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News Briefs

December 2006

What do Carriers Need to Increase Market Share?

What are the current business and technology capabilities necessary for life insurance companies to maintain or increase their competitive position in the marketplace? Will this change over the next five years? TowerGroup, a Needham, Mass.-based research firm, set out to find the answers to these questions.

TowerGroup completed a series of research projects on underwriting and released extensive data on the property/casualty segment of the insurance industry.

In April 2006, TowerGroup launched its first life underwriting survey, hosted by Insurance Networking News. TowerGroup polled 3,000 INN subscribers on business and technology readiness in the life insurance segment. The 10-question survey focused on life underwriting business and technology capabilities in product management, operations and distribution.

Results of the ongoing research, which led to the report "U.S. Life Insurance Industry Survey Data: Is Technology What's Holding the Business Back?" showed a majority of life insurance executives believe that their respective companies are late adopters or followers of most other carriers in the industry with regard to underwriting process and outcomes. Also, according to the report, the top strategic business initiatives in life insurance underwriting are to grow revenue, improve profitability and drive operational efficiency. Holding carriers back are their inability to get life insurance products to market quickly and their inability to underwrite new business efficiently. Business process management, modernization of legacy platforms, and infrastructure consolidation are important IT strategic initiatives to support functional areas in the life insurance underwriting process.

IDENTITY THEFT INSURANCE MAKING DEBUT

One in every 23 Americans has fallen prey to identity theft-enough to prompt the American Safety Council, an Orlando, Fla.-based educational institution, to team with Travelers Casualty and Surety Co. to provide what the companies claim is the first identity theft insurance policy. Consumers can purchase the policies online, the companies say. The coverage comes with no out-of-pocket deductible, and the policies cover $30,000 in stolen funds; $500 a week for time off from work, up to four weeks; and approved lawyers' fees. Travelers' toll-free identity theft help line helps policyholders recover their identities. Travelers Casualty and Surety Co. is part of the St. Paul Travelers Cos. Inc. The American Safety Council has offered safety training, professional continuing education, and business services in association with state regulatory agencies, courts and industry for more than 15 years.

RECOGNITION FOR REAL-TIME TECH ADVANCES

Carriers and individuals were recognized at the 21st annual TenCon show in Dallas for contributing to advancements in real-time communications. Altamonte, Fla.-based Applied Systems Client Network (ASCnet), the user group of applied systems management technology, announced the award winners at a conference in Dallas. ASCnet's Ease of Doing Business awards went to Frankenmuth Financial Group, Frankenmuth, Mich. (gold); Liberty Mutual Agency Markets, Boston (silver); and The Hartford, Hartford, Conn. (bronze). The awards recognize work in personal and commercial lines combined, says Donna Abramson, ASCnet chairperson. Frankenmuth also won Commercial Lines Interface Carrier of the Year, while Ohio Casualty Group, Fairfield, Ohio, earned the award for personal lines. Some carriers participate in just personal or commercial lines, and the association sought to recognize those as well, says Abramson. ASCnet's Carrier Representative of the Year award went to Brady Polansky, CPCU, CIC, agency operations director in the marketing group for Westfield Insurance, Westfield Center, Ohio. The Indiana Applied Systems User Group won Chapter of the Year.

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