Morning Briefing: Insurers plan to expand workforce but not in sales

Insurers plan to expand workforce but not in sales… ACA silver plan premiums to rise 10 per cent says report… Humana shows it can be easy being green…

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Insurers plan to expand workforce but not in sales
A survey of insurance companies has found that many are intending to expand their workforces but it’s tech staff rather than sales agents that are needed.

The poll by PwC in the UK, found that life and general insurance sectors are planning to hire more software developers and those with digital and systems skills. This is in response to increasing costs driving a move towards technology to improve operating efficiencies.

Regulatory compliance and replacing legacy systems is also a key reason for the need for tech skills while keeping up with new entrants to the market are also considered vital.

“As the focus on modernisation hots up, it is not surprising that insurers are concerned about the availability of staff with digital skills. They should further explore the opportunity to tap in to the exciting and diverse skillsets found in start-up companies – partnering as an alternative to recruiting,” said PwC insurance leader Jonathan Howe.

“The rise in the value of insurance claims will cause significant concern for those in the general insurance market and is a contributing factor for the ongoing focus on cutting costs throughout the business to maintain profitability,” Howe added.
 
ACA silver plan premiums to rise 10 per cent says report
Health insurance plans bought through marketplaces in 14 major US metros will be 10 per cent more expensive in 2017.

That’s the assessment of non-profit Kaiser Family Foundation using proposed rate filings in 13 states and DC, and based on silver plan premiums.

Kaiser says that the average increase is higher for 2017 than in previous years but notes that the vast majority of marketplace customers who receive premium subsidies under the health law would be protected from premium increases if they shop around and choose one of their market’s lowest-cost plans.

The changes in benchmark premiums vary widely though; in Providence, RI consumers can expect to pay 13 per cent less in 2017 than this year; in Portland, OR they will pay 18 per cent more.

The foundation says that just because an insurer has the lowest-cost premiums for a silver plan in 2016, it doesn’t mean the same will be true of its 2017 prices.
 
Humana shows it can be easy being green
Health insurance provider Humana has received its highest ever ranking for its green credentials from Newsweek.

The Kentucky-based firm is 18th out of the 500 US firms in the annual ranking of the world’s largest companies’ corporate sustainability and environmental impact. In the worldwide ranking it is at 33 out of 500.
“This ranking is a wonderful validation that our long-term efforts to promote sustainability throughout the company are working,” said Douglas Edwards, Director of Workplace Solutions at Humana. “Our leaders and associates alike are committed to sustainability. We’ve found that our associates are very engaged in sustainability efforts, and they are the key to why these initiatives are working. In addition, we have great vendor partners who collaborate with us on these efforts.”

UnitedHealth Group, Aetna and AIG are among others in the insurance sector to feature in the 2016 Newsweek Green Rankings.
 
 

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