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The SOCIETY OF
INSURANCE RESEARCH
Discover ways to extract maximum competitive
advantage from your internal data & processes, advertising & promotion;
and distribution strategy. The SOCIETY OF
INSURANCE RESEARCH is where to meet the practitioners whose
research & analysis shapes insurers' decisions about
underwriting,
product,
marketing, &
distribution.
Events sponsored by the Society of Insurance Research are the premier forum addressing how current and emerging trends might impact the insurance industry, and providing practical techniques you can use in your job. In addition to the relevant, immediate content of the daily sessions, excellent networking opportunities abound at the provided lunches and the evening receptions. If you are involved in any way with strategy, research, planning, or the design and development of insurance products or services, you will not want to miss the Society’s Spring Workshops. Executive Director: Ed Budd, Phone (317) 398-3684, email: sir.mail@comcast.net website: www.sirnet.org. 1. 2007 Retirement Confidence Survey: Many Workers See, But Ignore, Retirement System Changes Retirement savings inaction exposes a need for financial planning MINNEAPOLIS – April 11, 2007 – A large percentage of American workers see that the U.S. retirement system is going through major changes, but many are not taking steps that are likely to leave them well-positioned for a comfortable retirement, according to the 17th annual Retirement Confidence Survey (RCS). The survey, released today, is sponsored by the nonpartisan Employee Benefit Research Institute (EBRI) and Mathew Greenwald & Associates, with underwriting support from Ameriprise Financial. The RCS, begun in 1991, is the country’s most established and comprehensive study of the attitudes and behavior of American workers and retirees toward all aspects of saving, retirement planning and long-term financial security. The full report is available online at, http://www.ebri.org. Highlights from the 2007 RCS include: - Pension-plan changes by employers have left nearly half of workers less confident about the benefits they will receive from a traditional pension plan, but that those experiencing a decline in retirement benefits often fail to react constructively. Among workers who have personally experienced reductions in the retirement benefits offered by their employer, nearly 2 in 5 indicate that they have done nothing in response to these reductions. - Many workers are counting on employer-provided benefits in retirement that are increasingly unavailable. Forty-one percent of workers indicate they or their spouse currently have a defined benefit pension plan, while 62 percent say they are expecting to receive income from such a plan in retirement. Both numbers suggest unrealistic beliefs. - Almost half of workers saving for retirement report total savings and investments (not including the value of their primary residence or any defined benefit plans) of less than $25,000. The majority of workers who have not put money aside for retirement have little in savings at all: 7 in 10 of these workers say their assets total less than $10,000. “The level of pension plan change employees have experienced over the past several years has been unprecedented. But change has not been isolated to retirement plan benefits,” said Rusty Field, vice president and general manager of Workplace Financial Planning for Ameriprise Financial. “Virtually all areas of employee benefits have been affected by increasing costs and more complicated choices—and employees have been struggling to keep up with it all. Without a clear plan, supported by a collaborative relationship with a trusted advisor, it is not surprising to see these results.” Additional key survey findings: - Confidence—Americans generally are quite confident they will have enough money to live comfortably throughout their retirement years. This year, 72 percent were either very confident (30 percent) or somewhat confident (42 percent) of having enough money for a comfortable retirement. That is statistically the same as the 70 percent who were either very confident or somewhat confident in 2006. - However, changes in the employer pension system that have taken place in the last five years have left a total of 45 percent of workers either a little less confident (27 percent) or much less confident (18 percent) about the amount of money they will receive from a traditional pension from an employer. Sixteen percent said they were much more confident (5 percent) or a little more confident (10 percent) about receiving money from an employer-provided traditional pension. The rest were just as confident as workers were five years ago. - The survey showed that nearly 1 in 5 workers or their spouses (17 percent) experienced a cut in the level of retirement benefits from an employer plan in the last two years. Seventy-one percent of workers and their spouses experienced no decrease in the last two years. The finding comes against a background of many employers switching from traditional defined benefit pensions to defined contribution plans (typically 401(k) plans) in recent years. - The survey found that more people (40 percent) found the advice of a financial professional most helpful when compared with all other sources of education materials about retirement. The next highest rated sources people found most helpful were the advice of family, friends or coworkers (18 percent) and written materials from an employer (15 percent). Online professional investment advice services were only found most helpful by 1 percent of workers surveyed. “More people are recognizing the value of having a relationship with financial advisor to help guide them in making benefits decisions that fit within an overall plan to achieve their retirement dreams,” said Field. www.ameriprise.com © 2007 Ameriprise Financial, Inc. All rights reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 2. Schwab Institutional Releases Report on the Link Between Effective Time Management and the Bottom Line for Advisory Firms Time Management Seen as Essential as Advisory Firms Continue to Grow SAN FRANCISCO, April 12 /PRNewswire-FirstCall/ -- Across the independent advisor industry, firms are growing at an increasingly rapid pace, making time a valuable resource. The best-managed independent investment advisory firms typically work the same number of hours as their peers, but are more profitable and more productive because of effective management of principal and staff time, according to a new report published by Schwab Institutional. The white paper, Best-Managed Firms: It's About Time, examines the role that time management plays in the overall success of a firm and offers effective management techniques from top firms. Schwab Institutional, in conjunction with Moss Adams LLP, the 12th largest accounting and consulting firm in the United States, developed the report, which was compiled from interviews with the principals of 45 "Best-Managed Firms." These firms represent the top 15 percent of independent, fee-based advisory firms surveyed in the 2006 Moss Adams Financial Performance Study of Advisory Firms, based on a composite score of firm profitability, productivity and leverage. "What we have found in talking with advisors is that the most successful firms are tenacious about time management in the face of accelerating growth," said Deborah Doyle McWhinney, president of Schwab Institutional. "Both principals and staff at the advisory firms included in the report are not necessarily working harder; they are working smarter." According to the report, staff time is usually the most significant cost for an advisory firm, averaging about 70 percent of all expenditures. The best-managed firms cited in the report have a clear understanding of their firm and staff capacity, whereas other firms can get caught in the trap of planning solely based on revenue growth without analyzing the costs attached to things like customer service and administrative activities. The growth leaders in the report allocate staff and principal time appropriately, scale and structure the firm so that it runs efficiently, institutionalize processes, and plan and measure results. "Principals of best-managed firms are constantly working on and reshaping their business, as opposed to just working in their business day to day," said Dave Welling, vice president of strategic marketing programs at Schwab Institutional. "The firms that take the time to pause, plan and prioritize business and time management tend to avoid facing the dilemma of either working longer hours or sacrificing a high level of client service." Time is on Your Side According to Best-Managed Firms: It's About Time, the most successful firms in the industry recognize that time management is a business management issue, and deploy their resources accordingly. These firms use tactics ranging from strategic staffing, technology and outsourcing, to streamlining internal communication and workflow solutions in order to achieve maximum profitability. And it generally starts with the firm's principal. On average, owners of the best-managed firms, spend an additional 180 hours annually on client-facing activity and 24 percent less time on operations and portfolio management. The report found several key time management strategies that were common to principals of best-managed firms. These firm owners: * Spend less time on operations and portfolio management and more on client service and business development * Measure capacity accurately and use streamlined, efficient processes to take full advantage of capacity * Hire more support and managerial staff per professional than do principals at other firms * Offer only what clients value * Standardize their service delivery * Automate or outsource routine tasks Overcoming Common Time Management Myths The report also offers strategies for overcoming common myths regarding time management. For example, the report identifies the myth that every problem can be solved by simply working longer hours. In reality, according to the report's findings, the opposite can be true when employees reach or exceed their capacity limits and firms see decreasing returns on each additional hour worked. In addition, the report dispels the myth that every firm problem can be solved by the principal, explaining that owners should know when to delegate tasks and issues to their staff in order to make the best use of their time. On average, owners who worked 60-hours per week, or 33 percent more than the industry average of 50-hours per week, only generated an 18 percent greater pretax income per owner. The conclusion: longer-working owners generated less income on an hourly basis, a median of $83 per hour, compared to $93 per hour for the others. "If there is one key takeaway in the report, it is that advisor firms need to plan ahead and make business and time management a core part of their routine," notes Welling. "Busy advisors should be relieved to learn that achieving profitability, productivity and efficiency is not simply a matter of working longer hours, but without a solid commitment to consistently reevaluating time allocation as it relates to clearly defined business goals, it is just too easy to put it on the backburner." This report is the latest in a series of Schwab Market Knowledge Tools(TM) (MKT) reports, an ongoing program of industry research reports, white papers and how-to guides from Schwab Institutional designed to keep investment advisors on the forefront of trends and competitive challenges facing the industry. Offered exclusively to Schwab Institutional clients, the MKT program delivers relevant and timely information for future business planning. The MKT reports are a part of Schwab Institutional's GrowthPoint(TM), a program that builds on Schwab's existing practice management solutions and takes a uniquely tailored, strategic approach to helping advisors build their businesses. GrowthPoint consists of three distinct service offerings: Marketing/Business Development, Business Strategy/Planning and Transition Services. www.mossadams.com/industries/financialservices www.schwab.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 3. NAIC Testifies Before Two Senate Committees On Property Insurance Issues WASHINGTON, D.C. (April 11, 2007) — National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell testified today before the Senate Committee on Banking, Housing and Urban Affairs regarding the challenge of availability and affordability in coastal insurance markets. Meanwhile, Arkansas Insurance Commissioner Julie Benafield Bowman testified today before the Senate Committee on Commerce, Science and Transportation on the overall state of the property/casualty market and its regulatory landscape. “Coastal insurance markets are still dealing with the challenge of insurance availability and affordability, and state insurance departments are working to help consumers and businesses find coverage to manage the risk of living and working near the water,” Bell said. Bell’s testimony to the Banking Committee highlighted the factors affecting availability and affordability, and provided snapshots of the market in a number of coastal states. He also encouraged Congress to consider an all–perils insurance policy, and reinforced the NAIC’s support for a national commission to analyze the problem. In the Commerce Committee hearing, Bowman discussed regulators’ dual responsibility of ensuring the solvency of insurance companies, and making sure that those companies treat consumers and claimants fairly. She also addressed rate regulation and insurers’ claims settlement practices. Bowman concluded her testimony by saying, “Our role as insurance commissioners is to foster an industry that prepares people before, and then provides for them after, some of the worst possible events that they may endure in their lifetime.” www.naic.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 4. Fifty-One Percent Of Employees Underestimate The Value Of Their Total Compensation Survey of Full-Time Employees Indicates a Strong Correlation Between Understanding and Satisfaction With Compensation and Benefits Rockville, Md. - (April 11, 2007) – A majority of workers misunderstand the value of their total compensation packages, including salary and benefits. This may lead to potential employee satisfaction problems, among other issues, for employers, reports a new survey conducted by Harris Interactive and Charlton Consulting Group, a benefits communications consultancy. The results, released today, indicate 51 percent of the U.S. full-time workforce believe their employer pays 30 percent or less – over and above their wages – for employee benefits such as health, life and disability insurance as well as retirement benefits and paid time off. In contrast, employers are actually paying 43 percent over and above wages and salary for employee benefits, according to a September 2006 report from the U.S. Department of Labor’s Bureau of Labor Statistics. “There continues to be a disconnect between what companies spend on benefits and how employees perceive that investment,” said David Janus, a principal of Charlton Consulting Group. “In today’s rapidly changing economy, people are an organization’s most important asset. Employers need to clearly communicate the total compensation message in order to enhance their return on investment for the benefit dollars being spent.” Another important survey finding shows the connection between employees’ understanding of and satisfaction with their total compensation. According to the survey, 75 percent of employees who say they are “very satisfied” with their total compensation also have at least “quite a bit” of understanding of their benefits packages. “This survey reinforces what Charlton Consulting Group has been telling employers for years. A strong correlation exists between employee understanding and satisfaction when it comes to compensation and benefits,” Janus said. Furthermore, the survey also revealed only 19 percent of employees “completely” understand the total dollar value of benefits they receive from their employer. Similarly, less than a quarter (22%) of workers report being “very” satisfied with their current total compensation and benefits package while more than one-third (33%) are “very” or “somewhat” dissatisfied. www.charltonconsulting.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 5. Investor group to buy Sallie Mae for $25 billion Mon Apr 16, 2007 8:15am ET PHILADELPHIA (Reuters) - Sallie Mae, the largest U.S. student loan company, said on Monday it would be acquired by two private-investment funds along with JPMorgan Chase & Co. and Bank of America Corp. for $25 billion. Sallie Mae, whose formal name is SLM Corp. <SLM.N, said the two funds, J.C. Flowers and Friedman Fleischer & Lowe, will invest $4.4 billion and own 50.2 percent. Bank of America and JPMorgan will each invest $2.2 billion and own 24.9 percent. The deal follows a settlement between Sallie Mae and New York Attorney General Andrew Cuomo for $2 million in which Sallie Mae promised to change lending practices such as paying university financial aid officers for appearing on advisory boards. Attorneys general from states including New York, California and Connecticut are looking into the extent to which student loan companies offer kickbacks to universities and their financial aid employees for steering business to the lenders. Sallie Mae was created in 1972 as a quasi-governmental company known as a "government sponsored entity." It began cutting its direct government ties in 1997, a process completed in 2004. After the takeover, Sallie Mae's current management will continue to lead the company, and the company will continue to originate student loans under its internal brands. It will remain headquartered in Reston, Virginia. Bank of America and Chase will continue to operate their independent student lending businesses. The transaction will require the approval of Sallie Mae's stockholders, is subject to regulatory approval, and is expected to close in late 2007. Sallie Mae will not pay further dividends prior to closing of the deal. Sallie Mae will continue to have publicly traded debt. Bank of America and JPMorgan have committed to provide debt financing for the transaction and to provide additional liquidity to Sallie Mae prior to the closing of the deal. UBS Investment Bank served as lead financial adviser to Sallie Mae and its transaction committee, which was also advised by Sandler O'Neill + Partners L.P. and Greenhill & Co. JPMorgan and Banc of America served as financial advisers for the investor group. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
Key Benefit Resources: (877) 907-5511, sbell@keybenefitresources.com, www.keybenefitresources.com 6. Notice of Pending Securities Class Action Suit against Southern Farm Bureau Life Insurance Company ORLANDO--(BUSINESS WIRE)--Baker & Hostetler LLP today announced that a class action has been commenced in the United States District Court for the Middle District of Florida on behalf of all shareholders of PLAINTIFFS’ SHAREHOLDERS CORPORATION (“PSC”) who owned shares in PSC on or after the dissemination of a Proxy Statement on September 29, 2004 and through October 15, 2004, the date of a Special Meeting of Stockholders of PSC at which PSC approved the sale of a debenture to SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY (“SOUTHERN LIFE”), and the date that the sale of the debenture was completed (the “Class”). Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 7. The Hartford Reaches an Insurance Milestone with One Million Small Business Policies in Force Monday April 16, 10:00 am ET Company credits success to popular products, strong agent network and expertise with small business HARTFORD, Conn.--(BUSINESS WIRE)--When Creative Music Adventures of Seattle, Wash., recently purchased a small business insurance policy from Seattle's C. Don Filer Agency, the music school/retail instrument store became one in a million with The Hartford Financial Services Group, Inc. (NYSE: HIG - News). The Hartford announced today that it has reached a significant milestone -- maintaining one million small-business policies in force across the country. This accomplishment positions The Hartford as one of the largest writers of business insurance for companies that generate under $15 million in annual revenue. These policies are sold through The Hartford's network of independent agents. www.thehartford.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 8. Nasdaq sees $24.9 mln in LSE-bid charges Mon Apr 16, 2007 7:55am ET NEW YORK (Reuters) - Nasdaq Stock Market Inc. (NDAQ.O: ) said it will take a first-quarter charge of $24.9 million, or 10 cents a share, for expenses from its failed bid for the London Stock Exchange (LSE.L: ).Nasdaq said it had previously disclosed the costs from its lapsed 2.7 billion pound ($5.36 billion) bid for the LSE but had not said they would expense them in the first quarter. LSE shareholders in February overwhelmingly rejected the Nasdaq hostile takeover bid. © Reuters 2007. All Rights Reserved. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 9. Actuaries and Key Stakeholders Convene for First Time to Re-Envision Retirement Society of Actuaries Releases Building the Foundations for New Retirement Systems CHICAGO, April 16, 2007 /PRNewswire via COMTEX/ -- The Society of Actuaries (SOA), in conjunction with the SOA Pension Section Council, today released Building the Foundations for New Retirement Systems, a report that examines retirement systems models against the needs, risks and roles of all stakeholders contributing to or benefiting from the current systems. Building the Foundations for New Retirement Systems is the first comprehensive report stemming from the SOA's Retirement 20/20 initiative, a project that brings together -- for the first time -- key stakeholders with an interest in developing new retirement systems. The first meeting in September 2006 leveraged the insights of more than 60 experts, including leading pension and retirement actuaries, corporate benefits managers, attorneys, public policy advocates and academics. In Building the Foundations for New Retirement Systems, SOA Staff Fellow and white paper author Emily Kessler, FSA, EA, MAAA, FCA, carefully outlines the needs, risk and roles of redesigned retirement systems. The report fully incorporates perspectives surrounding today's challenges and the complexities of future retirement systems at a time when there is a decline in the use of defined benefit plans and generally recognized flaws in defined contribution plans. www.retirement2020.soa.org www.soa.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 10. Centene Corporation Announces Entry into South Carolina Medicaid Market with Purchase of PhyTrust of South Carolina South Carolina Becomes Seventh Centene Medicaid Market ST. LOUIS, Apr 16, 2007 (BUSINESS WIRE) -- Centene Corporation (CNC) today announced Total Carolina Care (TCC), a wholly-owned subsidiary of Centene, has entered into an agreement under which TCC would purchase PhyTrust of South Carolina, a Medicaid Medical Home Network that serves over 30,000 members. Pending the South Carolina Department of Health and Human Services (SCDHHS) approval, TCC will acquire PhyTrust to form an organization that will deliver high quality healthcare to South Carolina Medicaid recipients while providing SCDHHS with an integrated managed care solution tailored to the diverse needs of the state. www.centene.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
11. Independent Healthcare Research Leader Announces New Name: ECRI Institute PLYMOUTH MEETING, Pa., April 16, 2007 /PRNewswire-USNewswire via COMTEX/ -- Renewing its mission to research best approaches to improve patient care, a leading nonprofit healthcare research organization today announces its new name: ECRI Institute (http://www.ecri.org). The independent organization, formerly known as ECRI, unveils its new logo, with the tagline "The Discipline of Science. The Integrity of Independence." The organization's redesigned public Web site offers improved navigation and enhanced content. This rebranding process is the first ever for ECRI, an independent nonprofit founded in 1968. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 12. Fed's Plosser lauds benefits of inflation targets Mon Apr 16, 2007 10:26AM EDT PHILADELPHIA (Reuters) - Philadelphia Federal Reserve President Charles Plosser on Monday lauded the benefits of formal inflation targets but said it was too early to tell if the Fed would move in that direction as part of a study on its communications. However, Plosser termed the Fed "arguably less transparent" than a number of other central banks, including the European Central Bank. Plosser praised the ECB's policy of "clearly stating price stability as its main objective and announcing a target for where it is going to keep the inflation rate." Plosser did not specifically address the U.S. economy or monetary policy in remarks to a conference on EU expansion. Formalized inflation targets boost a central bank's credibility because policy goals do not change as the members of the policymaking body change, Plosser said. Plosser, who is not a voting member of the monetary policy-setting Federal Open Market Committee in 2007, is known as one of the Fed's more hawkish members on inflation. "The FOMC is currently studying ways to further improve its communications. It is too early, however, to say precisely what the results of that inquiry will be," he said. Plosser said that even the average U.S. inflation rate of 3.1 percent logged between 1986 and 2006 saw "a considerable depreciation" in purchasing power. "To put it directly, policy-makers have come to accept the fact that price stability is and should be the primary focus of monetary policy," he said. "Over a longer term, central banks create inflation and it is very important that we acknowledge and take responsibility for that fact," he said. "If people believe the central bank is committed to price stability, they will make decisions that lead to better outcomes than if they believe the central bank will give into temptation and create higher inflation." Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 13. The Professional Insurance Agents of New York State Inc. will host its 22nd annual Long Island Regional Awareness Program. Long Island RAP will host a keynote luncheon featuring an address by Alexander Sica, president and founder of SICA Consultants Inc. SICA Consultants Inc. has an extensive understanding of mergers and acquisitions. Sica will draw from his knowledge when he discusses the history and the current conditions of the insurance marketplace in relation to mergers and acquisitions. He also will outline how the trends of the marketplace will affect agents and their businesses.Another highlight will be the presentation of the 2007 Louis A. Morelli Memorial award. Long Island RAP promises the highest-caliber education sessions including: Consumer-Driven Health Plans for the P&C Agent/Broker and Identity Theft and Data Breach: How to Protect and Restore Your Good Name. WHEN: Thursday, April 19, 2007; 7 a.m.–5:40 p.m. 1-2:30 p.m.—Keynote address/luncheon WHERE: Leonard’s of Great Neck, Great Neck, N.Y. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 14. Indiana Motor Truck Association Members to Receive Discount on U.S. Dental Care Access Card INDIANAPOLIS, (April 9, 2007) — The Indiana Motor Truck Association (IMTA), the strong voice of the trucking industry in Indiana, has formally endorsed the U.S. Dental Care Access Card, a discount dental card with several value-added benefits. This endorsement, made by IMTA’s Endorsed Product Committee, will allow IMTA members the opportunity to purchase the Access Card at a discounted rate. www.imtaonline.net www.us-dentalcare.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 15. HR.com partners with Business Book Review to provide members with unlimited access to over 700 top business book summaries. April 11, 2007 (Aurora, ON) – HR.com and Business Book Review today announced a new strategic partnership that will allow HR.com to offer their Premier Members unlimited access to business book reviews. Individual business book reviews will also be available for $8 through HR.com’s online HR Marketplace and corporate licenses will be available through HR.com’s sales team. “The 150,000 plus members of our HR community are beyond pressed for time yet staying on top of the latest management theories and practices is critical to the success of their organizations. Business Book Review offers our members the key knowledge they need in an easy-to-digest format that can be effortlessly integrated into their learning and development programs. We’re thrilled to be adding this benefit to the growing list of tools we provide to our Premier Members,” says Debbie McGrath, CEO, HR.com. www.hr.com/memberships Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
16. AIA Calls For Balance In Privacy Bills BOSTON, April 11, 2007 – The American Insurance Assocation (AIA) called on Massachusetts legislators to balance privacy concerns with legitimate business needs in regulating access to personal information. The comments came in testimony on several bills before the Joint Committee on Consumer Protection and Professional Licensure. “AIA fully supports the efforts to minimize identity theft and prevent fraud and encourages the Legislature to do so in a way that does not impair legitimate business access to, and use of, personal information,” said John Murphy, AIA vice president, Northeast Region. Murphy noted that insurers already comply with the data security standards of the federal Gramm-Leach-Bliley Act of 1999 and the Fair and Accurate Credit Transactions Act of 2003. www.aiadc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 17. INSURANCE NEWSLINK Articles Recent articles added to INSURANCE NEWSLINK, the worldwide, strategic concise intelligence database of over 27,000 articles including interviews, uniquely analysed by company, market, research, regulatory, and IT topics. Please click here for a content overview and a 15-day free review. THE TIME EFFECTIVE WAY TO STAY AHEAD
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 18. BANK INSURANCE NEWS IN BRIEF - APRIL 16, 2007 TODAY'S BANK INSURANCE NEWS IN BRIEF" is provided each week courtesy of Michael White Associates @ www.bankinsurance.com. To read these stories, visit http://www.bankinsurance.com/editorial/news/default.htm.
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 19. NAIC To Participate In Hispanic Publications Convention KANSAS CITY, Mo. (April 10, 2007) — As part of a year–long effort to educate Spanish–speaking consumers on insurance issues, the National Association of Insurance Commissioners (NAIC) today announced it will be a sponsor of the National Association of Hispanic Publications, Inc. (NAHP) 2007 Convention and 25th Anniversary, April 11–14 at the Scottsdale Hilton Resort & Villas in Scottsdale, Ariz. Arizona Insurance Director Christina Urias will speak with Hispanic journalists from 11 a.m. to 4 p.m. Friday, April 13 at the NAIC exhibit booth at the NAHP Exhibit Hall. As a sponsor of the annual Hispanic media convention, the NAIC also will co–host an editorial workshop, entitled Attracting Readers to Consumer Education Issues, from 2:30 to 3:45 p.m. April 13. NAIC Communications Director Scott Holeman, along with Hispanic journalists from La Opinion, wire service EFE and AARP’s Segunda Juventud, will contribute to the workshop. www.insureuonline.org/espanol Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 20. INSURANCE NEWSCAST "Pictures Of The Day" -- Sponsored By:
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21. LIDMA Annouces Initiatives For 2007-2008 - LIDMA Leadership Meets in San Diego to Develop Priority Programs – SAN DIEGO, CA – (April 11, 2007) -- The officers and board members of the Life Insurance Direct Marketing Association (LIDMA) met recently in San Diego and set the association’s priorities for 2007-2008. LIDMA is the leading professional association supporting life insurance professionals and associated companies involved in the direct marketing and sales of life insurance to consumers. Founded in 2006, the association has grown quickly to include many of the industry’s leading producers, carriers, business partners, exam companies and direct marketers. The priorities LIDMA established for 2007-2008 are:
Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 22. HSAcenter.com Introduced as New Online Resource for Consumers Seeking to Save on Health Care and Taxes INDIANAPOLIS--(BUSINESS WIRE)--A new Web site, www.HSAcenter.com, offers consumers a convenient, one-stop location to find comprehensive, straightforward information on health savings accounts (HSAs) and how they work. Among its features are an extensive question-and-answer section and five key questions that help individuals determine if an HSA is the right choice for them and their families. Launched by UnitedHealthcare’s Golden Rule Insurance Company, an HSA pioneer and leader in the individual and family health insurance market, www.HSAcenter.com provides consumer-friendly information presented in multiple formats including text, video, flash and audio. Additional and updated content, including an HSA calculator, will be added on a regular basis. America’s Health Insurance Plans recently reported that 4.5 million Americans are now covered by HSA health plans; Consumer Driven Market Report puts that number at 6 million. Moreover, the U.S. Department of Treasury estimates that the number will expand to 25-30 million consumers by 2010. Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 23. The Canada Pension Plan - A Model for Social Security Reform? WASHINGTON, April 13 /PRNewswire-USNewswire/ -- Faced with serious concerns about its ability to fulfill its pension obligations to baby boomers, Canada took bold action to reform its national pension system in 1997, making it the most actuarially sound national pension plan among G7 countries. How did it succeed? Can it work here? WHAT: AARP International will host a Capitol Hill briefing with the head of one of the largest investment funds in the Americas. This is the fourth in a series of Capitol Hill Briefings hosted by AARP to inform the debate on economic security and health issues. WHEN: April 19, 2007, 8:00 AM- 9:30 AM, Breakfast will be served. WHERE: Room B-340, Rayburn House Office Building www.aarp.org www.dividedwefail.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 24. Identity Theft Resource Center's Breach List 2007 SAN DIEGO, April 12 /PRNewswire/ -- Data breaches disclosed at TJX, Department of Veterans Affairs, Chicago Board of Elections, and the University of Idaho are just some of the 76 breaches reported for the period ending April 12, 2007, according to the Identity Theft Resource Center (ITRC). This report was generated by the ITRC's recently-developed breach data base, designed specifically to quantify and track data breaches. These total breaches, affecting more than 54 million Americans, are categorized into the following areas: Business; Government/Military; Educational; Medical/Healthcare; and Banking/Credit/Financial. See ITRC Breach Report 20070412 on our website: http://idtheftcenter.org/breaches2007.pdf Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 25. Senior Healthcare Consultants (SHC) and Great American(R) Financial Resources, Inc. (GAFRI) Announce National Marketing Partnership AUSTIN, Texas, April 12 /PRNewswire/ -- Cincinnati-based Great American Financial Resources, Inc. (NYSE:GFR) ("GAFRI"), a subsidiary of American Financial Group, Inc. (NYSE:AFG) , and Senior Healthcare Consultants (SHC), Dallas, TX, the primary career division of RJR Insurance Services, Inc. (RJR), have announced a national marketing partnership focused on driving more supplemental health business through some of the recently acquired insurance company subsidiaries of GAFRI. This partnership represents a decision of GAFRI to distribute their senior products on a nationwide basis through the proven national marketing capability of SHC. Among the insurance companies of GAFRI that specialize in Medicare products, annuities, and senior life insurance that will be among the primary carriers whom SHC will market are Provident American Life & Health Insurance Company, Continental General Insurance Company, and Great American(R) Life Insurance Company. GAFRI and RJR also plan to enhance SHC's Senior Financial Security Consultants (SFSC) division by marketing many of GAFRI's annuity products and financial services to the senior population later in 2007. www.shcsales.com www.gafri.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 26. Insurance.com Announces Move to Larger Local Facility CLEVELAND--(BUSINESS WIRE)--Insurance.com, the largest online auto insurance agency in the United States, has signed a lease to occupy the former Nestle building located at 29000 Aurora Road, Solon Ohio 44139. Plans call for converting the existing 111,493 square feet office/warehouse space into a high-tech work environment that will include state-of-the-art conference rooms, wireless internet access, on-site exercise facility and advanced office space for Insurance.com’s 250 employees. www.insurance.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 27. Venture Capital Fundraising Activity Continues at Lower Levels In Q1 2007 Early Stage Funds Drive Fundraising NEW YORK, April 16 /PRNewswire-FirstCall/ -- Venture capital fundraising activity slowed in the first quarter of 2007 with fifty-six venture funds raising $4.9 billion according to Thomson Financial and the National Venture Capital Association (NVCA). While the first quarter saw a marked increase from the fourth quarter of 2006, venture fundraising during the first three months of 2007 was at the lowest level for an opening quarter since the first quarter of 2004. "These lower fundraising levels relative to recent quarters are expected to remain steady in 2007 as many firms recently closed funds in the 2004-2006 cycle," said Mark Heesen, president of the NVCA. "Yet there will be a group of firms that choose to raise money in the 'off-cycle' which will keep overall quarterly levels in the $4-5 billion dollar range. Most firms that have raised money are keeping their fund sizes at reasonable levels which bodes well for the promise of future returns to limited partners." Venture funds in the first quarter collectively raised 19.5% more than those in the fourth quarter of 2006, when fifty-six funds took in $4.1 billion in commitments. However, when compared to the first quarter of 2006, this quarter posted a 25.7% decline. www.thomson.com www.nvca.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 28. Experian Announces Acquisition of Inform@rketing Latest Step in South American Expansion Effort COSTA MESA, Calif., April 16 /PRNewswire/ -- Experian, a global information solutions provider, today announced that it has acquired Inform@rketing, one of Brazil's leading providers of direct marketing services. Inform@rketing is headquartered in Sao Paulo and demonstrates Experian's commitment to continuing its expansion and growth initiatives in Brazil. The acquisition is consistent with Experian's global strategy of acquiring complementary businesses that provide new products, new data or entry into new vertical or regional markets, while leveraging the core assets of Experian. www.experiangroup.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 29. Phinder finalizes credit insurance OTC BB symbol (PHDT) MIAMI, April 13 /PRNewswire-FirstCall/ -- Zupintra Communications Inc. (Zupintra) a wholly owned subsidiary of Phinder Technologies Inc. (OTCBB: PHDT), is pleased to announce that it has finalized the credit insurance related to the $10,000,000 accounts receivable (A/R) financing as outlined in the Company's March 28th, 2007 press release. "Closing the insurance was the last step in completing all the requirements necessary to fully utilize the A/R line. Zupintra is now in a very strong position to negotiate favorable contracts with international wholesale carriers," stated Lex van Arem, CEO of Phinder Technologies Inc. The insurance covers over 25 countries, including but not limited to India, England, France, Italy, the Netherlands, Canada and the USA. www.phinder.com Return to Headlines - - Print Article / Read Entire Article / E-Mail Article 30. Update on Group Health's Missing Laptops SEATTLE, As reported in March by regional media outlets, Group Health Cooperative has been notifying patients and practitioners that certain identifying information, including some social security numbers, may have been housed on laptops that were reported missing from Group Health Cooperative's Home Health Department. To date, Group Health is confident that it is successfully contacting patients, as well as, current Group Health Cooperative and Group Health Permanente employees whose social security numbers or other identifying information may have been exposed. However, after exhausting all efforts Group Health has been unable to reach some of the affected medical practitioners who may have outdated or incomplete contact information on file. www.ghc.org Return to Headlines - - Print Article / Read Entire Article / E-Mail Article
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