NETWORKING NEWS
THE COMPLEX UNIVERSE OF
regulations under which insurers operate is reflected in their
technology systems. Regulations,
such as the Sarbanes-Oxley Act
(SOX) of 2002, often spawn entirely new technology solutions
meant to address them. Such is the
case with governance, risk and
compliance (GRC) solutions,
which emerged in the wake of
SOX. The current financial crisis
is likely to engender new regulations, which all observers expect
to feature a renewed emphasis
on risk management.
Insurers can leverage GRC
systems—not only to meet
these forthcoming statutory
hurdles but to achieve competitive advantage.
>>COVER STORY | COMPLIANCE
Using GRC to
Move Risk to
The Forefront
Story on page 10
CIOs have to remind
their staffs they work
for an insurer, not a
technology company.
Story on page 14
17%
43%
26%
14%
8
Stat Speaking
How concerned are you
about insider threats?
are very
concerned
are
concerned
are somewhat
concerned
are not
concerned
14
INNSight
To improve the IT/business
relationship, IT must take on
the responsibility of fostering
and promoting a culture of
communication.
>>BUSINESS PROCESS MANAGEMENT
WITH THEIR BUSINESS
increasingly being conducted
online, insurers are looking for
ways to better integrate their
customer-facing systems with internal ones. One insurer successfully melded a business
By Joe McKendrick
Building BPM Solutions
Into the Front Office
>>UNDERWRITING/RATING TECHNOLOGIES
AMID A BUSINESS AND
economic climate in which
many factors are out of an insurer’s control, it’s critical for
them to understand the types
of risk most appropriate for a
specific product set. Then, they
must price those risks in such
a way as to remain competitive.
So how do workers’ comp insurers identify, segment and
price risk in order to consistently improve loss ratios? Many
carriers invest in predictive
By Pat Speer
Insurers Use Analytics to
Assign the Right Price
Will business and IT one day
merge into one organization?
One industry expert says yes,
and IT needs to prepare.
Counterpoint
20
process management solution to
an existing services-oriented
architecture initiative to automate
renewal submissions, improve
underwriting and achieve other efficiencies.
Story on page 6
analytic solutions to help them
ascertain the correct price. Indeed, some contend that since
market-leading carriers already
are employing these solutions,
the question for insurers isn’t
if they should deploy them,
but when.
Carriers can combine predictive analytics with traditional
underwriting practices to
achieve pricing precision. Find
out how.
Trying to keep commercial
lines systems current is a
headache for many insurers,
but emerging technologies
can help.
Vantage Point
26
INN Online
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