Report shows that more insurers are looking to automate their underwriting process

Strategy Meets Action (SMA), a research and consultancy firm serving the insurance industry, has released a new report concerning underwriting practices in the industry. The report, “Underwriting Automation: Insurer Plans and Trends,” notes that insurance companies are making a move to completely automate their underwriting process. The report draws upon data collected by SMA from 144 insurance professionals throughout the industry. This trend may be a result of insurers being unable to meet underwriting goals due to flaws in their systems. Of those participating in the survey, 21% claimed that…

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Gender gap continues to play an important role in health insurance premiums

According to the latest research issued in a report by the research and advocacy group, the National Women’s Law Center, women continue to pay higher premiums than men for the same health coverage. In 2014, when the new healthcare laws are fully implemented, the discrepancy between what men and women will pay for health insurance will cease, but at the moment, many states continue to see significant gaps between the premiums of men and women without any indication that the insurers intend to shrink them. The report will become available…

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Hartford Financial Services Group to focus on P&C insurance and group benefits

Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…

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New report identifies online and mobile industry trends in insurance for BRIC countries

A new report has just been released that has provided an in-depth analysis of the adoption of online and mobile commerce strategies by insurance companies in BRIC countries. The report is entitled “Online Strategies of Banking and Insurance Companies in the BRIC Countries”. It provides insight into the latest insurance industry trends in China, India, Brazil, and Russia. What it found was that the industry in those countries are adopting social media as a part of their online and mobile commerce marketing tools. It also looked into the drivers and…

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International Monetary Fund claims global economy is improving due to international cooperation

The global economy is showing significant signs of improvement, according to International Monetary Fund (IMF) Director Christine Lagarde. Lagarde traveled to Beijing this week to discuss the economic improvements that are being seen all over the world. Much of the improvements come from bold moves made in the insurance industry as a way to remedy the European financial crisis. With the help of insurers and reinsurers, the European Union was able to conduct the largest debt restructure in history and pull Greece from the brink of economic calamity. Lagarde notes…

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Commercial Insurance Expert John Elbl Appointed Vice President in AIR Worldwide’s Business Development Group

BOSTON, March 20, 2012 – AIR Worldwide (AIR) today announced that John Elbl has been appointed vice president in AIR’s Business Development Group. He joins AIR after 13 years with Zurich Insurance Company, most recently as global head of catastrophe modeling. In his new role, Elbl will assist with service and support for AIR’s commercial insurer clients, as well as aid in developing AIR software and models to better meet the needs of commercial insurers. “John brings extensive experience working with companies to interpret analysis results, optimize modeling workflows, and…

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Insurance payout judgment faces another delay

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…

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