Products: Sept. 13, 2011
MARKEL CORP. announced the launch of its admitted miscellaneous professional liability program. The company hopes to offer a broader, more comprehensive solution to small businesses that may fail to address their professional liability exposure. Targeted classes include consulting services, medical support services such as practice management and contract research, insurance related services such as claim adjusters and risk managers.
The admitted program is built around a claims-made policy form and offers several enhancements, providing the flexibility to customize coverage to meet the specific needs of the client.
NAS INSURANCE SERVICES announced an enhanced feature of its Managed Care Errors and Omissions facility. A $25,000 sublimit for NetGuard Plus, NAS' network security product, is included for no additional premium. Increased limit offerings are available.
THE HARTFORD is re-entering the structured settlement annuity market. The Hartford's Structured Settlement Fixed Annuity, issued by Hartford Life Insurance Co., provides tax-free payouts to people who receive settlements related to a workers' compensation or personal injury claim.
"Building our annuity business is an important part of our Wealth Management strategy, and we are committed to rejuvenating our market position through new products and expanded distribution," said David Levenson, president of Wealth Management at The Hartford.
Rob Arena, head of annuities for The Hartford's Wealth Management unit says: "The structured settlement market is a growth opportunity for us and represents the next step in our re-emergence in annuities. We have the financial strength, the expertise, the distribution relationships and the right product to be successful in the structured settlement market."
STRATEGY MEETS ACTION released a new report studying the current state of policy administration systems for P&C and L&A, and examines the modern capabilities insurers say that they require. The 28-page report outlines the primary business drivers that are prompting insurers toward full modernization. It highlights what similar insurance organizations are doing and presents insight on how insurers view a variety of solution features -- detailing which features insurers view as the most important.
MASS MUTUAL RETIREMENT SERVICES launched its latest version of the Third-Party Administrator (TPA) New Business Implementation Kit. The kit provides TPAs with all necessary documents to complete the plan installation process, facilitating each retirement plan's smooth transition to MassMutual Retirement Services.
"MassMutual Retirement Services is committed to providing TPAs, advisors and sponsors with the best plan installation service in the marketplace today," said Gary Stamborski, vice president of TPA and new business operations. "The new kit is just one way we are striving to exceed the expectations of everyone involved throughout the plan installation experience."
The enhanced version has been reorganized to increase ease of use, by simplifying and grouping related questions and incorporating funding and website applications. The incorporation of these applications reduced, on average, four signature requirements.
ACE and WILLIS LIMITED announced the successful launch of a full electronic accounting process between the two companies. E-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and replaces paper in the accounting and settlement process. The companies believe it will improve the quality, integrity and certainty of process, allowing Willis and carriers to synchronise their operations and improve client service.
VOLUNTARY BENEFITS OF
AMERICA announced a new, voluntary benefit online enrollment platform, www.HighLowOrNo.com. The online version of VBA's patent-pending AutoApp enrollment tool eliminates traditional voluntary benefit challenges, reducing employee enrollment interaction and boosting overall participation.
VBA provides employees with two-points of self service enrollment entry for voluntary benefits --the tangible, pre-populated AutoApp form and now HighLowOrNo.com.Distributed through employee benefit brokers and consultants, both options connect to a central electronic database, eliminating any errors from merging databases or manual entry.
"As the latest evolution of our AutoApp platform, HighLowOrNo.com is designed to give brokers another option to take full control of the voluntary benefit enrollment process," said Tom Smith, founder of VBA."As brokers look to build their voluntary benefits business, we are offering a self service enrollment platform with two-points of entry that will make enrollment easier for employees and employers."
September 13, 2011
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