Technologies Behind Underwriting
June 1, 2003 Scott FitzgeraldGeneral insurance underwriters analyze a variety of important factors in determining the risk of an applicant. Determining underwriting risk is a tricky science that involves a number of factors before the appropriate coverages are allowed and rates defined. Apart from determining the level of insurance permitted and priced, underwriters must also decide if the risk should be taken at all. Electronic data transmission and storage has cultivated new databases that should be used as criteria in assessing underwriting risks.
Intelligence Behind Data
May 1, 2003 Michael TurneyThe term “data mining” is often thrown around loosely in the insurance industry. Many companies know of it and some insurers have even introduced elements of it. But are insurance companies unleashing the true profit potential of enterprise intelligence?
Cost of risk puts pressure on small companies
February 21, 2003 by Canadian UnderwriterThe cost of risk, including insurance, is about US$2.45 for every US$1,000 of revenue, says a new study from Marsh Inc. The study of U.S. companies also found that this cost varies dramatically depending on the size of the business,…
Drug Mania and a Vortex of Losses
May 1, 2002 Suzanne WintrobFen-Phen. Baycol. Ponderal. Prepulsid. No, they’re not new video game characters or rock groups. Rather, they are among a growing list of medical drugs involved in class action lawsuits across North America.
Making a Statement to Clients
May 1, 2002 Steve Heck, managing director, Symcor Art & LogicTake a moment and look at your insurance company from your customer’s perspective. They selected your product from a sea of competitors, perhaps having questioned brokers and waded through copious amounts of advertising. You likely managed to break through based…
D&O Liabilities Managing Expo Sures
April 1, 2002 Vikki SpencerCorporate management may be feeling caught out in the rain, facing the backlash of investors and lawmakers in the wake of the “dot.com meltdown” and Enron’s collapse. But, will they be facing such a wet reception from their directors and officers (D&O) liability carriers?
Environmental Insurance Insuring the Deal
March 1, 2002 Mary Ann Susavidge, managing underwriter, and Susan Barry, an unNot long ago, environmental insurance met with a lot of skepticism from businesses. Coverage was too expensive. The policies were too limiting. However, the perception and uses of environmental insurance have changed substantially
Information at the Speed of Light
February 1, 2002 Kyle Urech, an account executive at Qunara Inc.I would not want to be the CEO of an insurance company. Aside from traveling first class, CEOs have few luxuries. They face a dizzying array of problems with an equally large number of potential solutions from which to choose.…
Claims Management Strategies 2002: A Delicate Balance
January 1, 2002 Vikki SpencerThe insurance industry is at a crossroads, with rates rising, but continuing to be outpaced by claims costs. Technology is a relentless force, offering promise, but also upping the ante on customer service expectations. A survey of top insurer claims staff shows that today’s adjusters walk a fine line between the increasing demands of the customer and the need to reduce costs, between technology’s potential and its potential downfalls. CU asks the experts what new forces threaten this delicate balance moving forward.
The Insurance Revolution
August 1, 2001 Sean van Zyl, EditorGlobal expansion and risk diversification with emphasis on managing capital will serve as the cornerstones of the next development phase of the insurance industry, speakers at the recently held International Insurance Society (IIA) 37th annual seminar predicted. The event, which took place in Vienna, Austria, drew 530 senior insurance management delegates representing 50 countries. A survey carried out by the IIA of the attendees confirmed the common message of the speakers – the global insurance marketplace is at the brink of a revolution.
Customer Relationship Management: Who is your customer?
June 1, 2001 Vikki SpencerWith the advent of Internet sales and service, building a solid relationship with customers will become more important than ever. Not only does the Internet bring the opportunity for high-tech customer relationship management (CRM) solutions, but it also gives consumers…
Writing e-Law into the books
March 1, 2001 Vikki SpencerAs the world of insurance moves online, new laws are being established to validate online transactions, as well as protect consumer interests. Electronic signature and privacy legislation being enacted at both the federal and provincial levels will challenge the industry…