Joe Louwagie, AVP at Property Claim Services (PCS-a Verisk Analytics business), joins WRIN.tv to assess the 2015 Nat Cat season, its impact on the insurance, reinsurance and capital markets, and how developments in data management and technology are affecting risk and claims management. Mr. Louwagie says the current Cat season continues a trend PCS has seen for the past few …

“Technology and the Web have definitely affected the work environment”, according to Sharon Emek, CEO & President of WAHVE.  Laptops enable employees to work from virtually anywhere, eliminating the need to have people work in a particular office or cubicle.  Ms. Emek suggests executives manage more by results and less on the work environment. “Imagine (a) work environment at home …

World Risk and Insurance News speaks with Roger Morris from the National Insurance Crime Bureau about developments in workers camp fraud, cybercrime, auto theft and medical fraud.  Among the hot topics he discusses: “Malingering” driving up workers comp fraud in the U.S. Insurance Industry wants NICB to get more involved in cybercrime Vehicle theft is down, though non-traditional theft is …

One of the biggest concerns for insurance companies today is medical fraud, tied to the medical component of an auto policy.  Roger Morris from the National Insurance Crime Bureau, says common approached to fraud include staged accidents, victim recruitment, and billing fraudulent claims through health clinics, particularly in No Fault States like New York, Florida and Michigan. He says “there …

Cargo theft takes up a lot of attention at the National Insurance Crime Bureau (NICB), according to NICB Chief Communications Roger Morris. “Why steal from a bank and risk 30 years in prison for $10,000, when you can steal a load of cargo for a million dollars and very little chance of being caught?” Many hard-core thieves have moved from …

Roger Morris from the National Insurance Crime Bureau (NICB) tells WRIN.tv that cybercrime and Identity Theft are “huge problems. The NICB Chief Communications Officer. A recent survey of insurance companies has now officially engaged the NICB. According to Mr. Morris, the insurance industry is principally concerned with Identity Theft.  During the underwriting and/or claims proves, Mr. Morris says it is …

Roger Morris, Chief Communications Officer at the National Insurance Crime Bureau (NICB) says employees who take advantage of the system are driving up workers compensation costs in the United States. Mr. Morris notes that “malingering” is a major contributor to fraud in workers comp.  Malingering happens when an employee collects indemnity checks and drives up medical costs beyond the period …

Tom Leonardi, former Connecticut Insurance Commissioner and now with Evercore Partners, commented on two legislative issues for the Affordable Care Act (ACA) in 2015: a bill attempting to change the definition of “Full Time Employee”, and an court appeal to reverse a decision on payment of subsidies to buyers of health insurance on the Federal exchange. The new definition of …

Former Connecticut Insurance Commissioner Tom Leonardi speaks with WRIN.tv about the alternative capital that has come into the (re)insurance industry. Mr. Leonardi joined the investment banking firm of Evercore Partners in January. He mentioned a survey that said the influx of capital into the property-casualty market, through CAT Bonds or ILS, was one of the top disruptive forces in the …

Late last year, Tom Leonardi left his post as the Connecticut Insurance Commissioner to join Evercore Partners, the investment banking firm. WRIN.tv spoke with Tom about the capital standards, the influx of capital in the industry, the new Congress, the Affordable Care Act, M&A and more. Mr. Leonardi reviews efforts to establish capital standards at the U.S. and international level, …

Legislation and regulation, in the U.S. and internationally, remain top issues for the insurance industry. Here, World Risk and Insurance News (WRIN.tv) speaks with Leigh Ann Pusey, President & CEO of the American Insurance Association (AIA) about these and other issues. Ms. Pusey is considered by many to be a Washington insider. Here she says tax reform, cyber risk, foreign …

World Risk and Insurance News asked Leigh Ann Pusey, President & CEO of the American Insurance Association (AIA), what she thought were the top issues insurers should be concerned about in 2015. She believes the industry will continue to be focused on regulation.  Right now, there is a lot of discussion about how to treat companies that operate on a …

Following the 2014 election, there are a number of legislative and regulatory issues that could impact the insurance industry.  Here, American Insurance Association (AIA) President & CEO Leigh Ann Pusey, says the new Congress may focus on tax reform, which could affect the Life and Property/Casualty side of the insurance business.  According to Ms. Pusey, the U.S. has not had …

Peter Miller, President and CEO of The Institutes joined WRIN.tv during the Joint Industry Forum in New York to discuss the many changes affecting the underwriting discipline over the past few years, including the impact of technology, data and the opportunities they present to underwriting professionals. Top three factors affecting underwriters today all revolve around technology Telematics, data analytics and …

The Institutes President and CEO Peter Miller sees underwriters using technology to gather and use information including telematics, data analytics and other data collection techniques.  Technology has also affected underwriters’ workflow, making it easier to collaborate with claims and other part of the organization. Mr. Miller also believes “the internet of things” will play a big role in data collection. …

Peter Miller, President and CEO of The Institutes, is optimistic about opportunities for underwriters.  The Bureau of Labor Statistics (BLS) reports 33,000 openings for underwriters through 2020.  In addition, the insurance industry follows society, so where there is growth in areas like energy, transportation and healthcare, there is opportunity in underwriting risks in those areas. Mr. Miller says The Institutes …

Certification is important to the insurance industry for two reasons, according to Peter Miller, President and CEO of The Institutes.  “One is knowledge; the other is credibility.” Certification is an objective measure that says you are “up-to-speed on an industry that is changing rapidly.” Mr. Miller also notes that a third party certification makes underwriters presence more credible, lending credibility …

The role of underwriter has evolved quickly over the past few years. Peter Miller, The Institutes President and CEO, believes the skillsets underwriters need to acquire are changing to include the ability to sift through tremendous amounts of data.  He says underwriter need “to turn data into information.”  He also believes underwriters must be able to think critically while understanding …

Peter Miller, President and CEO of The Institutes joined WRIN.tv during the Joint Industry Forum in New York to discuss the many changes affecting the underwriting discipline over the past few years, including the impact of technology, data and the opportunities they present to underwriting professions. According to Peter Miller, President and CEO of The Institutes, the top factors affecting …

World Risk and Insurance News spoke with Brad Kading, President & Executive Director of the Association of Bermuda Insurers and Reinsurers (ABIR), during the recent Joint Industry Forum in New York.  He discussed the impact of the tropical storms that hit the island in October 2014, Bermuda’s efforts to seek Solvency II equivalence, NAIC designation of Bermuda as a “qualified …