Insurance Networking News: Executive Strategies for Technology Management articles from April 2003

Insurance Networking News: Executive Strategies for Technology Management archives from April 2003

Let's Make A Deal.(the use of outsourcing)
April 1, 2003... It may sound too good to be true: An outsourcing provider promises to take over a business process that consumes a lot of your company's resources. What's more, the outsourcing company claims it will perform the work more efficiently and at...

Auto Alerts Prod Policyholders.(Electric Insurance Co.)
April 1, 2003... As a direct writer of homeowners and automobile insurance, Electric Insurance Co. doesn't rely on a network of independent agents to regularly interact with policyholders. Instead, Electric's call center agents interact with customers for...

Double Indemnity.(Cincinnati Equitable Insurance Co.)
April 1, 2003... At Cincinnati Equitable, Web services have opened up new avenues of connectivity. Agents can now access rating applications housed within the Cincinnati-based carrier's Windows-based servers to look up territory and verify policy status. ...

IT Themes Are Changing.(information technology)
April 1, 2003... One of the more interesting aspects of attending insurance industry trade shows is to listen to the themes that software vendors are stressing to carrier executives. Software companies insist they listen to customers to better understand their...

Industry Research: Help For Insurance Execs Stymied By Packaged Solutions.
April 1, 2003... In an effort to reduce internal IT costs, more insurers are considering buying packaged software-as opposed to building customized applications. However, many executives in the industry-those evaluating packaged software solutions-may not...

Insurance Fraud: With So Many Cheaters, Can Carriers Cope?
April 1, 2003... The typical profile of a perpetrator of fraud has been that of trained con artist who plans his or her scheme in a calculated fashion. But a new study depicts insurance fraud not only as a sophisticated ring carried out by professionals but as...

Insurers Take Aim At Asbestos Liability.
April 1, 2003... As concerns over asbestos liability continue to mount, industry observers say carriers need to find solutions to manage the risk-other than just throwing money at it. Insurance Services Office Inc. (ISO) estimates that newly incurred...

Calendar.
April 1, 2003... Insurance Fraud Management Conference Sponsor: Insurance Services Office Inc. When: March 30-April 2 Where: Renaissance Harborplace, Baltimore www.iso.com 2003 National Legislative Conference Sponsor: Independent...

Regulatory Issues: NAIC Seeks Standards To Support Regulatory System Interoperability.
April 1, 2003... With technology playing an increasingly important role in the modernization and standardization of the 50-state system of insurance regulation, officials from the National Association of Insurance Commissioners have decided the time is ripe for...

In Focus.(Brief Article)
April 1, 2003... The problem: Detecting fraud is becoming more difficult. Nearly one in four U.S. adults says that overstating the value of claims to insurance companies is acceptable. The solution: Some carriers are implementing Web-based...

In Focus.(Brief Article)
April 1, 2003... The problem: Asbestos claims are coming out of the woodwork as plaintiffs attempt to score significant claims settlements from manufacturers and their insurance companies for exposure to asbestos. Potential solution: Asbestos...

Product Previews.
April 1, 2003... POLICY AND UNDERWRITING Bermuda-based Accenture has launched two new component-based solutions for insurers. Accenture Insurance Solution is a multichannel, multilanguage software platform that insurers can use to help manage all types of...

20 Questions To Ask Your Vendor.
April 1, 2003... 1. How will this product solve my specific business problem? 2. Will this product support my future plans? 3. Which insurance products is your solution specifically designed to support? 4. Can we see a simple functionality...

Contracts.
April 1, 2003... 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...

Business Alliances.
April 1, 2003... Agency System Integrates With Rating Services XDimensional Technologies Inc., a Brea, Calif.-based developer of Nexsure, a Web-based agency management system based on the Microsoft .NET platform, has negotiated an agreement with Fiserv FSC...

Packaged Claims Solutions: Carriers Weigh Build vs. Buy Option.(Brief Article)
April 1, 2003... Insurers' desire to reduce costs, increase operational efficiency and optimize investments in customer relationship management (CRM) are driving their decisions to invest in state-of-the-art claims processing systems that include functionality...

Allstate Saves Millions With Six Sigma: Introduced in the 1980s, this popular quality management method is improving operations at Allstate.
April 1, 2003... When GE Capital announced to the world that it had saved $400 million in 1999 by applying six sigma principles throughout its organization, Marla Friedman listened. Then, as senior vice president of operations at Allstate Financial, she...

Allstate's Six Sigma Toolkit.(Brief Article)
April 1, 2003... In the analysis stage of each six sigma project, the company uses statistical analysis software from Minitab Inc., State College, Pa. "We find it useful for everything from basic pareto charts to more complex regressions and multivariate...

Allstate Financial uses this popular staged method-called DMAIC-to guide its six sigma process improvement projects.(Brief Article)
April 1, 2003... Allstate Financial uses this popular staged method-called DMAIC-to guide its six sigma process improvement projects. * Define: What is the problem? * Measure: How extensive is the problem? * Analyze: What is causing the problem?...

Security Benefit Group Solves Annuity Administration Problems: Technology helps Security Benefit slash the time it takes to develop and launch new products-and cut costs in the process.
April 1, 2003... When it mapped out a "scorecard" listing of requirements for a new annuity administration system in early 2000, Security Benefit Group Inc. was living in the green eye-shade era of COBOL, two mainframes and "bolt-on" systems. To make...

In Focus.(Brief Article)
April 1, 2003... * Case study: Security Benefit Group * At issue: Security Benefit's outdated mainframes added time and cost to developing and launching new annuity products. * The Solution: NaviSys Inc.'s Home Office * The benefits:...

Benefits of a Single Platform.(Brief Article)
April 1, 2003... When Security Benefit Group's senior executives began looking for a new policy administration system in early 2000, the Topeka, Kan.-based carrier wanted to replace its twin mainframe systems with one platform and eliminate all or most its...

Project Management Ensures Success.(Brief Article)
April 1, 2003... The most important aspect of getting the back-office policy administration system up and running in eight months-without delays, excuses and empty promises-was a project protocol that Security Benefit Group followed. "The piece that made...

It's In The Cards: Amica Mutual and The Hartford use stored-value cards to get money quickly into policyholders' hands.
April 1, 2003... The term "insurance card" is often equated with health insurance coverage, but a small and growing legion of insurers are issuing plastic to policyholders for more than just a doctor visit. Property and casualty insurers are finding...

Sun Life Issues Cards for Kids.(Brief Article)
April 1, 2003... In a unique twist on insurance-sponsored credit/debit card programs, Toronto-based Sun Life Financial is going above and beyond the call of duty as a financial services provider by offering the first national medical-emergency identification...

Stored-Value Cards.(Brief Article)
April 1, 2003... Advantages: * Convenience to customers: A claims adjuster can perform on-the-spot issuance of cards once assessing overall damage to a home. * User flexibility: A Visa-branded ClaimsCard is accepted at far more locations than personal...

Advice From the Trenches.(Brief Article)
April 1, 2003... If you're considering business process outsourcing, here are tips from the experts. * Determine your core competencies. What is your competitive advantage in the marketplace? What sells policies? What brings in revenue? Consider...

BPO Providers.(Brief Article)
April 1, 2003... Accenture www.accenture.com The Bisys Group www.bisys.com CGI Group Inc. www.cgi.com Computer Sciences Corp. (CSC) www.csc.com Electronic Data Systems (EDS) www.eds.com Exult Inc. www.exult.net Fiserv Inc....

J2EE Leads, But .NET to Close Gap in Next Year.(Brief Article)
April 1, 2003... A recent survey from Evans Data Corp. Santa Cruz, Calif., found that Web services adoption plans are widespread across all industries, including insurance. The survey found that 100% of industry IT executives planning to work with the...

St. Paul In Small Business.(Brief Article)
April 1, 2003... The St. Paul Cos. has unveiled a new platform aimed at growing the company's business with small commercial enterprises. The centerpiece of the St. Paul, Minn.-based carrier's initiative is a new technology platform called SPCXpress. The...

Hartford Offers Global Info.(Brief Article)
April 1, 2003... Through its sponsorship of the International Trade Data Network (ITDN), The Hartford Financial Services Group, Hartford, Conn., is providing its agents and customers free access to the "Members Only" section of the ITDN's Web site at...

Real-Time Inquiry Lags.(Brief Article)
April 1, 2003... Carriers are implementing real-time access for agents, but agents appear slow to take advantage of it. That's a conclusion of recent AUGIE and ACT meetings. Suspecting that many agencies do not comprehend the benefits of real-time access, Pearl...

Online Pharmacy Sales Grow 51% In 2002.(Brief Article)
April 1, 2003... Medcohealth.com, a Franklin Lakes, N.J.-based online pharmacy has reached $1.4 billion in sales in 2002, representing a 51% growth in its online business over 2001. The company's strategy is designed to streamline the management and delivery...

Farmers Signs On To Find Professionals.(Brief Article)
April 1, 2003... Farmers Insurance Co. has subscribed to the Web site, www.insurance-pros.net, enabling the Los Angeles-based carrier to search for insurance professionals to fill critical positions. In addition, Farmers can link its Web site to The Insurance...

Oregon Blues Debuts Online Shopping.(Brief Article)
April 1, 2003... Portland, Oreg.-based Regence Blue Cross Blue Shield of Oregon launched an online insurance shopping site for Oregonians who need insurance. The shopping link is available through the company's Web site, www.or.regence.com. It enables consumers...

InsuranceNoodle Signs 3,500th Agency.(Brief Article)
April 1, 2003... Chicago-based InsuranceNoodle has signed its 3,500th "NoodleNetwork" insurance agency partner to quote and bind small-business insurance online. The e-broker's proprietary, Web-based agency technology enables its partners to write and service...

eReinsure Secures $5 Million In Capital.(Brief Article)
April 1, 2003... EReinsure, a New York and London-based provider of e-commerce technology to the insurance and reinsurance industries, has received a $5 million investment from Century Capital Partners III LP, a Boston-based investment fund managed by Century...

Travelers And Rackley Create Integration Bridge.
April 1, 2003... Rackley Systems, Inc., a Pulaski, Tenn.-based supplier of software to the insurance industry, has formed an integration relationship with Travelers Property Casualty, Hartford, Conn. Rackley for Windows Personal Auto rating now has an AL3...

Encompass Pilots Commission Download System.
April 1, 2003... Chicago-based Encompass Insurance is piloting a commission download system that will automatically post billing and commission information in an agency's management system. Encompass' technology team began working with agency management...

Consumer Still Rely On Internet For Product Info.
April 1, 2003... U.S. consumers seeking personal finance products and services flocked to the Internet in record numbers last year to discover what is available, compare rates and make brand decisions, according to The Dieringer Research Group, a...

Online Training Added To FFIC's iCustomer Series.
April 1, 2003... Syntrio Inc., a San Francisco-based provider of online training solutions, has launched the Online Training & Tracking Center, a portal that offers Web-based risk management training solutions to middle market business customers of Fireman's...

e-Claims Boasts 96% Asbestos Claim Accuracy.
April 1, 2003... Claims Resolution Management Corp., a Fairfax, Va.-based firm specializing in claims resolution, reports that users of e-Claims, an interactive, Web-based claims filing, processing and payment system for trusts, law firms and companies handling...

NY Life Launches Spanish-Language Site.
April 1, 2003... New York Life Insurance Co., New York, launched a Web site at www.newyorklifeenespanol.com to help visitors, policyholders and agents find information about company products and services in the Spanish language. Users can access an education...

In Focus.
April 1, 2003... Case study: Electric Insurance Co. At Issue: As a direct writer of homeowners and automobile insurance, Electric does not have an independent or captive agent force to act as a conduit to customers. Action: In mid-2001...

Alert Categories.
April 1, 2003... * Welcoming new customers. * Notifying prospective customers that a signature or form is missing from their application. * Notifying policyholders that their claims checks are in the mail. * Informing policyholders that their...

Creating A New Kind Of Company.
April 1, 2003... Insurance companies have a unique set of challenges to overcome in creating efficient operations. Because of increased competition, insurers are being forced to narrow their focus to the core competencies at which they excel. At the same time,...

IT Crisis Could Be A Disguised Opportunity.
April 1, 2003... The insurance industry is facing a seemingly insurmountable challenge: The leading companies need to invest in new technology simply to keep pace with escalating customer claims. But the cost of replacing policy administration, claims,...