Live Insurance News

Insurance industry is turning to software solutions to continue adapting to changing market

May 16, 2014May 14, 2014 S.Vagus

Berkshire Hathaway to make use of new cloud-based software solution from Accenture Berkshire Hathaway Specialty Insurance has announced that it has accepted an offer from Accenture, a technology services firm, regarding the use of cloud-based property and casualty software. The software will be delivered through the Accenture Cloud Platform and will allow Berkshire Hathaway to consolidate and streamline its business processes. This is expected to enhance the insurer’s efficiency and help reduce operating costs to some degree. Cloud-based technologies and services are becoming more popular throughout the insurance industry. The…

E-cigarettes are causing insurance confusion

May 12, 2014May 10, 2014 Julie Campbell

Now that the FDA plans to regulate the devices like their tobacco alternatives, insurers are facing complications. The Affordable Care Act has allowed health insurance companies to charge premiums that are up to 50 percent higher to smokers and other tobacco users than they would to nonsmokers, but the introduction of e-cigarettes into the marketplace have started to make rates calculations a little bit less clear for those insurers. These battery operated devices have some of the properties of their tobacco based counterparts, but not others. Therefore, when it comes…

Insurance CEOs are getting paid more in wake of health care reform

May 9, 2014May 6, 2014 Marc

Insurance executives may be the ones benefiting most from the Affordable Care Act Chief executive officers from some of the largest health insurance companies in the U.S. have seen their pay skyrocket recently. The steep increase in pay CEOs have been seeing is, somewhat ironically, due to the Affordable Care Act. This is ironic because the insurance companies benefiting from this trend have actually been quite outspoken with their opposition of the federal health care reform law. This issue may go a long way in highlighting just how important political…

Homeowners insurance rates in Kansas are on the rise

May 7, 2014May 5, 2014 Marc

Insurance is growing more costly due to natural disasters in the past Kansas homeowners insurance rates are on the rise and it may be because of storms in the past. In 2011, the state suffered the most financial damaging storm season it has ever seen. An outbreak of tornadoes and hundreds of hailstorms punished Kansas, causing an estimated $1.1 billion in insured losses. The majority of these losses came from damage to homes and properties and 2011 accounted for the costliest financial blow that the state’s insurance sector had ever…

Insurance industry is being pushed to use the cloud

May 5, 2014May 3, 2014 G. Turner

mobile cloud insurance technology industry

The rapid evolution of technology is pressuring insurers to consider new forms of data storage. Many businesses, including those within the insurance industry, are now finding themselves in a position in which they are being required to make important decisions regarding their current data storage processes, and those that would allow them to remain compliant, requiring them to use the cloud. This is proving to be a challenging and potentially costly switch, and many companies have been resisting. The insurance industry is well aware of the potential benefits of moving…