Banking on platform automation

Article Abstract:

Insurers can tap platform automation vendors (PAVs) selling to community banks in developing new product distribution channels. Since PAVs develop software systems for community banks, the integration of an insurer into their software platform would lead to a sales force and market. The application program interfaces that PAVs build into a platform for a community bank will enable a company to incorporate its products and systems, thus facilitating sales. However, a host of issues such as service, regulations, agency relationships and training must first be considered.

Prepackaged software, Innovations, Evaluation, Platform automation systems

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Getting frenetic about genetics

Article Abstract:

The ensuing legislation concerning genetic-testing is running ahead of advances in genetics. However, such legislation threatens the risk classification process of the insurance industry and the insurers' abilities to do medical underwriting. Eliminating or restricting risk classification would increase prices for all customers as insurers try to compensate for losses arising from unknown risks. Such legislation will definitely have a tremendous impact on the insurance industry.

Analysis, Laws, regulations and rules, Genetics, Risk (Insurance)

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Fundamental change and the bottom line: how to improve financial results through employee ownership

Article Abstract:

Insurance companies often launch and implement reengineering plans without involving or considering the reactions of employees. As a result, a carefully crafted strategy can fail to meet expectations. Insurance executives should realize that operational changes will work best if the entire staff has a stake in them, chiefly through financial incentives. The five principles of a successful gainsharing plan are described.

Methods, Management, Compensation and benefits, Reengineering (Management), Gain sharing

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