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Claims transaction times cut by 40 percent at Lloyd’s
By ILSTV Staff on Jul 14, 2011 in International Insurance
Average claims transaction time drops from 25 days to 15 days
Tag: "Casualty"
Casualty Claim Handling Tech – The Mechanics of Statement Taking | A RIMS CourseCast | November 16, 2010
By ILSTV Staff on Nov 15, 2010 in Company News
The Risk and Insurance Management Society (RIMS) is holding a CourseCast on Tuesday, November 16 from 1:00 – 2:30 PM (EST). Description: Review the types of statements taken by investigators and explore how to preserve factual and critical evidence through proper statement-taking. This program will also explore the ordinary v. expert status of witness testimony, and how [...]
FSCO issues guideline for reporting arbitration decisions
By ILSTV Staff on Oct 25, 2010 in Canadian Insurance
The Financial Services Commission of Ontario (FSCO) has issued a bulletin that addresses the process that an insurer must follow when it makes public an arbitrator’s decision regarding benefits in the company’s dispute with another insurer. With this Bulletin, the Financial Services Commission of Ontario (FSCO) is outlining the process for remitting private arbitration decisions [...]
ACE reports Q2 net income of $677 million, up 27 percent
By ILSTV Staff on Aug 13, 2010 in Financial Reports
ACE Limited has reported net income for the quarter ended June 30, 2010, of $1.98 per share, compared with $1.58 per share for the same quarter last year. Income excluding net realized gains (losses) was $2.01 per share, compared with $2.09 per share for the same quarter last year. Book value increased $774 million during [...]
Top 10 insurance company compliance issues
By ILSTV Staff on Jul 23, 2010 in Trends
Wolters Kluwer Financial Services has released its annual lists of the top 10 reasons insurance companies are found to be out of compliance during market conduct examinations. The categories with the most criticisms comprise the top 10 lists for property and casualty, and life and health insurance. The company’s Insurance compliance business reviewed and analyzed [...]
Insurers lack confidence in billing systems
By ILSTV Staff on Jul 19, 2010 in Trends
Property/casualty carriers surveyed overwhelmingly believe that billing impacts customer retention. Guidewire Software, a provider of core systems to property/casualty insurers, has released its Billing Market Survey that finds a majority of respondents have difficulty creating new bill plans and more than a third cannot bill multiples policies on a single invoice which impacts their ability [...]
Are Quebecers loyal insurance customers?
By ILSTV Staff on Jul 13, 2010 in Trends
According to a study commissioned by AXA, more than half of Quebecers think only occasionally or rarely of shopping around for their automobile and home insurance. However, when they decide to do so, they are willing to switch insurers for a 10 to 20% discount on their premiums. Consumer behaviour, purchase triggers, shopping habits, client [...]
Mobile Devices and Technologies
By ILSTV Staff on Apr 30, 2010 in Software & Technology
Gartner says P&C insurers are being confronted with the growing need to offer more services to agents and consumers through mobile devices — and demand will intensify during the next five years. Users expect websites to be accessible via handheld devices and that certain transactions can be supported on mobile devices as well. Mobile technologies [...]
Portal and Internet Technologies
By ILSTV Staff on Apr 29, 2010 in Software & Technology
The Internet has become a core component of operations for personal and commercial lines P&C insurers. It is a tool to interact with agents, consumers and policyholders. Therefore, Gartner says the use of portal technologies for agents and policyholders is critical as a means to offer access to sales/customer service systems, corporate information, and data. [...]
BPM Solutions including Workflow and Rule Engines
By ILSTV Staff on Apr 28, 2010 in Software & Technology
Gartner listed BPM Solutions Including Workflow and Rule Engines on its list of top ten technologies to impact the property and casualty insurance industry. Gartner says BPM holds promise for insurance, because it enables companies to model, analyze and test business processes independent of core systems. Process problems can be easily identified, and companies can [...]
Product Development and Configuration Solutions
By ILSTV Staff on Apr 27, 2010 in Software & Technology
In its list of top ten technologies to impact the property and casualty insurance industry, Gartner highlights Product Development and Configuration Solutions. It says one of the top business priorities among P&C insurers is improving speed to market for new products. Legacy environments make this task difficult, if not impossible. New systems will help drive [...]
Advanced Fraud Detection Solutions
By ILSTV Staff on Apr 23, 2010 in Software & Technology
In its list of top technologies to impact the property and casualty insurance industry, Gartner says that Advanced Fraud Detection Solutions are key. It is key that insurers reduce losses and leakage to retain profitability. Better control of fraud is essential in accomplishing these goals. Advanced tools analyze data (structured and unstructured) to identify fraudulent [...]
Predictive Modeling Tools
By ILSTV Staff on Apr 22, 2010 in Software & Technology
Traditional data analysis processes are typically historical (analysis and reporting of the past) or current day (analysis and reporting of current-day positions). Using predictive-modeling technologies, insurers can analyze data and create models that will enable them to predict future behaviors or outcomes. This will allow companies to look into the future and make predictions based [...]
Business Intelligence and Analytics
By ILSTV Staff on Apr 21, 2010 in Software & Technology
In its list of top ten technologies to impact the property and casualty insurance industry, Gartner says Business Intelligence and Analytics can help improve risk management and compliance and reporting. In 2010, P&C insurers are increasing their focus on improving how data is used and the value derived from past investments in data warehousing. The [...]
Web Services and SOA Tools
By ILSTV Staff on Apr 20, 2010 in Road Safety
Next on Gartner’s list of top ten technologies to impact P&C insurance is Web Services and SOA Tools. P&C insurers operate a large ecosystem of systems and applications that integrate for seamless processing. In the past, companies had to hard-code integration between systems, which was costly, time-consuming, created challenges when applications were replaced and integration [...]
Modern Policy and Claims Management Systems
By ILSTV Staff on Apr 19, 2010 in Software & Technology
Information technology research and advisory company Gartner, Inc. has identified 10 technologies that will have the greatest impact for the property and casualty (P&C) insurance industry. These technologies will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate themselves to drive revenue growth. “There is a long [...]
Value of insurance M&As declined in 2009
By ILSTV Staff on Apr 15, 2010 in Trends
The U.S. saw a significant decline in the reported value of insurance industry merger and acquisition transactions in 2009, and overall global transaction values also declined further from very low 2008 levels, according to a new study by Conning Research & Consulting. “In the U.S., the value of insurance industry transactions was the lowest we [...]
Crawford adds new roles to P&C
View the video here on your mobile device. Crawford & Company is adding several key positions to its Property & Casualty – Americas operations. Bill Johnstone, senior vice president of GTS for the Americas, will assume direct responsibility for GTS services in the United States. Roland Paxton, assistant vice president – Global Marine Services for [...]
