Anthem tops third-quarter forecasts as it absorbs big expense hit
Operating revenue for the Indianapolis-based insurer climbed 16% from the same quarter last year to $30.65 billion. But net income fell to $222 million from $1.18 billion.
Insurance
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Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
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COVID-19 to unleash torrent of lawsuits against insurers
Businesses and not-for-profits in Indiana and across the country have begun suing their insurers in coronavirus-related claims disputes—and attorneys predict a flood of additional cases will follow.
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Justice Department suit alleges Anthem overbilled in its popular Medicare Advantage plans
The Indianapolis-based health insurer is accused of falsely certifying the accuracy of incorrect diagnosis data from doctors and other health providers over four years.
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Indiana, 38 other states, investigating Juul’s marketing of vaping products
Investigators from 39 states, including Indiana, will look into the marketing and sales of vaping products by Juul Labs, including whether the company targeted youths and made misleading claims about nicotine content in its devices, officials announced Tuesday.
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Articles
Farm Bureau Insurance pursuing culture of innovation by launching startups
The goal is to inspire creativity and entrepreneurship among employees who have ideas for products and services that can complement the larger company.
Startup takes high-tech approach to stopping leaks before homeowner gets soaked
An Indianapolis startup with a unique back story is introducing a solution to a very old—and expensive—problem. Peril Protect is ready for national expansion.
NCAA confirms $270M insurance payout for canceled NCAA tournament
The NCAA’s insurance payout for March Madness is perhaps the largest for a pandemic-related event cancellation thus far.
Fishers couple injured in Florida boat crash sue Zionsville CEO they say was driving unsafely
Jarrett and Lauren Silagyi were thrown from the high-powered boat and severely injured in the crash, which occurred when Daniel Towriss of Zionsville drove the boat into a South Florida jetty. The suit accuses him of drinking before the incident, but he has not been charged.
Struggling merchants, insurers battle over pandemic coverage
So many lawsuits have been filed against insurers in the U.S. that a Thursday hearing has been scheduled before a federal judicial panel in Washington to decide how to manage them all in the months—and possibly years—ahead.
eHealth planning hiring surge at north-side regional headquarters
The company said it plans to hire 150 sales agents who will work from home during the pandemic, just like the firm’s existing local workforce of 190.
Protective Insurance rejects investment group’s offer but will explore alternatives
An investment group led by finance-industry veterans V.J. Dowling and David Delaney owns 7% of Protective’s voting stock and had proposed buying the remainder for more than $44 million.
Businesses hurt first by virus, then looting, now sweating insurance
The civil unrest, vandalism and looting comes as business owners continue to cope with the economic impact of the COVID-19 outbreak, which also required them to analyze the fine print of their insurance policies.
Pearl Street Pizzeria, Pure Eatery sue insurer over COVID-19 claim denial
The suit, filed earlier this month, alleges that Wisconsin-based Society Insurance rushed to deny the restaurants’ claims for COVID-19-related business losses without properly investigating the claims.
Legal battles loom as businesses hit by virus sue insurers
What’s at stake could be the survival of thousands of businesses if insurers don’t pay and the insolvency of big-name insurance companies if they do.
Airlines foresee first global traffic drop since 2003
The airline industry expects the first annual decline in global passenger demand in 17 years, after tallying up the initial impact of the thousands of flights canceled because of the coronavirus outbreak in China.
Frustrated health consumers turn to apps, websites to find lowest drug prices
In recent years, a host of online websites and smartphone apps—such as GoodRx, Blink Health and Script Saver—have popped up to help people find the lowest price for prescription medicines. By using them, consumers can save thousands of dollars a year on their prescriptions if they don’t mind shopping around and buying some of their drugs outside their insurance plans.
Former Carmel insurance firm employee charged with embezzling $2.1M
Federal investigators say the woman admitted the funds went toward the purchase of a $605,000 home in Anderson, and that she attempted to evade law enforcement when she learned of the investigation.
Carmel-based CNO Financial to cut 230 employees in restructuring
The company said it expects to reduce its annual spending by about $22 million by the end of 2020 as a result, investing about half of that savings into various technology and growth initiatives.
Fifth generation takes helm at Gregory & Appel
When Andrew Appel becomes CEO at Indianapolis-based Gregory & Appel Inc. Jan. 1, he’ll be carrying on a long-standing family tradition.
Butler University sees success with student-run insurance company
The company the school launched in 2017 insures a range of campus activities and assets, from its fine art collection and pianos to its living bulldog mascot.
Obamacare offers Hoosiers fewer choices, higher prices
From a look at the numbers, Indiana is not a great place to buy health coverage through the Affordable Care Act marketplace.
New study: Opioid crisis cost U.S. economy $631B over 4 years
The biggest driver of the cost over the four-year period is unrealized lifetime earnings of those who died from the drugs, followed by health care costs.
South-side revival: Inside the restoration of the 119-year-old Turnverein
Turning a former German social club and gym into the offices of a medical claims management organization and international travel insurance company was no small order—especially because the building had to remain more-or-less true to its original form to qualify for the federal Historic Tax Credit program.