Insurance Networking News: Executive Strategies for Technology Management articles from April 2002

Insurance Networking News: Executive Strategies for Technology Management archives from April 2002

Taking Charge In A Changing Market.(Brief Article)
April 1, 2002... When it comes to accepting change, there typically are two types of people: those who embrace something new and different, and those who wholeheartedly reject an idea, without considering its merits. (My wife believes that I fall under the...

Corporate News: Travelers' IPO Could Be The Largest For A U.S. Carrier.(Brief Article)
April 1, 2002... Travelers Property Casualty Corp.'s much-anticipated initial public offering, slated to be completed by the end of March, was expected to raise up to $4 billion. That total would exceed the $3 billion raised last December by Prudential...

Financial News: MetLife Plans Stock Repurchase Program.(MetLife Inc. )(Brief Article)
April 1, 2002... The board of MetLife Inc. in February authorized an additional $1 billion common stock repurchase program, which will start after the completion of an earlier $1 billion repurchase program that was announced March 28, 2001. For the fourth...

Litigation.(Brief Article)
April 1, 2002... Conseco Inc. in February agreed to pay some shareholders $120 million to settle a class-action lawsuit charging that the Carmel, Ind.-based insurer published false financial results. Conseco, which did not admit any fault, is suing its...

Legal/Liability: Texas Attorney General Sues PacifiCare of Texas.(Brief Article)
April 1, 2002... The Texas attorney general's office Feb. 18 filed a lawsuit against PacifiCare of Texas, accusing the health insurance company of not paying some physicians in a timely manner and not paying others at all. Attorney General John Cornyn said...

Marketing: The Hartford New Ad Campaign.(Hartford Financial Services Group Inc. )(Brief Article)
April 1, 2002... The Hartford Financial Services Group Inc. in March launched a new corporate advertising campaign that uses everyday life occurrences that the carrier hopes will get viewers to think about their financial needs. By focusing on unassuming...

Blues merger on hold.(Brief Article)
April 1, 2002... Kansas Insurance Commissioner Kathleen Sebelius in February denied Anthem Blue Cross and Blue Shield's proposal to acquire Blue Cross and Blue Shield of Kansas, saying it would raise consumer premiums too much. Policyholders of the Kansas Blues...

Contracts Update.(Brief Article)
April 1, 2002... The Contracts Update section includes announcements of contracts insurance information technology companies have signed with customers in recent weeks. Contract news can be faxed to Insurance Networking magazine at (312) 913-1366 or by...

Regulation: Two Bills In Congress Introduce Optional Federal Charter For Insurers.(Brief Article)
April 1, 2002... Proponents of federal insurance regulation have moved one step further toward their goal. Two bills have been introduced in Congress that would establish a new federal agency to charter insurance companies choosing to bypass the cumbersome...

Industry Research: Insurers' Web Sites Aren't Connecting With Consumers.(Brief Article)
April 1, 2002... Carriers and agents have invested a significant amount of capital toward electronic interface initiatives that enable the two parties to improve their data-exchange efficiencies and overall operational competencies. But as they carry this...

Comparing Two Bills.(Brief Article)
April 1, 2002... * Rates: The Schumer bill eliminates state rate regulation, while the LaFalce bill subjects national insurers to state rate regulation. * Forms: The Schumer bill eliminates prior review of policy forms, while the LaFalce bill requires...

Insurers Can Compete On 401(k) Advice.(Brief Article)
April 1, 2002... The ability to provide sound investment advice is emerging as a top competitive advantage for insurers who provide defined contribution plans, according to a new study from Conning & Co., Hartford, Conn. In the wake of the Enron debacle,...

Online Consumers Buy Based On Price.(Brief Article)
April 1, 2002... Traditional carriers have successfully attracted consumers to research and manage their insurance policies online, but distribution sites have encouraged a significant number of consumers to select their insurance almost exclusively based on...

Allstate Bank Products Available From Agents.(Brief Article)
April 1, 2002... Consumers in 27 States and the District of Columbia will now be able to get information about opening Allstate Bank accounts from participating Allstate agencies. The Bank's products and services-which include FDIC-insured CDs, and insured...

Citizens, Hanover Provide Direct-Mail Portal.(Brief Article)
April 1, 2002... Citizens Insurance Company of America and The Hanover Insurance Co.-both affiliates of Worcester, Mass.-based Allmerica Financial Corp.-launched an Internet-based direct-mail portal for independent agents. Offered through New York-based...

Prudential Launches Online Enrollment.(Brief Article)
April 1, 2002... Prudential Financial Inc.'s Group Insurance has launched a new online and interactive voice response enrollment application for optional term life, dependent term life, and short- and long-term disability coverages. The enrollment process is...

ebix.com Beefs Up Online Mall.(Brief Article)
April 1, 2002... Atlanta-based ebix.com is now providing online quote and fulfillment integration from direct carriers, e-mail presentations from agents and carriers, and one-on-one human contact with local agents. The online insurance provider also has...

Newsline Briefs.(Brief Article)
April 1, 2002... Mitchell International, San Diego, released an enhanced version of FirstEstimate, a Web-based estimating system for the automotive collision repair and claims industries. The new version, FirstEstimate 1.5, includes more features that enable...

Alliances.(Brief Article)
April 1, 2002... Newport Beach, Calif.-based eAgency Systems Inc., a wireless sales force automation provider, and Research in Motion Ltd., a mobile communications company based in Waterloo, Ont., are working together to jointly market the eAgency solution to...

The Ideal Union Of Strategy & IT: Insurance companies that strive to integrate corporate strategy and technology may learn a lesson or two from Northwestern Mutual's Deborah Beck.
April 1, 2002... Northwestern Mutual's IT philosophy is right out of Aesop's Fables. By applying the strategy of the tortoise and its slow and steady approach, this insurance giant with $92 billion in assets and annual revenues of $15.4 billion gets the most...

Becoming Fluent In XML: The use of Extensible Markup Language (XML) has carriers communicating with their business partners like they never could-or would-in the past.
April 1, 2002... The surety bond business has long been plagued by razor-thin profit margins, with many providers satisfied just to break even on the issuance of a new product. Most surety bond issuers therefore understand that success hinges on robust...

The EAI connection.(Enterprise Application Integration)(Brief Article)
April 1, 2002... Last year was viewed as a coming out party for Enterprise Application Integration (EAI)-related investments in the insurance industry. A larger coalition of carriers made a commitment in 2001 to identify the role that EAI-and within it...

XML's Early Adopters.(Bibliography)
April 1, 2002... (Carriers acknowledged by ACORD for implementing XML) ACUITY Allfinanz Inc. GE Financial Assurance Manulife Century Marsh Inc. MetLife Royal & SunAlliance Safety Insurance Co. The Hartford The St....

Internet Vulnerability.
April 1, 2002... Cyber crime is bleeding billions of dollars from businesses each year. How can insurers protect their digital assets and customer information from theft and corruption? The Internet has been around less than a decade, and already it has...

Cyber Coverage Spurs Security Growth.(Brief Article)
April 1, 2002... The hardened insurance market, costly incidents of cyber crime, and a new ISO Electronic Data Liability endorsement, which provides clear limitations for cyber risks under its Commercial General Liability standard-are all factors driving...

Ready Or Not, Here Comes HIPAA.(Health Insurance Portability and Accountability Act)
April 1, 2002... Health plans are in a crunch to remediate their operations and systems for compliance with all the provisions of the Health Insurance Portability and Accountability Act. When Congress passed the Health Insurance Portability and...

Web security factors into HIPAA efforts.(Health Insurance Portability and Accountability Act)(Brief Article)
April 1, 2002... Virtually no payers in a HIPAA readiness survey conducted in December by Gartner Inc., Stamford, Conn., indicated they had completed their selection of technology tools to comply with the Health Insurance Portability and Accountability Act. ...

eSecurity Is Not Just A Passing Fad.(Brief Article)
April 1, 2002... Security isn't a new topic in business. Many years ago, businesses were concerned primarily with physically securing information within their facilities. We managed our companies' critical information on a "need-to-know" basis-if you needed to...