Insurance Journal TV » Technology

Entrepreneurial Technologists

bpedroso — Thu, 06 Oct 2011 18:50:29 +0000

This year the Entrepreneurial Insurance Alliance (EIA), sponsored by MarketScout, named Vertafore and Risk Metrics, as winners of it 2011 Entrepreneurial Award in technology. Vertafore’s WorkSmart and Risk Metrics’ Insurance 360 technology products received recognition from the EIA as being some of the industry’s most innovative concepts in technology. Each year, the EIA receives hundreds of applications for the most entrepreneurial, innovative, and new insurance concepts, but only a select few receive the honor of receiving an award at the MarketScout annual Entrepreneurial Insurance Symposium. In this interview with Insurance Journal, Vertafore’s Susanna Morgan and Risk Metrics’ Kevin McCarthy explain their innovative ideas in insurance technology, and what WorkSmart and a new version of Insurance 360 promise to deliver for the industry.

Insurance Journal is Now on the iPad

bpedroso — Tue, 26 Jul 2011 19:36:16 +0000

Introducing the Insurance Journal iPad Edition. Everything you’ve come to expect from the leader in property and casualty information and more.

Aerial Imagery: Latest Tool in Disaster Recovery

bpedroso — Wed, 20 Jul 2011 15:52:49 +0000

Using technology previously only available to the military, ASSIST-U.S. specializes in aerial imagery and analysis, offering insurers an opportunity to respond to disaster claims hours after a natural catastrophe. In this interview with Claims Journal, Bruce Seibert, the company founder, explains how aerial imagery benefits insurers during a weather-related catastrophe, like the Joplin tornado. Imagery can be transferred directly from the aircraft to the internet, providing insurers an opportunity to assess large scale damage quickly.

QR Codes: What are these things?

bpedroso — Wed, 13 Jul 2011 22:41:51 +0000

Short for “quick response,” the QR Code is a two dimensional bar code that was initially used to track automotive parts during manufacturing. Now with the proliferation of smart phones the QR Code is finding its place in mainstream American culture. Mitch Dunford – CEO of Wells Publishing and Julie Tinney – VP of Sales and Marketing join Aaron Dunford to discuss the history, use, and benefits of QR Codes.

Insurance Journal iPad Edition

bpedroso — Thu, 07 Jul 2011 20:08:42 +0000

The magazine you turn to for the most up to date information on property and casualty insurance is now on the iPad. Check out the great features included in the digital edition of Insurance Journal.

Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark

bpedroso — Mon, 11 Apr 2011 17:55:29 +0000

Karen Clark, who pioneered catastrophe modeling for property/casualty insurers, thinks insurers, rating agencies and regulators have become over-reliant on the models. The models are great tools but they are not always the best tool for all purposes and do not give the complete picture. Other approaches must also be used, says the consultant who now heads Karen Clark & Co.

IBM’s Watson: Insurance Jobs in Jeopardy?

bpedroso — Wed, 23 Feb 2011 01:26:26 +0000

Recently, the TV-show Jeopardy’s two biggest champions were defeated by an IBM computer named Watson in a “Man vs. Machine” challenge. IBM engineers spent four years building the artificial intelligence that went into Watson but IBM has higher aspirations for Watson than game show player. The firm sees a future for Watson in businesses including the insurance industry. IBM’s insurance industry representative Jamie Bisker spoke with Insurance Journal’s Andy Simpson about potential assignments for Watson in insurance.

Using Employees’ Web Information in Hiring, Insurance Decisions

bpedroso — Fri, 19 Nov 2010 19:57:21 +0000

Employee screening has moved well beyond criminal and credit histories to anything publicly available on the Internet. California-based Social Intelligence Corp. collects Internet data on employees for employers. Max Drucker, company co-founder and CEO, says his service protects employers from liability in hiring decisions and protects employees from discriminatory information being used in hiring. Drucker, who helped build the insurance web application company Steel Card that was bought by ChoicePoint, suggests insurance companies might use web monitoring in investigating claims in this interview with Insurance Journal’s Andrew Simpson.

A Windfall for Storm Claims

creese — Tue, 16 Nov 2010 16:11:13 +0000

The insurance industry just unveiled a giant, $40 million wind chamber that is capable of blowing down a house. The reason it was created? To test how improved construction methods and materials can prevent major damage during wind-driven catastrophes like hurricanes. Watch as Insurance Journal visits the facility — part of the Institute for Business and Home Safety’s research center in South Carolina —to find out exactly how these tests are done and what the research done in South Carolina could mean for the future of property damage claims.

LexisNexis Insurance Exchange 2: Privacy, Security Issues

bpedroso — Thu, 11 Nov 2010 19:21:47 +0000

The Council of Insurance Agents and Brokers, LexisNexis, key agencies and a variety of insurance and technology partners are currently testing the LexisNexis Insurance Exchange, a single entry submission platform for commercial lines business. In this Part 2 of his interview at the recent MarketScout Entrepreneurial Insurance Symposium, Frank Sentner, CIAB’s technology director, discusses the some of data security and privacy issues surrounding the exchange. In the first part of this interview, Sentner discussed the basics of this potentially game-changing system.

Network Matches At-Home Insurance Retirees with Employers

bpedroso — Tue, 19 Oct 2010 22:56:33 +0000

As more and more experienced insurance agency and carrier employees discover their retirement income isn’t what they thought it would be, many are happy to find work they can do from home to supplement their income. That’s where Sharon Emek and her new organization, WAHVE, or Work At Home Vintage Employees, come in. This network of retired insurance industry employees could be put to work for you or your agency.

LexisNexis Insurance Exchange 1: What is It?

creese — Tue, 21 Sep 2010 06:26:17 +0000

Agents and brokers have been dreaming about a single entry multiple company submissions system for a long, long time. The Council of Insurance Agents and Brokers, LexisNexis and a variety of insurance and technology partners are currently testing a dream model, the LexisNexis Insurance Exchange. In this interview at the MarketScout Entrepreneurial Insurance Symposium, Frank Sentner, CIAB’s technology director, explains how this exchange could be a game changer for the entire property/casualty insurance industry. In Part 2, Senter discusses some of the security and privacy issues surrounding the exchange that are of concern to agents and brokers.

Agency Technology with a Silver Lining: Cloud Computing

asimpson — Fri, 17 Sep 2010 14:55:08 +0000

Cloud computing enables users to access software applications and records from any Internet enabled device—at home, in the office, on the road—anywhere. Adam Kotter is president of the Kotter Group, based near Atlanta, which specializes in cloud computing for independent insurance agencies. In this interview with Insurance Journal’s Andy Simpson, Kotter discusses the advantages of cloud computing for disaster recovery, data security, cost savings and everyday agency management.

Markets in Motion: Solar Manufacturer Warranties

bpedroso — Wed, 01 Sep 2010 23:48:46 +0000

The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.

According to Mike McMullen, managing principal of PowerGuard Specialty Insurance Services, banks are hesitant to lend against some larger solar projects because of the severe credit crunch and the balance sheet of the solar manufacturer. This has made it difficult for these projects to get the funding they need from banks. PowerGuard developed its unique warranty program to back up the 25-year warranty of the solar manufacturer should the manufacturer become unable to pay. As alternative energy and large solar projects continue to increase, agents need to be aware of these insurance options.

In this edition of Markets in Motion, MyNewMarkets.com Associate Editor Amy O’Connor talks with PowerGuard about their solar warranty product and how agents can get involved in this emerging insurance market.

How Green Roofs Are Changing Insurance Claims

creese — Fri, 23 Jul 2010 18:39:52 +0000

Commercial roofing, already complicated, is getting more so as new types and materials are being introduced. Kenneth R. Gilvary, a senior engineer with Dallas-based Haag Engineering, specializes in assessing roof losses for insurers. Gilvary says claims professionals need to keep up with how green technology, including vegetative rooftops, and new building standards are changing the roofing industry and the claims picture.

Content is Crucial for Social Media Success

creese — Mon, 14 Jun 2010 23:22:15 +0000

Building a social media presence is critical for independent agents to remain competitive. But insurance carriers like Fireman’s Fund are helping agents venture into this new technical world. John Hosbein, vice president of online services, and Alice Cameron, vice president of marketing, share how agents can create engaging Web 2.0 content.

Cyber Breaks, Insurance and Data Breach Response Advice

creese — Tue, 11 May 2010 07:25:18 +0000

Stroz Friedberg is a consulting firm that does computer forensics, mobile phone forensics, electronic discovery and cyber crime response, operating at the intersection of law, technology and behavioral sciences. David Garrett, managing director of Stroz Friedberg’s San Francisco office, explains why clients may or may not have cyber risk insurance, whether those that have the insurance actually make a claim in the event of a cyber breach, and simple steps any company can take to reduce the exposure.

Web 2.0 Fuels Growth in Cyber, Privacy Liability Insurance

creese — Tue, 04 May 2010 09:04:57 +0000

Cyber and privacy liability insurance is poised for growth, with more players coming into the market to cover a growing number of businesses. Insurance Journal recently spoke with Graeme Newman, CFC Underwriting’s business development director, about increasing data security and privacy risks, given the surge in social media.

Risk Management’s a Priority for Moving Company

creese — Mon, 29 Mar 2010 23:36:57 +0000

Moving companies face a number of exposures in their daily operations, including workers compensation, cargo, fleet and general liability. Priority Moving in San Diego, Calif. is no exception. A Wheaton Van Lines agent, Priority Moving has created a series of internal procedures, reinforced by a strong employee screening process and training program. Analytics software also plays a role in measuring employees’ and the companies’ ability to manage exposures.

Get Smart About Insuring Intellectual Property

creese — Tue, 16 Mar 2010 14:55:23 +0000

The Internet makes it easier to get into business but it also makes it easier to steal others’ ideas. The Web is also expanding the notion of what materials, images and designs need to be protected. Intellectual property attorney David Branfman advises agents on questions to ask clients about intellectual property exposures and warns about the deficiencies of a CGL policy in this area. He also sees potential for a boom market for plaintiff abatement coverage.

Creating Online Connections

bpedroso — Thu, 11 Mar 2010 17:49:20 +0000

To the 77 percent of independent insurance agencies that don’t have a social media presence, creating a profile and trying to form “friendships” via a computer can be daunting. Once you get online, however, tools such as blogs, Facebook, LinkedIn and RSS feeds actually can help an agency build more thoughtful relationships with other agents and their customers, according to Sara Ruggiero, director of marketing and Kristin Rielly, new media developer, of Irwin Siegel Agency Inc. in Rock Hill, N.Y. The pair recently spoke with Insurance Journal about forming connections online, and the importance of incorporating social media tools into a broader company marketing strategy.

Social Media: The New Community

bpedroso — Thu, 04 Mar 2010 16:44:40 +0000

Women between ages 55 and 65 make up the largest growing demographic of Facebook users, which makes Claudia McClain, President of McClain Insurance Services in Everett, Washington a comfortable newbie, joining the social networking site just one year ago.

In this interview with Mitch Dunford, McClain discusses social media’s affect on the insurance industry and how treating Facebook like a community is one way of making it a great marketing tool.

The Climate for Pay-As-You-Drive Insurance

bpedroso — Thu, 25 Feb 2010 18:17:48 +0000

Insurance companies and regulators are exploring usage-based car insurance — also known as “Pay as You Drive” — a voluntary system that promises to modify driving behavior and, perhaps, even the climate.

Insurance Steps in When Privacy is Breached

bpedroso — Tue, 09 Feb 2010 00:06:27 +0000

Jim Whetstone, senior vice president of technology and privacy at Hiscox, is in charge of his firm’s privacy product that covers data breaches and privacy related exposures. In this part of a recent interview with Insurance Journal’s Andrew Simpson, Whetstone discusses the exposure, the coverage, and what types of firms are at risk.

Watch the first video in this series: How Privacy is Breached and What To Do

Listen to the full interview with Insurance Journal’s Andy Simpson.

Insurance Innovation: An Oxymoron?

bpedroso — Tue, 22 Dec 2009 19:27:49 +0000

Insurance innovation…is it an oxymoron? That was the provocative title of a panel at the Professional Liability Underwriters Society meeting in Chicago. One of the panelists, Leib Dodell, now with the new ThinkRisk Underwriting in Kansas City and formerly president and CEO of Media Professional Insurance, discusses why and how the insurance industry should embrace innovation.

Why P/C Insurance Industry Must Innovate: Dodell

creese — Tue, 15 Dec 2009 13:29:42 +0000

Virtually every company has both media and technology exposures today. Traditional liability policies, marketing, and even distribution in the property/casualty insurance industry have to change to keep up with this convergence, advises Leib Dodell, formerly president of Media Professional Liability and now with ThinkRisk Underwriting in Kansas City. In this interview with Insurance Journal’s Andy Simpson, Dodell also discusses the state of innovation in the insurance industry and the current status of copyright liability.

Media, Tech Markets Converge: Dodell On Keeping Up

bpedroso — Mon, 07 Dec 2009 19:51:27 +0000

The world is changing, with virtually every business now facing both media and technology exposures. Insurance needs to keep up, says Leib Dodell , former president and CEO of Media Professional Insurance, who is now part of the team launching a new specialty E&O facility based in Kansas City called ThinkRisk Underwriting Agency. In this interview with Insurance Journal’s Andrew Simpson, Dodell discusses how the insurance industry might adjust to keep up with the convergence of the media and technology marketplaces.

The Politics of Young Independent Agents

bpedroso — Mon, 15 Jun 2009 21:54:01 +0000

Imagine a world in which every independent agent is under age 40. How might agencies run differently? How might industry politics change? Young agent Joey O’Connor, vice president with Daniels & Eustis Agency in Louisiana, and the chairman of Big I’s Young Agent Committee, describes this brave young world in this interview with Insurance Journal’s Andrew Simpson.

Paper-free Simplicity

bpedroso — Mon, 10 Nov 2008 23:19:23 +0000

Tapco Underwriters has nearly 10 years of paper-free operations under its belt. In this interview from the recent NAPSLO Annual Convention in SanDiego, Tap Johnson, Tapco Underwriter’s president, discusses the value of being a paperless organization, the challenge of overcoming human resistance, and how the transition helped him better serve his retail agent customers.