Year 2000 doomsayers finally get insurers' attention

Article Abstract:

Converting computer codes from two- to four-digits in order to avoid system misreadings of the century change could cost the global insurance industry up to $600 billion. Nearly all computers are configured with two-digit codes; lack of foresight in the insurance industry prevented recognition of the repercussions of this configuration until recently. Older mainframes and mid-size companies figure to be hit hardest by financial burdens the century change necessitates. Solvency is an issue for some of the more unprepared industry outfits.

Computers, Economic aspects, Digital computers, Year 2000 transition (Computers)

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Insurers should respond to customer-based market

Article Abstract:

The insurance industry must focus on consumer demands to survive increased competition. Carriers and agents should work as partners to address the needs of consumers. Advanced database marketing and management techniques are essential to the customer-driven market. Insurers should remain in close contact with customers to maximize cross-marketing opportunities.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Column, Insurance agents, Database marketing

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Internal control systems help insurers reduce risk

Article Abstract:

An integrated control system will assist insurance companies to adapt to continual change within the industry. New technology, reengineered operations and downsizing are assisting some firms to introduce control systems while adding new products and services. Managers are also increasing the staff and procedures in other areas to maintain control.

Similar abstracts:

• Abstracts: Year 2000 doomsayers finally get insurers' attention. Computers help cut reliance on technology consultants
• Abstracts: Where cyberspace and the world of insurance converge. Regulators warming to online world. Delivery systems playing new role in underwriting
• Abstracts: Life/health insurers' profits surged 31% in 1995. Underwriting losses took a steep downturn. Issued and in-force rise, policy counts grow 0.02%
• Abstracts: Seeking their own level. Baby boomers, older generation need different life products

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