Insurance Networking News: Executive Strategies for Technology Management articles from July 2005

Insurance Networking News: Executive Strategies for Technology Management archives from July 2005

Carriers Build Bridges To Better Serve Agents.
July 1, 2005... Speed to market is a hot topic in the insurance industry. According to recent research from Stamford, Conn.-based Gartner Inc., 79% of life insurers and 86% of property/casualty insurers are investing in new technologies for product...

SEC, NAIC Assess Guidelines for SOX Compliance.(National Association of Insurance Commissioners; Sarbanes-Oxley act)
July 1, 2005... Over the past three years, publicly held companies in the insurance industry have become painfully familiar with the stringent requirements of the Sarbanes-Oxley (SOX) corporate governance law. A senior-level executive with Chicago-based...

Making the (Business) Case for Technology.(Mobilizing technology in insurance industry)
July 1, 2005... Our readers have told us that their operational silos of the past have been replaced with a demand for a holistic, collaborative, unified approach to using technology to solve business problems. This approach has its roots in the countless...

Transparency, Consistency, and Business Buy-in Keys to Survival.
July 1, 2005... More than 2,000 conference attendees and exhibitors who gathered for the ACORD-LOMA Insurance Systems Forum, held May 22-24 in Orlando, were exposed to three ideas that echoed throughout the general session, breakout sessions and exhibit hall:...

Vendors: Getting to One System Often a Myth.(policy administration software of insurance industry)
July 1, 2005... If the leading policy administration software executives were a bit surprised to see a standing-room-only crowd at their ACORD-LOMA Insurance Systems Forum session in Orlando on May 23, it's because they had yet to see results of a general...

Business Side Still Largely in the Dark.(Agent-Company Organization for Research and Development (insurance industry))
July 1, 2005... The good news coming out of the ACORD-LOMA Insur-ance Systems Forum, held May 22-24 in Orlando, Fla., is: The role of standards is strong and growing for top-ranking carriers. The not-so-good news is: For many other carriers, it's still a...

Audience Poll Sheds Light on Need for IT, Business Alignment.
July 1, 2005... The majority of carriers have a "good" relationship between IT and the business, have become more collaborative in their IT budget process, have improved internal controls as a result of the demand for transparency, and are seeing a stronger...

ACORD-LOMA Survey Results.(Brief Article)
July 1, 2005... How would you describe the relationship between IT and the business groups in your firm? Excellent 14% Very good 1 Good 38 Not good 12 Poor 5 Which area gets the most...

Managing Change Requires Diligence, Homework and a Systematic Approach to the CEO's Office.
July 1, 2005... When politicking for change, there's likely to be a few stumbles along the way. But an organized approach that includes consistent communication with all parties involved should help you stay on the path to getting business buy-in. That...

Core Systems Are Top Priority.(Brief Article)
July 1, 2005... In software buys that have risen fairly steadily over the past eight quarters, core systems appear to be carriers' priority, according to a report released by Celent Communications Inc., Boston. Celent's goal in conducting its research,...

ACT grasps the possibilities for agents.(Agents Council for Technology)(Brief Article)
July 1, 2005... To the Agents Council for Technology (ACT), anything is possible. "We want to do everything we can to accelerate agent, carrier, and vendor implementation of money-saving technologies," says Jeffrey Yates, executive director for ACT, which...

Distribution Challenges to Intensify.(Brief Article)
July 1, 2005... A survey of life insurance CFOs conducted by the Tillinghast division of Towers Perrin revealed that significant changes in insurance distribution are likely. In March, the Stamford, Conn.-based services firm asked more than 70 executives...

Products.(insurance software applications)
July 1, 2005... ACORD STANDARDS ROI TOOLS To help members better analyze and report their returns on standards investments, ACORD released a set of Return on Investment (ROI) analysis tools. Through the tools, members can examine and report, in numbers...

Underwriting Scrutiny: Over the past several years, carriers have tightened their underwriting standards to more carefully select and price risk. Will this discipline continue in a soft market?
July 1, 2005... Think back to 1978. Pete Rose of the Cincinnati Reds had his 3,000th major league hit. The first test tube baby was born. Poland's Karol Wojtyla became Pope John Paul II. Nearly 1,000 people committed suicide in Jonestown, Guyana. And Egypt and...

Two primary trends are emerging that are impacting the state of underwriting in the P&C market.
July 1, 2005... The first is the drive to reduce complexity. New technology is simplifying systems and reducing the amount of manual document-handling between carriers and agents. The second trend is an increased use of data-driven decision-making for more...

An End-to-End Legacy Replacement: Rural Mutual's three-year system conversion project holds promise for agents to improve customer service.
July 1, 2005... Madison, Wis.-based Rural Mutual Insurance Company can be counted among the many insurers that have witnessed, over the past few years, the changing needs of both personal and commercial insurance buyers. More than three years ago, Rural...

At-A-Glance: Rural Mutual Insurance Co.(Brief Article)(Company Profile)
July 1, 2005... Headquarters: Madison, Wis. No. of employees: 160 No. of career agents: 160 Annual written premium: $138 million Personal lines: Personal, automobile, homeowners, renters, umbrella Liability, health, disability, long-term care...

Business Alliances.(alliance between MapInfo Corp. and International Business Machines Corp.)(distribution agreement between Gordian Transformation Partners and Fuego Inc.)(Lawson Software acquires Intentia International AB)
July 1, 2005... MAPINFO TO WORK WITH IBM TO DEVELOP WEB-BASED SOLUTIONS MapInfo Corp., a Troy Mich., provider of location intelligence solutions, announced that it has met the industry-optimized criteria in IBM's PartnerWorld Industry Networks. As a...

Contracts.(Contracts of insurance information technology companies)
July 1, 2005... 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 News magazine at (312) 913-1366 or by...

Online Site Gets Top Price for Insurers' Steel Claims: Dubbed the "eBay for steel," SteelSalvor minimizes losses for marine and commercial insurers when they're left with rejected steel cargo.(SteelSalvor LLC)
July 1, 2005... If the Norwegian luxury cruise ship that was struck by a 70-foot wave in mid-April had been carrying steel instead of people, the carrier insuring the ship's cargo would have been hit with a 25,000-ton claim. That's according to Scott...

e.Business Briefs.(MassMutual Retirement Services enhances service through online)(MetLife Benefits Portal has added online employee benefits)(United Teacher Associates Insurance Co launches medicare services)(Brief Article)
July 1, 2005... MassMutual Adds ERISA Advisory Tab To help plan sponsors stay apprised of fiduciary obligations and minimize their fiduciary liability, MassMutual Retirement Services, Springfield, Mass., has added a new ERISA Advisory tab to its Total...

Web Services: Hype or True Value?: The dream of universal connectivity of insurance systems, both internal and external, has evolved.
July 1, 2005... There's probably been more discussion about Web services than any other technology topic in the trade magazines lately. And the debate abides: Is it hype, or will Web services truly add business value to the insurance industry? It isn't...