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New Product Announcements: April 19, 2011
COVERAGES ALLIED WORLD U.S. introduced its new privacy and network security insurance product called Privacy//101. Designed for small to midsize companies, law firms, healthcare and other organizations, Privacy//101 provides comprehensive protection in the event of a data breach involving lost or stolen private information, whether paper or electronic.
NAVIGATORS MANAGEMENT COMPANY INC., with the HERBERT H. LANDY INSURANCE AGENCY, will provide the new Real Estate Agents and Broker and Real Estate Appraisers Errors & Omissions Program on a nationwide basis, effective June 1, 2011. It will offer a number of expanded coverage options, higher limit capacity and multiyear options. WESTROPE announced a new medical distributor program exclusively for its retail partners that provides the distributor or independent sales representative of medical products and services with occurrence-form general and professional liability for all product classes and additional lines of coverage such as property and workers' compensation. CRUMP INSURANCE SERVICES INC. released a new errors-and-omissions solution for life insurance producers. Called the Life Agents E&O Program, it can protect individual agents and agencies through added benefits like coverage for sales of both fixed and variable annuities, and for property/casualty sales up to 10 percent of total production. SOLUTIONS Insurance software provider FIRSTBEST SYSTEMS INC. made available its FirstBest front-office solution for specialty-lines carriers. The new solution includes rapidly configured applications that bring in external data, incorporate modeling tools, and deliver precision pricing and stronger underwriting discipline. AON BENFIELD launched the first storm surge model for Germany to help the insurance industry quantify individual and aggregated exposures based on such variables as storm frequency, wind speed, tidal movements, wave height and the efficacy of Germany's current coastal defense systems. DEMPSEY PARTNERS LLC, a professional services firm that provides catastrophic insurance claim recovery assistance to corporate risk managers, and TOKYO KYODO ACCOUNTING OFFICE, a Tokyo-based affiliate of RSM International, formed a joint venture to help companies quantify and resolve property, business interruption and supply chain claims arising from the March 11 earthquake and tsunami. ALGORITHMICS released two new editions of its Solvency II solution designed to meet the requirements of the whole insurance market. Users can now choose from a range of solutions designed to meet their specific requirements for calculation of solvency capital, governance and reporting depending on their size and desired level of sophistication. RESOURCES The TARGET MARKETS PROGRAM ADMINISTRATORS ASSOCIATION (TMPAA) began a research project to document the size, characteristics, growth and other baseline information about the program-business market.The ?State of Program Business Study? will be conducted by the research firm Advisen and released at the TMPAA's 11th Annual Summit in October. DRI INTERNATIONAL, a provider of training and certification in the field of business continuity planning, introduced a new training program called ?Business Continuity Planning for Insurance Professionals.? The course is immediately available for brokers and other licensees in Michigan and New York, with pending approval in Massachusetts, Connecticut, Vermont, Pennsylvania and Ohio. April 19, 2011 Copyright 2011© LRP Publications |
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