News & Commentary
Content posted in September 2008
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CSC Unveils Java-based Policy Admin System
News  |  9/30/2008  | 
The release of POINT IN J gives CSC entree into the growing market for rules-based policy administration platforms and undermines charges that the vendor has placed insufficient focus on the development of newer technology platforms.
The Wrong Argument for OFC
News  |  9/30/2008  | 
While insurance companies are exposed to the credit crisis as institutional investors, their fortunes stand in stark contrast to their industry peers because of the conservative regulation to which they have been subject under the state-based regulatory regime, as NAIC president Sandy Praeger argues,
FINEOS Partners With Secure EDI
News  |  9/29/2008  | 
The Dublin-based financial services IT vendor's alliance with Secure EDI will boost the capabilities of its end-to-end dental claims solution.
AIG Fallout: Pricing and Risk Management
News  |  9/26/2008  | 
An Advisen briefing speculates that if there is a "stampede" by AIG policyholders spooked by the holding company's failure, it would likely precipitate a "sudden, short-term uptick in commercial insurance rates." In the absence of such a reaction, the briefing continues, "prevailing soft market conditions are unlikely to be affected."
Next-Generation Alternative Sourcing: Defining a Road Map for Reaping the Rewards
News  |  9/25/2008  | 
While the potential benefits are compelling, it is crucial for insurers to understand the risks of alternative sourcing so they can successfully reap the rewards. Companies must ensure their sourcing strategy utilizes a comprehensive lifecycle approach that allows insurers to align and support their strategic goals.
The Downfall of Traditional Communication Channels
News  |  9/24/2008  | 
According to a report released last week by Nielsen, nearly one in five American households will not have a home phone line by the end of the year. To many, I have a feeling that this is a surprising finding, but it shouldn't be. Landline phones are quickly becoming an unnecessary expense. What can one do on a landline phone that they can't with their cell phone?
Palisade Introduces DecisionTools Suite 5.0
News  |  9/23/2008  | 
Palisade Corporation has rolled out DecisionTools Suite 5.0, a decision support analysis solution.
Oracle Launches Insurance Vertical Industry Division
News  |  9/23/2008  | 
Oracle Insurance will market a comprehensive offering of products — from core applications to pre-configured suites and integration tools to tie together both Oracle and non-Oracle solutions within an insurer's application portfolio.
It's Better to Know What You Don't Know: Step 4 - Insights Through BI Innovation
News  |  9/22/2008  | 
With all that has been going on in the financial and insurance world lately, asking and answering hard questions predicated on fact, data and analytics has never been more important.
SWIFT Will Facilitate Platform for Electronic Data Transmission of Insurance Transactions
News  |  9/21/2008  | 
SWIFT signs agreement with insurance industry players to establish a shared platform for electronic data transmission.
Edward Liddy Named CEO of AIG
News  |  9/21/2008  | 
Getting Privacy Right in Pay-Per-Drive
News  |  9/19/2008  | 
Through its MyRate program, Progressive supplies a small, portable device that can easily be plugged into the on-board diagnostic (OBD) port of many car models built after 1996. The device delivers a much richer portrait of driver behavior than Real Insurance's mileage-only plan by recording mileage, braking and acceleration, and time of day. The device periodically transmits that information wirelessly back to Progressive.
The Hartford Names First Corporate-wide CIO
News  |  9/18/2008  | 
The Hartford's Brian O'Connell has been named the company's first corporate-wide senior vice president and chief information officer.
Reflections on the AIG Bailout
News  |  9/17/2008  | 
In the insurance technology space, analysts wouldn't say that Enterprise Risk Management (ERM) technologies could have prevented the financial crisis that many companies find themselves in, but some did suggest that the current situation should serve as compelling evidence of the need for wider adoption of ERM and analytical tools, as well as better corporate governance around risk.
Risk Modeling and Wishful Thinking
News  |  9/17/2008  | 
The fact is that risk modeling, like so many other control methods, can be used to mask as well as reveal reality. As useful, indeed as indispensable, as risk modeling is to project future probability it is nevertheless subject to one of the cardinal maxims of information technology: garbage in, garbage out.
Amica Deploys Guidewire ClaimCenter
News  |  9/17/2008  | 
System handles all new claims for insurer's auto, homeowners, marine and personal excess liability lines of business.
QBE Names Harring U.S. Head of Claims
News  |  9/16/2008  | 
QBE the Americas has appointed Dean Harring as its U.S. head of claims.
A Mystery Player Enters the Individual Health Market
News  |  9/16/2008  | 
Perhaps one big difference in how the individual market will develop will be the emergence of niche players. Traditionally, health insurance hasn't been marketed to individuals, so it's possible that health insurers aren't adept at reaching targeted segments of the population. As the individual market emerges, however, that will have to change.
Ike Update: Life-Threatening Storm Surge Foreseen
News  |  9/12/2008  | 
Storm surge of up to 25 feet in places and large size are predicted to increase Hurricane Ike's impact.
Harleysville Names Tech Execs
News  |  9/12/2008  | 
Stephen Byrne and Thomas Kern have been promoted to vice president rank.
As Ike Approaches, Insurers Urge Caution
News  |  9/11/2008  | 
Insurers warn Texas homeowners not to be lulled into a false sense of security by the failure of recent tropical cyclones to result in catastrophe on the mainland.
Lessons Learned from Microsoft's Bill Gates/Jerry Seinfeld Ad Spot
News  |  9/10/2008  | 
I'm not at all sure that it is accurate to describe Microsoft's latest ad campaign, which recently kicked off with a television commercial starring both Jerry Seinfeld and Bill Gates, as viral marketing. After all, viral campaigns don't start out with national TV spots featuring two of the world 's most famous individuals.
IFRS Compliance: Technology Architecture is Key
News  |  9/10/2008  | 
Understanding the technical accounting involved with adjusting financial statements for the three year period prior to conversion, as required by the IFRS Roadmap, is clearly only the starting point. Execution and success will depend on understanding and implementing the appropriate financial and reporting technology architecture.
NYCM Selects 360Value
News  |  9/9/2008  | 
New York Central Mutual (NYCM) has selected ISO's 360Value estimating system.
Success by Design: I&T Talks to Regence CIO Cheron Vail
News  |  9/9/2008  | 
Vail Speaks with I&T about building out Regence IT's Architechture and Engineering organization.
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