.
Protective Life Deploys iPipeline's iGO Drop Ticket to Streamline Agent Sales Process
News  |  5/15/2013  | 
Rules-based short form is designed to simplify application process and facilitate sales.
CUNA Mutual Uses SAS for TruStage Agency Customer Contact Strategy
News  |  5/15/2013  | 
Using advanced regression techniques, CUNA Mutual has developed improved models to target customers in direct business, resulting in better customer satisfaction, increased revenue and reduced cost.
Agile Financial Management: Re-visioning the Budget Process
Commentary  |  5/15/2013  | 
To create an accurate budget you need visibility into a single set of data and the ability to see clear across your organization – regardless of geographic locations, currencies, and other barriers.
Guidewire-Millbrook Deal Signals Value of Data for Differentiation
News  |  5/14/2013  | 
Guidewire has characterized the deal as providing the ability to help customers to accelerate replacement of their legacy core systems and to improve management of operational data in their policy, billing, and claims functions.
Deloitte Appoints New Insurance Head
News  |  5/14/2013  | 
Gary Shaw replaces Rebecca Amoroso, who is retiring.
Would You Insure a Flying Car?
Commentary  |  5/14/2013  | 
At a time when the auto insurance industry is evaluating the potential impact of autonomous vehicles, there are actually "flying cars" being produced.
Selective Announces Executive Promotions in Claims and IT
News  |  5/13/2013  | 
Among a roster of recent appointments and promotions announced by Selective Insurance were George Neale as SVP, Chief Claims Officer, and John Bresney as SVP, Application Delivery Services.
Motorists Replaces Legacy Reinsurance System With Effisoft's WebXL
News  |  5/12/2013  | 
The Columbus, Ohio-based carrier chose WebXL as a comprehensive solution providing enhanced data access, improved controls and fully automated processing.
Providence Health Plans Selects Colibrio's Tuo for Private Exchange
News  |  5/12/2013  | 
The carrier says Tuo addresses its need for an end-to-end portal solution as well as a repository of customer information and an internal workflow to support enrollment and customer relationship management.
Information as a Game Changer: Actuarial Analytics — Score Keeping, or Trusted Advice?
Commentary  |  5/10/2013  | 
There is a great opportunity to more effectively utilize actuaries’ advanced analytics and modelling expertise, and thereby change actuaries’ role from scorekeeping to one in which they create a significant, information-driven competitive advantage for the organization.
Sanjay Pandey Named CIO of National Life Group
News  |  5/10/2013  | 
Pandey seeks to build on his successful enhancements to agent ease of doing business undertaken during his tenure as CIO of Donegal Insurance Group.
6 Trends That Emerged At ACORD LOMA 2013
Slideshows  |  5/10/2013  | 
The insurance technology industry's spring conference season kicked off with this past week's 2013 ACORD LOMA Insurance Systems Forum in Las Vegas. Based on the Insurance & Technology team’s conversations with exhibitors, speakers, analysts and other attendees, here are some of the themes we can expect to see emerge this year.
The Hartford CEO: "We've Planned for Higher CATs This Year" (Video)
News  |  5/9/2013  | 
The Hartford CEO Liam McGee tells Fox Business that the company expects weather to "be more severe this year"
RMS Debuts the RMS (one) Real-Time Exposure and Risk Management Environment
News  |  5/9/2013  | 
The new environment will provide intuitive, enterprise-wide access to real-time risk intelligence, enabling decision-makers at every level of the organization - from risk analysts to the CEO - the opportunity to ask questions and get answers in real time, according to the vendor.
Selective Appoints New CIO
News  |  5/9/2013  | 
Gordon Gaudet, most recently director and co-lead of Deloitte Consulting's Insurance Core Systems Transformation practice, will have responsibility for all IT operations at the P&C insurer.
Where Do Insurers Find Innovative Ideas?
News  |  5/7/2013  | 
Insurer ACORD LOMA attendees agree on the best place to find dynamic, innovative ideas within the insurance organization.
Another Case for Native Apps
Commentary  |  5/7/2013  | 
Consumers want anytime, anywhere access to products including insurance, but don't want to waste space on their devices. Can insurers make the case?
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