U. S. healthcare insurers process over five billion claims annually and the ability to accurately verify medical necessity coverage early in the process is expected to be a major benefit in expediting claims processing for providers and their patients. Now that Part D is a reality, insurers - in particular - will be eager to have a solution that can quickly and accurately integrate Part D requirements into their current workflow.
Quotes about insurers (16 Quotes)
For many of the European insurers, Katrina will likely push the full-year 2005 (earnings) to an above-average year with respect to large losses,
The CFA found, for example, that consumers did not benefit from the merger of two insurers in the Maryland-D.C. area a few years ago. The CFA's complaint ratio went up, ... We concluded the service got worse and prices went up.
This is a government takeover of our healthcare system. It is the government basically running the entire healthcare system, turning large insurers into de facto public utilities, depriving people of choice, depriving people of options, raising people's prices, raising taxes when we need new jobs.
We don't see rates declining much further or a significant firming in the near future, partly because ample capital is flowing into the market after the 2005 hurricane season. At the same time, we are encouraged by the ongoing development of our internal sales culture and by our ability to complete and integrate acquisitions. We anticipate further improvement in both areas in 2006. We also anticipate that contingent commissions could decline this year due to loss experience for insurers in 2005.
Skyrocketing insurance premiums are debilitating our Nation's health care delivery system and liability insurers are either leaving the market or raising rates to excessive levels.
The attack will hurt insurers but they can take the hit.
Given the massive catastrophe losses absorbed by insurers in nine-months 2005, the increase in income and surplus during the first three quarters of the year is a testament to the underlying financial health of the industry. But we can't afford to lose sight of the fact that, as bad as Hurricanes Katrina and Rita were, insurers and the public remain exposed to far more devastating catastrophes that could strain insurers' ability to fulfill their obligations to policyholders. According to PCS, Hurricane Katrina caused a record 38.1 billion in direct insured losses to property. But catastrophe modeling by AIR Worldwide shows we face the prospect of hurricanes causing more than 100 billion in damage. Even as we applaud insurers' success coping with the catastrophes of 2005, we must do more to assure that insurers and the people they serve will survive when even more devastating storms strike.
The U.S. July renewals will be stunning as they consist mostly of renewing disaster risks, and (rate rises) will be mostly north of 30, maybe 40. Not all primary insurers have bought cover yet - they are waiting to get lower prices, but they risk paying more (as the hurricane season nears).
Recent mergers have given the industry a strangle hold over the health insurance market. With fewer pressures for efficiency and no government oversight of rates, insurers have been given free rein to spend more of our health care dollars on overhead, profit, and administration. The last decade of HMO mergers has taught us that when fewer HMOs dominate the health care market, quality goes down, premiums go up, and patients get short changed. Already, 45 million Americans are uninsured because they cannot afford to pay the insurers' ransom.
They still haven't developed their skills to the extent that they are substantially more profitable than their competitors, ... If they develop the skills and manage their claims better, they can go to the big insurers and demonstrate that they (Midland) should write the business, not them.
Insurers are turning their attention to the challenge of higher service expectations from 21st century consumers, business customers, and especially distribution partners. Half of the respondents already offer online billing and payment functionality.
High-risk insurers come out the worst in the consumer complaint ratios. Whenever you have a really big claim, it's more complicated.... And these companies tend to insure people who get into big accidents.
Insurance CIO CTO Pressures, Priorities, Projects, and Plans for 2006 Survey Results. In general, 2006 looks to be much like 2005. Insurers are focusing on growth, updating key core systems, embracing more flexible and affordable architectures and resource strategies, and doing it all under tight supervision from the business side.
I don't believe there's any evidence that credit scoring is a risk factor. What is it about someone having a worse credit score that makes them a worse driver (Insurers) can't answer that.
We fully support the insurers having adequate reserves to do business and remain competitive. But it's difficult to understand why the insurance premiums need to go up as much as they have when in fact the reserves are well beyond what is needed.