Financial services industry sales automation solutions provider, Insurance Technologies LLC, has received the award for the Most Compelling Case Study in 2011, the ACORD Award. The recipient of the award was announced in Fort Lauderdale, Florida, at the ACORD Implementation Forum conference. Insurance Technologies received the award in recognition of the role it has played in standardizing eLabels – that is, tag values and instances – for any document which can be filled throughout a transaction with ACORD. Every year, the member partners of ACORD who have shown innovative development…
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Florida coalition of businesses and residents looks to stop auto insurance fraud
With auto insurance fraud becoming a major concern in Florida, a number of law enforcement agencies, business associations and state resident groups have come together to form the Gear Up Florida coalition. The coalition aims to combat fraud in the state and help protect consumers from the havoc it can cause on their finances. Insurance prices in Florida have been rising due to staged car accidents in recent years. The coalition believes that the primary cause of this lies in the state’s no-fault auto insurance laws. Though insurers often get…
Read MoreInsurance executives concerned for the future of the insurance sector, says KPGM report
Optimism for the business conditions for the insurance industry in the U.S. is beginning to expire, according to a new report from KPGM, an audit, tax and advisory firm. The report shows that many of the nation’s highest ranking insurance executives are growing pessimistic of the conditions governing the insurance sector. These executives claim that conditions are worse now than they were a year ago and may gradually grow worse as the global economy shows signs of ailing. One of the major challenges facing the industry, notes KPGM, is the…
Read MoreU.S. appeals court to rule on a law concerning insurance payments for the heirs of the Armenian genocide
The 9th U.S. Circuit Court of Appeals in California has taken a controversial stance on the matter of the Armenian genocide in Turkey which may conflict with U.S. foreign policy. The issue concerns a state law which declares that heirs of those killed by the Turkish Ottoman Empire are due life insurance payments from three of Germany’s largest insurance organizations. The court first levied a tentative ruling on the matter in 2009, where judges ruled in favor of the German insurers. Now, however, the judges have ruled to rehear the…
Read MoreHealth insurers eye climate change as a major concern for the future
Climate change is often a controversial issue, especially when the federal government is concerned. The insurance industry, however, is beginning to take the matter more seriously, as a new report shows that purely environmental factors may be causing the high costs seen in the health care system. The report comes from the Natural Resources Defense Council, an international environmental advocacy group based in New York. The report suggests that natural disasters that have struck the U.S. in the past decade may be having a significant impact on the health of…
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