Policy and Claims

The Hours Clause: 4 Steps Insurance Companies Should Take to Evaluate Exposure

Craig Robinson
Reinsurance Sales Engineer
StoneRiver

2012 was certainly a big year for catastrophes, suffering through hurricanes Sandy and Isaac, as well as several thunderstorms, fires, earthquakes, tropical storms, and droughts. These worldwide catastrophes caused lots of loss activity and economic destruction. Any time there is a long duration for any particular catastrophe, it is difficult to figure out what to report to reinsurers. In many reinsurance arrangements there is an hours clause that can have great bearing on the loss amount that can be invoiced to a reinsurer for recovery.

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Top 10 list to make your Annual Statement filing period a success!

Julie Kramer Julie Kramer, Financial & Compliance Product Director

  1. Make sure to keep up to date with the NAIC blank changes that could affect the way you report your data.
  2. Review the documentation provided with each release.  Details in the documentation may include things like: new software enhancements, updates to formulas and regulatory changes. Be sure to share these documents with others on your team!
  3. Create import files from your source data (Excel, GL, Investments, Reinsurance, etc).

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Support for Multitasking Claim Handlers

Felecia Maresh
Felicia Maresh
P&C Claims Expert
StoneRiver

The concept of multitasking appears to have originated in the computer industry and refers to the ability of a computer to process several tasks simultaneously. As we move through daily life, we are asking our human brains more and more often to function in a similar method. Today I sit at my desk, working on this blog, monitoring email, answering IM and telephone calls, all the while knowing that the minutes are clicking down toward a large project planning meeting.

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Using Customer Care During Natural Disasters to Retain Customers


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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Are You Ready for the Perfect Storm?


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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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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Customer Retention in a Tough Economy: Part Three of Three

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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Customer Retention in a Tough Economy: Part Two of Three

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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