Content posted in July 2006
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Enterprise data warehousing (EDW) is experiencing a renaissance of sorts, according to Alfred Goxhaj, vice president of enterprise data, Harleysville Insurance. Although it was explored and practiced throughout the 1990s and early years of the 21st century, EDW has recently evolved from a highly theoretical approach into a mainstream architecture. More and more organizations are now struggling to achieve success in EDW within a short period of time.
ePolicy Acquisition Enhances Insurity’s Range
Insurity has added Java-based policy administration solutions to its menu with parent company ChoicePoint's acquisition of ePolicy Solutions.
Desjardins Modernizes With BluePhoenix
BluePhoenix will help Quebec-based insurer migrate 80 percent of its applications and data onto a modern Oracle/Unix platform by 2008.
Turning Your Policy Admin System Into a Competitive Weapon
CSC is introducing the flagship in its popular Accelerator suite of software. Product AcceleratorTM is an easy-to-use product introduction tool that puts business users in control and reduces reliance on IT departments.
Chasing Time
Vertabase's online productivity solution revolutionizes Mercer Insurance Group's project and time management processes.
Gosnell Takes CUNA Baton
Tom Gosnell has been passed the technology leadership baton at Madison, Wis.-based CUNA Mutual Group ($2.64 billion in 2005 revenue), leaving former CIO Rick Roy to concentrate on his new role as SVP of customer operations.
Esposito: Business First
The cost-consciousness prevalent in the lean years following the dot-com bust has tended to blunt the innovative spirit of technology leadership at insurance companies, in the view of Mark Esposito, the recently appointed CIO for The Hartford Financial Services subsidiary Hartford Life's individual life division.
Consolidating Risk
To help insurers manage their risk exposure across the enterprise, Toronto-based Algorithmics has enhanced its Algo Risk solution to calculate risk for insurance liabilities and investment assets consistently within a single framework.
Navigating Sales With SunGard
Then Cleveland-based First Catholic Slovak Ladies Association, a fraternal insurance society, decided to build an independent agency force, one of its first challenges was to implement a sales illustration system to meet state requirements, according to Pat Braun, national sales manager at FCSLA.
Recognizing Excellence
Three years ago, New Haven-based Connecticut Interlocal Risk Management Agency decided to automate its claims processing and integrate its core business systems.
Virtual Policy Processing
Peak Performance (Hoboken, N.J.) has launched PolicyPointe, a Web-based application for P&C insurance companies that rates and underwrites risk in real time through embedded business rules, the company says.
Scanning Time
As recently as January 2005, to meet Sarbanes-Oxley retention and retrieval requirements, Burlington, Mass.-based workers' compensation insurer AIM Mutual Insurance manually scanned 8,000 pieces of paper into its storage system a day.
Managing Mobility
Insurers are deploying mobile/wireless devices and applications to improve productivity in areas such as sales/agent support and claims. But security issues create risks.
Digging for Dollars
Insurers are mining data and implementing sales force automation tools to manage distribution channels more effectively.
https://www.forums.mobilehandsetdesignline.com
Insurers are using improved technology and the lessons of past failures to drive business intelligence throughout the enterprise.
Best of Both Worlds
Greg Tranter, SVP/CIO, The Hanover Insurance Group As the head of technology for Worcester, Mass.-based The Hanover Insurance Group, SVP and CIO Greg Tranter believes his business background provides advantages for the insurer.
Follow the Rules
Blue Shield of California centralizes human resources systems and automates workflows with Enterprise Human Capital Management solution.
Allianz Life Pursues STP
Insurer streamlines new business processing with NaviSys Front Office.
Alliances & Partnerships
SunGard Taps Keane; AdminServer Rises With Sun; IBM Adds Innovation; Insurity and Microsoft Align; FINEOS, Reed Team
Whitehill Acquires InSystems
Vendor seeks to increase footprint in insurance vertical with more-comprehensive document automation solutions.
Easy Money
The Hartford and JPMorgan Chase create debit cards with cash allowances to meet emergency needs of policyholders.
Message from the editor
Policy administration and issuance is really where the proverbial rubber meets the road in terms of so many insurance industry initiatives and goals.
Business Drivers for Policy Administration System Replacement
As Celent predicted in 2005, the last two years have seen a flurry of activity in policy administration system replacement and consolidation in both property/casualty and life/health.
Annuity System: Scalable, Flexible and Fast
TIAA-CREF sought an admin system for its after-tax variable annuity business that was scalable and flexible, would enable greater speed-to-market, and would fit in with the company's future technology roadmap.
P&C System: Modern World, Modern System
Armed Forces Insurance decided it needed to replace its legacy policy administration system to improve efficiency and meet the evolving needs of a diverse personal lines customer base spread over the entire nation.
Not Risking It
To limit its risk exposure, Allstate cuts earthquake coverage, citing limitations of catastrophe modeling technology.
Here We Go Again
No one can say they weren't warned. Whatever ends up actually transpiring in terms of named hurricanes and other bad weather this summer, the 2006 hurricane season already has to be in the running as the most-analyzed season on record.
Staying In The Game
For insurers that rely on independent agents, moving to Web-based policy administration systems to enable producers to submit business electronically has become a competitive necessity.
Slaying The Hydra One Head At A Time
SOA and Web services are enabling the modularization of policy management systems, which, in turn, will help insurers meet the increasingly demanding expectations of consumers.
In With The New
New offerings based on advanced technologies, as well as intensifying competitive pressures, make a strong argument for P&C legacy systems replacement.
Does Anyone Know What Time It Is?
Recently, I heard a Piper Jaffray analyst report that sales of moderately priced watches are declining - mainly because kids (anyone under 21?) don't think they need them.
Locking the Back Door to Your Back-End Systems: The Top 10 Web Application Attacks of Which Insurers Should Be Aware
As more and more insurance carriers encourage their customers to use the Web as the first point of contact, it is essential that Web sites be secure, trustworthy and compliant with insurance industry and other standards and regulations.
EMC Acquires RSA Security
Deciding that security is essential to information management, EMC has acquired RSA Security to enhance its data storage and management offerings for financial institutions with a security portfolio.
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