Mid-Atlantic regions’ commercial package insurer Millers Mutual has selected Ravello Solutions to provide a new claims management system.
Ravello’s president and chief operating officer Andy Serowitz said that Ravello’s claims management system will give Millers the functionality to significantly increase service levels and customer retention with the FNOL mobile application.Millers’ president and CEO Robert Lyon said the company will replace all of its legacy systems with advanced components and will re-tool each and every electronic interface to make it easier for agents to conduct business.Commenting on the selection of the new system, Millers’ Chief Information Officer Larry Fortin added that the claims management system will meet Millers’ requirements of claims functionality and eases integration with other system components while helping to achieve goal of providing a web-based claims process with clean user interfaces.”Furthermore, Ravello is implementing a ‘first notice of loss’ (FNOL) mobile application for Millers. T
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Annuity sales in 2011 grew 7.7%, fueled in large part by a 28% increase in net variable-annuity sales during the year.
Cathy Weatherford
The increase in variable-annuity sales, to $27.7 billion was the best since 2007, according to the Insured Retirement Institute (IRI), whose analysis was based on data reported by Morningstar and Beacon Research.
Fourth-quarter variable annuity sales also were strong, increasing nearly 35% from the $5.4 billion in sales in the fourth quarter of 2010.
Net variable-annuity sales for the quarter increased by nearly 35%, to $7.2 billion, in the fourth quarter.
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Wunelli chairman calls for common data standard for telematics
Telematics firm Wunelli has rejected Labour’s plans to force insurers to offer customers a telematics product.
Wunelli chairman Sandy Dunn said: “We are confident Labour will not need to ‘force’ insurers to offer telematics – the insurance sector already understands the benefits in terms of risk rating, driver safety and fraud. The key is to ensure we don’t find ourselves in a situation with multiple black boxes in cars and no cohesive approach to how telematics data is collected and used.”
Wunelli also called for a common data standard for telematics.
He said: There are good and bad young and inexperienced drivers of both sexes and the good risks should be rewarded by lower premiums, irrespective of gender and based purely on how, where and when they drive their car.
“However, the value of telematics data as part of the risk rating process can only be fully realised if the industry agrees a common data standard. That has to happen within the year so that insurers can be on the front foot when the European gender ruling takes effect in December. Wunelli is in the perfect position to provide a roadmap for this agreement.”
In the wake of a record-breaking year for extreme weather, a study by the Consumer Federation of America found Americans are paying higher premiums for home insurance as insurers shift more of the financial burdens for hurricanes, tornadoes and floods to consumers.
The study, “The Insurance Industry’s Incredible Disappearing Weather Catastrophe Risk,” comes as weather disasters in 2011 affected millions of people, claimed 1,000 lives, resulted in 8,000 injuries and caused more than $52 billion in economic losses. The U
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The Idaho House and the Mississippi House Insurance Committee have both given the OK to legislation in their respective states to set up electronic databases that would track which vehicles have proper car insurance coverage and which are on the road without a policy.
More than 30 states have such systems.
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You probably don’t think much about life insurance– after all, cashing in a policy usually means someone close to you has passed away. But it’s important to know a little bit about how you can use life insurance proceeds. Most people know that life insurance proceeds can pay for funeral expenses or to pay off a home mortgage. But here are some lesser-known ways to use a life insurance policy according to Life Quotes, Inc:
Medical expenses due to terminal illness: According to Life Quotes, Inc, if you are battling a terminal illness you can take a portion of the death benefits to fund medical expenses involving treatment and care. This
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