New York-based professional services company, Towers Watson has introduced advanced versions of its RiskAgility MoSes enterprise financial modeling software and RiskAgility Economic Capital (EC) Aggregator software to help insurers efficiently manage risk and value.
The updated version 3.1 provides increased flexibility in scheduling and monitoring modelling runs and also expands detailed job status information and controls.Towers Watson’s global life software product manager Todd Erkis said the upgrades will enable customers to better run their MoSes models in RiskAgility production application environment, and the RiskAgility EC update will provide added options to project capital requirements forward.RiskAgility delivers a centralised, controlled environment for running financial models, including MoSes and RiskAgility EC applications.
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A new law signed by Governor Tom Corbett will give the Pennsylvania Insurance Department greater authority to review and disapprove rate increases in the small group market.
The signing of Act 133 is the first step toward restoring our rate authority and reclaiming control over the regulation of Pennsylvanias health insurance marketplace from the federal government, Insurance Commissioner Mike Consedine said. It also serves as a win for Pennsylvanias small businesses, which previously could not take advantage of regulatory protections and were subject to rate increases that were never filed with the department.
Previously, the departments review authority in the small group market was limited and only applied to a small portion of products.
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As the end of the year approaches, so does the need for using a deductible effectively. Whether you reached the deductible this year or not, try to think of ways you could get more use out of it in 2012.
Try following some of these tips for 2012:
- If you hit the deductible in 2011, try to use more health care services before the end of the year. This is pretty last minute but you have a couple days left to take advantage of reaching the deductible this year.
- Don’t put off health care services in 2012 if you need them. If you reach the deductible earlier in the year, then you’ll have more time to receive health insurance coverage for services. (Th
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Solera Holdings, a software and services provider to the automobile insurance claims processing industry, has signed definitive agreements to purchase a majority stake of Sinexia Corporacion Tecnologica.
Under the deal, Solera has the authority to purchase up to 100% of Sinexia’s outstanding capital shares.
The acquisition will further enhance Solera’s product and services offering in the Spanish Market.
The Web-based applications, developed by Sinexia, are used by assessors and insurers to more efficiently connect, assess, and process automobile and residential property claims and share all related files.
Solera founder, chairman and CEO Tony Aquila said utilizing Sinexia’s software platform and applications in their Spanish operations will allow them to provide greater value to their assessor and insurance company customers by offering additional, high-ROI services in Spain, an important market for Solera.
“Further, the investment provides an efficient way to enhance our current technology,” Aquila said.
Sun Life Financial announced that it will stop selling new variable annuity and individual life products in the U.S., effective Dec. 30.
As part of the Canada-based companys strategic review of its operations, it said it would focus its U.S. efforts on group life and voluntary benefit sales.
“The decision to discontinue sales in these two lines of business is based on unfavorable product economics which, due to ongoing shifts in capital markets and regulatory requirements, no longer enhance shareholder value,” said Dean A. Con
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Admiral stock drops 4% on OFT probe before small regain today
Admiral’s is facing renewed pressure to reveal its ancillary income sources following yesterday’s announcement that the Office of Fair Trading’s is to probe credit hire and legal products.
Shore Capital analyst Eamonn Flanagan said: “Indeed, we believe that income from credit hire and legal expenses products are a major feature of this profit source for Admiral…to date, the group has refused to divulge its precise make-up, something which now needs to be addressed. Indeed, such scrutiny and potential regulatory attention is likely to put downward pressure on this earnings stream.”
The competition watchdog is concerned that customers are paying too much for courtesy cars and third party repairs.
The OFT also wants more transparency over legal products, such as legal expenses. That could
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