Products and Services

Defending Credit-Based Insurance Scoring – NAMIC Frames the Debate … A significant study was recently completed in Texas supporting NAMIC’s contention that credit-based insurance scoring allows insurers to more accurately assess and price risk for both auto and homeowners insurance.

The study also found that average credit scores vary among different racial and ethnic subgroups within the population.

Some policymakers and consumer advocates have responded by demanding that credit-based insurance scoring be prohibited because it produces a “disparate impact” among groups.

In a paper published by the Washington Legal Foundation, NAMIC’s Director of Public Policy Robert Detlefsen, Ph.D., explains why group variations with respect to credit score do not justify restricting the use of this perfectly valid, race-neutral underwriting tool.

The WLF paper will be widely distributed among state and federal policymakers. To access the paper, visit www.namic.org/.

Document Management Adds Functionality to Insurance Company and Agents … MT Business Technologies recently presented Farmers Mutual Relief Association (FMRA) in Ohio with Westbrook Technologies’ document management software to solve their existing business problems and integrate their existing environment. With Westbrook Technologies, FMRA was able to become more proficient in streamlining and automating their current processes with an increasing volume of information.

SeaPass Solutions Announces Selective Insurance’s Implementation of Gateway Technology … SeaPass Solutions, a leader in connectivity solutions for insurance carriers, announced that Selective Insurance has implemented SeaPass Solutions’ Gateway technology for its BOP and workers compensation business.

AEI Adds New Course to Liability Program … American Educational Institute (AEI) announced the addition of a new self-study, claims law course – Personal and Advertising Injury Coverage. The new course, which is an elective in AEI’s Liability Program, focuses on Coverage B of the CGL, explaining coverages, exclusions and court cases interpreting policy language. As with all other AEI courses, Personal and Advertising Injury Coverage is self-study. Call (800) 631-8183 or visit www.aeiclaimslaw.com for more information.

Data Standards, Financial Reporting Focus of Joint White Paper … ACORD and XBRL (a language for the electronic communication of business and financial data) examine the need for data standards and their own roles in the overall communications flow in their newly released white paper – XML Standards and the Insurance Value Chain. The document focuses on the flow of data within the insurance value chain and the importance of data standards to transport the information along the path for financial reporting and regulatory compliance. To download a copy of the paper, visit www.acord.org/.

SilverPlume and WebCE Form Strategic Alliance to Provide Continuing Education Services … SilverPlume announced a business alliance with WebCE, designed to expand resources available to SilverPlume’s customers and other insurance professionals. Under terms of the agreement, SilverPlume will offer access to WebCE’s state-of-the-art online insurance training and CE delivery system through their website and through their premier online product, Sage Advice for Insurance. Introductory pricing will be available for a limited time. www.silverplume.webce.com.

ISO Expands A-PLUS Auto Database To Cross-Check Vehicles Stolen and Shipped From Mexico to U.S. … An ISO loss-history database may now be used to track down cars stolen in Mexico and shipped to the U.S. ISO’s Automobile-Property Loss Underwriting Service (A-PLUS™) database has been enhanced to cross-check for automobiles reported stolen in Mexico and transported to the U.S. The Mexico Theft Alert service is available through an agreement between ISO and the Coordinating Office of Insured Risks and the Mexican Association of Insurance Companies (OCRA-AMIS). All auto insurers that contribute automobile loss-history claims information to the ISO database will be able to participate in the new A-PLUS.

CPCU Society Unveils New Ad Campaign “Defining Success” … The CPCU Society launched a new advertising campaign to help re-instill public trust in the insurance industry and raise awareness of the value CPCUs have to insurers’ success. The campaign’s slogan, “Defining Success,” emphasizes the need for employers to invest in CPCUs for their organizations and the importance of supporting employees’ CPCU Society membership. For more information, visit www.cpcusociety.org.

Conning Research Predicts Property/Casualty Underwriting Profit Again In 2005 … The property/casualty industry can look forward to another year of underwriting profits, assuming normal catastrophic losses of $13-14 billion, according to a new study by Conning Research and Consulting. However, the analysis by Conning Research suggests that 2006 may not be as rosy. “Higher prices, tighter covers and more effective deductibles are the key contributors to industry performance in the 2004-2005 period,” said Stephan Christiansen, director of research at Conning Research and Consulting. “Despite a softening market, we fully expect that the underwriting profits of 2004 will continue at least into 2005.” The Conning Research report, “Property-Casualty Forecast & Analysis by Line of Insurance: First Quarter 2005,” presents a three-year forecast for the key lines of business and the property/casualty industry as a whole. Many insurers use the quarterly Conning Forecast as a benchmark for planning purposes. For more information, visit www.conningresearch.com.

Posted: Wednesday, June 01, 2005 12:00:00 AM. Modified: Wednesday, September 07, 2005 2:05:55 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.