Insurance Networking News: Executive Strategies for Technology Management articles from April 2004

Insurance Networking News: Executive Strategies for Technology Management archives from April 2004

Offshore Outsourcing Takes A Hit.
April 1, 2004... Nearly half of the top 200 U.S. insurance carriers are using offshore services, according to Celent Communications Inc., Boston. Among the carriers working with outsourcing firms that provide at least some offshore services are: Guardian Life,...

Sharing The Wealth.(knowledge sharing)
April 1, 2004... They say sharing is good, but try telling that to insurance executives overseeing individual business units. Actuaries, underwriters, sales and marketing executives and claims adjusters have long regarded their departmental knowledge as...

Getting To "Yes" With New Technology.(adapting technology application done for organizational change)
April 1, 2004... It's been said: People don't mind changing; they just don't like being changed. And that's a fundamental principle underlying the practice of organizational change management-a practice that can mean the difference between success and failure...

The Heart Of The Matter.(influence of outsourcing)
April 1, 2004... Writing this month's cover story was more challenging than usual. Few insurance executives wanted to talk about offshore outsourcing-at least not "on the record." That's because the topic is incredibly sensitive these days. "My staff...

Web Distribution: Online Customers Deserve More Respect.
April 1, 2004... If insurance carriers want their online shoppers to become online buyers, they need to give their customers more respect. That's a warning derived from recent analysis of 70 insurance Web sites that gave the insurance industry an average...

INN Focus.
April 1, 2004... The research: The Customer Respect Group, Bellevue, Wash., released its Winter 2004 analysis of 70 insurance Web sites. The results: Cincinnati Financial Corp.'s Web site received the highest Customer Respect Index of 9.6 out of a...

Calendar.(meetings)(Brief Article)(Calendar)
April 1, 2004... AAIS Annual Conference Sponsor: American Association of Insurance Services When: April 4-6 Where: Ritz-Carlton, Amelia Island, Fla. www.aaisonline.com Cat Modeling: Opening the Black Box Sponsor: Reinsurance Association of...

Credit Scoring: Data Insufficient To Determine Adverse Impact, Maryland Insurance Department Reports.
April 1, 2004... The credit-based insurance scoring controversy continues with the latest volley coming from the Maryland Insurance Administration (MIA). In January, MIA released a report indicating that the data it had collected in 2003 was insufficient to...

Industry Research: Web Portals Growing, But ROI Uncertain.(Return on Investment)
April 1, 2004... The personalized attributes of Web portals have generated appeal among a growing number of insurers. But while Web portals possess a great deal of upside, the return on investment (ROI) prospects that portals-as well as extranets - can deliver...

Product Previews.
April 1, 2004... Quick Start For Legacy Modernization SEEC Inc. a Pittsburgh-based provider of legacy modernization solutions for insurance, financial services and manufacturing has launched a new service called Discovery Quick Start. The service provides...

Online Insurance: Ebix, Quotesmith Plot Growth Strategies.
April 1, 2004... There was a time when Atlanta-based Ebix Inc. and Darien, Ill.-based Quotesmith.com could have been mistaken for one another, but not anymore. In two strategic acquisitions forged in February, Ebix Inc. continues its quest to emphasize its...

Business Alliances.(miscellaniuos)
April 1, 2004... Keane Acquires Nims Associates Keane Inc., a Boston-based business and information technology (IT) consulting firm, has completed the acquisition of Nims Associates Inc., an information technology and consulting services company with...

Contracts.(multiple)(Brief Article)
April 1, 2004... 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...

Executives Insights: Aligning IT And Business Strategy.(Brief Article)
April 1, 2004... It wasn't that long ago that most senior executives in the financial services industry approached technology as a necessary cost of doing business. However, tech-savvy executives now understand that technology is a crucial component of an...

Indiana Farm Bureau Discovers A Diamond In The Rough: Indiana Farm Bureau put itself on a path to better processing and customer service when it implemented legacy "wrapping" technology-a rapid, low-risk method to legacy integration.(Indiana Farm Bureau Insurance Co.)
April 1, 2004... Like many of its mid-size insurer counterparts, Indiana Farm Bureau Insurance Co. understands that overhauling legacy information systems is a costly proposition. As a result, the carrier continues to conduct business from multiple and...

INN Focus.(Brief Article)
April 1, 2004... The Challenge: Realizing that it was cost-prohibitive to embark on an overhaul of its legacy systems, Indiana Farm Bureau explored other ways to conduct business from multiple systems. The company needed to find a way to make the users of...

At A Glance.(Indiana Farm Bureau Insurance Co.)(Brief Article)
April 1, 2004... * Indiana Farm Bureau Insurance Co., Indianapolis * Net premium: $500 million annually. * Insurance lines: Personal and commercial insurance encompassing life, auto, farm and homeowners insurance. Copyright 2004 Thomson Media Inc....

Avoiding Unintended Consequences of Technology Change.(Hartford Technology Services Co.)(Brief Article)
April 1, 2004... Technology implementations don't occur in a vacuum. In fact, the payoff of most new applications-which includes more efficient workflow, less manual intervention, and higher productivity-almost always involves work process changes. "Let me...

Offshoring Good for the Future of U.S. Economy, Supporters Argue.
April 1, 2004... Statements made in February by Gregory Mankiw, chairman of the Council of Economic Advisors, ignited the already-brewing debate over offshore outsourcing. "The benefits from new forms of trade, such as in services, are no different from the...

Insurers Discuss The Merits Of Outsourcing.(Brief Article)
April 1, 2004... Outsourcing is a business strategy that many corporations have used for decades. Although not on the scale of their banking counterparts, insurance companies have adopted IT outsourcing as a means to support system maintenance, application...

e.Business Briefs: ACT Points To A Real-Time Revolution.(Agents Council for Technology)(Brief Article)
April 1, 2004... The momentum for more real-time functionality for agents is building, according to The Agents Council for Technology (ACT) in a report titled, "The Real-Time Revolution: Redefining How We Work." Specifically, the number of real-time inquiries...

e.Business Briefs: Pru Launches Wellness Site.(Prudential Financial Inc.)(Brief Article)
April 1, 2004... Newark, N.J.-based Prudential Financial Inc. has launched a Web site for group insurance clients that provides access to health and wellness information. The site, which is designed for client employers and their employees, contains details on...

La Suisse's Sales Efforts Are More Than 'Picture Perfect'.(Lausanne)(La Suisse insurance)
April 1, 2004... They say a picture's worth a thousand words. To insurers, producing a snapshot of their customers is worth more than that-it's priceless. Lausanne, Switzerland-based La Suisse Insurance, a provider of commercial and personal insurance...

e.Business Briefs: State Farm Gives Students "Common Cents".(State Farm Mutual Insurance Co. launched a new financial education website, www.statefarm.com)(Brief Article)
April 1, 2004... Bloomington, Ill.-based State Farm Mutual Insurance Co. unveiled a new financial education Web site for K-12 students to learn basic principles of financial responsibility and money management. With only a handful of states requiring students...

e.Business Briefs: Anthem Blues Launches RelayHealth Service.(Physician Health Partners)(Brief Article)
April 1, 2004... RelayHealth Corp., an Emeryville, Calif.-based provider of online doctor-patient communication services, and Anthem Blue Cross Blue Shield in Colorado have teamed to offer secure, online communication between Anthem's PPO and HMO members and...

e.Business Briefs: Web-based Risk Management Clearinghouse.(new services from Coppock Technologies Inc.)(Brief Article)
April 1, 2004... Coppock Technologies Inc., Orange Park, Fla., has launched a Web-based clearinghouse that provides risk managers with resources that can help them prevent and curtail fraud. The Risk Management Indexing System (RMIS) is the result of several...

e.Business Briefs: Digital Insurance Expands Services.(Digital Insurance Systems Corp. teamed up with OnlineBenefits Inc. to provide services)(Brief Article)
April 1, 2004... OnlineBenefits Inc., a Uniondale, N.Y.-based provider of Internet-based human resource solutions, and Atlanta-based Digital Insurance, have entered into a long-term strategic partnership to distribute Benergy, an Internet-based benefits...

e.Business Briefs: MetLife Adds Online Disability Calculator.(Metropolitan Life Insurance Co.)(Brief Article)
April 1, 2004... New York-based MetLife is providing a disability insurance calculator on the Web at www.metlifeiseasier.com/disabilitycalculator. The calculator is designed to help individuals understand the potential financial impact of losing their income in...

e.Business Briefs: Alaska National Signs On Pro Network.(Alaska National Insurance)(Brief Article)
April 1, 2004... Alaska National Insurance, Anchorage, has signed on as a subscriber to the The Insurance Professionals Network. It joins United Fire & Casualty Insurance, Farmers Insurance, Applied Underwriters, Washoe Health, United National Insurance, Sentry...

e.Business Briefs: HSB Provides InstantQuote.(Hartford Steam Boiler Inspection and Insurance Company )(Brief Article)
April 1, 2004... The Hartford Steam Boiler Inspection and Insurance Company (HSB) has launched HSB InstantQuote, an online tool that provides a way to quote and bind equipment breakdown coverage in as little as three minutes. HSB InstantQuote is designed to...

e.Business Briefs: Young Adults Willing To Buy Without Agents.(Brief Article)
April 1, 2004... Generation X and Y adults are more willing to purchase insurance from resources other than agents, according to a study released by Vertis, a Baltimore-based provider of targeted advertising, media and marketing services. The study, titled...

e.Business Briefs: E-Delivery Fails to Deliver, DALBAR Study Shows.(Brief Article)
April 1, 2004... While use of electronic delivery can replace billions of dollars spent on paper, printing and postage, the promise of these savings has been pursued with disappointing results, according to Toronto, Ont.-based DALBAR Inc. Over the last five...

e.Business Briefs: HSA Learning Center At eHealthInsurance.com.(Health Savings Account Learning Center )(Brief Article)
April 1, 2004... Sunnyvale, Calif.-based eHealthInsurance.com has unveiled the Health Savings Account (HSA) Learning Center on its Web site. In addition to providing information about HSAs, the site also enables consumers to apply for and buy HSA-eligible...

e.Business Briefs: Compliance Organization Revamps Its Web Site.(Association of Insurance Compliance Professionals )(Brief Article)
April 1, 2004... The Association of Insurance Compliance Professionals (AICP) has redesigned its Web site at www.aicp.net to improve navigation and search capabilities, and add e-mail tracking and an online membership directory. Reston, Va.-based AICP serves...

Knowledge Management Supports Sales.
April 1, 2004... Aside from underwriting, knowledge management is being applied to both the claims and acquisition segments of insurance. Regarding the latter, it's no secret that to thrive, sales reps regularly need to analyze reams of marketing and sales data...

Index Of Advertisers.(Brief Article)
April 1, 2004... (part 1 of 2) Advertiser ACORD LOMA APU CGI Fiserv IASA IBM Corporation Insurance Info. Exchange ISO Mastercard International Microsoft Server Systems Microsoft Windows Client ...

Assurance For The Insurer: The key to profitability lies in spending intelligently and making the best use of available resources.
April 1, 2004... When economic times are tough, executives turn their focus to increasing revenues and reducing costs. It's easy to say, but executing this simple idea can prove much more difficult, especially in the insurance industry. The events of Sept....

Technology Creates Value in Claims Processing.
April 1, 2004... Claims is a core insurance function. After a policy is issued, the value of the insurance product for the policyholder largely depends on the insurer's ability to settle a claim promptly and fairly. Correspondingly for the insurer, its skills...

Case Study: Progressive Powers Unique Auto Claims Strategy with Technology.
April 1, 2004... The nation's third largest automobile insurer is pioneering a one-stop vehicle repair service that's earning accolades. The Progressive group of insurance companies is applying home-grown and purchased information technology to manage the...

Progressive Group of Insurance Companies At-A-Glance.(Brief Article)
April 1, 2004... Headquarters: Mayfield Village, Ohio Premiums Earned: $10 billion in 2003 Number of Employees: 23,000 Number and Type of Agents: More than 30,000 authorized independent agencies Major Business Lines: Auto, motorcycle,...

Pilot programs.(Progressive Insurance Co. automobile repair one-stop claims)
April 1, 2004... Progressive piloted the one-stop automobile repair claims program in seven markets-starting in 1999-before it announced its limited national rollout on April 8, 2003. Pilot programs were run in Cleveland, Philadelphia, Pittsburgh, Virginia...

Here's How the One-Stop Claims Service Works.(Progressive Insurance Co.)(Brief Article)
April 1, 2004... * The customer calls 1-800-Progressive to report the claim any time of the day or night and brings the vehicle to the center. * At the claims center, the customer drops off the car, picks up a rental vehicle and a text pager and leaves. ...

Case Study: Scanning Technology Helps OneBeacon Discover The Light: The Massachusetts claims office of OneBeacon Insurance Group LLC has virtually eliminated the need for manually entering first-notice-of-loss data received from its independent agents by fax. The recently installed fax scanning technology has reduced clerical costs by 50%, improved customer service and enhanced agent relationships.
April 1, 2004... Robert D. Woods Jr. needed a faster, more efficient and less costly process for getting first-notice-of-loss data received from independent agents entered into his high-tech claims processing IT system. So when he saw a presentation...

OneBeacon Insurance Group LLC At-A-Glance.(Brief Article)
April 1, 2004... Headquarters: Boston, Mass. Total Written Premium: $2 billion in 2003 Written Premium for the Massachusetts Claims Office: $220 million in 2003 Total OneBeacon Employment: 4,000 Total OneBeacon Agents: 1,000 independent agents...

Industry Speaks: We asked leading insurance product and services providers about ways to improve and streamline claims processing while reducing associated costs. Their compelling answers are below and on the following pages.
April 1, 2004... INN: With approximately 80% of premium dollars going towards losses and loss adjustment expenses, what should carriers do to reduce expenses associated with claims processing? Tim Helton, ImageNow: Invest in solutions that directly impact...

Case Study: Co-Developed Wireless Technology Shrinks Cycle Time for Ohio Casualty: With the help of two Web-based software applications, Ohio Casualty Group now processes major auto collision claims at least 50% faster. The expense savings in so-called "soft costs" like towing, storage, and care rental now flow to the corporate bottom line.
April 1, 2004... Cycle time reduction is the name of the claims handling game and Ohio Casualty Group is tapping into innovative applications of wireless technology to create a winning business strategy. Each day the Fairfield, Ohio-based property/casualty...

Ohio Casualty Group At-A-Glance.(Brief Article)
April 1, 2004... Headquarters: Fairfield, Ohio Annual Written Premium: $1.4 billion in 2003 Number of Employees: 2,600 Number and Type of Agents: Independent agents sell its products from about 3,300 agencies nationwide. Major Business Lines:...

Company List.(Directory)
April 1, 2004... CCC Information Services Inc. 444 Merchandise Mart Chicago, IL 60654 800-523-8924 www.cccis.com CCC Information Services Inc. is a leading supplier of advanced software, communications systems, Internet and wireless-enabled...