Long Term Care Insurance Premiums Reported To Be On The Rise

Since early 2012, the Massachusetts Division of Insurance has regularly approved premium increases of about 10 percent for the insurance, which was introduced in the 1980s as a hedge against the high and extended costs of nursing care. Regulators are now reviewing requests by some companies to nearly double their rates — potentially increasing premiums by thousands of dollars a year.

 

http://www.bostonglobe.com/business/2013/09/05/long-term-care-insurance-premiums-rise-its-future-doubt/SwodInNtdFJFWgsX2nzt6H/story.html

 

Early planning is a key component in mitigating long-term care costs. Talk to your insurance professional about how you can use insurance and financial products to plant for the potential of long-term care later in life.

 

Advertisements

Ohio citizens will see rising auto, home insurance rates

State data released on August 19, 2013 showed that Ohio’s 10 biggest homeowner insurance companies raised rates by 7.6 percent last year. That’s the fifth straight increase of at least 6.4 percent. But there is still some good news for the people of Ohio. Despite the increases, the state remains a relative bargain for insurance.

The average homeowner premium last year was $685, compared with the national average of $968, according to Ohio Insurance Institute estimates. Auto insurance for the typical Ohio driver, meanwhile, cost $648 last year, $200 less the national average.

The auto rates were the ninth lowest in the country as of 2010, according to the most recent figures available from the National Association of Insurance Commissioners. The homeowner rates were the sixth lowest.

 

Bill Arowood, Appalachian Underwriters

Appalachian Underwriters, Inc. (AUI), a provider of commercial, personal, and specialty insurance, and Instec, a provider of P&C insurance platforms, today announced that Appalachian Underwriters has selected and has successfully deployed Instec’s Quicksolver Enterprise policy rating platform for Appalachian Underwriters’ Workers’ Compensation line of business.

As a part of its operational technology modernization strategy, Appalachian Underwriters sought a new system to replace their prior rating software that would decrease time to market for new programs and deliver a new level of self-reliance previously unavailable with the company’s outdated legacy system. Appalachian Underwriters also looked to ensure the new system included functionality that would mitigate compliance risks and streamline operational tasks. Now in production at Appalachian Underwriters, Quicksolver Enterprise is delivered both onsite as well as through Appalachian Underwriters’ web portal that handles thousands of agent submissions daily, across multiple rating companies.

“The system performance we’ve experienced with Instec’s Quicksolver Enterprise is unrivaled, delivering sub-second rating per quote, which dramatically increases our operational efficiency,” said Steve Cota, CIO for Appalachian Underwriters. “Additionally, the robust integration through web services, statutory reporting, and precise rating made Instec the perfect choice to upgrade our Service Oriented Architecture and enhance our processing environment.”

“This successful implementation of Quicksolver Enterprise is another example of Instec’s ‘no fail’ mantra when it comes to client success,” says Bill Budde, CPCU, VP of Sales and Marketing at Instec. “As a 30-year old company, not only are we experts at delivering bureau content and self-sufficiency, we also offer a solid track record of successfully and consistently implementing platforms that decrease total cost of ownership, increase revenue, and mitigate risk for our clients. The success of the Appalachian Underwriters project is yet another proof point for our message.”

“Insurers continue to seek offerings that can meet pressing time-to-market demands as well as support the drive for new revenue,” says Karen Furtado, Partner at SMA. “Instec has the ability to provide both bureau content as well as product configuration tools that enable self-sufficiency. Both avenues are assisting insurers and helping them deliver programs in a timely and efficient manner. This is an area where we’re seeing a significant increase in the demand for capabilities in the market place.”

About Instec

Instec, founded in 1982, is a leading provider of services and technology to the commercial property and casualty insurance industry. Noted for long-term client relationships, Instec is a partner in providing business expertise and creating profitable growth. As providers of full policy lifecycle management, Instec works with its clients on successful Program Business as well as streamlining operations from first quote to last endorsement. Instec’s flagship technology, Quicksolver, is a best-of- breed rating and policy administration solution supporting all major lines of business, in all 50 states, and with native bureau rates, rules forms and statistical content. As a Microsoft Gold Certified Partner, Instec delivers strategic solutions that enable clients to drive competitive advantages in rating, issuing, and reporting in order to lower costs and maximize profitability. With more than three decades of experience, Instec is a trusted partner with deep industry knowledge, innovation and insight. To learn more, visit www.instec-corp.com.

About Appalachian Underwriters, Inc.

Appalachian Underwriters, Inc., with over $350 million in written premium, is the fifth largest managing general insurance agency in the US as ranked by Business Insurance. Providing a wide variety of products to the independent agent for workers’ compensation, commercial specialty and personal lines insurance coverage along with a fully service insurance brokerage, AUI is committed to delivering policy solutions to its insured’s through its network of over twenty-five thousand independent appointed agents. A skilled and highly professional staff, many with backgrounds as retail agents, understands and is committed to meeting the needs of each of AUI’s agents. Appalachian Underwriters strives to provide a selection of competitive quotes from financially sound carriers in a timely manner. The ultimate goal of the organization is to make doing business easy for its agents. AUI offers proprietary online tools such as Xpress Rating platforms and multiple resources for its appointed agents. The online tools assist in making this goal a reality. Principals of Appalachian Underwriters, Inc. are Bill Arowood and Bob Arowood. For more information, visit www.appund.com.

Technology Continues to Offer Better Customer Experience

Bill Arowood, Appalachian Underwriters

Many states have passed laws allowing digital proof of insurance via smart phones. Not only does this provide a convenient service for the insured, but it also allow the provider a powerful tool for delivery of information to the client base. As state and federal laws catch up to technology, you can expect many new innovations in the delivery of products and services to the insurance market.

http://www.gazettetimes.com/news/local/mobile-apps-legal-for-auto-insurance-proof/article_af0010ca-edbc-11e2-8066-001a4bcf887a.html