March 12, 2015
news: The Supreme Court case King v. Burwell, which challenges the legality of subsidies available for individuals purchasing health insurance on the federal exchange under the Affordable Care Act, could rock the stability of the health insurance market. Arguments will be heard today.
whos buying what: P&C insurer will implement InsuranceSuite and DataHub; PwC to assist with implementation.
news: With fewer recent CAT events, insurers have been applying lessons learned to managing non-catastrophic claims, according to a survey from J.D. Power, resulting in the third-consecutive year of higher customer claims satisfaction.
feature: Andrew Rose, CEO of aggregator Compare.com, says his company's mission is to provide a lifeline to small and midsize insurers who are trying to compete with the massive marketing budgets of the largest carriers.
news: The company also put out a HITECH Act notice over the weekend detailing the identity protection services it will provide affected customers.
whos buying what: Policy admin system chosen for ease of integration and speed of implementation, insurer says.
carrier developments: West Coast serves commercial and personal lines and developed a national insurance practice focused on the marine industry.
news: Genworth is struggling to contain the damage and on Monday warned of a material weakness in some of its accounting.
news: A process is also in the works to provide funds to homeowners who disputed insurance payments without suing.
WOMEN IN INSURANCE LEADERSHIP
UPDATE: Veronica Scotti has a deep background in reinsurance and risk management, with a career spanning corporate finance advisory, asset management and strategy.
UPDATE: INN celebrated its Women in Insurance Leadership award winners at a celebration in Chicago on October 20 and 21.
Insurers also are confronting waves of disruptive changes, including big data analytics, an aging population, ongoing economic uncertainty and the growing frequency and severity of natural disasters, which threaten to challenge and undermine businesses.
If you think of enterprises like collections of neighborhoods that need to be nurtured, you quickly see that architecture, not obliteration, is the key.
Deployment rates have grown in the year since Novaricas last study on these topics.
The IoT is a major game changer for the insurance industry, and will likely affect every part of the insurance value chain. After all, insurance is data-driven, and thats exactly what the IoT can deliverrelevant, actionable, real-time data that can provide an accurate picture of what is beingor may beinsured.
Aflac US Operations President Teresa White on Healthcare Reform and Innovation
6 Insurance Startups to WatchClick here to view