Maximum Processing, Sonata Form Alliance
The Stingray Insurance Processing System, designed and developed by Maximum Processing, is a policy, billing, claims, and reinsurance administration system. "Our association with Sonata will help us take advantage of its deep domain expertise and vast resources to meet the demand for the Stingray System," says Maximum Processing Inc.
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LWG Launches Singapore Office
A provider of technical expertise following equipment or systems failure and property damage, LWG Consulting, Inc., has launched its second international office. "The range of services, breadth, and depth of technical expertise and flexible approach of LWG will be suited to the Asian environment," says the company.
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Negligence Cited as Leading Cause of Agency Data Breach
A report, Client Information Security, is directed at independent insurance agencies and indicates the average per-incident cost of a breach was nearly $6.7 million. Insurance agencies of all sizes are treasure troves of personal client data, and they need to establish effective protective barriers and appropriate responses in case there is a breach, says the author of the report.
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IASA, Eide Bailly Revive Desert States Chapter
Eide Bailly, a CPA firm providing services to insurance companies as well as companies in other industries, is hosting a kick-off meeting for the chapter on Jan. 12. The Desert States Chapter consists of insurance industry professionals in Arizona and New Mexico and provides a link for insurance professionals in the area who need continuing professional education (CPE) credits.
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ACORD Announces New Administrative Officer
Tanya Krochta, newly named vice president and chief administrative officer, has headed human resources and managed the professional development program and the project management office at ACORD to ensure the organization's staffing and project needs are met. "Tanya's promotion recognizes the hard work and results of her efforts," says Gregory A. Maciag, president and CEO of ACORD.
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Quick Stat |
Small Cuts
Insurers planning drastic cuts in their IT budgets are in the distinct minority this year, and most of those doing the heavy cutting are on the life/annuity/health side, according to a budget survey conducted by Novarica. Thirteen percent of midsize and 10 percent of large life/annuity/health insurers will have much lower IT budgets in 2010. On the P&C side, six percent of midsize carriers and four percent of large carriers plan to have much lower budgets. |
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