Wipro announces SI Partnership with Wyde for Global Insurance Industry
Wipro Technologies will offer system integration services to Wyde Corporation's insurance clients and prospects worldwide under a strategic partnership. Wyde is a leading international provider of core insurance software solutions.
The partnership will allow Wyde's clients to leverage Wipro's global resources. Wipro Technologies will be the lead Systems Integrator for implementing Wyde's "Wynsure" software, for the insurance sector. Wipro will also set up a Wynsure Centre of Excellence in India that will be leveraged for sales initiatives, co-development programmes, training purposes and customer demonstrations. With this partnership, Wyde and Wipro are poised to address over 250 small to medium-sized insurers in the United States alone.
"Wyde's Wynsure platform is a strong, capable platform across the spectrum of life, health, and P & C (Property and Casualty) insurers," said Ajoy Menon, Global Head of Insurance Practice, Wipro Technologies. "It provides Wipro a great platform to help insurers transform across the value chain."
"This partnership gives life, health and property-casualty insurers an excellent option when implementing Wynsure,"said Didier Lamour, Wyde's Chief Operating Officer. "As one of the biggest and best global IT service providers, Wipro is an ideal partner."
Wynsure is a comprehensive business administration technology solution for insurance that supports group and individual life and health insurance, and personal and commercial property and casualty insurance. Clients include insurance companies and managing general agencies of all types and sizes in the Americas, Europe and Asia. A fully supported component-based solution, Wynsure can be configured and easily customized to meet specific insurance business needs. Featuring an open service-oriented architecture, it can be easily integrated with other systems to provide powerful business solutions. Wynsure is recognized by analysts for its flexibility and ability to be deployed quickly.Clients include insurance companies and managing general agencies of all types and sizes in the Americas, Europe and Asia. A fully supported component-based solution, Wynsure can be configured and easily customized to meet specific insurance business needs. Featuring an open service-oriented architecture, it can be easily integrated with other systems to provide powerful business solutions. Wynsure is recognized by analysts for its flexibility and ability to be deployed quickly.
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Filed under News by on Jul 11th, 2011. Comment. 
Life insurance cos stare at highest likely calamity bill
Insurance officials feel that life insurance claims in Japan following last week's earthquake and the resulting tsunami will be the highest amid all natural disasters so far.
While the number of casualties have not been established, there are reports that 3,373 people are dead and another 6,746 are missing. There have also been statements from officials that the toll could go touch 10,000. This would be almost twice the 5,100 deaths which took place in Japan in 1995 following the Kobe earthquake.
Although last week's disaster is amid the worst in recent years, there have been several events, including the Indian Ocean tsunami in 2004 which caused higher casualties. For the insurance market, the difference this time is that the casualties have taken place in Japan, a country with one of the highest levels of insurance penetration and per capita income.
The average Japanese pays a life insurance premium of ,226 per year as against , 633 in the US or in India. Japanese expend a much larger part of their income in buying insurance as compared to other countries. This comes out in the level of insurance diffusion (ratio of total insurance premium to gross domestic product). The penetration level of life insurance in Japan is 8.06% as compared to 3.52% in
the US.
"Until now, the most expensive natural disasters in terms of insurance have seen very few life claims. The most expensive disasters included US hurricanes, winter floods in Europe and more recently, the Christchurch quake. Life insurers in the West have typically paid out more following a plane crash than in natural disasters," said an official with a reinsurance firm.
The worst catastrophes in the last four decades include the 2004 Indian ocean tsunami, floods inBangladesh and an earthquake in China – both in the 70s. These events have had two to three lakh casualties. The most expensive insurance events were Hurricanes Katrina (05) and Andrew (95) and the Northridge earthquake of 1994, all of which took place in the US.
Compared to large cities, the face value of policies and insurance penetration in the affected areas are likely to be much lower. But still, the life insurance coverage would be higher than in most other developed countries.
Share prices of insurance companies fell for the third consecutive day as loss estimates grew. Share of American life insurers' doing business in Japan also fell marginally. The insurance world is, however, more concerned over property losses. Air Worldwide said that property-casualty losses from the earthquake could exceed billion.
Local insurers in India said that General Insurance Corporation, the national reinsurer, has held discussions for renewing its treaties with local companies, until it gets an idea of its own exposure to Japan and the kind of provisions it will need to make.
Source: [TOI]
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Filed under News by on Jun 20th, 2011. Comment.
Become an Insurance Agent in Texas
Article by David Berry
Texas offers a wide array of insurance licenses. Before beginning the application process candidates should take a moment to understand which license they should seek. Texas offers the following types of insurance licenses:
The state of Texas has many different license types for those looking to become an insurance agent in Texas. So before you run off to the nearest licensing site, you need to familiarize yourself with the insurance agent license types and insurance specialties offered in the state of Texas.
License Types
Most Texas Insurance Agents licenses fall into two categories- Property & Casualty (P&C) and Life & Health. The General Lines – Property and Casualty insurance license will allow your meat and potatoes coverages like auto, home, business insurance or bonds; while the General Lines- Life, Accident, Health & HMO license deals with life, health, annuities, and other related coverages.
Regardless of which specialty you choose, the General Lines licenses will allow you to represent a larger array of companies and products making it easier for your to eventually become an agency owner. However, if you wish to take the easier route to becoming and insurance agent in Texas, the additional insurance license types are also available:
* Life(only) Agent * Funeral pre-arrangement Life * Life Insurance Not Exceeding 000 * Life and Health insurance counselor * Personal Lines Property Casualty Agent * Insurance Service Representative * Managing General Agent * Limited Lines – Agent * County Mutual * Surplus Lines
Beware, each license type has different requirements. Check with the Texas Department of Insurance for details regarding each license type.
Pre-licensing and Backgrounds
Although the Texas Department of Insurance does not have a mandated pre-licensing education requirement for it's insurance agents, applicants can download an information packet from Prometric.com that provides a detailed outline of the topics covered on the state exam. Prometric is the company that administers all of the state licensing exams for the Texas Department of Insurance.
The state of Texas has no pre-licensing educagtion requirement, but it is highly recommended that you attend a local licensing course offered in your area. After taking a pre-licensing course, you must take the state mandated test offered at Thompson Prometric. Once you've passed, you'll need to have your fingerprints recorded.
As a part of the application process all Texas insurance applicants go through an FBI criminal background check. It is highly recommended that you set an early appointment for your fingerprints because the wait can be a long one.
Texas Insurance Agent Licensing Fees
As of this writing, the fees involved for becoming a licensed insurance agent in Texas are as follows:
* State Licensing Exam: Fee ranges from to depending on type of license * Fingerprinting fee is .50 * Licensing application fee per license type
Texas Insurance Licensing and Continuing Education
Generally, the insurance agents' licensing term is two years from issue. Agents are required to take 30 hours of continuing education before renewing their licenses each two years.
Original post located at http://www.txinsurancepro.com/insurance-agent-texas/
About the Author
David Berry is a licensed Texas insurance agent and founder of http://www.txinsurancepro.com. His experiences comes from working in sales, sales management, underwriting, and marketing with companies including GEICO, Liberty Mutual, and Allstate.
Filed under News by on Mar 27th, 2011. Comment.
Are Employee Assistance Programs (EAP) Explosive Opportunties for Property Casualty Insurance Partnerships to Reduce Human Factors Exposures
EAPs frequently deal with disgruntled employees. It's a significant part of the job, but the benefit of this activity to the financial world doesn't get a lot of play in the EAP literature. For many of us, well, it simply sounds too self-serving. This a big problem for many in the EAP field — it’s viewpoint.
Disgruntled employees are often seen as helpless malcontents, troubled, and expendable. Typically, stories in the EAP literature focus too much on how to help these employees be happy, healthy, and productive, while they omit the real story behind the story.
That story is how this helpful activity keeps employers' financial butts out of the sling. EAPs don't get the credit because we aren’t talking about it, and it is my argument that we should care a lot more about this side of the equation. Why?
There is a new twist in the 21st century that is leveling the playing field and giving an upper hand to disgruntled employees. It is making the importance of having an effective, proactive, well-in-cultured EAP critical and worth every cent it costs.
That new twist is the social media, especially Web 2.0 sites like YouTube.com. These are free, monstrous, broadcast media outlets that take no prisoners.
An EAP that is visible, known, trusted, and has a real face with it can attract employees who may turn to it with the goal of processing their frustrations, complaints about ethics, anger with supervisors, or tales of abuse and harassment.
Effective EAPs work with two hats in these situations empathizing with the employee, and protecting the company financially by helping the employee get their needs met in effective and appropriate ways.
Absent this level of easily accessible and visibly marketed support for employees, companies place themselves at financial risk. This is especially true if they try to get an EAP on the cheap. For most, this is a direct result of naivety or advice from misguided benefits consulting firms.
Employees who are angry and disgruntled have strong impulses to share their story and vent their frustrations. Starting with an empathic listening ear at the EAP is a better channel than YouTube. It would be better to have an employee's story end up in the New York Times than on YouTube. YouTube is forever. A classic and recent example follows:
As I write this column, Bank of America has 300,000,000 shares of stock trading (Dec. 8th). But a YouTube.com video posted by a disgruntled employee only a week ago has received over 146,000 views and counting. This growth is the result of word-of-mouth advertising about this video. This is called "viral marketing". It is a powerful force. To wit, mainstream media, without any qualification or fact-checking, has picked up on the video and is using it for its own economic purposes. I have provided the links below.
Not surprisingly, Bank of America's stock price has nose-dived in the same week. It has lost millions.
Is Bank of America's stock price drop the direct result of this video? No one can say for sure. But it is safe to say that it is not helping. And it is more likely that people are looking at this video than press releases about BAC's financial future.
Do you see an argument for having an effective, humanly visible, and appropriately funded employee assistance program that can act as a stop-gap to helping an organization by dealing with and sincerely helping troubled or disgruntled employees?
Can you see the value in making an EAP a benefit to employees and a loss-prevention, management tool for business organizations?
The latter is under-appreciated and it is continually ignored. This is a direct result of a "reformulated" model of EAPs that has been promoted in the health benefits and managed care literature, and has been accelerated by being unchallenged in an organized way.
From the former supervisor referral of an employee who may soon lose their job over poor job performance, to simply being a program of attraction where employees head for coaching, wisdom, and direction, EAPs have unrecognized and unsung potential to be more vital to corporate America's financial vitality than we are hearing about or seeing right now.
It is my belief that once the property casualty insurance industry (the real stakeholders) make this connection, that is seeing vibrant EAPs as loss prevention mechanisms, the EAP field will experience explosive growth in a new direction that will result in less violence in the workplace, few disasters like the one below, and of course, more helped employees.
To see the video, go to YouTube.com and Search “Why Bank America Fired Me”.
Media Promotion of This Video
See the movie about WorkLife Excel Newsletter used by the U.S. Small Business Administration and the U.S. Congress for its own employees. Published by WorkExcel.com Workplace Risk Management Services
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Filed under News by on Oct 20th, 2010. Comment.
Encino, Calif. (PRWEB) July 10, 2010
It appears that pants aren't the only coverage Lady Gaga is lacking. The famously under-dressed pop star made headlines today when, according to TMZ.com, Navigators Specialty Insurance Company denied the singer's claim to help fight a million breach of contract suit with her former producer/ex-boyfriend Rob Fusari. While not entirely uncommon, the large numbers involved illustrate why it's vital for artists to thoroughly review all insurance policies with their management, explains Los Angeles insurance expert Timothy Gaspar.
"Artists are constantly at risk of lawsuits from the people around them," says Timothy Gaspar, owner of Gaspar Insurance Services in Los Angeles. "Contract disputes, ownership of songs or images, even a stage name or character can become a contentious issue and these types of suits can rack up huge legal fees over time."
Professional Liability policies are available to protect people in situations where one's career puts one at risk of lawsuit or injury, but like any insurance policy, customers need to review the details with their insurance agent.
"Lady Gaga would have been covered if she'd been unable to perform due to an injury on stage or some recording studio mishap," Gaspar explains, "but her insurance company says a contract dispute falls outside the coverage of her policy. This is the kind of issue that can be avoided by maintaining good communication with your insurance agent."
To avoid finding oneself stuck with an unexpected bill, Gaspar suggests all creative types examine the following key points in every policy:
1. Injury: If a paycheck depends on a physical performance, whether that's dancing or running in a sports arena, it's a no-brainer to make sure that an injury won't result in a financial disaster.
2. On the Road: An international tour is a great adventure, but some policies won't cover legal issues or accidents in a foreign country. Make sure a speeding ticket in Thailand doesn't turn into a run-away expense
3. Intellectual Property: In a dispute over the ownership of an idea, agreements made before an artist gets their big break can turn into an ongoing and costly legal battle. I.P. policies and specialists should be consulted regularly.
Celebrities, Artists, Athletes, anyone in the public eye (including CEOs and politicians) are often exposed to increased liability because of their fame. "The scary thing about a liability lawsuit is it can seriously alter a career or lifestyle," says Gaspar. HIs final advice? "Talk to your insurance agent and check your policies annually: you don't want to find yourself fighting alone."
Timothy Gaspar Insurance Services brings creative protection solutions to Los Angeles residents and business owners. Specialties include casualty and property insurance, estate and collectibles coverage, identity theft protection, even kidnap/ransom policies. For more information, please contact Timothy Gaspar Insurance Services, 6345 Balboa Blvd. #290 Encino, CA 91316, or call (818) 609-7575 ext. 260.
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Filed under News by on Oct 17th, 2010. Comment.
(PRWEB) September 17, 2010
All family members covered, with no excess to pay.
Over 50s specialist insurance provider RIAS has launched Key Protection cover, which reduces the distress and costs associated with replacing keys in the event of any customer’s car or house keys being lost or stolen.
Available as an additional cover option for all current and new RIAS car insurance customers, Key Protection provides customers with reassurance that all their keys are covered – car, home, second property, let property, holiday home and office (including safe keys) – for just £1.50 a month.
The cover provides protection to all family members at the home address, and no excess payable if customers do need to make a claim. This small investment can not only protect against costly key replacement charges, but is crucial in protecting valuable personal data, personal safety, and home security.
With reimbursement of up to £1,500 towards lock and key replacement, as well as onward transportation in the event of lost or stolen keys, customers can simply add Key Protection to their motor insurance policy, and benefit from dual protection covering their home keys too.
The RIAS Key Protection product offers the following benefits:
An Emergency Assistance helpline – 24 hours, 365 days a year;
Up to £75 per day, for up to three days, for car hire if the customer is stranded from their home due to theft or loss of their car keys, or alternatively reasonable public transport or taxi fares;
Gaining access in the event that the customer’s keys are locked in or broken in the lock of their vehicle, home or office and, if necessary, provide reimbursement for a replacement key or lock;
Covers keys to a second property, a let property and a UK holiday home.
Janet Connor, Managing Director at RIAS said: “Following the success of introducing Key Protection to our home insurance policy last year, we are delighted to be extending our car insurance options, enabling customers to tailor the cover levels and benefits that are right for them. We all know it can be traumatic and expensive to lose your keys, but now our motor insurance customers can add this extra protection to their policy for just £18 a year, avoiding the headache, and heartache, of losing their keys in one easy step.”
Key Protection for motor insurance customers is just the latest additional cover option in the successful ‘Add-on’ range provided by RIAS. Customers can ensure their motor insurance policy meets their exact needs and requirements, and give themselves complete comprehensive cover and reassurance by choosing to add Legal Protection (£24), Excess Protection (£27) or MOT Protection (£39.96) to their policy.
RIAS motor insurance customers can also enjoy the following:
A protected no-claims discount;
A dedicated 24-hour claims service;
A free courtesy car during repair;
Extra discounts for low annual mileage, overnight garaging and cars over four years old;
Cover to drive in Europe for up to 91 days.
For more information about Key Protection, motor insurance or the range of products RIAS offers, customers can contact RIAS on 0800 561 0712, or online at www.rias.co.uk
For further information, please contact:
Lucy Pope, Consumer Communications Manager at RIAS on 01202 254445 or email lpope(at)rias(dot)co(dot)uk
Notes to Editors
Key Protection is underwritten by Inter Partner Assistance and administered by Direct Group Limited on behalf of the insurer. The claims helpline is operated by AXA Assistance.
About RIAS
RIAS was established in 1992 and is a specialist award-winning provider of insurance products for the over 50s age group.
Part of Fortis (Insurance UK) Limited, RIAS has nearly a million motor, home and travel insurance customers and employs over 1,100 people across two UK sites. RIAS negotiates with a panel of insurers to secure competitive, value for money products.
As a leading provider of award-winning personal and commercial lines insurance solutions in the UK, Fortis has a successful customer-centric strategy, founded on aligning its activities to how customers want to buy insurance, combined with delivering high quality products, manufactured at costs better than market norms.
Insuring in the region of 7 million customers and working with a range of partners, Fortis is recognised for delivering consistent and high-quality customer experiences. In 2009, its non-life profit before tax and interest was £29 million and its non-life GWP was £805 million.
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Filed under News by on Oct 16th, 2010. Comment.
Property Casualty Insurance Company
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Filed under News by on Oct 13th, 2010. Comment.
Home Insurance Cover Can be Cheaper When Bought Online
Home insurance cover can work out a lot cheaper if you allow a specialist insurance broker to find quotes on your behalf which you would then be able to compare at your leisure from the comfort of your own home. Quotes found this way would come with the key facts which would tell you about the important parts of the policy which makes comparing very easy.
When considering taking out home insurance cover there are two different forms that can be taken into account. One is essential as mortgage lenders will ask that you insure the shell of the home with buildings insurance. Buildings insurance would pay for the total rebuild of your home if the worst should happen which would also include the clearing of the destroyed property if for example it should be burnt to the ground in the case of a fire. The cover would also payout if damage occurred to the outer of the home for example in a storm, flood or subsidence, providing of course these are included in the small print.
Home contents insurance is not a necessity, however you would be wise to take out the protection as this type of insurance would payout if again the worst should happen and you lost all of your belongings in a fire for example. This policy would also payout for such as theft of your belongings, accidental damage or damage by vandalism. Of course you would have to check the terms and conditions of the insurance to ensure of what is and is not included.
If you want to make savings on home insurance then you could consider taking out both contents and buildings insurance together. This is often one of the cheapest ways to take both forms of insurance and savings can be made in comparison to taking out cover separately.
When looking for home contents insurance you can save on the premiums by ensuring you do not over insure the contents of your home. This is when you would need to go around the home and take an inventory of all your possessions and it is essential that you do not forget about items which are hidden in the loft, cupboards, drawers and wardrobes. However it is important that while you want to cut down on the premiums by not over insuring you also do not want to under insure as if the worst came to the worst and you lost everything in your home you would lose out.
Savings can also be made on home insurance cover if you ensure that your property is as safe as possible. You can install such as security locks on the windows and doors and a good quality alarm system. While of course alarm systems are not cheap it can be well worth the cost for the savings you can make on insurance premiums and of course it provides you with great peace of mind as just seeing a house alarm on the property can often deter thieves.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.
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Filed under News by on Oct 12th, 2010. Comment.
How to Find Home Insurance Deals the Quick and Easy Way
One of the best ways you can find home insurance deals without even leaving the comfort of your own home is to get in touch with a specialist insurance broker and allow them to make the search on your behalf. The quotes will be gathered from some of the top UK insurance providers and you will be able to take your time and compare them for the most suitable deal for your needs.
One way of getting great home insurance deals if you want to take out both home contents insurance and buildings insurance is to take out the protection together from the same provider. Mortgage lenders will ask that you do take out insurance for the shell of your home while contents insurance to protect your belongings is down to the homeowner. Many times you can get great savings this way when compared with taking out the insurance cover separately with different providers.
Home insurance cover premiums could be cheaper if you choose to take out more than one policy with the same insurance provider. For example if you have car insurance you could look into if the company offers home insurance and if so do they offer savings when taking all your insurance protection with them?
When looking for the best deals you can save money on the cost of the premium you are asked to pay each month if you offer to payout more in excess. All providers state an amount of excess in their terms and conditions. This is the amount of money that you would have to payout before the insurance company would cover the rest of the claim. For example if you offered to pay an excess of £100 and you put a claim in on your insurance for £150 the insurance company would only pay you £50 and you would have to find the £100 outright. While this can save you on cost of the premiums it is a bit of a gamble as you would have to find the money if you should be unfortunate enough to have to make a claim.
When looking for the best home insurance deals check what is included in the policy you are taking out. Some insurance providers will pay to replace items based on deterioration of the items and some will provide new for old cover and this can affect how much the policy costs. Some protection might come with flood cover and some providers offer this for extra. It is essential that you read the terms of the cover so that you know exactly what is and is not included.
There are many ways to save on home insurance which would go towards you being able to compare cheaper home insurance deals. If you install good quality alarm systems, window locks and such as deadbolts you can save a great deal of money on the premiums as your home will be harder to break into. Smoke alarms and fire extinguishers can also help to keep the cost of premiums down.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.
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Filed under News by on Oct 12th, 2010. Comment.
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