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Enservio offers the first co-party debit card for payment of claims

Enservio offers the first co-party debit card for payment of claims | Risk and Insurance | Scoop.it

Enservio received a rare U.S. patent recently…for the insurance industry's first co-party debit card for payment of claims

 

Insurance carriers offering the card payment option can improve operational efficiencies, and reduce processing costs up to 50% per transaction compared to traditional paper checks.

 

The new electronic settlement system also improves service to claimants with improved security… and flexibility in the method of payment.

 

The card is available for auto, personal property, and liability policies. Enservio says the card has already been used on over $100 million in claims.

 

For more information, visit the Enservio weboste

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Hurricane Sandy Update : Second most costly cyclone in US

Hurricane Sandy Update : Second most costly cyclone in US | Risk and Insurance | Scoop.it
While the insurance industry has been roundly praised by officials like New Jersey Governor Christie for their handling claims from Hurricane Sandy, the US government, and now banks, have been criticized for their slow response.
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Dr. MaryRose Reaston on the impact of the Mandatory Reporting Act on Workers Comp. Claims

Dr. MaryRose Reaston on the impact of the Mandatory Reporting Act on Workers Comp. Claims | Risk and Insurance | Scoop.it
The U.S. Mandatory Reporting Act introduced new guidelines for the reporting of claims data by insurance companies. The consequences of the law can have negative implications employers who are trying to manager workers comp loss costs.
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Xchanging launches X-presso app providing mobile access to Insurers’ Market Repository

Xchanging launches X-presso app providing mobile access to Insurers’ Market Repository | Risk and Insurance | Scoop.it

With the launch of X-presso, Xchanging has declared that “insurance is no longer bound by access to a desktop computer.”


The technology group launched Lloyd's first interactive App providing access to claims files using an iPad.  Underwriters, claims handlers and brokers can use X-presso  to tap the 25 million documents in the Insurers’ Market Repository… and to post notes to files while on the move.  Xchanging envisions using the X-presso platform for future mobile apps already in the pipeline.

 

Adrian Guttridge at Xchanging said Lloyd’s market was taking the next step toward modernizing while maintaining the traditional face-to-face values that inform the insurance market.  Lloyd's chief executive Richard Ward simply said X-presso is a "game-changer.”

 

For more information, visit the X-presso website, or get the application at the Apple App store.

 

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Part 2 of Interview with Dr. MaryRose Reaston on ground-breaking approach to controlling workers comp claims

Part 2 of Interview with Dr. MaryRose Reaston on ground-breaking approach to controlling workers comp claims | Risk and Insurance | Scoop.it

In Part 2 of our discussion with Doctor Reaston, we discuss innovative ways for risk managers to control workers comp claim costs, while ensuring proper care for injured workers.    

 

In Part 1  we discussed innovative ways for risk managers to control workers comp claim costs, while ensuring proper care for injured workersDr. MaryRose Reaston, Founder of Emerge Diagnostics, looks at the unique and growing risks of worker injuries in the healthcare industry, and what healthcare organizations can do about it.

Emerge Diagnostics won Risk Innovator of the Year and the Liberty Mutual Responsibility Leader award for 2012 from Risk & Insurance Magazine. The firm’s EFA-STM Program has been hailed as a game-changer in the management of workers comp risks. 

 

Dr. Reaston is a Featured Expert and contributor on InsuranceThoughtLeadership.com (ITL). Through a special media partnership with ITL, WRIN.tv brings personal that complement recent articles on the ITL website. For more of Doctor Reaston’s thoughts on workers comp issues in healthcare, and other related articles, be sure to visit InsuranceThoughtLeadership.com.

 

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Founder of Emerge Diagnostics on ground-breaking approach to controlling WC claims

Founder of Emerge Diagnostics on ground-breaking approach to controlling WC claims | Risk and Insurance | Scoop.it

The Congressional Budget Office reported that federal spending cuts will reduce the number of new people getting health insurance under the Affordable Care Act. Still the 27 million newly insured are expected to put increased pressure on the healthcare industry an industry already coping with an aging, overworked population of employees.

Through a new media partnership with InsuranceThoughtLeadership.com, we are pleased to welcome Dr. MaryRose Reaston to our program.  


Dr. MaryRose Reaston, Founder of Emerge Diagnostics, looks at the unique and growing risks of worker injuries in the healthcare industry, and what healthcare organizations can do about it.


Emerge Diagnostics won Risk Innovator of the Year and the Liberty Mutual Responsibility Leader award for 2012 from Risk & Insurance Magazine. The firm’s EFA-STM Program has been hailed as a game-changer in the management of workers comp risks


Dr. Reaston is a Featured Expert and contributor on InsuranceThoughtLeadership.com (ITL). Through a special media partnership with ITL, WRIN.tv brings personal that complement recent articles on the ITL website. For more information, visit InsuranceThoughtLeadership.com

 

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Another Superstorm (Nemo) hits the Northestern U.S.; New Jersey Governor warns NFIP on Sandy Claims.

Another Superstorm (Nemo) hits the Northestern U.S.; New Jersey Governor warns NFIP on Sandy Claims. | Risk and Insurance | Scoop.it
A blizzard named Nemo dumped a foot of snow on New York, nearly 2 feet on Boston, and more in parts of New England. 645,000 homes and businesses experienced power outages, and more than 3,000 flights were canceled.

 

Nemo hit many of the same communities still recovering from Super Storm Sandy as New Jersey Governor Chris Christie addressed lingering claims from the hurricane in a press briefing, where he complimented the insurance industry, and had harsh words for the National Flood Insurance Plan.

 
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Week in Review February 4-8, 2013

Week in Review February 4-8, 2013 | Risk and Insurance | Scoop.it

 A.M. Best sees headwinds in the economy…and government fiscal policies in 2013CEOs express concerns about the economy…regulation…and prospects for success.The NAIC’s new CEO defends State-based regulations…versus global…and federal oversightThe NRRA Chairman discusses RRG use of capital, and reinsurance, to support growth.CIOs look ahead at the biggest potential disruptors of their business.Meanwhile, asbestos claims continue to mount Risk financing and reinsurance are seen as key to Asia-Pac Disaster Resilience planning.There are opportunities despite the challenges in Africaand on Monday we will  take a closer look at the burgeoning cyber-risk market

We’d like to thank. A.M. Best for their contributions to our program.

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PwC CEO Survey Results

PwC CEO Survey Results | Risk and Insurance | Scoop.it
PwC’s 16th Annual Global CEO Survey strives to inform and stimulate the debate on how businesses are facing today’s challenges. In this survey, PwC conducted 1,330 interviews with CEOs in 68 countries between 5 September and 4 December 2012.
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Mounting asbestos claims no end in sight according to A.M. Best

Mounting asbestos claims no end in sight according to A.M. Best | Risk and Insurance | Scoop.it

Asbestos losses in Property/Casualty sector not letting up.  A.M. Best expects another $10 billion in claims due to lawsuits filed by asbestos victims, bringing total estimated losses to $85 billion and doesn’t appear the issue will be cleared for quite some time, according to Gerard Altonji in the report from A.M. Best’s First Monday series.


We’d like to thank A.M. Best for their contribution to our program.  If you’d like to see moreof the “First Monday” Report, visit our On Demand Library or the A.M. Best website

 



 

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Novarica challenged insurance company CIOs to look ahead five years…at the biggest potential disruptors of their business

Novarica challenged insurance company CIOs to look ahead five years…at the biggest potential disruptors of their business | Risk and Insurance | Scoop.it

 

Today, IT departments in insurance companies deal with critical issues like speed-to-market for new and improved products, channel management, and operational excellence.  Recently, Novarica challenged insurance company CIOs to look ahead five years at the biggest potential disruptors of their business.

 

Nearly half of Life and Annuity company CIOs surveyed worry most about risks associated with Regulation.

 

Compare that to only 16% of Property/Casualty CIOs.   Most are concerned about changes due to the Affordable Care Act and potential actions by the Consumer Financial Protection Bureau.

 

On the other hand, 42% of IT leaders at P&C companies are most concerned about “Changing Market Needs”, compared to only 13 % of Life Annuity CIOs.  High on the list of concerns usage-based insurance, channel proliferation, consumer communication and buying preferences. 

 

For a copy of the Novarica please visit their website.

 

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Nikolaus von Bomhard named 2012 Insurance Leader of the Year

Nikolaus von Bomhard named 2012 Insurance Leader of the Year | Risk and Insurance | Scoop.it

St. John’s University’s School of Risk Management recently honored Nikolaus von Bomhard as “2012 Insurance Leader of the Year.”  Brian Duperreault welcomed the sell-out crowd of 1,400 to the Award Dinner, which raised more than $2 million for the school.

 

After being introduced by XL CEO Mike McGavick the Munich Re Chairman acknowledged the importance of insurance to world economies, the threat of climate change, and the need to attract creative people to the industry.

For more highlights from the “Insurance Leader of the Year” dinner, including comments by Brian Duperreault and Mike McGavick, visit our On Demand Library.

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WRIN.tv New Product Spotlight

WRIN.tv New Product Spotlight | Risk and Insurance | Scoop.it

Catlin introduced terrorism coverage for ‘CBRN’ losses. “UK Asymmetric” covers property damage, B.I., general and employers’ liability, clean-up costs and consultancy expenses. The policy also includes services provided by SecureBio, a UK firm that specializes in terror risk"

 

Beazley launched an Environmental Cleanup policy. Coverage provides "stop loss" protection for contractors…and their clients…against expenses and cleanup costs incurred during remediation of brownfield projects.



Kalista Global partnered with New Grange to launch an index-based weather product that provides coverage for excess rain, high river levels, or other El Nino losses. EPC uses sea surface temperatures taken from NOAA as the basis payouts. 


CUNA Mutual will launch loan protection products…in line with new FSA guidance. The CM Waiver is designed for lenders, and should a borrower be unable to make mortgage payments, the policy offers a ‘holiday’ from payment based on local unemployment data.


MSIG in Singapore will partner with DUAL to provide comprehensive financial lines products including D&O, Professional Indemnity, Investment Managers, Management Liability and Association Liability covers. 


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Studies suggest opportunities to improve customer relations and ROI using social media

Studies suggest opportunities to improve customer relations and ROI using social media | Risk and Insurance | Scoop.it

Eptica published its Multichannel Customer Experience Study and it appears that online service by UK insurers deteriorated over the past year.  In a related report, Celent suggested insurers could increase the value of social media by extending tools beyond marketing.

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WRIN.tv: People in the News

WRIN.tv: People in the News | Risk and Insurance | Scoop.it

Aviva’s relatively new Group CEO Mark Wilson, announced David McMillan as CEO of Aviva Europe. Nick Amin is joining Aviva as Group Transformation Director and Jason Windsor is Chief Strategy and Development Officer. Following Ageas’ acquisition of Groupama in November, Mark Cliff was announced as as CEO of Ageas Retail and Distribution and François-Xavier Boisseau will be CEO of Insurance, starting in April.Dan Wilkinson left Willis to join RSA  as new mid-market regions director.  Willis has now filled the roll of UK retail chief vacated by Mr. Wilkinson with David Martin, formerly with Zurich. AIG has named Emmanuel Brulé as president of EMEA commercial insurance, based in London.CS Stars named Rob Bentley as CEO and president of the Marsh unit.Health insurer WellPoint named Joseph Swedish as new CEO.Bradley Meier resigned as chairman, CEO and president of Universal Insurance Holdings, which owns Florida’s largest private property insurance company.Former Nebraska   has been named the NAIC’s new CEO.
Martin Sullivan leaving his post of Deputy Chairman at Willis in May.
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World Risk and Insurance News

World Risk and Insurance News | Risk and Insurance | Scoop.it

 

WRIN.tv Week in Review February 8-15th 2013.

 

 

Winter storm Nemo hit the Northeastern U.S. as New Jersey Governor Christie warns NFIP on Sandy Claims

 

AstraZeneca is suing XL and Ace over product liability losses related to the prescription drug Seroquel

 

Xchanging introduced X-presso for iPads as Lloyd’s takes steps toward modernization

 

BIBA launched its 2013 Manifesto at a reception in the House of Commons.

 

The Founder of Emerge Diagnostics discussed worker injuries in the healthcare industry and a ground-breaking approach to curbing workers comp claim costs

 

The author of The Betterley Report gave an update on the Cyber Insurance market

 

and Andy Barile reviewed the hot topics from the World Captive Forum

 

If you missed these or any of our previous programs, watch them now from our On Demand Library.  And make sure to join us next time for more World Risk and Insurance News on WRIN.tv.

 
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Andy Barile on the World Captive Forum

Andy Barile on the World Captive Forum | Risk and Insurance | Scoop.it

Andy Barile reports from The World Captive Forum which is one of the longest running international captive insurance conferences in the world and will celebrate its 22nd year in 2013.


The World Captive Forum attracts risk managers, benefit managers and other financial executives of organizations either insured by a captive or exploring formation of one. Also, the meeting draws leader providers of captive services, including captive management, legal, accounting, actuarial, claims, asset management, fronting and many other services. The domicile neutral event also attracts numerous captive regulators and representatives. Attendees at the World Captive Forum come from across North America and the world


This year Coca‐Cola received the Award of Excellence at the recent World Captive Forum. The award recognized the captive owner for expanded use of its program to cover worldwide employee benefits.  The trend toward broader utilization of captives was just one of the topics discussed at this year’s event in Florida.


In this report Andy discusses the hot topics at the conference, concern about regulation, captive owners starting programs in multiple domiciles and why, captives set up to cover employee benefits and the outlook for 2013.

 

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Legislative Brief: AstraZeneca versus XL and Ace Bermuda

Legislative Brief: AstraZeneca versus XL and Ace Bermuda | Risk and Insurance | Scoop.it
A court case that got under way this week could have implications for reinsurers around the world.



AstraZeneca is suing XL and Ace Bermuda over losses stemming from class-action product liability lawsuits related to the prescription drug Seroquel.
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UK Broker News: FSCS raises broker fees as BIBA launches 2013 Manifesto

UK Broker News: FSCS raises broker fees as BIBA launches 2013 Manifesto | Risk and Insurance | Scoop.it
According to the FSA, insurance brokers are treated similarly to other financial intermediaries, such as credit brokers, within the guidelines and budget of the Financial Services Compensation Scheme.
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The Betterley Report: Cyber Insurance

The Betterley Report: Cyber Insurance | Risk and Insurance | Scoop.it
The threat of cyber-attacks was addressed in the Global Risk Report published at the World Economic Forum in Davos recently. Since then there have been several hi-profile breaches at major news organizations, the U.S.
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Opportunities and challenges for success in Africa

Opportunities and challenges for success in Africa | Risk and Insurance | Scoop.it
Africa holds much promise for expansion for international insurers and reinsurers despite the challenges highlighted in this report by A.M. Best analysts Carlos Wong-Fupuy and Yvette Essen from A.M. Best’s “First Monday”.
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ADB sees risk financing/reinsurance as key to Asia-Pac Disaster Resilience planning

ADB sees risk financing/reinsurance as key to Asia-Pac Disaster Resilience planning | Risk and Insurance | Scoop.it

The Asian Development Bank (ADB) says disaster losses have risen faster than Asia-Pac economies have expanded.  A new report titled “Investing in Resilience” from the Asian Development Bank, says disaster losses have risen faster than Asia-Pac economies have has expanded. The report suggests significant investments to strengthen resilience, and looks at the risk financing mechanisms that may be used to stem economic impact from disasters in the future.

Bindu Lohani, VP for Knowledge Management and Sustainable Development at ADB discusses the cost of disasters to the region, and how preparedness is key.  

Natural hazards continue to cause significant loss of life in Asia and the Pacific. Between 1970 and 2010, 1.7 million hazard-related deaths were recorded in the region – 51% of the global total.  The report looks at the instruments and mechanisms that currently exist in Asia to protect against disasters, and offers solutions for stronger disaster resilience, including how disaster risks can be financed through disaster risk insurance, reinsurance, catastrophe bonds, and other means.  

According to the report, a wider range of disaster risk financing instruments is particularly crucial for Asia and the Pacific, which lags behind other regions in developing innovative financial solutions for disaster resilience. Less than 5% of disaster losses in developing Asia are insured compared to 40% in developed countries.  To overcome these challenges, the report identifies critical next steps to better assess, reduce and manage disaster risk. This includes the need for national and sub-national governments to develop and implement comprehensive disaster risk financing strategies to provide adequate and timely post-disaster support to strengthen financial resilience.

For more information, and a copy of the “Investing in Resilience” report, visit the Asian Development Bank website.

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A.M. Best’s Jim Gillard sees headwinds in the economy and government fiscal policies in 2013

A.M. Best’s Jim Gillard sees headwinds in the economy and government fiscal policies in 2013 | Risk and Insurance | Scoop.it
A.M. Best analyst Jim Gilliard looks at the U.S. economy, what is expected and the implications for the insurance industry.


A.M. Best sees continued headwinds in 2013 due to slow economic conditions and fiscal policies in the U.S.
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WRIN.tv Week in Review: January 28 - February 1, 2013

WRIN.tv Week in Review: January 28 - February 1, 2013 | Risk and Insurance | Scoop.it

In a WRIN.tv Global News Round-up:The IMF projects global growth will increase gradually in 2013.Amid criticism, architects of Solvency II appear open to new changes.US Financial institutions have new Guidelines on Social Media provided by the FFIECA state of catastrophe is declared in Queensland after rain and flooding from Tropical Cyclone Oswald.The IFC announces a $1.96 million micro-insurance program for Haiti.Leaders from Zurich, Swiss Re and Oliver Wyman lay out Global Risks 2013 at the World Economic Forum in Davos.NRRA Chairman Sandy Elsass discusses financial health and outlook for Risk Retention Groups.PCI’s Nat Wienecke is hopeful despite obstacles to TRIA renewal.The NICB’s Roger Morris says cargo is becoming more attractive to criminal rings than auto theft.In a New Product Spotlight:Catlin introduces “UK Asymmetric” to cover terrorism risk.Beazley launches an Environmental Cleanup policy.Kalista Global and New Grange launch an index-based weather product for El Nino losses.CUNA Mutual launches loan protection products in line with FSA guidance.MSIG in Singapore partners with DUAL to provide financial lines products.A WRIN.tv Poll answers the question: Has the insurance industry done enough to address risks due to Climate Change?Munich Re Chairman Nikolaus von Bomhard was honored by St. John’s University’s School of Risk Management as “2012 Insurance Leader of the Year.”

 

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Part 1:NRRA Chairman Sandy Elsass discusses financial health and outlook for Risk Retention Groups.

Part 1:NRRA Chairman Sandy Elsass discusses financial health and outlook for Risk Retention Groups. | Risk and Insurance | Scoop.it

A recent report by Demotech revealed that Risk Retention Groups had solid financial performances in the third quarter of 2012.

 

Recently, NRRA Chairman Sandy Elsass visited our studios.  In this two part series we discuss the state of the RRG market, their financial conditions, their relationship with insurers and the need for more capital in order to grow.  In Part 1 of our interview, we discussed with Sandy  the state of the RRG market, their financial results, and the outlook for 2013.

For more information: visit the National Risk Retention Association website .

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