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Aviva Update – 07.05.2012

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Aviva Plc, the U.K.’s second-biggest insurer by market value, plans to exit almost a third of its units to bolster capital reserves and limit the impact of further turmoil in the euro region.

The insurer plans to sell 16 non-core divisions including U.K. bulk-purchase annuities, its South Korean unit and some partnerships in Italy, the London-based firm said in a statement today. The company is aiming to bring its capital levels in line with other insurers to between 160 percent and 170 percent of reserves required by regulators from 140 percent today.

via Aviva to Exit a Third of Business as Insurer Boosts Capital – Insurance Networking News.

Why Good People Can’t Find Jobs

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A Manpower survey asks employers if they’re having trouble finding people to hire. In that survey, about 11 percent say they can’t get people to accept jobs at the wages they’re paying. So 11 percent are saying we’re not paying enough. The real number is probably double that. We’re not very good at identifying problems we create ourselves. If they’re not finding [employees], don’t call it a skills gap; don’t call it a skills mismatch – you’re just being cheap

via Why Good People Can’t Find Jobs.

NatWest Open Sunday – IT Fail Causes Chaos

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NatWest is battling to get on top of a huge backlog of failed payments after a software upgrade on Tuesday night went wrong, resulting in the bank being unable to process payments for its personal and business customers.

via NatWest opens on Sunday as IT glitch causes chaos | Reuters.

In a prior life, I ran information technology operations for two different insurance companies.  I changed my professional focus because the stress and pressure of maintaining 100% up-time in a 24/7 environment as my budgets were continuously cut was stupid.  Software upgrades should not, I repeat, NOT take down your entire business operations.  But in this case it did.

On Monday go give your IT person a BIG HUG.  She/he deserves it.

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Have you reviewed your HIPAA policies, training, and compliance lately?

Timothy A. Carney's avatarGableGotwals Insurance Law Update

HIPAA PRIVACY ENFORCEMENT ON THE RISE

In February 2009, as part of the economic stimulus legislation known as the American Recovery and Reinvestment Act, Congress enacted the Health Information Technology for Economic and Clinical Health Act (HITECH).  HITECH not only provided federal incentives for medical care providers to accelerate implementation of electronic health records systems, but also broadened the categories of those responsible for protecting the patient health information contained in those records and significantly increased the penalties for HIPAA violations.

The original HIPAA Privacy Rule finalized in 2002 applied only to “covered entities” such as health care providers, health plans, health care clearinghouses and later, sponsors of drug discount cards under Medicare. The Department of Health and Human Services Office for Civil Rights (OCR) is responsible for civil enforcement of HIPAA privacy regulations.  Under the original Privacy Rule, OCR lacked direct enforcement authority against the  “business associates” of covered…

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Fire Your Company! Employee Benefit News

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Despite national economic and employment uncertainty, many American workers who identify themselves as top performers are thinking about changing jobs. In line with research showing the recent uptick of voluntary turnover in the workplace, the 2012 Aflac WorkForces Report revealed nearly half of U.S. workers 49% are at least somewhat likely to look for a job this year. More troubling for employers, a majority of those who say they are extremely or very likely to leave their jobs describe themselves as the kind of workers companies need to retain to remain competitive in a tight economy.

via Aflac offers insight to how employers can retain top talent – Articles – Employee Benefit News.

No surprises to this underwriter.  Take a SWAG at what the most popular tags and categories are on this website.  This is the kind of stuff that keeps managers awake at night.

More Ambien!

What Captures Your Attention Controls Your Life – HBR

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A few years ago, DisneyWorld executives were wondering what most captured the attention of toddlers and infants at their theme park and hotels in Orlando, Florida. So they hired me and a cultural anthropologist to observe them as they passed by all the costumed cast members, animated creatures, twirling rides, sweet-smelling snacks, and colorful toys. But after a couple of hours of close observation, we realized that what most captured the young children’s attention wasn’t Disney-conjured magic. Instead it was their parents’ cell phones, especially when the parents were using them.

via What Captures Your Attention Controls Your Life – Kare Anderson – Harvard Business Review.

How many people are not really where they are but someplace else?

Italy’s Generali Board Ousts Chief Executive – WSJ.com

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The board of Assicurazioni Generali SpA ousted the insurer’s chief executive on Saturday, the company said in a statement, in a management coup that leaves a question mark over the future strategy of one of Italy’s most important companies.At the hastily-called meeting, 10 out of Generali’s 17 board members approved a motion of no-confidence against Giovanni Perissinotto, according to the statement and a person briefed on the vote tally. The board also named Mario Greco, chief executive of Zurich Insurance Group as Generali’s new CEO, the statement added.

via Italy’s Generali Board Ousts Chief Executive – WSJ.com.

Mr. Perissinotto said the reason for his ouster was political.

Really?