Report: Insurers seek to better engage customers, harness data | Insurers, agencies address telecommuting based on job function | Commentary: Insurers need to assess risks of green initiatives
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March 14, 2013
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Report: Insurers seek to better engage customers, harness data
The insurance industry is working to improve its customer engagement and analytics usage, as well as claims and billing, according to a PricewaterhouseCoopers report. "It is important for insurers to tap into technological advancements to stay current but also have an open line of interaction with clients," PwC's Jamie Yoder says. Insurance Networking News (3/13)
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Industry News
Report cites higher demand for transactional-risk coverage
Policy limits for transactional-risk insurance placed by Marsh in 2012 totaled $4 billion globally, a 41% year-over-year increase, the company said. North America's 86% jump in policy limits was "largely driven by increased usage of transactional risk insurance" on deals worth at least $100 million, Marsh said. "Overseas buyers seeking acquisitions in North America are increasingly cautious about entering the market, given the uncertainties surrounding economic recovery and the enhanced emphasis on regulation," Marsh's Lorraine Lloyd-Thomas said in a statement. Business Insurance (tiered subscription model) (3/13)
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Insurers, agencies address telecommuting based on job function
Many insurers and agencies allow telecommuting, depending on job function, and some are considering expanding their flexible-work arrangements, according to this article. "A lot of the carriers now have people working remotely. It makes sense. They need to find talent, they need to keep talent," says Sharon Emek of Work At Home Vintage Employees, a remote-staffing firm. Insurance Journal (3/13)
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Commentary: Insurers need to assess risks of green initiatives
The property/casualty insurance industry needs to assess and manage any emerging risks from business initiatives aimed at mitigating climate change, writes Evan Mills of the Energy Department's Lawrence Berkeley National Laboratory. P/C insurers also should seize business opportunities with "customers who are increasingly 'going green,' " Mills writes. "... With burgeoning climate risks, a do-nothing strategy is of course not risk-free. The wisest response is to 'greenline' emissions-reduction technologies rather than 'redlining' them." PropertyCasualty360 (3/13)
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Automatic cuts are unlikely to hit Sandy aid, FEMA chief says
The Federal Emergency Management Agency should maintain funding to assist Hurricane Sandy victims despite a reduction of about $1 billion in disaster-relief aid because of sequestration, FEMA Administrator Craig Fugate says. The agency expects its disaster-relief funds to total $2.5 billion when the fiscal year concludes, Fugate said. "I'm very comfortable that the funding levels are there for individual assistance, no question," he said. USA Today/Gannett News Service (3/13)
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Expert: Calif. warning system was successful during quake
An early-warning system for earthquakes succeeded in sending an alert 30 seconds before a magnitude 4.7 temblor hit Southern California on Monday, seismologists at the California Institute of Technology say. "It was right. I sat really still to see if I could feel it, and it worked," seismologist Kate Hutton said. Los Angeles Times (tiered subscription model)/L.A. Now blog (3/13)
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Join us Mar. 20 to hear Strategy Meets Actions' Karen Furtado discuss insurer priorities. Learn about Claims plans as well, and see how better customer experience and faster settlement can result from using workflow, specific catastrophe capabilities, and a graphical rule builder.
Policy and Law
Overdue FIO reports will arrive before July, McRaith says
The Federal Insurance Office is aiming to release overdue reports on the insurance industry before July, says Michael McRaith, the office's director. The FIO was due to release a report on modernizing insurance regulation a year ago, and another report on the reinsurance market was due in the fall. Business Insurance (tiered subscription model) (3/13)
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Some medical stop-loss coverage would be curbed under Utah measure
Utah lawmakers have filed a bill that would prevent insurers from underwriting medical stop-loss insurance for employers with $10,000 in specific deductibles. The measure also would restrict the availability of such coverage for groups with 50 or fewer workers. Business Insurance (tiered subscription model) (3/13)
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Association News
Patrick Sweeney to speak at PCI's Human Resources Conference
Patrick Sweeney, author of The New York Times best-seller "Succeed on Your Own Terms," is one of several key industry speakers highlighting the 2013 PCI Human Resources Conference, from April 21 to 24 in Boston. During his presentation, he will help attendees seek success in an entirely different way and will provide a road map to help them find their own success.
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PCI testifies in opposition to Texas assigned-risk plan
PCI testified March 12 in opposition to S.B. 18, an assigned-risk plan for Texas property insurance that likely would increase pressure on rates for insurance consumers. Instead, PCI supports developing a financial structure for the Texas Windstorm Insurance Association that would provide much-needed coverage for consumers without unduly burdening the statewide insurance market.
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Success is a lousy teacher. It seduces smart people into thinking they can't lose."
-- Bill Gates,
American businessman
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