Posted by Gabriella Hopkins | August 03, 2010

Research and Markets: Insurance Industry Technology Spending Forecast in New Zealand to 2014

(Business Wire)–

Research and Markets (http://www.researchandmarkets.com/research/12cf7c/insurance_industry) has announced the addition of the “Insurance Industry Technology Spending Forecast in New Zealand to 2014″ report to their offering.

This databook provides comprehensive and up-to-date information on technology spending within the insurance industry in New Zealand, across a range of sources and locations.

Scope:

  • Provides a breakdown of technology spending in New Zealand insurance industry by function
  • Assesses the revenue opportunities within the front office, middle office and back office
  • The repot also provides a breakdown of two business lines, 13 business functions and three business locations within the insurance industry

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Policy administration led the insurance technology spending in New Zealand in 2008, accounting for 19.9%. Insurance technology spending in New Zealand is forecast to grow at a CAGR of 3.9% over the period 2009-14.

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Forecast, Spending Forecast, Technology Spending, Technology Spending Forecast
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Posted by Gabriella Hopkins | August 02, 2010

What Factors Contribute to Your Car Insurance Premium?

Taillight and spoiler on new white car image by steven Husk from Fotolia.com  The kind of car you drive is a factor used to determine premiums. Many factors contribute to your car insurance costs, and sometimes insurance companies determine risk factors differently. For example, some providers use your credit report rating to determine your risk factor and policy cost. Beyond the most common factors that determine your premium, such as accident and driving history or age and driving experience, companies also offer a range of discounts or forgive price increases. Rates can differ, so be sure to shop.

Driving History and Experience

  • Your driving history has a great impact on your car insurance premium. At-fault accident history, along with ticket history, increases your premium. Experience, or the amount of time you’ve been driving, is also a pricing factor. Newly licensed drivers pay more for insurance coverage. An inexperienced driver with tickets, points on his license or an accident history is considered a high risk for insurance providers. A DUI (driving under the influence) charge can cause sky-rocketed premium costs so consider using a broker to shop for your policy rather than trying to do it yourself. Some insurance providers will penalize you for your driving history longer than other companies, so ask potential insurance companies how long you will be penalized for a ticket, accident or points on your license.

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    Tags:
    Car Insurance, Factors Contribute, Premium
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    Posted by Admin | July 26, 2010

    Wedding Insurance

    When you are preparing for your wedding there are so many things which you need to think about, you can’t predict that on the wedding day nothing wrong would be happen. As we are spending about 10000 dollars on an average in each marriage so is it wrong to spend some more amount of money in order to get full safety on the special day of your marriage.

    In the current financial conditions, there is less security for the job and huge investment is required for the wedding, as a result of which people are reducing their wedding expenses in order to avoid stress of huge credit.

    There are different types of wedding insurance policies available in the market, and majority covers the basics and the worst case scenario such as having postpone or cancel the whole wedding ceremony event. These insurance policies do offer coverage for the cancellation of ceremony due to the illness of anyone from the immediate family.

    As for selecting insurance policy, you need to shop around in the market for finding the right wedding insurance policy, never stuck to the first policy broker, just try to reach in the core of any company, which is providing insurance for the wedding. Before opting for policy you need to learn the fine printing because sometimes insurance companies not provide the actual feature which they have mentioned on the advertisement but while providing you policy they explain something different. So beware from this type of cheat. Read more…

    Tags:
    insurance, Wedding Insurance
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    Posted by Gabriella Hopkins | July 25, 2010

    Lencore: Securing Privacy for Fortune 500 and Healthcare Releases S.M.A.R.T™ Check List

    (Business Wire)–

    Lencore Acoustics Corp., a manufacturer of commercial sound masking and paging systems tackles the issue of speech privacy in America by launching the release of its S.M.A.R.T.™ Check List. This comprehensive check list is an industry first. It helps clients understand the key performance criteria for quality sound masking systems to ensure speech privacy and comfort in Fortune 500 and Healthcare environments.

    The acronym S.M.A.R.T.™ stands for Sound Masking Assessment and Review Template and it is available to help facility and design professionals with their sound masking system selection. The Check List includes specifications for system fundamentals, comfort, ability to achieve speech privacy and the importance of meeting specific standards and codes.

    With the tremendous concern today over protecting what little privacy we have left, Lencore has filled an important role in protecting privacy for hundreds of thousands of clients around the world. Lencore sound masking systems are installed in nearly every type of work space including corporate, healthcare, banking/financial, government, military, insurance, technology, library, legal, customer service and call center environments – all in an effort to provide measureable levels of speech privacy and comfort.

    “Privacy is a civil liberty, and day in and day out we are losing more and more aspects of it.” comments Jonathan Leonard, VP of Lencore Acoustics Corp. He

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    Tags:
    Privacy, Privacy Fortune
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    Posted by Gabriella Hopkins | July 22, 2010

    U.S. Health Reform Spurs Battles in States Over Premium Rate Increases

    OLDWICK, N.J. –Since the passage of U.S. health care reform, battles have erupted in some states between insurance commissioners and health insurers over double-digit premium rate increases sought by insurers on members in their individual and small group health plans.

    Some fights are being waged in the battleground states of California, Massachusetts and New Mexico. The issue, in large part, has become a political hot potato, some say.

    With more talk at the federal level about the need for oversight of excessive rates, insurance commissioners are interested in showing that they are acting to protect consumers, said Carmen Balber, director of the Washington, D.C. office for Consumer Watchdog.

    Some commissioners have raised the profile of disapprovals because “it’s an easy target for them to make hay with,” said J.P. Wieske, acting executive director of the Council for Affordable Health Insurance.

    Under the far-reaching reform law, insurers will be required to justify certain increase proposals considered “unreasonable” by state regulators and the U.S. Department of Health and Human Services, though that’s still being defined.

    Insurance departments are scrutinizing premium rates because consumers “have reached their breaking point,” said Balber.

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    Tags:
    Increases, Premium Rate, Premium Rate Increases, Rate Increases
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    Posted by Gabriella Hopkins | July 17, 2010

    What Is SR22 Insurance?

    Auto insurance can be difficult to obtain after losing your license due to a revocation or suspension. For this reason, SR22 Insurance, also known as DUI insurance, was established. It allows motor vehicle operators with a newly reinstated license to secure the necessary insurance to provide financial protection when driving.

    Drivers with suspended or revoked licenses can lose their driving privileges for the number of reasons. The loss of a license can result from an auto accident. It can be due to speeding violations or the result of a driving-under-the-influence conviction.

    Auto insurance is a mandatory requirement for obtaining and maintaining the ability to legally operate a vehicle. When an individual has had his or her license revoked or suspended as a result of one of the aforementioned offenses, it can be nearly impossible for them to regain auto insurance after the suspension has been lifted. DUI insurance allows drivers to maintain the minimum mandatory auto insurance coverage that allows them to legally operate a vehicle again.

    Each state has its own requirements for minimum mandatory insurance coverage. The amount of coverage and provisions of that coverage are determined solely by state laws and regulations. This means that DUI insurance can vary from state to state. If the driver owns a car or simply operates a vehicle owned by another individual, regardless of what state the individual is driving in, he or she absolutely must have SR22 coverage within that particular state in order to be within the legal guidelines of the state.

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    Tags:
    insurance, Sr22 Insurance
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    Posted by Gabriella Hopkins | July 16, 2010

    California Residents Urged to Take Advantage of Affordable Auto Insurance Option

    Imperial, CA – As Imperial County struggles with major unemployment, many drivers have failed to take advantage of a program that could help them. So far this year, only two motorists in Imperial County has qualkified for the state’s Low Cost Auto Insurance program, an affordable way to comply with the law.

    Imperial County residents need an affordable auto insurance option now more than ever. If you drive without insurance, you face potential fines, a suspended license and your car could be impounded. Thankfully, the Low Cost Auto Insurance program can help low-income or recently unemployed drivers get the insurance they need to avoid trouble with the law. We urge all drivers to consider the LCA program as another way to stay on the right side of the law.

    The purpose of the CLCA is to provide low-cost automobile liability insurance to good drivers who demonstrate financial need. The program was established in 1999 and has been available in every California county since 2007. Rates are set and adjusted annually in each county so that the premiums collected are sufficient to cover losses and expenses in each county. The program is not subsidized by taxpayer dollars.

    In Imperial County, an LCA policy costs $161.00 per year. A list of rates for all counties is available at http://www.insurance.ca.gov/0100-consumers/0060-information-guides/0010-automobile/lca/index.cfm.

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    Tags:
    Advantage, Take Advantage
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    Posted by Gabriella Hopkins | July 15, 2010

    Dodd-Frank Act (HR 4173) Passes U.S. Senate

    The Dodd-Frank Act has passed the U.S. Senate with enough votes to avoid yet another Republican filibuster threat.

    The Act, at Title V, includes substantial insurance industry reforms. The most significant is the establishment of a Federal Insurance Office (FIO) as a part of the Department of Treasury. The Secretary of the Treasury is also given rule making authority to implement/delegate the new duties of this office. The Act also establishes that surplus and reinsurance insurers will be subject to the regulation of their “domicile” instead of having to comply with multiple state requirements.

    The Act seems to place “international” insurance issues solely with the new FIO, although my “lawyer sense” detects some substantial debate to come as to what constitutes “international” insurance issues. International insurers seem upbeat with Sean McGovern, Lloyd’s Director and General Counsel stating, “We welcome the passage of the Dodd-Frank Act and look forward to working with the proposed Federal Office of Insurance as it develops its policy on international insurance issues.”

    Industry reaction seems mixed based upon what I have read today. There is optimism that some federal regulation will eliminate the costs of multi-state compliance with the hope that such savings pass down to insured. While other insurer spokespeople have voiced concern over the establishment of another federal department.

    Tags:
    Passes Senate, Senate
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