California is one of a few states that are considering giving its citizens the ability to provide proof of insurance on a mobile device during traffic stops. A bill has been introduced that would require insurance companies
to provide electronic information to customers to enable the use of apps for drivers. Such a move may save state agencies time as many have suffered budget and staffing cuts. With 32 million registered vehicles in California, use of the app could have a significant impact. Because a recent State Supreme court ruling gave law enforcement the right to search unlocked phones of suspects, some people aren’t excited about the idea. Insurance Proof? There’s an App for That. March 4, 2012; http://www.nbcbayarea.com/news.011
Severe Weather Threaten Possessions Not Inventoried
59 percent of all Americans do not have an inventory of their home possessions. A February 2012 survey conducted by the National Association of Insurance Commissioners (NAIC) reported the statistic. Without adequate back-up copies of inventory lists, receipts and photos of property, they are at risk of not being covered. As violent weather has affected nearly 80 percent of the U.S. population over the last six years, consumers shouldn’t feel impervious to being hit by a disaster. Mobile apps and other resources are available at www.naic. com to help homeowners and renters create and maintain an inventory list. News release; March 13, 2012; http://www.insurance.naic.org/newsroom.htm
INSURERS LOOK TO TRANSFORM POLICY ADMINISTRATION
As a result of declining profitability, insurers in the U.S. and around the world will focus on opportunities to improve core operations and increase internal efficiency. In the 2012 World Insurance Report issued by Capgemini and Efma, 69 percent of insurers surveyed are looking to transform policy administration systems. Changes to business and technological processes may reduce total cost of ownership by up to 40 percent and cost per policy by as much as 30 percent. Ultimately, insurers hope to increase business agility to better manage regulatory challenges, customer satisfaction and product launches. 2012 World Insurance Report, February 2012, www.capgemini.com