Getting to One
Technology doesn't drive mergers and acquisitions, but astute technology management is indispensable for achieving successful outcomes. Insurance & Technology looks at two large and one smaller merger to examine M&A best practices.
Achieving True Enterprise Content Management Proceed With Caution
Insurers are taking steps to gain an enterprisewide view of their business, but no single solution can achieve true ECM on its own.
One On One
Manufacturer and Distributor
Russ Bostick, Chief Technology Officer, Chase Insurance Former Zurich Life CIO Russ Bostick has had a wild ride. In May 2003, the acquisition of Zurich by Bank One was announced, and by July 2004, the acquisition of Bank One by JPMorgan Chase was concluded. Now CTO of JPMorgan's (New York; $1.1 trillion in assets) Chase Insurance (Elgin, Ill.) operation, Bostick runs a shop that has the advantage of tight integration with corporate systems, and which comprehends agency and bank distribution technology, as well as the direct distribution and manufacturing operations that Bostick ran at Zurich Life.
SOA: Plug and Play
For insurers, service-oriented architecture can enable interoperability among systems and foster more effective application integration, while leveraging previous investments in core applications.
The End of the Paper Trail
P&C carrier Fireman's Fund employs Xenos solution to cut document printing costs and ease business for agents and customers.
Off to a Good Start
Startup carrier EquiTrust gambles and wins with implementation of a new life and annuity policy administration system from Systems Engineering Group.
Going With the Workflow
Thanks to Verity's Medi-Claim solution, workers' compensation insurer State Fund Mutual is able to dig out from under mounds of paper.
Nordlin Drives Alignment
Farmers Insurance (Los Angeles) will place a strategic emphasis on growth this year, according to Markus Nordlin, who became the company's CIO in August.
Standard Tames Tundra
Standard Insurance Co., a subsidiary of StanCorp Financial Group (Portland, Ore.; $156 million 2003 net income), will post an audio Web log from the frozen territory between Anchorage and Nome, Alaska, dedicated to the efforts of sled racer Rachel Scdoris, whom Standard is sponsoring.
Blogging for Dollars
To reposition itself for growth, Fireman's Fund Insurance Co. enters into new contracts with AT&T and IBM to completely rebuild its networks and technology infrastructure.
AIA Aids Security Efforts
P&C group joins Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security.
An Ounce of Prevention
CIGNA Behavioral Health's automated online coaching application provides effective prevention at lower cost.
BCBSM Gets Personal
Blue Cross Blue Shield of Michigan and Blue Care Network provide free online access to health appraisal and management tools.
IT and business alignment remains a top priority for insurance CIOs.
My Favorite ... Stress Reliever
Electronic Invoice Presentment/Payment
Alliances & Partnerships
In Data Denial
Leveraging technology to manage the inherent complexity of claims can bring greater consistency and accuracy to the claims process, resulting in increased efficiency, effectiveness and customer satisfaction.
Excellence Is Fundamental
For insurers, the claim is the moment of truth.
Picking Up The Pace
Insurers have closed nearly 86 percent of the record total of claims reported for the four major storms of 2004, according to William Bailey, director of the Hurricane Insurance Information Center.
National farm union adds remote functionality
Connecting to the remote areas of its clientele, National Farmers Union finds added benefits to Internet-based processing as a replacement for an AS/400 legacy system.
Back to Business
Budgeting and Reporting
Portland, Ore.-based SRC Software has launched SRC for Insurance, the first comprehensive budgeting, forecasting and reporting solution for the P&C insurance industry, according to the vendor.
EPolicy Adds Expertise
To maintain compatibility with its technology architecture, the Auto Club of Southern California extended its licensing deal with The Innovation Group.
Change Management For Compliance
Seeking to achieve and maintain regulatory compliance by automating the collection and analysis of data from multiple platforms across the enterprise, Erie Insurance Group (2003 operating revenue of $1 billion) implemented Computer Associates International's (CA; Islandia, N.Y.) AllFusion Harvest Change Manager and AllFusion Endevor Change Manager applications.
Cutting Costs of Allied Care
Fraud and inappropriate care are major contributors to rising healthcare premiums.
SeaPass Solutions (New York) developed a connectivity solution for insurance agents and carriers that has been implemented by The Hartford Financial Services Group (Hartford; $18.7 million in revenue).
Best P&C Prospects