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The ACE Group

A global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with a physical presence in 53 countries.

 

Happy Independence Day!
Do enjoy your Independence Day holiday. Since July 4th falls on a Thursday this year, many of you are taking a four-day weekend. If you're traveling, drive carefully. Statistics from the Insurance Institute for Highway Safety says the 4th of July is the deadliest day on U.S. roads.
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 Around PIA Western


Around the PIA Western Alliance states
Updates on PIA Western states.
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 News You Can Use


Pushing for more predictive analytics, more data talent
Insurance Networking News
In a recent note, Ovum's Barry Rabkin urges the insurance industry to move more aggressively into predictive analytics. Insurers need to mine data from social media, third parties and machine-to-machine communications to glean more predictive insights to better target business operations, as well as marketing and customer relations efforts.
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The grassroots effect of social media
By Brigitte Merten
Sometimes the best new thing is actually a fresh twist on a tried-and-true method. Such is the case with social media, which is essentially the 21st-century version of the oldest method of influence in history — the grassroots effect. For businesses, putting social media to work can seem like putting a square peg in a round hole. How do you make your business social, relatable and relational? And are business initiatives something the social community is even willing to embrace?
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How key-person life insurance can bolster business continuation plans
Smart Business Network
There's an adage in business that no one is irreplaceable. But in nearly every company, there's at least one person whose contributions are so essential that their unexpected death would be devastating to the future of the business. Taking out a life insurance policy on those essential employees — what's known as key-person life insurance — is a way a company can protect itself from the impact of losing a key employee.
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 Industry News from PIA Western Alliance


PIA National on Congress and the farm bill failure
The U.S. House could not muster enough votes to pass the farm bill. It failed 195-234. One-hundred seventy-two Democrats and 62 Republicans voted against the bill, which needed 218 votes to pass. The food stamp program, known as SNAP, was the "killer issue" with 172 Democrats and 63 "tea-party" Republicans joining forces to vote down the entire bill. The food stamp cuts were $20 billion over ten years, causing the Democrats to object, while the GOP conservatives wanted more than $30 billion in cuts; $5 billion in annual crop subsidies would also have been eliminated, with the savings diverted into the crop insurance program and new subsidies created for peanut, cotton and rice farmers. So what's next?
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Obamacare: PIA, NAIC navigator standards
PIA National is preparing to file formal comments with the National Association of Insurance Commissioners Producer Licensing Task Force on the Obamacare health exchanges. The two associations are going to recommend strict standards be adopted governing the navigators. PIA National's David Eppstein said, "Navigators may likely be the first point of contact for many people who are entering the health insurance market for the first time. We therefore advocate for some fundamental regulation of navigators, so they can reliably perform their limited duties, as mandated by federal law."
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Lightning strike claims: Costs up 25 percent
We missed it. Or at least most of us did. It was Lightning Safety Awareness Week. Officially the week is June 23-29. What many insurers have not missed, however, is an increase in lightning strike claims.
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Small insurers and online, direct sales
While online commercial sales haven't caught on yet with larger insurers, Novarica says the idea is resonating with smaller insurers. In a report titled, "Direct Online Small Commercial Insurance: Preparing for the Inevitable," Novarica said to look for this to be reality in the next five years.
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Climate change and flood insurance
The Federal Emergency Management Agency runs the National Flood Insurance Program. The NFIP is underwater — no pun intended — because of the huge financial hit it took because of Hurricane Katrina.
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Navigating the minefield of liability coverage for contractors — the story continues
by Paul E. Walters, Claims Manager, Errors & Omissions Department, Utica Mutual Insurance Co.
Several years ago, I penned an article on the issues associated with securing coverage for construction firms. The situation remains the same, and has not improved. Agents remain exposed to large claims arising from coverage issues from policies covering contractors and artisans.
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Looking for similar articles? Search here, keyword CONTRACTORS.


FEATURED ARTICLE
TRENDING ARTICLE
MOST POPULAR ARTICLE
Car insurance: Hidden discounts revealed
ABC News
Car insurance companies are aggressive in boasting about their discounted rates, but which ones offer the most? Bankrate.com put together a list of 17 discounts that car companies offer.

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3 key tech strategies for insurance providers
Forbes
Getting old isn't easy, but a majority of recently surveyed insurance executives believe that an integrated software platform could help rejuvenate everything at their companies from competitive differentiation to customer satisfaction.

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When insurance is too expensive no matter what
Marketplace
The whole point of the Affordable Care Act is to expand health insurance. But here's the thing, even after the law has taken effect, about 30 million people still won't be covered.

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2012 final data on auto thefts
The National Insurance Crime Bureau says California is the worst place in the country for auto theft. In fact, the top four areas for theft are in the Golden State. Out of the top 10 areas with the most thefts, eight are in California. The other two are in Washington State.
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Health insurer rebates
Under the Patient Protection and Affordable Care Act's medical loss ratios, large insurers have to spend 85 percent of premium dollars on the health care of insureds and smaller insurers have to spend 80 percent. Anything less than that has to be refunded to insureds.
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Insurance profits: 1st Quarter and worldwide
ISO and the Property Casualty Insurers Association of America said the nation's private insurers had an underwriting profit for the first time since the fourth quarter of 2009. Quarter one of 2013 saw $4.6 billion income from underwriting. That compares to a loss of $100 million in the first quarter of 2012.
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Your share of Obamacare
The Patient Protection and Affordable Care Act requires all of us to have or purchase health insurance on Jan. 1. Period. Buy it or pay a fine. The fine isn't so bad the first year, but from 2015 on, the fine gets pretty heavy and grows heavier by the year.
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Hank Greenberg, AIG and lawsuits
AIG founder and former AIG CEO Maurice "Hank" Greenberg is suing the federal government for $25 billion over losses Greenberg claims he and other minority shareholders suffered when the government took over the company in 2008. The government has tried to stop the suit. U.S. Court of Federal Claims Judge Thomas Wheeler recently said no. The suit will go forward.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Special report: Obamacare confusion continues (PIAW)
Agents and commissions: Obamacare MLR bill (PIAW)
Obamacare and the IRS (PIAW)
10 cheat-sheet tips about websites (By Mark MacDonald)
When insurance is too expensive no matter what (PIAW)

Don't be left behind. Click here to see what else you missed.


The final Obamacare contraceptive rule
On June 28, the Obama administration issued its final rule on coverage for contraceptives for those working for universities, hospitals and other institutions that have religious affiliations. Health and Human Services head Kathleen Sebelius said workers will get separate payments for contraceptives and associated services from the insurers of their employer or from an independent thirdparty administrator.
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Poll: Obamacare awareness
The majority of us — by huge numbers — are aware of the Patient Protection and Affordable Care Act. A recent Gallup Poll said 81 percent of us know Obamacare exists and that we must have insurance next year or face a fine. But that's about all we know.
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National Alliance names 2013 top CSRs
Every year the National Alliance for Insurance Education & Research looks for the best customer service reps in the country. Recently, the National Alliance named each state's winners for National Outstanding Customer Service Representative of the Year.
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 Just for Fun


Just for Fun
A lot of you will spend the — what is likely to be a four-day — weekend playing golf. Some of you have seen this before. But if you haven't, this is hilarious.
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PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608   
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Gary Wolcott, Writer for PIA Western Alliance, 503.724.9028   

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