Risk & Insurance articles from August 2003

Risk & Insurance archives from August 2003

IASA bestows awards.(up front)
August 1, 2003... IASA president Stephen M. Sill, at the 75th anniversary of the Insurance Accounting and Systems Association Inc.'s annual conference in Denver in June, presented the organization's top awards to employers and employees. The Diamond Award,...

Don't go chaingin'.
August 1, 2003... RISK STATS Don't Go Changin' A new study finds that less than a quarter of all businesses have changed continuity plans since the United States invaded Iraq. No 77% In the process of changing 2%...

AIRMIC 2003: terrorism slips a notch.(up front)
August 1, 2003... Even as delegates were assembling at this year's annual conference of the Association of Insurance and Risk Managers (AIRMIC) in Manchester, England, news reports headlined a warning by MI5 director-general Eliza Manningham Buller that an even...

From the editor.(up front)
August 1, 2003... If there's one thing I've picked up on in the last six months as editor of Risk & Insurance, some risk managers--perhaps many--once had something of an inferiority complex. At meeting after meeting, speakers talk about how risk managers today...

Asbestos case divides legal combatants.(up front)
August 1, 2003... A Los Angeles jury has ruled that it is possible to calculate the present liability for future asbestos claims. The lawyer for the plaintiff in the case says the decision is good news for policyholders because it will speed the settlement...

News and notes ...(up front)
August 1, 2003... [check] A Pennyslvania jury has found in favor of the Diocese of Greensburg and awarded it more than $4.5 million in a breach of contract lawsuit against Gallagher Bassett Services Inc. The jury found Gallagher had breached its contract in...

The Bermuda behemoth.(Bermuda Angle)
August 1, 2003... How large is Bermuda's insurance capacity compared with that of Lloyd's or the Cayman Islands'? While Lloyd's is not the only London market, it is the premium insurance market in the world, or so we are told. Would it surprise you, therefore,...

Making the most of asset managers.(Financial Management)
August 1, 2003... When working with an asset manager an insurer must first create comprehensive and realistic guidelines. Those guidelines must be tailored to meet the investment needs of the insurance company and comply with state insurance regulations. ...

Navigating the new world of due diligence effectively.(RMIS/Technology)
August 1, 2003... Evaluating a Risk Management Information System solution for your company is getting more difficult, although many would think that with fewer vendors, it would be easier. Why? Because the complexity of issues and the scrutiny that...

It's return to work, stupid.(Worker's Comp)
August 1, 2003... Fresh reports from the workers' compensation field cast new light on the value of returning injured workers to productivity quickly. Evidence continues to mount that a failure to return to work within a short time costs the insurer, employer...

Rivera rising: a "hard-driver" rises from entry-level actuary to run one of North America's largest property/casualty insurers as it struggles to refocus on underwriting.
August 1, 2003... On most days, Susan Rivera, president of ACE INA, rises before dawn at her home in New Hope, Pa., and travels more than 50 miles south on Interstate 95 to her office at Two Liberty Place in downtown Philadelphia. She rides the elevator to...

HIPAA critical: since the passage of the Health Information Portability and Accountability Act of 1996, companies have been working toward compliance. Yet are risk managers ready?(liability)
August 1, 2003... The headache began in 1996 when Congress decided to protect private medical information by passing a bill that would allow private information to remain just that. Attached to the bill were multitudes of uncertainties and volumes of...

Growth in stress claims no sweat yet, data show; data reveal that mental injury claims remain an insignificant proportion of all workers' comp claims. The National Council states they accounted for only 0.15 percent of all claims in 2002.(Special report: workers' compensation)
August 1, 2003... Earlier this year, the Wyoming Supreme Court awarded workers' compensation benefits to an employee for medical expenses and disability caused by his attempt to take his own life. The employee had suffered a back injury while at work, and...

Six steps to improving workplace safety: the May announcement of the U.S. Occupational Health and Safety Administration's (OSHA) Strategic Management Plan sets targets to help employers reduce the cost of work-related injuries and illness.(Special report: workers' compensation)
August 1, 2003... OSHA calls for reducing the rate of work-related fatalities by 15 percent and injuries by 20 percent over the next five years. It also sets annual targets for lowering specific injury types and improving safety in some industries. So why...

Managing double-digit cost increases; doctors and lawyers are generating more income from workers' compensation.(Special report: workers' compensation)
August 1, 2003... The National Council on Compensation Insurance recently reported a combined ratio of 110 percent for the insurance industry, down dramatically from last year's 122 percent, and the first decrease after four years of increases. In a...

Developing the right claims program: the ability to collect basic data is necessary, but in today's complex and multifaceted risk managment environment, managers want to go further.(Special report: workers' compensation)
August 1, 2003... Deciding on a claims-processing system is a straight-forward procedure for most risk managers. Typically it's a matter of identifying managers' needs and comparing offers put forth by different vendors or third-party administrators. Risk...

A litigious world raises the stakes for employment practices liability; risk managers must pay careful attention to their employment practices because these liability issues are no longer simply a concern in the United States.(liability)
August 1, 2003... Until recently, employment practices liability exposures and claims were largely a U.S. phenomenon. Unfortunately, today's increasingly global economy has led to the growth of employment-related risks in Europe, leaving corporate risk managers...

Experts: red tape costs workers' comp carriers money and time: stricter enforcement of the Medicare Secondary Payer program is raising concerns in the workers' compensation industry.(benefits)
August 1, 2003... What's Medicare got to do with workers' compensation? Theoretically, the two have little connection--unless an injured worker is, or soon will be eligible for Medicare benefits. But tightened enforcement of the Medicare Secondary Payer program...

An ambitious vision sparks controversy and skepticism; a new book argues for redistribution of risk and wealth with such products as "livelihood" coverage. Critics warn of Big Brother overtones, financial chaos and compliance issues.(risk primer)
August 1, 2003... Academics have lined up to sing the praises of The New Financial Order: Risk in the Twenty-First Century (Princeton University Press, 2003), but don't expect much from the risk and insurance community beyond a few raised eyebrows. Robert...

Top three domestic U.S. captives hold on to their spots in first half of 2003; Vermont is on track to shatter last year's record; South Carolina sees important gains.(risk primer)
August 1, 2003... Driven by a now two-year-old hard insurance market, the leading domiciles on the U.S. captive scene carried their remarkable growth of recent years through the first half of 2003, according to a midyear survey conducted by Risk & Insurance...

Managing the cost of absence: as the cost of medical and disability programs continues to rise, employers are seeking ways to reign in expenses and keep employees as productive as possible. An effective disability management program can provide the keys to success.(disability)
August 1, 2003... When an employee is out of work, their absence affects far more than a company's productivity. The employer loses money, because the company still has to pay the wages of the absent employee. Production suffers, because there are fewer people...

Fighting viruses: just what doctor ordered; a physician-owned malpractice insurer turns to outsourcing to fight the Nimda virus. The decision to hire a full-time security firm was not made lightly.(technology)
August 1, 2003... In today's world of terrorists, cyber-attack warnings and corporate espionage, information security has become a very high priority. Our company, The Doctors Company, a physician-owned medical malpractice insurer, recognized the importance...

Workers compensation.(disability & worker's comp literature review)
August 1, 2003... Fiserv PDS systems automate Workers' Compensation management from policy administration through claims and billing, and include Web access. The Managed Care system lets users precertify, track, discuss, and approve treatment, and an imaging...

Medical bill review software.(disability & worker's comp literature review)
August 1, 2003... WebMBR by @Global Inc. reduces medical bill review expenses by up to 75 percent by consolidating all state fee schedules, UCR databases, pharmacy AWP rates and preferred provider networks into a real-time transaction processing system. The ROI...

Powering claims management.(disability & worker's comp literature review)
August 1, 2003... iVOS[TM], browser-based claims management software from Valley Oak Systems, is designed for multiple lines of insurance. Built on solid, scalable Java architecture, iVOS can be installed on your network or hosted on ours. Features include...

MetLife.(disability & worker's comp literature review)
August 1, 2003... MetLife, a subsidiary of MetLife, Inc. (NYSE: MET), is a leading provider of insurance and other financial services to individual and group customers. The MetLife companies serve approximately nine million individual households in the U.S. and...

Risks management software.(disability & worker's comp literature review)
August 1, 2003... Claims management/risk management software for workers' compensation, general liability, auto, property and casualty, and professional liability. Features include claims management, loss-run analysis, scheduler, spell check, diary notes, check...

Claims administration.(disability & worker's comp literature review)
August 1, 2003... WLT provides automated, Windows-based claims administration and billing systems for medical, dental, vision, drugs, managed care, Flex, COBRA, HIPAA, capitation, workers' compensation, bill review, provider bill editing, commissioning and...

Risk management software.(disability & worker's comp literature review)
August 1, 2003... ATS continues the tradition of innovative RMIS solutions. Tree Internet-based and back-office Windows products define the standards that go to the heart of this tradition. In achieving certification as the first RMIS developer to transmit...

Integrated P&C solutions.(disability & worker's comp literature review)
August 1, 2003... CSC provides claims, risk and policy management information systems and services for carriers, self-insureds, TPAs, health care providers and corporate counsel to help them control costs. CSC's products process, manage and analyze claims and...

Introducing Care[MC].(disability & worker's comp literature review)
August 1, 2003... Introducing Care[MC], a breakthrough in medical claims management, from CorVel Corp. Care[MC] securely connects employers, claims professionals, providers, and case managers, accelerating claim resolution and improving outcomes. Care[MC]'s...

Outsourcing solutions.(disability & worker's comp literature review)
August 1, 2003... Trumbull provides comprehensive outsourcing and system solutions for property and casualty insurance. Our people and the technology we use, help improve processes and profits throughout the insurance industry. Our services--including commercial...

MasterCard International.(disability & worker's comp literature review)
August 1, 2003... The insurance industry is facing new competition and distribution channels are shifting from brick and mortar to direct mail, phone, and Intemet sales. Accepting MasterCard-branded payment cards can be an important component in achieving your...

Claims administration.(disability & worker's comp literature review)
August 1, 2003... Sedgwick Claims Management Services provides cost-effective claims administration, managed care, program management and allied services to major employers. Specialties include workers' compensation, general, auto and professional liability;...

Claims administration.(disability & worker's comp literature review)
August 1, 2003... Managing Risk/Controlling Costs--Presley Reed's The Medical Disability Advisor, with recovery periods, treatment, comorbidities, rehabilitation, prognosis, action steps for slow recovery patients (textbook, software, Internet, data integration...

Diagnostic management.(disability & worker's comp literature review)
August 1, 2003... Midwest Diagnostic Management, a national diagnostic imaging network, streamlines the patient-to-provider referral process, enabling appointment notification to be sent via the Web to inform the payor and provider of the time, date and place of...

National bill review software.(disability & worker's comp literature review)
August 1, 2003... StrataCare provides national bill review software solutions and service for the workers' compensation industry, including insurance companies, employers, third-party administrators, and bill review companies. StrataCare's mission is to provide...

Personal policy.(Insurance Coverages)
August 1, 2003... Chubb Group of Insurance Cos. is offering a personal policy for independent directors to help protect their personal assets when shareholders and others sue them. The personal policy provides coverage to independent directors when certain...

Risk data system.(Software & Systems)
August 1, 2003... OpVantage has released version 4.2 of its OpVar software suite, a risk management software solution. It allows users to collect risk data, analyze loss probabilities, scale losses to their firm, and determine operational risk profiles. The...

Calendar of upcoming events.(Products & Services)
August 1, 2003... August 5-7 Vermont Captive Insurance Association This year's conference is entitled "Captive Insurance: A Masterpiece in the Gallery of Risk Management." Seminars are designed to appeal to all levels of interest and abilities, allowing...

Benefit site.(Software & Systems)
August 1, 2003... Bardes Consulting Inc. has launched www.BenefitsMarketPlace.com, a robot driven interactive Internet search engine designed to allow prospects to locate and contact benefit providers based on location and 60 specialty categories. It enables...

Online insurance certificates.(Software & Systems)
August 1, 2003... ConfirmNet Corp. has released version 6.0 of the CertificatesNow online insurance certificate service, which includes a new user interface at www.confirmnet.com. The user interface is designed to replace text instructions with an imagebased...

Hail tracking service.(Software & Systems)
August 1, 2003... Weather Decision Technologies Inc. is offering the HailExpress service, a daily e-mail service of hail path locations and size estimates. The service is designed to benefit CAT professionals, roofers, dent removal companies and others who need...

Fraud warning tool.(Software & Systems)
August 1, 2003... Uniform Information Services Inc. has released AuthenticWeb Matrix, a tool designed to cover state mandated fraud warning requirements. The matrix is offered over the Internet and is updated monthly and offers the ability to be linked directly...

Web-bill system.(Software & Systems)
August 1, 2003... WorldGroup Consulting Inc. is offering Web-bill, a point solution to its insurance specific component library InsureWorx. Web-bill addresses the adjustment and reconciliation functions required for commercial and group markets, where premium...

Executives prone to reacting to latest threats; it is "highly likely" that corporate perspectives on business risks are influenced by threats of the day, a recent study finds.(point/counterpoint)
August 1, 2003... The world has changed in countless ways in the past two years. Words like "terrorism," "SARS" and "corporate scandal" are commonplace. Photographs of the World Trade Center collapse and magazine cover stories on corporate financial...

Prudent, pre-emptive, pre-incident planning not optional: authorities once wondered if insuring threats of the day such as arson or burglary would lead to more crime. Those coverages are now mainstream.(point/counterpoint)
August 1, 2003... In case after case of companies that faced extortion or similar threats, all of them--without exception--said, "I never thought this would happen to me." Yet, it did happen to them. Those with plans to deal with such crises were able, in the...