Magazine article Risk Management

Hard Times

Magazine article Risk Management

Hard Times

Article excerpt

A new day is dawning in the insurance industry. E-commerce, the market cycle and competition are changing the way companies operate. We asked three senior managers to comment on these issues and here is what they said.

Has the dot-com revolution changed the way your company does business?

We are trying to embrace the new technology and to use it to create new and more efficient ways of providing products and services to our customers. One thousand of our agents across the country use our new rating engine for small accounts. With it agents are able to quote business owners and workers' compensation online, eCARMA is our Internet-enabled claim access utility that allows both our direct insureds and brokers to interact with us over the Internet.

Douglas G. Elliot Chief Operating Officer, Commercial Lines Travelers Insurance, Hartford, Connecticut

Ultimately the new technology will drive everyone in the industry to perform at the higher level that customers expect. At Liberty, we have been focusing most of our efforts on developing partnerships utilizing the Wausau brand. Our strategy involves not just having a Web site, but creating connectivity to other small business portals. One of these arrangements includes an exclusive relationship with, a comprehensive online human resource service linked to our site for workers' compensation.

In other projects, Liberty is developing online strategies to deliver post-sale services more efficiently and effectively. In our middle-market group we are setting up an extranet for each customer. Insureds will be able to access Liberty Mutual directly through a secure site and report claims, issue certificates of insurance and contact customer service.

Gary R. Gregg Executive Vice President Liberty Mutual, Hartford, Connecticut

Allianz focuses on large and international clients and the Internet offers tremendous opportunities for this market segment. As part of its strategy, Allianz put its claims system on the Web. Risk mangers can now access worldwide loss statistics with a mouse click. In August, the Allianz Risk Consulting System was rolled out. …

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