Insurance Law: Reinsurance companies can now open branches in India

Reinsurance companies such as Munich Re and Swiss Re can open branches in India after the Rajya Sabha on Thursday passed the Insurance Laws (Amendment) Bill, 2015.

Entry of reinsurance companies into the Indian market will bring in knowledge and expertise together with underwriting capacities. Large reinsurance companies are present in India, but most of them, including Munich Re, Swiss Re and Hannover Re, operate as service companies in India. Some like Scor Re operate through representative offices.

The Insurance Regulatory and Development Authority currently does not regulate these reinsurers. The new policy does not specify capital requirement for these companies to open branches in the country; the only prescription is that parent reinsurance companies should have net worth of Rs 5,000 crore.

After the amendment, the Irda will formulate norms to regulate companies that open branches in the country. India already allows up to 26% foreign investment in reinsurance companies, but none of the global majors set up a joint venture in the country. 

Read on: Insurance Law: Reinsurance companies can now open branches in India
Source:  http://articles.economictimes.indiatimes.com

CEB TowerGroup Analyst recognizes Accenture's Life Insurance Platform

CEB TowerGroup has named ALIP (Accenture Life Insurance Product) as leader based on 22 attributes that defines best in class system. ALIP was named as leader in CEB TowerGroup's Analyst report titled - "Life and Annuity Policy Administration System: Technology Analysis1" in three out of four categories - Policy Lifecycle, Operational Support and User Experience.

Read on: Accenture Recognized by Independent Research Group for its Leading Life Insurance Software Solution 
Source: www.marketwatch.com 

Citizens Property Insurance chooses Guidewire Products

With Citizen Property Insurance opts for Guidewire Products, Guidewire continues to expand its footprints in Insurance market. Citizen has deployed Guidewire InsuranceSuite™ as its underwriting, policy administration, billing, and claims management platform. 

Read on: Citizens Property Insurance Deploys Guidewire Products to Help Transform its Business
Source: http://insurancenewsnet.com

Google entering(ed) Insurance market

Well this is approx 10 days old news, but I thought it is still worth sharing...
Google is fronting sales of Auto insurance policies in as many as 26 states in United States. As many as 14 insurance companies have collaborated with Google to boost their sales.

Read on: Google Enters the Insurance Market: Friend or Foe?
Source: blog.sapiens.com

Choosing a Health insurance plan ? Consider these 10 points.

Choosing right Health Insurance plan that is catering to your needs is very important rather than going with the Health Insurance that your neighbor or friend suggest.

Consider these 10 points before you zero down to a Health Insurance Plan: 


10 Tips for Getting the Most Out of Your Plan

1. Be ready to put in the time. According to Joe Keenan, a cancer survivor, looking for the right insurance plan on the exchanges can be a “six-to-nine job.” He says, “You have to actually block off the time and plan for multiple sessions of really digging in to what the offerings are.”

2. Have a pen and paper ready. Comparing health insurance policies can be a non-linear process. It is often helpful to spread all of the information out in front of you so you can see everything and make notes.

3. Attend informational sessions both in-person and online. Briefings and webinars are often offered through resources like support groups, non-profit organizations, and your chamber of commerce. There are also a number of local organizations that can answer your questions and help you pick a plan and enroll.

4. Do your homework and ask the right questions. There are a number of financial resources that can help you get started, including the Cancer Insurance Checklist and other national organizations.

5. Make sure your current providers are “in network.” This means that your doctor, oncologist, and other specialists, as well as your hospital, are on the insurance plan’s approved list. If they aren’t, you will need to find new providers who are or be willing to pay costs associated with going “out-of-network.” HealthCare.gov provides a list of tools that can help you search and compare providers, hospitals, and other health care facilities to help you make these decisions.

6. Compare all aspects of the plan, not just the premium. Premiums are the amount you pay each month for your insurance coverage, whether you use any medical services or not. However, there are a number of other costs that are important to look at before enrolling. 

    Deductible—the amount of money you must pay each year before the health care plan begins paying any costs
    Coinsurance—the percentage of health care costs you have to pay after you have reached your deductible
    Copays—set fees you are required to pay each time care is received, such as a doctor’s visit or trip to the emergency room
    Out-of-pocket maximums—the maximum amount you would ever have to pay from your personal financial resources during the year

In general, the lower your monthly premium, the higher your out-of-pocket costs will be when you need care.

It’s also important for people with cancer to consider things like:

    What medicines are covered? For example, are both IV and oral chemotherapy covered? At what cost?
    Are home care and therapy services included?
    Are follow-up procedures included, such as colonoscopies?
    What treatments related to your cancer care are covered, such as integrative medicine or fertility preservation?

7. Ask a trusted friend or family member for help. This could mean having someone else make phone calls or just having someone there to help you talk through and make sense of your options.

8. Establish a relationship with an insurance broker or a navigator. These professionals have the knowledge to tell you which plans will offer you the best return on your investment and help you narrow down your options.

9. Talk with a customer service representative from HealthCare.gov. The Marketplace Call Center is available 24/7 to answer your questions and help you start or finish an application, compare plans, or enroll.

10. Review your plan every year to make sure it is still working for you. As your health changes, your insurance plan may need to as well. Also, costs change and new plans are added to the exchanges each year. 

Read on: 10 Helpful Hints for Choosing a Health Insurance Plan
Source: www.cancer.net

Anthem Health Insurance Hacked!!

When I read this article, first thing that came to my mind was Cyber Insurance and I was wondering if any of the Anthem Insurance affiliates is providing Cyber Insurance to other business ?! Or did Anthem take Cyber Insurance from any other player ? 
Being very niche area it requires lot of expertise and experience to provide Cyber Insurance. IT companies those are pioneer in Security area and showcase their expertise on how they could have prevented this from happening (big opportunity for them)!
Security breach at Anthem is a massive one and involves hacking of Social Security numbers, names, birthdays, medical IDs, and some of the sensitive personal information.

Here is an article on what Customers need to know and what they can do to minimize the damage.

Read on: Anthem Health Insurance Was Hacked. Here’s What Customers Need to Know
Source: www.time.com

Fair practice saved city $134,000 on P&C Insurance

I was bit surprise when I read this, coz I was under impression that almost all such big contracts would undergo calling up bids and thorough reviews. Hats off to York City Administrator Tara Vasicek for identifying this as a gap and calling bids and going through all the procedure to qualify and approve the companies that would fit the best.

Read more on: City to save $134,000 on property/casualty insurance
Source: www.yorknewstimes.com

Majesco - Leader in P&C Insurance Policy Management Modules

Gartner rated Majesco as leader in P&C Insurance Policy Management Modules in their First Magic Quadrant. This report has been published in Gartners Magic Quadrant for Property Casualty Insurance Policy Management Modules, North America.

Curious to know howz Guidewire is rated in 2014/15.

Now what are these Magic Quadrants ?

As per wiki here is how they are classified as follows- 

Gartner rates vendors upon two criteria: completeness of vision^[1] and ability to execute.^[1] Using a methodology which Gartner does not disclose, these component scores lead to a vendor position in one of four quadrants:

• Leaders are said to score higher on both criteria: the ability to execute and completeness of vision. These are said to be typically larger, mature businesses.
• Challengers are said to score higher on the ability to execute and lower on the completeness of vision. Typically larger, settled businesses with what Gartner claims to be minimal future plans for that industry.
• Visionaries are said to score lower on the ability to execute and higher on the completeness of vision. Typically smaller companies.
• Niche players are said to score lower on both criteria: the ability to execute and completeness of vision. Typically new additions to the Magic Quadrant.
  

Read further: Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules

 Source: http://insurancenewsnet.com