• CALIFORNIA COMPENSATION CASES Vol. 88, No. 11 November 2023 A Report of En Banc and Significant Panel Decisions of the WCAB and Selected Court Opinions of Related Interest, With a Digest of WCAB Decisions. (lexisnexis.com)
  • Plan year 2023 is the 10th year of operation for the health insurance exchanges created by the Affordable Care Act (ACA) known as Obamacare. (heritage.org)
  • For 2023, 300 insurers offer coverage in the Obamacare exchanges. (heritage.org)
  • That is an increase of 119 insurers over the low of 181 in 2018, but it still leaves the 2023 exchanges 24 percent less competitive than the individual market was before the implementation of Obamacare. (heritage.org)
  • For plan year 2023, there are a similar number of insurer entrances and exits, with 26 instances of insurers participating in states where they had not done so last year, offset by 20 instances of insurers exiting states where they had offered coverage in 2022. (heritage.org)
  • The net effect is that, for 2023, the number of insurers offering exchange coverage increased in 13 states and decreased in eight states. (heritage.org)
  • Yet, even with the increase in insurer participation over the past five years, only eight states have more insurers offering Obamacare exchange coverage in 2023 than before the ACA, while eight others have the same number, and 34 states and the District of Columbia have fewer. (heritage.org)
  • All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. (bankrate.com)
  • From 2013 to 2017, income from premiums fell at an annual rate of nearly 1% for North American life insurers, while it rose at an annual rate of just 2.2% for property and casualty (P&C) insurers, according to Swiss Re. (bain.com)
  • They can also offer incentives for good behavior, such as discounts on auto insurance premiums for drivers who regularly stay within the speed limit, or rebates for life and health insurance customers who exercise regularly. (bain.com)
  • The hearing on the controversial action known as rescission, which has left thousands of Americans burdened with costly medical bills despite paying insurance premiums, began a day after President Obama outlined his proposals for revamping the nation's healthcare system. (blogspot.com)
  • Remaining insurers might raise their monthly premiums as a result, but more than 8 in 10 consumers on the marketplaces who get government subsidies would be insulated. (wgbh.org)
  • At the moment, just two to three per cent of global premiums come through these fully embedded insurance models but they are forecast to surpass 20 per cent within ten years," said one industry player. (paconsulting.com)
  • f) Insurers with gross written premiums of less than one thousand dollars in Washington during the reporting year. (wa.gov)
  • By prioritizing safety, Koffie rewards them with lower premiums than traditional insurers. (medium.com)
  • Working on behalf of consumers, the department was able to reduce the health insurance rate increase requests … but we need to work to address the skyrocketing health care costs these premiums cover," he said in a statement. (ctmirror.org)
  • New Biden Administration regulations could push up premiums and spark renewed insurer exchange exits in coming years. (heritage.org)
  • Investing giants such as Warren Buffett have long recognized the attractive economics of a well-run insurer that can invest premiums before claims emerge. (mckinsey.com)
  • These cost differences may be offset through long-term gains in lowered workers' compensation costs and insurance premiums related to noise-induced hearing loss. (cdc.gov)
  • ABSTRACT Background Policyholders of Private Health Insurance: Premiums, Payment Sources, and Type and Source of Coverage This documentation describes one in a series of public use tapes issued by the Agency for Health Care Policy and Research with data from the National Medical Expenditure Survey. (cdc.gov)
  • NMES-1 produced information on a broad range of issues such as the number and characteristics of the uninsured and the underinsured, the tax implications of excluding employer-paid premiums for health insurance from employee income, and the differences among socioeconomic and demographic groups with respect to the use of health services. (cdc.gov)
  • Software as a Service, or SaaS core systems, are helping property/casualty insurers move faster and become more efficient by integrating data sources and services required for processing insurance, according to an AM BestTV panel. (ambest.com)
  • COEUR d'ALENE - North Idaho College's property-casualty insurer, the Idaho Risk Management Program, won't renew the college's policy after it expires June 30. (bonnercountydailybee.com)
  • ICRMP is a member-owned carrier created by Idaho local governments to provide property and casualty insurance for public entities. (bonnercountydailybee.com)
  • On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. (deloitte.com)
  • Download the full report for the Property and Casualty Insurance Outlook or read about the Outlook for Life Insurance and Annuities . (deloitte.com)
  • Established as part of Obamacare, Land of Lincoln Health aimed to increase competition on the state's new health insurance exchange, but high prices meant it captured just under 2 percent of enrollments. (chicagobusiness.com)
  • At both the state and county levels, insurer choice and competition in the Obamacare exchanges is roughly back to where it was in 2015-before large and escalating losses prompted numerous insurers to exit the exchanges. (heritage.org)
  • Despite this stabilization, insurance exchanges are still 24 percent less competitive than markets were before Obamacare was enacted. (heritage.org)
  • After 10 years in operation, Obamacare's insurance exchanges are still 24 percent less competitive than health insurance markets were before Obamacare was enacted. (heritage.org)
  • Congress's expansion of Obamacare subsidies through 2025 enables insurers to shift more of their premium increases to taxpayers. (heritage.org)
  • Also, because many insurers only offer Obamacare exchange coverage in certain parts of a state, county-level data provides a more precise picture of the actual choices available to consumers. (heritage.org)
  • A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . (wikipedia.org)
  • The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. (wikipedia.org)
  • The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . (wikipedia.org)
  • Lead with advice and redefine the value proposition as "living" insurance, emphasizing the benefits of life insurance while the policyholder is alive. (mckinsey.com)
  • As the market continues to stabilize and develop to provide long-term risk solutions, how are insurers adapting to evolving threats and meeting the needs of their insureds? (workerscompensation.com)
  • Insurer Can Recoup $1.1M Benefit From Medical Imaging Co. (law360.com)
  • When an insurer accepts an insured's tender and agrees to provide a defense, it is often an afterthought as to whether the insurer can actually recoup those defense costs or indemnity payments from the insured or defense counsel if things go south. (americanbar.org)
  • But in certain circumstances, insurance carriers can, and sometimes do, seek to recoup defense costs-and occasionally even attempt to pursue defense counsel for malpractice. (americanbar.org)
  • From understanding how properties have changed over time to automatic identification of precise property features, in this webinar, insurers will learn strategies to leverage aerial intelligence tools to improve models and algorithms and better monitor risk across a widescale portfolio. (riskandinsurance.com)
  • This webinar is for insurance carriers, advisors and service providers to ERISA Plans and IRAs. (limra.com)
  • This webinar discusses practical implications carriers and service providers should be thinking about as they look to comply with its requirements through the transition period (up to December 20, 2021). (limra.com)
  • Berkshire Hathaway Specialty Insurance bolsters its Side A coverage after extensive conversations with the brokerage community. (riskandinsurance.com)
  • For those carriers offering coverage for executives and board members in the event that they are sued by shareholders or some other entity, the past eight years have given rise to a landscape that is much more perilous. (riskandinsurance.com)
  • Fifteen years or so ago, we were talking to our private company customers about why you need to buy traditional D&O insurance, and that conversation has largely gone away as these customers now have a better understanding of the many different types of losses that may impact this coverage," said Keith Freid, product officer, private and nonprofit management liability for Berkshire Hathaway Specialty Insurance (BHSI). (riskandinsurance.com)
  • Our content is backed by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249). (bankrate.com)
  • Coverage.com may not offer insurance coverage in all states or scenarios. (bankrate.com)
  • Health plans across the country are leaving the small group and individual health insurance markets, forcing people to find other sources of coverage. (i2i.org)
  • Executives of three of the nation's largest health insurers told federal lawmakers in Washington on Tuesday that they would continue canceling medical coverage for some sick policyholders, despite withering criticism from Republican and Democratic members of Congress who decried the practice as unfair and abusive. (blogspot.com)
  • An investigation by the House Subcommittee on Oversight and Investigations showed that health insurers WellPoint Inc., UnitedHealth Group and Assurant Inc. canceled the coverage of more than 20,000 people, allowing the companies to avoid paying more than $300 million in medical claims over a five-year period. (blogspot.com)
  • Learn the basics about workers' compensation insurance coverage and claims for a New York business owner. (nolo.com)
  • If your business is unable to obtain coverage through a private insurer, you can get coverage through the New York Insurance Department . (nolo.com)
  • State health departments can work with their diabetes councils or partner networks to inform and educate employers and insurers on the benefits of DSMES services and encourage coverage. (cdc.gov)
  • The bill would mandate carriers that cover breast cancer diagnostic exams to extend coverage to breast MRIs. (acr.org)
  • The stage has been set for a paradigm shift in the US small business insurance market, thanks to heightened buyer awareness driven by coverage gaps exposed during the pandemic as well as preferences for more policy flexibility, along with the emergence of InsurTechs and other alternative providers. (deloitte.com)
  • While the pandemic may have made many small businesses keenly aware of potential shortcomings in their insurance portfolios, filling the gaps by simply selling them more coverage could provide a temporary bump in premium volume but isn't likely to sustain short-term retention or fuel long-term growth, a Deloitte Global consumer survey has revealed. (deloitte.com)
  • Significant segments want greater coverage and pricing flexibility, additional risk management services, as well as new sources of insurance, the survey found. (deloitte.com)
  • In light of these findings, most small business carriers might need to consider reinventing many existing products, launching new types of insurance for emerging risks, expanding distribution options, and bolstering service capabilities rather than continuing to compete and differentiate mainly on price and coverage levels. (deloitte.com)
  • Insurers that offer exchange coverage through more than one subsidiary in a state are counted as one carrier (the parent company), while insurers that offer coverage in more than one state are counted for each state (as exchange participation is a state-level decision). (heritage.org)
  • In 2013, the last year before Obamacare's implementation, 395 insurers sold coverage in the individual market across all states and the District of Columbia. (heritage.org)
  • However, your personal car insurance cost will vary based on several factors, such as your driving history, location, coverage you select, and car make and model. (nerdwallet.com)
  • It typically includes your state's minimum coverage requirements, plus comprehensive and collision insurance. (nerdwallet.com)
  • I'll also check out a few insurance plans, including from AT&T, Verizon, Allstate and Asurion, that can provide you with extended coverage -- if that's what you're looking for. (cnet.com)
  • For broader coverage, there's phone insurance , and it can -- depending on the plan -- cover your phone if it's lost, stolen or accidentally damaged. (cnet.com)
  • Market Share Reports, Consumer Complaint Study,Residential and Commercial Earthquake Insurance Coverage Study, Annual Report of the Commissioner, and More. (ca.gov)
  • The demand for cyber insurance continues to increase, but uncertainty around pricing, coverage and exposure abounds. (workerscompensation.com)
  • The continuation of potential systemic risk has resulted in insurers reevaluating their exposure through stricter underwriting guidelines and coverage grants. (workerscompensation.com)
  • Some insurance carriers have shifted to excluding these risks from policy coverage altogether. (workerscompensation.com)
  • Some insurers are developing pure exclusionary language with carve-back language or asking specific questions before binding coverage to avoid utilizing specific exclusions. (workerscompensation.com)
  • Regulatory coverage in a cyber policy was one of the early coverage grants, so carriers understand what questions to ask and how much to charge from a premium standpoint. (workerscompensation.com)
  • Many long-term care insurance shoppers get sticker shock and give up - but there are ways to lower the cost of coverage. (nerdwallet.com)
  • Three types of policies-travel insurance, travel health insurance, and medical evacuation insurance-each provide different types of coverage in the event of an illness or injury. (cdc.gov)
  • During the pretravel consultation, discuss insurance options and suggest that all travelers consider purchasing supplemental medical insurance coverage (see Box 6-02 for a discussion checklist), particularly if they are going to remote destinations or places lacking high-quality medical facilities. (cdc.gov)
  • Strongly encourage supplemental medical insurance coverage for travelers planning extended international travel, those with underlying health conditions, and those participating in high-risk activities (e.g., scuba diving, mountain climbing) abroad. (cdc.gov)
  • Together, the major components of NMES-2 contain information to make national estimates of health status, use of health services, insurance coverage, expenditures, and sources of payment for the civilian population of the United States during the period from January 1 to December 31, 1987. (cdc.gov)
  • The database can also be used to assess the implications of recent or proposed changes in public or private health care benefits, methods of financing both health care and insurance coverage, various public and private subsidies for health care, and employee compensation arrangements. (cdc.gov)
  • Mike grew up in and around trucking as the fourth generation of his family's trucking and transportation insurance brokerage. (medium.com)
  • Customers still trust their primary insurers the most when it comes to providing the next insurance product, but they are switching carriers more often and are increasingly open to new entrants, including insurtechs, big tech and other nontraditional players. (bain.com)
  • Distribution is growing increasingly complex, and insurers have to implement the right structure, technology and third-party distribution capabilities. (insurancetech.com)
  • With the rising threat of disintermediation in an increasingly diversified, online economy, legacy insurers should be bolstering the digital capabilities of their agency force while exploring supplemental platforms and partnerships. (deloitte.com)
  • Insurers have increasingly focused on the needs of affluent individuals, who tend to be more profitable-but increasing competition from adjacent sectors has cut into even the most successful insurers' market share. (mckinsey.com)
  • As the National Association of Insurance Commissioners moves forward with a corporate governance standard for U.S. insurers, the regulatory body has some corporate governance housekeeping of its own to attend to--at least according to Connecticut Insurance Commissioner Tom Leonardi, who criticized the NAIC's governance practices in a letter to regulators circulated at the December NAIC meeting. (insurancejournal.tv)
  • Carriers are facing a range of regulatory compliance challenges, including everything associated with the globalization of the regulatory environment through Solvency II and Own Risk and Solvency Assessment (ORSA), both within the European regulation and the NAIC's Solvency Modernization Initiative. (insurancetech.com)
  • Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities. (deloitte.com)
  • As the regulatory environment intensifies, how will the cyber insurance industry adapt? (workerscompensation.com)
  • Understanding regulatory exposure is a piece of the cyber puzzle where carriers excel. (workerscompensation.com)
  • In our experience, institutional investors are wary of insurers' sensitivity to low interest rates, their regulatory and accounting complexity, and the risks inherent in long-tail products such as annuities, long-term care insurance, and decades-old commercial P&C liabilities. (mckinsey.com)
  • Most New York businesses with employees are required to pay for workers' compensation insurance (WC or workers' comp insurance). (nolo.com)
  • Here are some basic facts that you need to know about workers' comp insurance in New York as a business owner and employer. (nolo.com)
  • Who is Required to Have Workers' Comp Insurance? (nolo.com)
  • If your New York business has just one employee, you're generally required to carry workers' compensation insurance. (nolo.com)
  • In addition to the above listed items, certain business owners, such as sole proprietors, partners in partnerships, and corporate officers in very small corporations, are not required to be covered by workers' compensation insurance. (nolo.com)
  • Who Administers Workers' Comp Insurance in New York? (nolo.com)
  • Most of the law for WC insurance is contained in New York's Workers' Compensation Law . (nolo.com)
  • Where Can You Get Workers' Comp Insurance? (nolo.com)
  • In New York, workers' compensation insurance is available through private insurance companies. (nolo.com)
  • Title : Occupational Exposure Monitoring Data Collection, Storage, and Use Among State-Based and Private Workers' Compensation Insurers Personal Author(s) : Shockey, Taylor M.;Babik, Kelsey R.;Wurzelbacher, Steven J.;Moore, Libby L.;Bisesi, Michael S. (cdc.gov)
  • This list of involved parties eventually can grow to include nurse case managers, medical consultants, ergonomic consultants, physical therapists, occupational therapists, applicant attorneys (representing the employee), defense attorneys (representing the insurer or employer), vocational rehabilitation specialists, disability raters, and workers' compensation judges or referees. (medscape.com)
  • September 20, 2021 Insurers often don't get the credit they deserve from investors. (mckinsey.com)
  • The F2B approach helps carriers look beyond silos and reimagine the company as a small number of outcome- and customer-oriented value streams, such as new business underwriting and risk engineering. (bcg.com)
  • Insurers must therefore reimagine how they engage, serve, and communicate with potential and current customers, with an emphasis on a digital-first strategy that can meet changing and rising consumer expectations-both in these segments and beyond. (mckinsey.com)
  • Outside of health insurance, the next generation is not thinking a whole lot about insurance carriers. (ibm.com)
  • The Elders did not always have such a contentious relationship with their health insurance carrier , and they were not always broke. (youdao.com)
  • Many major metropolitan areas, such as those in California, New York and Texas, will still have several insurers for individual health insurance consumers to choose from. (wgbh.org)
  • A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). (wikipedia.org)
  • The first year for Illinois' only co-op health insurance program could be charitably termed as troubled. (chicagobusiness.com)
  • I would say for a majority of the co-ops, 2015 is a make-or-break year," says Sabrina Corlette, senior research fellow at Georgetown University's Center on Health Insurance Reforms . (chicagobusiness.com)
  • State Comptroller Kevin Lembo listens to Health Care Advocate Ted Doolittle's speech during a press conference to criticize proposed health insurance rate hikes. (ctmirror.org)
  • Connecticut consumers will see higher rates in many health insurance plans next year, though not as much of an increase as insurance companies had sought. (ctmirror.org)
  • The cost of health insurance is going to go up for so many … at a time when people can least afford it. (ctmirror.org)
  • Uninsured children 18 and younger whose families earn less than $34,100 a year (for a family of four) often qualify for their state's low-cost or free health insurance programs. (additudemag.com)
  • Regardless of whether they have a domestic health insurance plan, travelers can substantially reduce their out-of-pocket costs for medical care received abroad by purchasing specialized insurance policies in advance of their trip. (cdc.gov)
  • Basic accident or travel health insurance might be necessary for travelers with certain itineraries. (cdc.gov)
  • Some US health insurance carriers cover medical emergencies that occur when policyholders travel internationally. (cdc.gov)
  • Even with a supplemental travel health insurance policy in force, receiving medical care abroad usually requires a cash or credit card payment at the point of service, which can result in expenditures of thousands of dollars. (cdc.gov)
  • Manual of Mental Disorders (DSM) was not of health insurance on the development of the DSM. (bvsalud.org)
  • And it's an opportunity for insurers: the estimated market value for embedded insurance services could reach USD 3 trillion . (ibm.com)
  • The different levels of embedded insurance are already pervasive in the market. (ibm.com)
  • Also, the big insurers' announcements apply generally only to the individual market. (wgbh.org)
  • The much larger market of employer-sponsored insurance is not part of the health law exchanges. (wgbh.org)
  • To explore the future of the Nordic insurance market, we hosted a roundtable discussion with senior executives from some of the regions' leading insurance firms. (paconsulting.com)
  • Insurers would be naïve to think a similar chipping away at market share couldn't take place in their industry. (paconsulting.com)
  • Gary Shaw, Deloitte's new insurance industry lead, talks about major market forces that the consulting firm's clients face. (insurancetech.com)
  • Today, trucking insurance is a $30 billion annual market, yet insurance companies are losing money due to high pay-outs and litigation. (medium.com)
  • Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities. (deloitte.com)
  • Insurers have an opportunity to capitalise on enhanced attention and higher trust levels among small-business buyers to grow the overall pie and their own market share by developing more customised, adjustable coverages and enhanced advisory services, marketed through a wider variety of channels. (deloitte.com)
  • If the stage has indeed been set for a significant paradigm shift in the small business market, legacy insurers could be well-positioned to pivot to new business models as trust levels among respondents rose during the COVID-19 outbreak-especially among those who had filed a claim (figure 1). (deloitte.com)
  • That analysis, summarized in Table 1, shows the number of carriers in each state and the District of Columbia in the individual market in 2013, as well as in the exchanges each year since they began in 2014. (heritage.org)
  • What led to the cyber risk insurance hard market? (workerscompensation.com)
  • However, large entities advanced their ransomware tools and ability to mitigate the impact of events, so the easier path for profit became smaller organizations - this eroded profitability for most of the cyber insurance market. (workerscompensation.com)
  • How are insurers adapting to systemic risks or zero-day vulnerabilities that would lead to a catastrophic threat across the entire market? (workerscompensation.com)
  • The small and medium business (SMB) market has been a gray area for years for insurers and customers alike. (oliverwyman.com)
  • Not many insurance carriers have made a significant push into this space even though the market has been ripe for the taking. (oliverwyman.com)
  • As the insurance industry is starting to evolve, the SMB market becomes an interesting growth opportunity. (oliverwyman.com)
  • To win, thrive and gain market share in the small and medium business market, the following 10 considerations should be at the top of every insurance carrier's list. (oliverwyman.com)
  • Carriers define the market by multiple definitions, including "premium size," "agent and broker revenues," and "customers by number of employees. (oliverwyman.com)
  • Aligning on a singular definition within the organization and articulating it eloquently to the market will significantly reduce friction across the carrier and customer value chain. (oliverwyman.com)
  • Pivoting to the future, insurers must develop products intertwined with the DNA of small and medium-sized businesses (SMB) rather than the middle market. (oliverwyman.com)
  • Insurers should use the power of an effective narrative to help align their market value with their intrinsic value-not to boost company stock price by creating short-term enthusiasm. (mckinsey.com)
  • Lacie Glover spent more than five years covering health care costs and all types of insurance as a NerdWallet writer before becoming an assistant assigning editor in 2019 and later an assigning editor on the insurance team. (nerdwallet.com)
  • Insurers around the world are urgently seeking new ways to attract, engage and retain customers. (bain.com)
  • Discover emerging insurance technologies to engage consumers. (ibm.com)
  • Systematically using data yields several strategic benefits, too, helping insurers engage more closely with consumers and become more responsive to their needs. (bcg.com)
  • As such, insurers tend toward an incremental approach to improving operations, which leads to fragmentation of processes and prevents meaningful productivity and business improvements. (accenture.com)
  • As change accelerates across the industry, many commercial insurers are held back by incremental approaches to digitization. (bcg.com)
  • As customers flock to digital marketplaces, insurers run the risk of losing control of the customer interface and becoming consigned to the role of wholesale providers of a commoditized service. (bain.com)
  • Some of the Affordable Care Act's insurance marketplaces are in turmoil as the fourth open enrollment season approaches this fall. (wgbh.org)
  • Most of these marketplaces are not dependent on" the large national carriers. (wgbh.org)
  • The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. (wikipedia.org)
  • Safety National's Director of Cyber Underwriting, Jeremy Schumacher explains the cyber risk insurance market's emerging risks and how insurance carriers are adapting. (workerscompensation.com)
  • If investors can better understand these performance factors, they may become more comfortable with the dynamics-including the risks and nuances-of the insurance business. (mckinsey.com)
  • See " Rewiring Decision Making in Insurance with Data Science ," BCG article, October 2018. (bcg.com)
  • That trend started several years ago, and some states have responded with regulations requiring insurers to provide customers with reasonable access to doctors and hospitals in each county where they sell plans. (wgbh.org)
  • New regulations by the Biden Administration and legislation by Congress may spark renewed insurance exits in the coming years and shift more costs on to taxpayers. (heritage.org)
  • Still, most marketplace consumers won't see any ill effects from insurers' withdrawals, say the health law's advocates and independent analysts. (wgbh.org)
  • Most hurt will be marketplace consumers in Arizona, North and South Carolina, Georgia and parts of Florida, where only one or two insurers will be left when open enrollment season begins Nov. 15. (wgbh.org)
  • One concern is that with less competition, insurers may tighten their provider networks and give these consumers fewer choices of hospitals and doctors. (wgbh.org)
  • State Insurance Commissioner Andrew Mais said Friday that his department had saved consumers a collective $76 million next year by approving smaller rate hikes. (ctmirror.org)
  • The state Department of Insurance has approved an average rate hike of 5.6% for individual health plans in 2022. (ctmirror.org)
  • Competition on some exchanges will be diminished next year when three of the nation's largest health insurers - Aetna, UnitedHealthcare and Humana - will sell individual plans in many fewer markets. (wgbh.org)
  • One way to measure insurer competition is to assess insurer participation on a state-by-state basis. (heritage.org)
  • The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. (wikipedia.org)
  • The main reasons cited by respondents for the rise in trust include premium reductions provided while businesses had to close, advice offered by insurers on how to cope with the implications of COVID-19, as well as accelerated claims payments. (deloitte.com)
  • A second and separate issue is when and how insurers can seek reimbursement of defense costs from the insured if it is later found that a duty to defend was not owed in the first place for some or all of the claims. (americanbar.org)
  • With the risk of insurance products becoming commodities-and with experience dynamos disrupting the industry-traditional players have to improve experience to compete. (accenture.com)
  • When it comes to commercial and personal lines insurance, underwriters and data analytics teams are using aerial intelligence to sharpen their focus on risk and are finding a plethora of cost savings across the policy lifecycle. (riskandinsurance.com)
  • In late May, the Kaiser Family Foundation estimated the number of rural counties at risk of having one insurer on the exchanges would triple in 2017. (wgbh.org)
  • CXOs, senior leaders of insurance carriers, compliance, risk and legal professionals, distribution, marketing, and others financial professionals who need a high level overview of the change and what it actually may mean for your firms going forward. (limra.com)
  • Since meeting expectations for "cover plus" packages offering concierge service via individual agents and customer service representatives is probably not economically viable for most providers, insurers should be looking to expand online, do-it-yourself capabilities-from automated risk management training to robo advisors. (deloitte.com)
  • For pricing, insurers still use traditional mathematical models and risk parameters, but these have rather limited predictive powers. (bcg.com)
  • Transferring risk through a cyber-insurance policy is a proven solution to protect an organization's balance sheet and shareholder value. (workerscompensation.com)
  • Currently, insurance carriers are working with different types of data sets to understand exposure trends that actuaries can work through, which can assist in pricing the risk appropriately. (workerscompensation.com)
  • By evaluating what controls are in place to prevent a loss throughout the underwriting process, the carrier can help determine a company's overall risk posture. (workerscompensation.com)
  • It can be difficult to take a top-down, cross-functional view of operations transformation with the insurance business being so highly matrixed. (accenture.com)
  • This is how insurers know that they are investing in technology that is truly useful to the business. (accenture.com)
  • A lot can happen in the business world in the space of eight years, and the world of commercial insurance is no exception. (riskandinsurance.com)
  • Carriers need to shift their business model strategies-regularly, simultaneously and instantaneously bundling and unbundling services to meet the ever-shifting needs of an ever-shifting demographic. (ibm.com)
  • Insurers are not looking to buy business but rather are focusing on profitable growth. (insurancetech.com)
  • There's been a big uptick in investment in operations and the back office, but there's a trend in using technology to sell insurance, and insurers thinking like a consumer service business in how they interact with customers. (insurancetech.com)
  • Legacy insurers still offering commoditised policies that are sold primarily on price through traditional agents and brokers should therefore consider reinventing their value proposition and business model, while those who have already launched transformation initiatives may want to accelerate such strategies. (deloitte.com)
  • One insurer doing business in Australia took more than a year to get its data engine to function properly, owing to inadequate knowledge about its data sources and the absence of a common structure in those sources. (bcg.com)
  • In addition, inflexible legacy -systems---constrained by static, hard-coded business rules-prevent insurers from rapidly reconfiguring and customizing the customer journey, pricing, and underwriting. (bcg.com)
  • For the past decade, the life insurance and annuities industry has struggled to find growth. (mckinsey.com)
  • The life insurance industry-including both mortality and longevity products (individual life, group annuities, accident and health, and individual annuities)-has been growing slowly for more than a decade. (mckinsey.com)
  • Insurers can use the data collected by these devices to develop products and services that are geared to their customers' individual needs. (bain.com)
  • There is already a presence of insurance products being added to non-insurance entities, and that data can be leveraged to bundle products. (ibm.com)
  • One page for the consumer with drop downs to make data entry easier with carriers listed. (blogspot.com)
  • Lacie is a NerdWallet authority on insurance products and loves data, analytics and solving SEO mysteries. (nerdwallet.com)
  • In today's insurance industry, every link in the value chain-whether it be product development, marketing, underwriting, pricing, client servicing, or claims management-is becoming a data-driven play. (bcg.com)
  • Indeed, insurers that don't focus on data-driven decision making will soon be overtaken by rivals that do. (bcg.com)
  • Unfortunately, -although data-driven decision making requires insurers to fundamentally overhaul their data engines, many organizations pay little attention to their data engines' capabilities. (bcg.com)
  • In addition to investing in technology that matches its vision and future needs, and deploying the right operating models, every insurer must develop a data engine that will enable it to rapidly scale the pilots and experiments it has set up. (bcg.com)
  • Most insurers have set up structured data stores and data warehouses, but those are costly to maintain and can't handle the rising number of heterogeneous data formats that insurers must use. (bcg.com)
  • As a result, insurers often take three or more months to incorporate new and varied sources of data into their core processes. (bcg.com)
  • Many insurers lack mechanisms by which to seamlessly integrate data from their ecosystem partners into their systems. (bcg.com)
  • Most insurance companies have data scattered across and siloed in their product lines or channels: 75% of insurers lack a common data-storage system or an appropriate taxonomy to combine diverse types of data. (bcg.com)
  • In fact, most insurers can integrate data--driven analytical insights into core operational processes, such as pricing and underwriting, only offline-not in real time. (bcg.com)
  • Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. (nerdwallet.com)
  • Baseline data on household composition, employment, and insurance were updated at each interview, and information was obtained on illnesses, use of health services, and health expenditures for each family member. (cdc.gov)
  • Discover the macro- and microeconomic trends challenging insurers to shake up the status quo and develop new systems and processes throughout their internal organizations and external distribution chains so they may stay competitive in 2014 and beyond. (deloitte.com)
  • What most do not realize is that all of those other companies and brands are effectively insurance brokers, seamlessly adding insurance into their offerings. (ibm.com)
  • With consistent losses, insufficient underwriting, wait times and costly expenses, insurance can prove a headache for even the safest fleets, brokers, and truckers. (medium.com)
  • Choose the best home insurance company for you. (bankrate.com)
  • Worldwide, 39% of insurance customers surveyed by Bain & Company currently use at least one connected device, and about 72% expect to use one in the future. (bain.com)
  • Many young people could not name an insurance company they trust, but they could tell you the name of their favorite retailer, gym, airline or vacation rental site. (ibm.com)
  • Prospective policyholders aren't required to use appraisers on the company lists, but the insurance carrier will determine if it accepts the work of someone else. (youdao.com)
  • A medical imaging company must pay back $1.1 million to its insurer that accused the company of wrongfully accepting the settlement money related to a malpractice suit, a New Jersey federal. (law360.com)
  • But my insurance company just cancelled my policy - they requested updated information and say they didn't receive it in time - and now I have to change companies. (theglobeandmail.com)
  • Your insurance company might forgive your first accident, but other insurance companies won't forget it. (theglobeandmail.com)
  • If you switch to a new insurance company, it will either look you up on a database that shows claims history or ask you to get a letter of experience from your previous insurance company. (theglobeandmail.com)
  • And if you have any at-fault claims, your new insurance company can use them to set your new rates. (theglobeandmail.com)
  • The rules vary by province, but Ontario's insurance act says your company can't increase your rates for a minor collision - where the damage to each car was under $2,000, nobody was hurt and the at-fault driver paid for repairs - that happened after June 1, 2016, FSCO said. (theglobeandmail.com)
  • Tell your insurance company anyway? (theglobeandmail.com)
  • But you shouldn't keep minor crashes a secret from your insurance company, even if you and the other driver agree to handle it privately, said the Insurance Bureau of Canada (IBC). (theglobeandmail.com)
  • Whether these are opportunities or threats may be entirely up to how each insurance company deals with them. (deloitte.com)
  • This virtual viewing room allows you to see insurance company rate filings, examination reports, and related information. (ca.gov)
  • Box 6-01 includes suggested questions travelers should ask their insurance company. (cdc.gov)
  • This opens the door for the embedded insurance sector to revolutionize the way we buy insurance," Garth says, "but insurers have to decide where and in what role they want to play. (ibm.com)
  • Consider that the performance of the KBW Nasdaq Insurance Index (KIX), which reflects the performance of US insurance companies, has not surpassed that of the Financial Select Sector SPDR Fund (XLF), which tracks the performance of all US financial-services companies, in four of the past five years, even though many insurers have long track records of generating attractive operating results (exhibit). (mckinsey.com)
  • Insurers around the world, beset by slow growth and high churn, are seeking new ways to attract and retain customers. (bain.com)
  • In developed markets, carriers are struggling with sluggish or nonexistent growth. (bain.com)
  • Yet tapping this growth won't come easily to traditional insurance carriers. (paconsulting.com)
  • In their quest for growth, where should insurers, especially those with captive distribution, focus their efforts? (mckinsey.com)
  • climate change is only going to continue to exacerbate the frequency and severity as the PFAS issues emerge and evolve," said Jamie Langes, assistant vice president, environmental, Philadelphia Insurance Companies. (riskandinsurance.com)
  • Already, some car makers, mobility solutions companies and challenger banks are embedding or bundling insurance into their offers. (paconsulting.com)
  • Insurance is the third-largest line item, after fuel and drivers, for small and medium-sized trucking companies, and annual insurance costs are rising materially year-over-year. (medium.com)
  • Insurance companies haven't yet adapted, leaving some therapies uncovered. (healthline.com)
  • Mailing lists for active individuals, agencies, and insurance companies and order forms. (ca.gov)
  • Although a core group of insurers has delivered strong operational results, the sector's share-price performance has lagged that of other financial companies. (mckinsey.com)
  • To close that gap, insurance leaders-C-suite executives and investor-relations professionals-should identify and clearly articulate why investors should be drawn to their companies. (mckinsey.com)
  • The most successful narratives designed for insurance-carrier investors tend to come from companies that provide capital-light products. (mckinsey.com)
  • It is not always the ultimate verdict or settlement, however, that the insurer is keen to recover. (americanbar.org)
  • When an insurer pays a settlement or verdict it believes it would not have been liable for, in whole or in part, if not for certain acts or omission in the handling of the case, it may seek to recover those costs directly from the defense counsel. (americanbar.org)
  • Land of Lincoln's first-year flop contrasted with the success of Blue Cross & Blue Shield of Illinois, the state's dominant carrier. (chicagobusiness.com)
  • Smaller insurers Molina and Centene have said they're doing fine on the exchanges. (wgbh.org)
  • More than half of exchange enrollees have incomes just above Medicaid eligibility, which has induced Medicaid managed-care insurers to steadily expand their presence in the exchanges. (heritage.org)
  • The year-to-year pattern of insurers entering and exiting the exchanges is shown in Chart 1. (heritage.org)
  • As litigation costs continue to soar, an insurer's obligation to defend can sometimes be more valuable to the insured-and more costly to the insurer-than the indemnity obligation. (americanbar.org)
  • A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. (nerdwallet.com)
  • In this interview, Howard Mills, Chief Advisor for the Insurance Industry Group at Deloitte, discusses both the NAIC's movement toward corporate governance requirements and the letter, with Carrier Management's Susanne Sclafane. (insurancejournal.tv)
  • Required in nearly every state, liability auto insurance pays others if you injure them or damage their car or property in an accident you cause. (nerdwallet.com)
  • There are already signs that insurance is on the cusp of a seismic shift as digital technology and changing customer behaviours like adoption of micro-insurances, acceptance of white-label insurance and even a few examples of service-based insurance, wreak the kind of disruption that has already shaken other industries like payments and media. (paconsulting.com)
  • The industry is moving away from selling insurance to buying insurance," Denise Garth, chief strategy officer at Majesco, said in an interview with Industrious. (ibm.com)
  • Bill Churney, president, extreme event solutions, Verisk, said the insurance industry should anticipate the potential for $200 billion in insured losses due to inflation. (ambest.com)
  • Almost all of the 23 federally backed co-ops created as part of the Obama administration's health care overhaul are operating in the red, according to A.M. Best , an Oldwick, N.J.-based global credit rating agency that analyzes the insurance industry. (chicagobusiness.com)
  • Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. (insurancetech.com)
  • Doing so is crucial to success in today's marketplace, as insurance industry leaders such as China's Ping An and Europe's Aviva have demonstrated. (bcg.com)
  • The future of the life insurance industry will depend on adaptation. (mckinsey.com)
  • California Organized Investment Network (COIN) Is a Collaborative Effort Between the California Department of Insurance, the Insurance Industry, Community Affordable Housing and Economic Development Organizations, and Community Advocates. (ca.gov)
  • As a result, many investors avoid the industry or minimize the amount they allocate to insurance equities. (mckinsey.com)
  • When loss or damage occurs to goods/cargo covered under a policy, the insured must promptly notify the insurer or its agent specified in the policy so that a damage survey can be arranged. (chubb.com)
  • Finally, insurers should address investor concerns promptly and directly rather than allow them to linger. (mckinsey.com)
  • The F2B approach guides the transformation with a North Star-a vision of a future state that reflects the company's strategy but is based on best practices among insurers as well as innovations in adjacent industries. (bcg.com)
  • While physicians are getting less of a Medicare pay cut than they thought this year (Congress voted to cut Medicare payments by 2%, which was less than the expected 8.5%), Medicare still pays physicians only 80% of what many third-party insurers pay. (medscape.com)
  • At the same time, private insurers pay nearly double Medicare rates for hospital services. (medscape.com)
  • To achieve such offerings, and meet customers where they are and when they're in need, insurers have to be able to reorganize, recalibrate and even rethink their offerings almost as a suite of apps or plugins that other digital businesses can then insert into their own offerings. (ibm.com)
  • Insurance leaders expect such offerings to gain real traction over the coming decade. (paconsulting.com)
  • What is new is the ability of technology to insert insurance into so many new services and experiences. (ibm.com)
  • Technology can insert insurance into all kinds of new services and experiences. (ibm.com)
  • If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster . (wikipedia.org)
  • In most markets, customers of established P&C insurers are switching carriers more often than they were three years ago-to other incumbents, insurtechs and insurance providers from other industries, including tech, retail and automotive. (bain.com)
  • Insurance carriers need to become better at extracting their insurance via easy-to-use technology so third-party providers can seamlessly integrate their products into their offer," said one player, highlighting the technology issues that lie ahead. (paconsulting.com)
  • Further, insurers have been slower to integrate digital channels and need to resolve challenges of an aging workforce accustomed to traditional modes of selling. (mckinsey.com)
  • But a few forward-thinking carriers have broken away from the pack by taking a comprehensive, front-to-back (F2B) approach to digitization. (bcg.com)
  • And Cigna, a larger insurer, has said it will move into some North Carolina counties for 2017. (wgbh.org)
  • Insurers need a "North Star" that defines their goal for reaching future-ready operations. (accenture.com)
  • It is something that future-ready insurers have in wide use or at scale, and something other insurers need to improve. (accenture.com)
  • After a year of disruption, dislocation and digital acceleration like no other, insurers are looking to the future. (paconsulting.com)
  • Moving into the future, technology solutions around trucking and logistics will power the movement of goods, and insurance will play a key role in ensuring and rewarding safety on the roads. (medium.com)
  • As the employer, you should contact your WC insurance carrier as soon as you learn about the injury and then continue to communicate with the carrier throughout the claims process. (nolo.com)
  • The initial scope of involvement in an industrial injury case includes the employee, employer, insurance adjusters, and physician. (medscape.com)
  • Life insurance doesn't have to be complicated. (bankrate.com)
  • In Europe, the Middle East and Africa during the same period, premium income grew 2.6% annually for life insurers and 1.1% for P&C insurers. (bain.com)
  • Jim Szostek is the Vice President of American Council of Life Insurers (ACLI) Taxes & Retirement Security department, having joined ACLI in January 2008. (limra.com)
  • More life and annuity carriers are expected to break out of their historical operating molds over the next couple of years. (deloitte.com)
  • These innovations are possible, though, because insurers have the technological means. (ibm.com)