avantia provides non-standard home insurance
Posted on August 24th, 2010
avantia Insurance has launched a new homeprotect service after the viability of such a move was proved by its pilot project which provided instant online cover to non-standard buyers of home insurance.
Brokers and other providers have been invited by avantia to join the platform, with the aim of providing a one-stop shop and saving both time and costs.
Since last year homeprotect has been trialled mostly online to non-standard customers, who comprise around 15% of the UK population.
The term is a broad one, and covers everyone from those at risk of flood or subsidence to former offenders and those with an extensive claims history.
The pilot saw 97% of people provided with instant online quotes, with the remaining 3% dealt with manually by individual members of staff.
Chief Executive David Walker explained that a cost-effective underwriting service could be provided by intelligent use of IT, dealing effectively with a so-called difficult consumer group.
Tags: Home Insurance, Insurance
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COBRA Enrollment Strong Despite Subsidy Expiration
Posted on August 21st, 2010
Laid off workers are continuing to opt for health care coverage under the auspices of the Consolidated Omnibus Budget Reconciliation Act (COBRA), new analysis by Lincolnshire, Ill.-based Hewitt Associates finds. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. Hewitt analyzed COBRA enrollment rates for workers who were voluntarily or involuntarily terminated from their jobs since 2004. For June 2010, the first month after the 65% premium subsidy created by the American Recovery and Reinvestment Act expired, the average COBRA enrollment rate for these employees and their dependents was 21 %. Read more…
Tags: Cobra, Cobra Enrollment
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States Get $1 Million To Keep Tabs On Insurers
Posted on August 20th, 2010
Forty-five states are getting $1 million dollar grants to keep an eye on insurance premium increases. The Obama administration said the money is only the beginning in a $250 million, five-year program to help states limit rate increases. Premiums have at times jumped as much as 30 percent in one year, and many people are paying double what they were paying a decade ago, according to the Washington Post.
Secretary of Health and Human Services Kathleen Sebelius said some states are already regulating premiums well, others can do a better job. “Some states have full and rigorous rate review and [the right of] prior approval, so before a company raises a rate it goes through intense actuarial analysis. .
Tags: Keep, Keep Tabs
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Dogs Biting Insurers’ Bottom Lines
Posted on August 18th, 2010
Man’s best friend is shaping up to be an insurer’s worst nightmare. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. According to new statistics released today by the Insurance Information Institute (III), dog bite claims are chomped on insurers’ legs to the tune of $412 million in 2009, an increase of 6.4% from 2008. Bites also accounted for more than one-third of all homeowners insurance liability claims paid out in 2009. Read more…
Jackson, NYL Find Fertile Ground for Annuities
Posted on August 17th, 2010
Insurance heavy hitters Jackson National Life and New York Life have had a pretty good year for sales so far, according to their semi-annual sales figures. And it has not been an easy market. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. While neither firm was able to break out sales through advisory channels at press time, Jackson said total sales and deposits were up 54% to $9.4 billion as of June, driven primarily by an 81% boost in variable annuity sales to $6.8 billion. Read more…
Tags: Jackson, Jackson Nyl
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Wedding insurance specialist Ecclesiastical responds to news about wedding supplier Confetti going into administration
Posted on August 16th, 2010
Following news that wedding supplier Confetti has gone into administration, Ecclesiastical, one of the UK’s leading providers of wedding insurance, has advised prospective brides and grooms to contact their wedding insurers if they have any questions or concerns relating to this news.
According to Ecclesiastical, supplier failure has been the largest source of claims on the company’s wedding insurance policies over the last two years, followed by damage to wedding outfits and cancellation or rearrangement of the event.
Ecclesiastical’s wedding insurance manager David Simms said: “I’m sure there are a lot of brides and grooms out there who’ve read about Confetti’s problems and felt their hearts drop. If the worst
Tags: Confetti, Supplier Confetti, Wedding Supplier, Wedding Supplier Confetti
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