RISK MANAGEMENT
The Hartford Financial Services Group has unveiled www.lb.thehartford.com , a Web site designed for risk managers at large organizations whose work force exceeds 500 employees. The site helps an organization evaluate its total cost of risk and provides access to information about guaranteed cost and loss-sensitive property/casualty insurance programs. The large-business Web site also offers interactive tools and a detailed introduction to @venture, The Hartfords risk management information system.
The large-business Web site is part of a group of online centers devoted to helping businesses of all sizes manage their risk. The site design builds on The Hartfords small- and midsize-business Web sites. The small-business site (www.sb.thehartford.com) helps entrepreneurs educate themselves about insurance before they buy. The Hartfords midsize-business Web site (
www.mb.thehartford.com) supplies resources for business insurance buyers at companies with 21 to 499 employees. The new site includes content and features tailored to the needs of larger businesses.
Any risk managers at a large organization will find our new Web site a fast, efficient way to find information that can help them evaluate various risk control and risk financing options. The site also will advise risk managers on how to spend their risk management dollars effectively, says Rick Law, senior vice president of risk management at The Hartford.
Key features of the site include:
Control Your Risks: Suggestions for how to prevent and mitigate losses.
Losstimator: An interactive tool de-signed by The Hartford to allow risk managers to calculate an accidents indirect costs that sometimes are estimated at four to seven times the direct costs.
Finance Your Risks: The Hartfords Option Analyzer helps guide the risk manager to the rating plan (or plans) an organization may want to consider to balance risk retention and risk transfer.
Capabilities Review: Demonstrates how The Hartfords products and services work together to control total cost of risk.
WHOS USING WHAT
Monumental Life has switched to IBM ThinkPad notebooks for its mobile sales force.
China Pacific Property Insurance Company, the second-largest property/casualty insurer in China, has signed a five-year $17.6 million contract with Computer Sciences Corporation. CPPIC will replace its current system with CSCs FUTUREfirst insurance administration system.
Wausau Insurance, a member of Liberty Mutual Group, has implemented the BCF Technology TRANSIT-Web Services platform for new-business processing of commercial property and umbrella.
Zurich North America will utilize the policy production solution from Docucorp International, which includes Web-enablement and archival capabilities, for its insurance business.
Economical Insurance brokers now have direct access to Economicals broker portal, from within Applied Systems Canadas agency management system, The Agency Manager. Applieds technology, WARPBridge, allows brokers to take advantage of an automatic connection to information housed on the Economical broker portal.
Citizens Security Life Insurance has reached an agreement with Sircon Corporation to implement Sircons Web-based database solution, Producer Manager, which will interface with Sircons Compliance Express licensing interface.
Alliance Mutual Insurance Company, a multiline property/casualty insurer, has put into live operation the All Lines Policy Processing System – Web Entry, All Lines Accounting System, and All Lines Claims System from AGO Insurance Software, Inc.
Vanguard Fire & Casualty has moved into production with a new online point-of-sale system built on Duck Creek Technologies Example Platform. The platform products utilized include: Example Author, Example Server, Example Express, and Example Forms.
Sompo Japan Insurance Company of America has entered into an agreement to license Insurity Inc.s Internet-based policy administration system, Commer- cial Intellisys, for all lines of business. Sompo is upgrading from Insuritys DOS system. LG Insurance Co., Ltd., has agreed to use Insuritys hosted policy administration, claims management, billing, and reinsurance services for all commercial lines of business.
In an effort to reduce the number of underinsured properties in its portfolio, New York Central Mutual Insurance Company has made ISO HomeValue available to its policyholders. This replacement-cost estimation technology provides policyholders with the ability to enter detailed information about their property. It enables policyholders and NYCM to get a more accurate estimate of how much it would cost to rebuild in the event of a total loss.
Life Insurance Corporation of India has licensed a data warehousing solution from Teradata, a division of NCR Corporation. Called the Corporate Active Data Warehouse, the 60-terabyte solution will enable LIC to understand various usage profiles of customers and policies to customize offerings and bundles and manage them effectively.
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