The Computer Sciences Corporation (CSC) has announced that it has created an Insurance Cybersecurity Advisory Council to assist in the creation of technology strategies and best practices for property and casualty insurers, life insurance companies, and annuity providers, so that they can more effectively control their risk of cyber attacks. This new Council is made up of IT and business executives from a wide range of different insurance companies and will work with the CSC in the promotion of awareness of the issue, and to help to educate the industry…
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Consumer Agent Portal announces new online resource to connect independent agents with consumers
As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…
Read MoreIndependent agents in Florida decry new contract between property insurers
Florida’s independent insurance agents have voiced their concern regarding one of Florida’s largest property insurers taking over thousands of policies from a now defunct competitor. Agents are worried that the move may cost them dearly in the form of client exodus. Homeowners Choice Insurance, a subsidiary of Homeowners Choice Property and Casualty Insurance, has taken on more than 70,000 policies from HomeWise Insurance. While agents have witnessed such happenings in the past, there is a provision in the contract between HomeWise and Homeowners Choice that could put agents’ livelihoods in…
Read MoreIndiana’s request for exemption from the medical loss ratio rule is denied
Earlier in the year, Indiana’s Department of Insurance submitted an official request to the federal government seeking to free the state’s insurance companies from the medical loss ratio requirement of the Affordable Care Act. The health care law dictates that all insurers should spend no less than 80% of the money they collect on premiums on improving medical care. According to the law, if companies fail to meet the requirement, they must return the money to consumers. Indiana’s request for an exemption from the rule has been denied by the…
Read MoreInsurance agents and carriers bring their mobiles with them everywhere
A study conducted by FirstBest Systems, Inc. has shown that the majority of insurance agents and carriers either want or already use a tablet computer, and that virtually all of them have a minimum of one smartphone, and that they all want to have convenient information access, to be able to be able to perform tasks of a time sensitive nature quickly and easily, and to offer superior service no matter where they are or what time it is. FirstBest performed the Mobile Technology for Insurance Survey while taking part…
Read MoreInsurance agents advised to create customer contact with social media tools
Social media and mobile commerce are becoming increasingly popular among business owners and insurance agents are being advised not to miss the lesson that has been learned by more than half of all business owners already. According to a survey called SB Authority Market Sentiment Survey, performed by Newtek Business Services, The Small Business Authority, which has more than 100,000 business accounts in its portfolio – 2,200 of which were polled – 57 percent of business owners are already working to bring in new customers through the use of social…
Read MoreInsurance Technologies LLC receives Most Compelling Case Study Award for the year
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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