California health insurance industry go head to head with regulators Aetna Life Insurance has raised the health insurance rates for small employers in the state of California this month. The company has plans to raise rates by an average of 8% for this sector each year. The plan has struck a chord with the state’s insurance regulators, with Insurance Commissioner Dave Jones accusing the company of being unreasonable. According to the state’s Department of Insurance, Aetna’s health insurance rates for small businesses will jump by more than 30% over the…
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California pushes for insurance exchange despite fate of Affordable Care Act
California health insurance news update California seems to be moving ahead with its plans to build a health insurance exchange despite the current controversy surrounding the Affordable Care Act. The federal health care law is currently awaiting ruling from the Supreme Court after lengthy and uncomfortable litigation last month. Speculation suggests that the Court may rule the law as unconstitutional, or at least a part of which, which means that states would no longer be required to build insurance exchanges. California lawmakers are well aware of the possibility that the…
Read MoreEarnix unveils new Product Manager Workbench for the American insurance marketplace
Insurance technology news Leading insurance and banking industry integrated customer and pricing analytics solutions provider, Earnix, has unveiled their latest offering in the form of the Earnix Product Manager Workbench module. This new product allows product and state managers from American insurers to bring together price elasticity models and decision processes for pricing. The predictive analytics functionality is easy to use, and any level user will be able to forecast the result of upcoming rate changes on key performance indicators (KPIs). This includes the written premium, retention, the conversion rate…
Read MoreConsumer Watchdog proposes new ballot initiative to curb health insurance rate hikes
California health insurance industry being eyeballed Consumer Watchdog, a non-profit advocacy group focused on the insurance industry, has proposed a new ballot initiative to the California Legislature that would put a stop on rising health insurance premiums. The organization claims that the state’s largest insurance companies have increased premiums by 20% since April 1, 2012. Consumer Watchdog suggests that these companies will raise rates a second time in May, and increase that will likely be 20% again. These higher rates have affected more than 1 million Californians, many of whom…
Read MoreDallas-Fort Worth tornadoes spur concerns of insurance premiums
Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…
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