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1. Secretary Leavitt Issues One-Month Progress Report on Medicare Prescription Drug Benefit WASHINGTON, Feb. 2 /PRNewswire/ -- HHS Secretary Mike Leavitt today released a one-month progress report on the Medicare Prescription Drug Benefit that takes a hard look at what is working and what needs to improve. The report details action steps HHS and health plans are taking, such as extending transition coverage for a beneficiary's current drugs to 90 days and reducing call wait times. The report also includes new estimates showing the costs of the Medicare drug benefit are significantly less than expected. "While the new prescription drug benefit has worked for the vast majority of participants, the first trip to the pharmacy has been frustrating for some, particularly for certain people with Medicare and Medicaid. We make no excuses. These are our problems to solve and this report shows that we are making progress," Secretary Leavitt said. "We are working around the clock to help everyone use their coverage," said Dr. Mark McClellan, Centers for Medicare & Medicaid Services Administrator. "As we improve our data exchanges with plans, provide new support for pharmacists, work with states, and help beneficiaries who call 1-800-MEDICARE resolve any problems, many more beneficiaries are using their new coverage every day." Secretary Leavitt announced that Medicare will notify plans that the 30- day transitional coverage period in effect will continue for 60 more days -- in effect, this means that plans will provide up to 90 days of coverage for a beneficiary's current drugs. This provides more time for beneficiaries to find out if they can save by using other drugs that work in a very similar way and cost significantly less. This action reinforces steps already taken by many plans, like extending their transitional coverage, to help ensure a smooth transition for beneficiaries. Leavitt noted that call wait times for pharmacists and customers had been "unacceptable," and announced efforts to get them significantly reduced. The call-wait time for 1-800-MEDICARE has been around five minutes since the beginning of January, and, at the end of the month, the time was even shorter (less than a minute). While most plans have also taken steps to reduce wait times for customers and pharmacists to acceptable levels, HHS will increase its monitoring and reporting of drug plan wait times and will take corrective actions in the specific cases where plans do not improve. The progress report also highlights new information about significant savings for taxpayers. The Secretary notes that the latest estimates show that the costs of the Medicare prescription drug benefit are significantly less than expected. Examples include: * Latest estimates project premiums of $25 a month -- about a third less than previously estimated. * The federal government is now projected to spend about 20 percent less per person in 2006 and, over the next five years, payments are projected to be more than 10 percent lower than first estimated. The savings result from lower expected costs per beneficiary; projected enrollment in the drug benefit has not changed significantly. At the report's conclusion, the Secretary outlines action steps that Medicare is taking, including: * Making sure drug plans have up-to-date information on all their dual eligible beneficiaries; * Improving the "data translation" between Medicare, health plans and states; * Calling 1-800-MEDICARE means virtually no wait time; * Monitoring and reporting call wait times for drug plans; * Assuring plans meet contractual payment terms for pharmacies; * Extending transition coverage for a beneficiary's current drugs to 90 days; * Working with the states to assure a backup system is no longer needed; * Establishing a reimbursement plan for the states and if needed, providing a temporary extension to state reimbursement plan; and * Continuing the process of problem-solving and improvement -- guided by the lessons learned. The Secretary added, "The measure of our success should not be that we have no unexpected problems at the outset but rather that we find, fix and finish with these problems quickly so that all seniors have access to coverage that saves them money, keeps them healthier and gives them peace of mind." A copy of the full report is available at http://www.hhs.gov/secretaryspage.html. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Voluntary Insurance Organizations Expect Growth in 2006 AVON, Conn.--(BUSINESS WIRE)--Feb. 7, 2006--Insurance carriers and brokers expect to see a growth in the number of new groups that they acquire in 2006 as compared to the number for 2005. An overwhelming 91 percent expect the number to increase in 2006, with 43 percent saying the number will "increase a lot." This is one of the many positive findings in the latest Eastbridge Consulting Group Frontline report, The Worksite/Voluntary Industry Confidence Index. The study, which includes responses from 63 different organizations involved in this market (carriers, third-party administrators, and brokers), indicated that 95 percent of respondents expect sales of voluntary products to increase over the next twelve months, with 37 percent expecting sales to "increase a lot" in the very near future. Almost one in four respondents expects a significant increase. The carriers were also optimistic about employee responses to voluntary. Almost 70 percent believe that employees will be more enthusiastic about voluntary benefits 12 months from now. What's more, half believe that these employees will keep their policies longer and that persistency and retention will improve slightly in the near future. Carriers paint a slightly different picture for the profitability of industry lines as a whole. Nearly 50 percent expect the line to be "a little more profitable." Forty percent expect profitability to stay the same. The percentages significantly increase, however, when commenting on their own company's profitability (77 percent expect their company's voluntary line to be "much more" or "a little more" profitable). The study also found that about half of the respondents expect the premium rates for voluntary lines to increase at least a little over the next year. Eastbridge's Insight and Information Partner companies receive the report free of charge. For more information, contact Eastbridge at info@eastbridge.com or phone the company at (860) 676-9633. Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. The Worksite/Voluntary Industry Confidence Index study is conducted periodically by the company to track trends in the worksite and voluntary industry Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. GE Consumer Finance to Acquire Financial Services Business of Canada's Hudson's Bay Company; Transaction Significantly Expands Canadian Consumer Finance Presence; Includes Nearly $1 Billion Financial Services Business STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 7, 2006--GE Consumer Finance today announced that GE Money, the Canadian consumer lending unit of General Electric Company (NYSE:GE) and Hudson's Bay Company (TSX: HBC), Canada's oldest company and largest department store retailer, have entered an acquisition agreement and 10-year alliance in which GE Money will purchase the private label credit card and related financial services assets of Hudson's Bay Company (Hbc). Under the 10-year alliance, GE Money will provide credit marketing and analytic support, credit servicing and customer care for Hbc's 3.1 million retail cardholders. Hbc customers will be able to continue to use their Hbc cards, and will continue to enjoy access to the Hbc rewards program and other cardholder benefits as they do today, as well as a broader range of financial products in the future. The acquisition will also include the transfer of approximately 650 Hbc employees directly involved in Hbc's Financial Services business to GE Money. These employees will continue to work at their current locations, at operations centers in Montreal, Toronto and Vancouver. GE Money currently has 600 employees at its headquarters in Mississauga and its operations center in Edmonton. www.geconsumerfinance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. AIG's National Union Fire Insurance Company of Pittsburgh, PA. Introduces ManagementRisk Protector(SM) For Small-Cap Companies NEW YORK--(BUSINESS WIRE)--Feb. 7, 2006-- National Union Fire Insurance Company of Pittsburgh, Pa.(R) (National Union), a member company of American International Group, Inc. (AIG), today announced the launch of ManagementRisk Protector(SM) (MRP), an innovative, cost-effective package of management liability insurance coverages targeted to help small-cap public companies protect themselves from management liability risks and exposures. Endorsed by the U.S. Chamber of Commerce, MRP provides small-cap companies with the choice of any or all of four essential management liability coverages, including: broad Directors & Officers (D&O) Liability; Employment Practices Liability (EPL); and Pension Trust Liability insurance. Independent Director Liability Insurance (IDL MAX(SM)) is also available to insureds for an additional premium. "Today's small-cap public companies are facing many of the same disclosure requirements and management challenges as their larger counterparts," said Peter McKenna, President of the Corporate Accounts Public Company Management Liability Unit of National Union. "Dealing with regulators, employees, litigation-savvy investors, Sarbanes-Oxley and SEC requirements, small-cap companies urgently need higher and more sophisticated levels of protection, at a price they can afford. With MRP, we are pleased to offer a package that is responsive to the needs of small-cap corporations and is backed by our years of liability experience." For more information, please contact managementliability@aig.com or download the MRP highlight sheet available at www.aignationalunion.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. NEW GROUP CRITICAL ILLNESS COVERAGE OFFERS MULTIPLE BENEFITS PAYOUTS FOR MORE THAN ONE ILLNESS Colonial Supplemental Insurance group voluntary critical illness product may also pay a benefit if an insured’s illness recurs COLUMBIA, S.C. (Feb. 3, 2006) — The new group voluntary critical illness insurance product from Colonial Supplemental Insurance can pay benefits for multiple illnesses and for recurrent illnesses. In addition, because the critical illness plan is a group product, it can be offered guaranteed-issue, which means as long as participation requirements are met, employees and family members can get critical illness coverage regardless of their health situations.* “What makes this product so exciting in the marketplace is that it can pay an insured for more than one covered illness,” says Monica Francis, assistant vice president of product marketing for Colonial. The new group critical illness product offers three categories of covered illnesses and insureds can receive benefits if they experience a covered illness in each category for a total of up to three benefits payouts. For example, if an insured purchases coverage with a face amount of $50,000 then has a stroke, he receives a $50,000 benefit. If he later has a major organ transplant other than a heart transplant, he could receive an additional $50,000 benefit and then a final $50,000 benefit if he’s subsequently diagnosed with cancer (if the cancer coverage option was chosen). Colonial’s group critical illness product also provides an optional recurrence benefit that can pay for a recurrent of the same critical illness. Colonial’s group voluntary critical illness product offers family coverage if an employee purchases the coverage — something not easily found in the voluntary critical illness insurance market. In addition, the product’s wellness benefit helps encourage early detection of illnesses by paying a benefit for one of 20 screening tests such as a blood test for triglycerides, bone marrow testing, stress test on a bicycle or treadmill, virtual colonoscopy, chest x-ray, mammography, thermography, PSA blood test for prostate cancer and more. “Critical illness coverage is important because even people who carefully plan for the unexpected by buying life, disability and health insurance may find that expenses relating to a specific illness may be more than what their insurance covers,” Francis adds. “With Colonial’s group critical illness insurance, an insured who’s diagnosed with a covered illness can receive benefits to help ease financial burdens.” Illnesses covered under Colonial’s group critical illness insurance plan include: • Category I – Heart attack (myocardial infarction), transplant as the result of heart failure, stroke, bypass surgery as the result of coronary artery disease • Category II – Transplant as the result of a major organ failure other than heart, end stage renal failure, blindness, permanent paralysis caused by a covered accident • Category III (optional) – Cancer, carcinoma in situ (optional) Sold to employees at the worksite, Colonial’s group voluntary critical illness product pays benefits directly to insured. The product is currently available for sale in 34 states, including Washington, D.C. For more information about Colonial’s products and services or opportunities with the company, contact Monica Francis at (803) 798-5555, ext. 8448, e-mail her at MLFrancis@ColonialLife.com or visit www.coloniallife.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
For a fraction of the cost of other mediums, INSURANCE NEWSCAST can help build your brand and generate marketing leads within the entire insurance industry, providing three ways for future clients to contact you; via telephone, via e-mail, and via your website. Your company's products and services can be displayed at the top of this newsletter where it is the first thing seen by over 350,000 subscribers - your potential future clients. To request a media kit, send an e-mail to wpodgurski@aol.com call 888-282-1765 or click here to read the media kit online. 6. Safeco Announces $250 Million Share Repurchase SEATTLE, Feb. 6 /PRNewswire-FirstCall/ -- Safeco (Nasdaq: SAFC) today announced it has executed a Rule 10b5-1 trading plan to purchase up to $250 million of its outstanding common stock. A Rule 10b5-1 plan allows Safeco to repurchase its shares during periods when the company would normally not be active in the market because of its own internal trading windows. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. Sales Cold Callers Increasingly Fake Caller ID In the face of increasing sales resistance, sales organizations are employing the use of phony caller ID to trick unsuspecting consumers into answering the phone. Phoenix, AZ (PRWEB) February 7, 2006 -- When Frank Rumbauskas recently did an internet search on "cold calling" to find out where his anti-cold calling website NeverColdCall.com ranks, he was shocked to see websites advertising fake caller ID services to salespeople. "People have had it with cold calls," says Rumbauskas. "One would hope that the cold callers would come to their senses and make the switch to more respectable sales techniques, but instead many are choosing to delve even deeper into unethical tactics intended to trick consumers." He mentions that he himself has received numerous calls from area codes that don’t exist. The companies offering fake caller ID services use voice-over-IP technology to allow callers to display any telephone number they like. The companies claim that the service is intended strictly for law enforcement, collections, and related industries. Rumbauskas, however, points out that what he saw online contradicts this. "I saw paid ads configured to display only when someone searches for 'cold calling.' Therefore, it is obvious that these companies are marketing to salespeople," says Rumbauskas. Rumbauskas explains that the use of these techniques tarnishes the image of the sales profession, which he says is unfortunate because the majority of salespeople are good, honest people. His sales training business is expanding rapidly because salespeople are taught nothing other than cold calling and need alternatives because it doesn't work anymore. He points out a study by the Kenan-Flagler Business School at the University of North Carolina which concluded that over 80% of executives refuse all cold calls, as well as the do-not-call law in the United States and similar laws around the world as further proof that cold calling is dead. For additional information, please visit www.nevercoldcall.com. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Irwin Siegel Agency Announces New D&O Program February 7, 2006 Rock Hill, NY - Irwin Siegel Agency, Inc. (ISA), a leading specialty program underwriter for the Social Services field recently announced a new Directors and Officers (D&O) Program. The new D&O Program will not only complement current social service packages, but will also be available across most classes of business. It will also be able to be used as an ancillary policy or as a stand-alone policy. www.siegelagency.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. 2006 Starts Off With Rates Down 6% The January 2006 composite rate for property and casualty insurance is down 6%. According to Richard Kerr, Chairman and CEO of MarketScout, “After the worst insured hurricane season on record pummeled the industry with over $50 billion in losses, many of the insurance industries’ well respected analysts predicted a tightening market. Our data simply never supported the return to a hard market. As of late January 2006, everyone has started to agree, barring an unusual event, a hard market is not going to happen, at least not in the first half of 2006.” www.marketscout.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. SHPS Signs Agreements with First Data and UMB Bank Healthcare Services for New Spending Account Debit Card LOUISVILLE, Ky.--(BUSINESS WIRE)--Feb. 7, 2006--SHPS, one of the nation's largest providers of healthcare spending accounts, announced today it has signed an agreement with First Data Healthcare Services, part of First Data Corp. (NYSE: FDC), a leading provider of electronic commerce and payment solutions, and UMB Bank Healthcare Services, a division of UMB Financial Corporation (NASDQ: UMBF) and leader in financial services for consumer-directed healthcare products. The agreement delivers a multi-purse debit card and related transaction processing services for SHPS' client's spending account programs. Under the agreement, First Data will process transactions for SHPS' entire suite of spending accounts, including flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), as well as dependent care, retiree, mass transportation and parking card account-based programs on a single card. UMB Bank will serve as the sponsor bank, supporting debit card access and transaction processing. www.shps.com, www.firstdata.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
600 attendees -- 80 exhibitors -- 40+ PresentersAttendees will make a substantial number of contacts for prospective strategic partnering and gain more insight into benefits marketing best practices. Licensed agents register 2 for the price of 1! Don't miss the Nashville Themed Music at Registration sponsored by Transamerica Worksite Marketing, The Grand Ole Opry "Walk The Supplemental Line" Extravaganza at the Grad Ole Opry sponsored by UnumProvident, or the "Fat Tuesday" Mardi Gras party sponsored by AIG Workplace Solutions. For more information, visit www.benefitsmarketing.org, call 888-282-1765, or send an e-mail to wpodgurski@aol.com What Happens At A Benefits Marketing Association Meeting Goes Home With You And Builds Your Business And Improves Your Career And The Service You Provide To Your Clients 11. optionsXpress Launches Online Brokerage Platform for Health Savings Account Administrators CHICAGO, Feb. 6 /PRNewswire-FirstCall/ -- OptionsXpress Holdings, Inc. (Nasdaq: OXPS), the online options and stock brokerage, today announced the launch of the optionsXpress Health Savings Account (HSA) brokerage platform. The HSA brokerage platform allows plan administrators to seamlessly integrate their existing HSA-related banking services with optionsXpress' award-winning online discount brokerage capabilities. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Benefit Informatics Partners With A.D.A.M. to Provide Employers With A Complete Suite of Health and Wellness Resources ATLANTA--(BUSINESS WIRE)--Feb. 7, 2006-- A.D.A.M., Inc. (Nasdaq: ADAM), today announced that Tulsa, Okla.-based Benefit Informatics, Inc., a provider of products and services to assist employers in managing their health benefit plans, will license A.D.A.M.'s health and wellness suite of products. A.D.A.M.'s health and wellness suite empowers employees with the tools and health information needed to make more informed healthcare decisions. The terms of the deal were not disclosed. www.benefitinformatics.com www.adam.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. Witness Systems Launches EMEA User Group; New Customer User Group Establishes Forum to Drive Workforce Optimisation Best Practices ATLANTA & LONDON--(BUSINESS WIRE)--Feb. 7, 2006--Witness Systems (NASDAQ: WITS), a leading global provider of workforce optimisation software and services, has launched a new EMEA User Group for companies using its market-leading Impact 360(TM) workforce optimisation solutions. The committee is comprised of customers from a variety of vertical markets - including government, insurance, telecom and utilities - that leverage Impact 360 as an integral part of their business operations. The EMEA User Group is designed to provide an active forum for the company's expanding customer base to share workforce optimisation best practices and discuss the latest developments impacting their roles. Serving as advocates for and liaisons with Witness Systems' EMEA customers, the committee also will provide valuable insight by taking part in joint development solution and usability sessions. In doing so, the committee delivers valuable feedback and insight for future Witness Systems features, functionality, and new solutions and services. The User Group will next meet on March 2 at an event hosted by Witness Systems customer Homeserve - the UK's leading provider of home emergency solutions. In addition the group will play a major part in the autumn EMEA User Conference. www.witness.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Escaping Fire: Do You Have a Family Disaster Plan?; Physical and Financial Preparation Key to Avoiding Catastrophe LOS ANGELES--(BUSINESS WIRE)--Feb. 6, 2006--With wind-whipped fires threatening hundreds of homes in Orange County, property owners are being asked to evacuate their homes at a moment's notice. If it happened in your community, would you know how to defend your family, home and finances against natural disaster? Families can guard against nature's forces by practicing evacuation plans, developing detailed household inventories and maintaining fire safe landscaping, according to the Insurance Information Network of California. -- Make a complete home inventory and store it in a safe place away from your home. Inventories can be supplemented with photos and videos and can even be stored electronically away from the home. Free home inventory software is available at IINC's Web site at www.iinc.org, as well as an inventory guide in pdf format. -- Prepare and practice a family evacuation plan. Detail escape routes and family meeting places in the event that you are separated. -- Designate a phone "captain" that your family can call to report their well-being and locations. -- Familiarize yourself with your insurance policy, and keep a copy of it in a safe deposit box or other secure location away from your home. -- If you must prepare to evacuate, be sure to collect any financial documents that you may have kept in the home in addition to heirlooms, photographs and other irreplaceable valuables. -- If police or firefighters order evacuation, follow their instructions. Your family's safety is more important than your property. Homeowners can also protect their homes from brushfire by focusing on their property: -- Prepare a defensible space by clearing flammable vegetation and other combustible materials for at least 100 feet around your home. -- Replace native plants with fire resistant landscaping such as ice plant. Consult your local nursery for the fire-safe plants that grow best in your region. -- Space trees and shrubs at least 10 feet apart. -- Remove branches within 10 feet of chimneys and several feet from roofs. Cover chimneys with non-flammable screen of 1/2 inch or smaller mesh. -- Remove dead vegetation, leaves and other debris from roofs and gutters. -- If you have a swimming pool, be prepared to use it as a fire-fighting tool by purchasing a pool pump. "Disaster readiness means preparing both physically and financially," said IINC Executive Director Candysse Miller. "Prepare your families by sitting down together and creating a plan to help evacuate -- and reunite -- in case the unthinkable happens." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. AuthenticWeb for State Filing Helps Life and Health Insurers Overcome Speed-to-Market Challenges BOSTON, Feb. 6 /PRNewswire/ -- Speed-to-market is a top concern of insurance companies as they introduce new products, and delays can cost millions of dollars. One of the most common events that can delay a new product release is when a state filing request is denied due to an inaccurate filing. The insurer is forced to start from the beginning and complete the entire filing process again. Now with AuthenticWeb for State Filing - the Life & Health Edition from CCH INSURANCE SERVICES, a part of Wolters Kluwer Financial Services, life and health insurers can easily prepare more accurate state rate and form filings the first time, gaining speedier approvals and time to market. AuthenticWeb for State Filing is a combination search engine and transmittal form automation tool specifically designed for product filers. The web-based tool helps state filers identify requirements in one or many jurisdictions and product lines, allowing them to quickly and easily prepare multiple and complex filings. Filers can intuitively access easy to read summaries of rate and form filing requirements covering all major product lines in all jurisdictions. A transmittal forms tool automates redundant data entry for multi-state or multi-carrier filings. AuthenticWeb for State Filing is maintained by CCH INSURANCE SERVICES' staff of regulatory compliance analysts, and is constantly updated as requirements change, helping to ensure that filings are being completed using the most current and accurate information available. www.WoltersKluwerFS.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 16. Insurance Outsourcing Service Pumps Cash Into CPA Firms NEWTON, Mass., Feb. 7 /PRNewswire/ -- Today The Financial Resource Group announced "Integrated Insurance Planning(TM)," a service that helps CPA firms profit from insurance recommendations. "Many firms are moving into insurance, but few are making much money at it," says Barry Goldwater, Principal of The Financial Resource Group (FRG). "We aim to change that; why should insurance advice be a loss leader?" Goldwater asks. "We see firms outsourcing their insurance business, throwing sizable revenue to outside advisors and possibly to the competition. We have created a way for firms to monetize this revenue in-house." By teaming CPAs with advanced planning insurance advisors, Integrated Insurance Planning(TM) makes insurance advice a revenue item for an accounting firm's regular operations. "The CPA identifies a client need and then calls in one of our specialists," says Goldwater. "The specialist then develops a consultative solution, whether for business, life, disability, or long term care insurance." The process is a true team effort. "It's not just a referral. It's an interactive way of creating new business. The CPA is the planner at the point, conducting the client interview, then calling in his/her financial team to expand service." When an insurance transaction takes place, part of the revenue flows to the CPA firm. More information on Integrated Insurance Planning(TM) may be requested at 617-527-9736 or http://www.eranova.com/LTCFP-BarryGoldwater/contact.htm Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. The Financial Services Roundtable Hosts Economic Outlook for 2006 Washington, DC - The Financial Services Roundtable will discuss the Economic Outlook for 2006 with a panel of economists here at the Roundtable. Where: The Financial Services Roundtable, 1001 Pennsylvania Avenue, NW, Suite 500-South, Washington, DC 20004 When: Tuesday, February 28, 2006, 8:30 A.M. – 9:30 A.M., Continental breakfast will be served. Panelists: Dr. John Silvia - Chief Economist, Wachovia, Dr. Scott Anderson – Chief Economist, Wells Fargo, Dr. Steve Weisbart – Economist, The Insurance Information Institute, Moderator – Tom Donlan, Editorial Editor, Barron’s National Business and Financial Weekly If you are planning to attend, you must respond to Shannon Finney at (202) 589-2427 or at Shannon@fsround.org. www.fsround.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. Power2Pay Version 2.1 from Fiserv Expands Payment Features and Convenience Brookfield, Wis., Feb. 7, 2006—Fiserv, Inc. (Nasdaq: FISV) announced the next release of Power2Pay, a comprehensive disbursement system that employs Microsoft .NET technology to enhance both productivity and payment security in business offices nationwide. “Fiserv’s intelligent deployment of Microsoft technology has produced a disbursement solution that is both extremely secure and simple to use. Version 2.1 of Power2Pay offers a variety of powerful new features and is an integral component of our financial solutions suite,” said Stewart Gerson, EVP of Finance and Reinsurance for Fiserv Insurance Solutions. Power2Pay empowers business offices with a full range of print and electronic payment options, including laser printed checks, EFT capabilities, check imaging, automated scheduling, reconciliation tools and the ability to import print images. New system features in Version 2.1 have made it even more functionally rich and flexible in the secure distribution of funds to local and remote offices. www.fiservinsurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. Beware of post-hurricane vehicle fraud (Sun Prairie, Wis.) — Did one of your customers just buy a used car? Or is perhaps looking to buy one? With thousands of vehicles damaged in recent hurricanes, it’s a real possibility that your policyholder’s shiny “pre-owned” Honda or Buick was previously submerged in flood waters. “The problem is, sometimes used car buyers aren’t informed that their new purchase was previously sitting under flood waters. And that could mean fraud,” said Kathy Suhey, who leads General Casualty Insurance Companies’ special investigation unit. Suhey recommends that consumers always have a certified mechanic inspect the vehicle before purchasing it. Flooded vehicles may have corrosion, electrical and other serious issues. In addition, Suhey recommends consumers and their insurance agents check the National Insurance Crime Bureau’s (NICB) database of known vehicles and watercraft affected by Hurricanes Katrina, Rita and Wilma. The database is available at nicb.org by entering the Vehicle Identification Number (VIN) or Hull Identification Number (HIN). NICB reports that hurricane-flooded vehicles have appeared for resale as far away as New York and California. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day"
View INSURANCE NEWSCAST "Sports Pictures Of The Day" 21. Venture Capital Investment Up 10% Over Q3 and At Highest Levels Since the Dot.com and Tech Bust in 2000 As early stage funding starts to become more fashionable, investors are starting to consider investments in younger and riskier companies. While biotech, medical devices, and software continue to get the bulk of the funding, has identified the wireless technology and alternative energy sectors as two industries that are starting to see increased VC investment. San Diego, CA (PRWEB) February 7, 2006 - Venture capital and private equity firms invested over $4.9 billion in 446 companies in the fourth quarter of 2005, according to Capital Hunter, a venture capital and private equity research company headquartered in San Diego, California. Funding was above Q4 2004 by approximately 3% and above Q3 2005 by approximately 7%. Total funding for the year was approximately 4% below 2004. First round financings constituted the bulk of this quarter’s investment, as over 30% of all venture dollars invested this period were placed into such companies. In addition, the average deal size was just $10.62 million, the lowest such amount in over two years. Certain sectors had a large increase in investment, including wireless technology and alternative energy, which both saw significant investment this quarter. In addition, life science investment, biotechnology in particular, continued to be strong, comprising almost a third of this quarter’s dollars. www.capitalhunter.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. Webcast: Outlook and Trends for the Insurance Sector in 2006 Wednesday, February 8, 2006, 11:00 AM - Noon -- Q & A session to follow -- You are invited to join CreditSights' senior insurance analyst Rob Haines for a special event. After a year in which Hurricane Katrina and regulatory scandals hampered the industry, what will 2006 bring for property and life insurers? Conversely, life insurance investors had good reason to be happy last year. Will the debt and equity gains continue into 2006? Topics for this exclusive Webcast include: • Pricing trends in the property and casualty sector • Outlook for catastrophe losses in 2006 • M&A activity in life insurance • Impact of a shifting yield curve on insurers Your participation in this webcast will provide you with valuable insights into the key trends in the property, casualty and life insurance sectors for 2006, and specifically, their implications for investors. Registration for February 8 Webcast - Registration for the webcast is required and available only to CreditSights subscribers or qualified financial institutions on free trial. Click link: https://www.creditsights.com/sl?sl=016 Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. Global IQX Renewal Solution Launched Ottawa, Ontario, February 7, 2006 -- Global IQX, a specialist in component-based sales and service solutions for group benefits carriers announces the availability of IQX Renewal. The solution streamlines the process of renewing Group business by linking with legacy systems to apply rules and ratios for renewal. It provides Group insurance carriers with an "Out-of-the-Box" renewal rating solution that can be used to initiate the renewal process prior to a renewal date based on case-specific lead time. Integrated with the IQX Platform and other IQX products it provides a full complement of underwriting tools from new business rating and tracking to in-force renewal rate re-calculation, reporting and tracking. Through interfaces with IQX products (Quoting and Rating, Business Rules Engine, Import/Export, Reports and Channel Management) duplication of functionality is eliminated. www.globaliqx.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Professional Insurance Marketing Association (PIMA) Announces 2006 Annual Meeting (Fort Worth, TX) - The Professional Insurance Marketing Association (PIMA) will hold its Annual Meeting from March 2-5, 2006 at the Registry Hotel in Naples, Florida. The annual event - which draws insurance marketers from around the country - is a forum for education and networking. The 2006 Annual Meeting is focused on legislative and strategic issues. This year's theme is "Look Out - The Future Is Now" and features an opening keynote presentation by Andy Hines, lecturer, University of Houston, who will speak on "Trends in Values and Their Impact on Leadership in the Future." Bob Kerzner, president, LIMRA International, will close the first day with a presentation on the "Future of Distribution." www.pima-assn.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Diamond Triumph Auto Glass Selects CEI for Fleet Accident Management and Safety Services Trevose, PA, February 2, 2006– Diamond Triumph Auto Glass, Inc., a nationwide provider of automotive glass repair and replacement, has selected the CEI Group, Inc. for vehicle fleet accident management services and driver motor vehicle record data retrieval through its web-based mvrCompleteTM service. www.ceinetwork.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. 200 Independent Insurance Agents, Brokers of NY Members to Attend Legislative Day for Talks with Lawmakers (DeWitt, New York, February 1, 2006) — The Independent Insurance Agents & Brokers of New York, Inc. will sponsor its 36th Legislative Day or L-Day on Feb. 7 in Albany. IIABNY, a not-for-profit trade association representing independent insurance professionals across New York state, is expected to draw an estimated 200 agents and brokers. Lunch and talks have been scheduled with legislators and are expected to focus on industry issues such as workers’ compensation reform, auto fraud and market availability. www.iiabny.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Mandatory Medical Payment Offer Would Confuse Consumers, Says NAMIC INDIANAPOLIS (Feb. 3, 2006)—The National Association of Mutual Insurance Companies (NAMIC) in conjunction with members of the insurance industry, opposes legislation that would require auto insurers to offer medical payment coverage (HB 1036, Concerning the Requirement that Automobile Insurance Carriers Offer Medical Payment Coverage in Connection with an Automobile Insurance Policy). "This legislation is unnecessary, unreasonable and likely to confuse insurance consumers," said NAMIC's West Region State Affairs Manager Christian John Rataj. "The bill would require insurance carriers to document their disclosure of specific information to the consumer about available medical payments coverage and verify that the consumer acknowledges understanding of the disclosures," asserted Rataj to House Business Affairs and Labor Committee members. "Insurance agents are in the business of selling insurance products, and their income is directly impacted by their ability to sell reasonable and appropriate endorsements and optional coverages, like medical payments coverage, to the consumer. Thus, this legislation is really unnecessary and is little more than a disingenuous attempt to mislead consumers into believing that they 'legally need' to purchase this coverage to lawfully operate their motor vehicle. "The practical effect of requiring consumers to affirmatively reject, in writing, medical payment coverage is that it could lead some insurance consumers into believing that medical payment coverage is 'necessary and essential' in order to have their medical claims paid. “Property and Casualty insurance agents typically do not have the experience or expertise necessary to advise consumers on health insurance related decisions. Consumers need to consult with their health insurance policy administrators to determine whether they need or even would benefit from purchasing medical payment coverage as part of their motor vehicle insurance policy," said Rataj. The bill can be read on NAMIC Online at http://www.namic.org/pdf/060203ColoHB1036.pdf. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Casualty Actuarial Society Ratemaking Seminar to be Held ARLINGTON, VA , Feb 03 – The future of the Terrorism Risk Insurance Act and applications in predictive modeling will be among topics addressed at the annual Ratemaking Seminar of the Casualty Actuarial Society (CAS), March 13-14, 2006 at the Marriott Salt Lake City Downtown in Salt Lake City, Utah. Members of the press are welcome to attend the seminar (fee waived) and are asked to register with Mike Boa, CAS director of communications and research, at 703-276-3100 in advance of the seminar. The seminar presents a forum for the discussion of insurance issues, pricing concepts and methods. Sessions are available for insurance professionals with ratemaking knowledge levels that vary from limited to advanced, and the seminar provides an opportunity for actuaries to further their continuing education. www.casact.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. INSURANCE NEWSCAST “Book Of The Day” - Wealth Preservation for Physicians: Advance Planning for Affluent Doctors (Wealth Management Press, 2005). In the United States there are 43,700 affluent physicians controlling $374.3 billion. Moreover, the world of the physician is changing and, in their view, not for the better – especially when it comes to their opportunity to become financially successful. While the practice of medicine is not the ticket to personal wealth as it once was, it still produces a large number of affluent individuals needing and wanting an array of financial services. Moreover, if a financial advisor is able to not only serve the individual physician but the medical group as well, the opportunities then multiply exponentially. Authors:
More information on Book and Workshops can be found at http://www.resourcenetworkltd.com/ For workshop information, email: doctors@resourcenetworkltd.comReturn to Headlines - - Print Article / Read Entire Article / E-Mail Article The e-mail address subscribed to INSURANCE NEWSCAST is insurancenewscast-2027-log@pipe.insuranceletter.com. |
