StoneRiver Blog

Reinsurance Records: One Repository to Rule Them All

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Craig Robinson
Reinsurance Sales Engineer StoneRiver

When it comes to a reinsurance system, data consolidation is one of the most important benefits to be gained. Yes, expediting loss recoverables, automating schedule F and P preparation, and improving audit trails that point to exactly how your reinsurance entries were calculated are all very important, but having all your reinsurance data in one centralized repository is invaluable.


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Knowledge (Plus Data) is Power


Craig Robinson
Reinsurance Sales Engineer
StoneRiver

Don Goodenow
Director,
Product Management, Reinsurance & Collections
Stone

If you’re a reinsurer reading the insurance news, things might seem a bit bleak. Consider this from a recent Reuters article:

“* Reinsurance prices down 5-10 pct in Jan renewals-brokers
* Weak pricing power to remain a challenge in 2011
* Analysts see low single-digit decline
The world’s top three insurance brokers saw declines of 5-10 percent in the prices reinsurers were able to charge insurance companies for new risk contracts.”

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Not Being Compliant with Workers’ Compensation Regulatory Requirements Can be Costly


Frank Heaps
Director, P&C Product Marketing
StoneRiver

The recent news about the AIG agreement to resolve the underreporting of workers’ compensation premiums underlines the need to have proper administration and reporting solutions in place to fulfill state filings. The multi-state investigation looked at AIG’s filings from more than a decade ago (1975 – 2006). The penalty was $100M plus an additional $46.5M in taxes and assessments for misreporting over $2B in workers’ comp premiums in Pennsylvania.

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Can Mobile Apps Make Insurance Fun?


Frank Heaps
Director, P&C Product Marketing
StoneRiver

Remember all of the hype about the Internet back in the 1990’s: insurance carriers were all going to be virtual, agents were a dying breed, no more branches, etc. That was a far reach but we suddenly had a new way to interact with customers to conduct business. Our industry just had to figure out how that would work.

When the Internet first became a reality, it was uncharted territory. Technology was being developed just to be able to use this new communications tool. Browsers were raw, connections were slow, connectivity was unreliable, etc. There were no standards or guidelines for user interaction.

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Changing Expectations of Consumers


Frank Heaps
Director, P&C Product Marketing
StoneRiver

Are you keeping up with your customers? Technology is changing rapidly; we all know that. We also understand that keeping up is a huge challenge. All this change is reshaping consumer expectations and they will quickly change their expectations of their insurance carriers. Youth generally drives technology change but older consumers are quickly embracing the ability to easily access and update information. All this inter-connectivity has been around for years, but the user interaction has become so simple and so seamless that basically anyone can do it. However, too many carriers are still processing insurance on systems that are 30 years old and cannot easily adapt to the new world.

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Sell Yourselves: Recruiting Talent to Your Company

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Frank Heaps
Director, P&C Product Marketing
StoneRiver

Recruiting is a tough proposition for most carriers. The average working age of an insurance professional is 56 and they plan to retire by 66. Within 14 years the approaching talent gap will severely impact our industry. Factor in the time to train people, attrition, and market dynamics, and we are looking at a chasm in our underwriters, adjusters, management, etc.

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Will You Be Ready When The Market Turns?

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Frank Heaps
Director, P&C Product Marketing
StoneRiver

That is a great question. Each year we see a new report from analysts and industry media that laments the aging work force of insurance and insurance IT professionals. When you couple the aging workforce issue with carriers that are downsizing or not replacing staff that leave, this is a real and a serious business problem. We know that the market will turn at some point, and indications are it could happen within the next 12 to 18 months. Will you be ready? How long does it take you to train an underwriter? An adjuster? A CSR?

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Is BOB a Fraud? Is BOB for Real?

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Don Goodenow
Director, Product Management, Reinsurance & Collections
StoneRiver

You know BOB. Sure you do. BOB’s been around for a long time, and I’m sure you’ve seen BOB, or a BOB look-alike a number of times. Everyone knows BOB - Best Of Breed.

BOB’s been the object of everyone’s desire: the absolute best processing component that you could ever want. Powerful and feature-rich, good old BOB was the best at his specific task. He’s been sought-after for as long as I can remember.

But BOB hasn’t had it easy. BOB didn’t always work well with others, and this has become a big problem. Being compared to that other ideal, the fully integrated suite, took its toll. In today’s world, being BOB just isn’t good enough. But neither is just being an integrated suite.

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Customer Communities and You


Frank Heaps
Director, P&C Product Marketing
StoneRiver

This is the time of year when many solution providers are hosting their first of at least two user community meetings. “User community” is not just a fancy way to say “user group” but represents a way to define multiple groups that work together for a common goal; like the community where you live. To continue the analogy, these are your town hall meetings.

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Hooray for SOA – Now what?

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Don Goodenow
Director, Product Management, Reinsurance & Collections
StoneRiver

It seems like you can’t turn around without bumping into someone’s new or improved SOA-based process. Platform-based, service-oriented, loosely-coupled, API-interfaced: everyone wants to be there.

That’s great. Service-oriented architecture can deliver real benefits, but let’s remember – it’s an architecture, not a solution in itself. Just like post-and-beam is an architectural style, SOA is a way to build things. So now we have new tools. The important question is the same as it has always been: what do you build with them?

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