Policy and Claims

Frank Heaps
Director, P&C Product Marketing
StoneRiver

Late summer was a rough time for the East Coast of the United States between the earthquake centered in Virginia and Hurricane Irene. Neither event was very severe, and most of the major damage was localized to a few areas. That is good since Irene was a large storm that lost energy, and no one expected the earthquake. Thousands are recovering from the hurricane, but the forecast was for millions to be impacted—at least 1 in 5 Americans. The earthquake was a surprise that was limited in damage.

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Craig Robinson Reinsurance Sales Engineer StoneRiver

Don Goodenow Director, Product Management, Reinsurance & Collections Stone

We know insurance is risky business, and it’s only going to get riskier.

AccuWeather forecasts a more active hurricane season for the U.S. compared to last year. More tornadoes are predicted for many areas of the U.S. We’ve seen what earthquakes and tsunamis can do. Preparing for these weather-related changes is challenging every area of the insurance industry, and the industry is responding.

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Frank Heaps
Director, P&C Product Marketing
StoneRiver

Day in and day out aging billing systems still process tens of thousands of transactions throughout our industry. However, these hard-working systems cannot meet the needs of your executive team, nor can they help your company exceed customer expectations.

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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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Frank Heaps
Director, P&C Product Marketing
StoneRiver

This is a continuation of our three-part look at ways to retain your customers and attract new customers through innovation. Part one was about policy processing and ways to help attract new customers. Part two examined billing and ways to provide innovative service in electronic form. In this part we look at how to excel in the eyes of your customers and prove the value of being a customer of your company. Claims are the single most important touch point and the place where you show your value as an insurance company. I specialize in the claims domain and often refer to claims as the reason we have insurance to begin with: things get damaged or people are injured and therefore you need to replace, fix, or heal.

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Frank Heaps
Director, P&C Product Marketing
StoneRiver

This is a continuation of our three-part look at ways to retain your customers and attract new customers through innovation. Part one was about policy processing and ways to help attract new customers. Part three will focus on showing your true value to your customers. This posting examines billing and ways to be innovative as part of ongoing customer service and support.

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Frank Heaps
Director, P&C Product Marketing
StoneRiver

The past 18 months have been tough for the property and casualty insurance industry. The soft market coupled with a weak economy has put companies under pressure to grow the business while working to retain customers. The consumer that may be more directly affected by our economy is the most price sensitive shopper: younger consumers. That is not to say that the more affluent income earner is not price sensitive or at risk, but they are not as likely to evaluate new carriers to save a few percentage points a year for their insurance. At a recent meeting of our advisory group of customer executives, several members indicated that retention rates in personal and consumer lines are weakening.

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