Canadian Underwriter

What’s New: In brief (October 11, 2005)

October 11, 2005   by Canadian Underwriter

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Chubb Group of Insurance Companies (NYSE: CB) recently received the title of “Best Overall Commercial Property/Casualty Insurer” by readers choice Awards. The award is based on readers’ evaluations of insurance companies on service, value, quality and innovation. Thomas F. Motamed, vice chairman and chief operating officer of The Chubb
Corporation, says customers, agents and brokers appreciate Chubb’s high standards and core values of honesty, integrity, empathy and fairness. Motamed added that Chubb not only tailors innovative products to customer needs but also believes that “you have to wrap the product with
outstanding service.”

Canadian-based property and casualty insurer, The Economical Insurance Group (Economical), recently implemented the automated underwriting system by ILOG JRules(TM) to handle both commercial and personal lines of business. ILOG JRules, a key offering in ILOG’s Business Rule Management System (BRMS) product line, is expected to increase turnaround times and reduce costs and allow for consistency and accuracy in incoming policy requests. Economical will use ILOG’s BRMS for its eligibility determination, risk assessment and regulatory compliance. ILOG’s BRMS centralized business rule repository will allow Economical to centralize rule changes as insurance market conditions and policies change. With this, Economical’s business users actuaries and business analysts can change rules and policies pertaining to underwriting with minimal help from IT specialists. The repository allows for rules to be centrally maintained in the rule repository. “Underwriting is a highly rules-driven process and by extending rule management capabilities to our actuaries and business analysts, Economical can better align its business strategies with IT objectives,” John Martin, Chief Information Officer, The Economical Insurance Group, says.

Provider of complex document and compliance automation for insurance and financial services organizations InSystems recently introduced InSystems Writer software, which creates state-specific filing documents and policy-issuance templates with less compliance risk. Using one master document, InSystems Writer automatically produces state-specific documents for filing with state insurance regulators. The new-product developer specifies in the master document how wording applies to states, lines of business and products. Only the master is modified to make changes, thus eliminating updates to multiple documents. The software lets users create state-, product- and line-of-business-specific documents for filing without having to reengineer the process for creating product wordings.

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