Top 10 Complaints Against P/C Insurers By Market Examiners

According to a new report, the top two criticisms reported by market conduct regulators against property/casualty insurers are failure to handle claims within specified time frames and using unapproved forms and rates. Wolters Kluwer, a financial services company created a report listing the top 10 criticisms found on U.S. insurance market conduct exams. [twitter.com/PCITplus]

This was the company’s ninth annual report showing that claims handling, licensing and underwriting issues continue to dominate regulators’ complaints against insurers.

Kathy Donovan, Senior Compliance Counsel, Insurance at Wolters Kluwer Financial Services said, “The regulatory landscape is getting more complex as industry requirements, laws and regulations change constantly under the direction of government and industry oversight, making it extremely challenging to embed regulatory requirements into claims, underwriting and distribution processes. Strong regulatory change management processes and frequent self-audits are extremely effective in helping stay on top of these changes.”

Commercial Lines Insurers Investing Heavily in Business Intelligence, Policy Administration, Portals, and Claims Technology, Novarica Report

In order to survive in a hyper-competitive marketplace, commercial lines insurers are continuously and heavily investing in technology as reported by Novarica in it sbusiness report: Business and Technology Trends: Commercial Lines. The report includes market data and insight on recent technology investments by 40 named commercial lines insurers. A small preview of the report is available here: http://bit.ly/13KpRPb

As commercial lines pricing continues to firm up, commercial carriers are focusing on growth strategies, improving underwriting results and improving ease of doing business for independent agents. Top initiatives for commercial carriers include core systems replacement, agent portal functionality, business intelligence, and predictive analytics.

Using Data to Analyze Claims Performance

The area of data analytics and to use them in gaining deeper insight into claims performance is growing rapidly mainly driven by advancement in technological and process management. Organizations are replacing their legacy systems with modern tools to collect more data. Alongside, business intelligence systems that collect and analyze such data are also growing in capability.

But before adopting a data analytics system, it is useful to track back the previous faced challenges. In other words, it is vital to understand the result we will be able to interpret by analyzing those data. Will it provide the insight we need to enhance our marketing strategies, or will we just end up having a huge chunk of useless data.