|[January 02, 2013]
Best's Review Identifies 10 Successful Insurance Innovations
OLDWICK, N.J. --(Business Wire)--
The Innovation Showcase published in the January issue of Best's
Review magazine is a forum for recognizing forward thinking among
The 10 innovations were selected based on their impact on an insurance
organization and in some cases, the industry. They represent a wide
range of industry segments from personal lines to multinational and
catastrophic coverage. What they have in common is measurable success
that improved the performance of the business. Entries were reviewed by
several insurance professionals.
The featured companies and their projects include:
Accident Fund Holdings, Care Analytics - Early Detection. The
integration of scientifically validated data analytics within workers'
compensation claims-handling software created an early warning system
and safety net for injured workers reliant on opioids for the
treatment of chronic pain.
Ace Group, Worldview. This Web-based portal enables multinational risk
managers and brokers to monitor and manage key aspects of their
multinational insurance programs - in real time, anytime, anywhere and
on any Internet-enabled device right down to the local policy level.
Ace Private Risk Services Home Contents Valuation Service. A
proprietary tablet computer application that allows representatives to
capture data about home contents during their inspection process to
significantly reduce the risk of underinsuring the contents of
AIG, environmental insurance training. A suite of online training
modules to enable brokers to have better-informed business
conversations with their clients about environmental insurance.
Accreditation by the U.K's Chartered Insurance Institute povided
immediately recognizable evidence that it met high professional
standards and was a major factor in the successful promotion of the
program to a wide broker audience.
American General Life Cos., DecisionXchange. This software package
performs automated, expert underwriting using table-driven and
case-based reasoning. It provides case management, requirement
determination and redetermination when key data changes are made. It
also provides recommendations and scoring on individual requirements,
and releases the case for approval. It also refers cases with
unacceptable evaluations to different groups of individuals for
Narragansett Bay Insurance Co., Project APEX. Narragansett Bay adopted
an aggressive growth strategy of entering markets in coastal states
that are undergoing change and offering improved rates for homeowners.
To execute on its growth strategy, the company embarked on an
initiative to modernize its in-house legacy systems.
Primerica, TermNow. Life insurance products with a design that can put
an acceptance letter and policy number into a customer's hands in less
than three minutes. The heart of this in-house written expert system
is an application that screens the requested policy for compliance
integrity. It contains more than 700 rule checks and more than 3,700
data processing methods that are critical to the company's business.
RGA, motor vehicle records. Evidence-based research confirmed that
driving behavior could be used as a factor in underwriting life
insurance. RGA researched the correlation between motor vehicle
records and mortality rate, the results of which have led to a more
nuanced approach for using those records for life insurance
underwriting, including risk stratifications by age and gender, number
of violations and the type and severity of violations.
Safelite Solutions, pre-inspection of vehicle glass claims. Working
with its insurance partner, claims management company Safelite
instituted pre-inspections for auto glass claims in order to reduce
the increasing number of fraudulent claims.
Sagicor Insurance Managers, The Caribbean Catastrophe Risk Insurance
Facility. The fund was developed in 2007 to write parametric insurance
policies that pay claims quickly after natural disasters so
governments can continue to pay employees and mitigate the damage.
To read detailed accounts of how these projects were initiated,
implemented as well as the measure of their success, visit www3.ambest.com/bestweek/getpublication.asp issueid=9c3baaf9&pageid=14.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
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