Issue 2010-04 -- January 26, 2010
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information mostly about the use of the Internet and related technologies in the industry. Some is international, where we feel it is relevant to Canada.
eBusiness and Technology
IBM and Insurance & Technology Announce Insurance for a Smarter Planet Virtual Briefing Centre.
IBM and Insurance & Technology are pleased to announce the grand opening of the Insurance for a Smarter Planet Virtual Briefing Center on January 27, 2010. From the convenience of your home or office, we invite you to participate in our virtual showroom to connect with peers and help you gain insights into the latest industry trends, top issues, and innovations.
IT Spending in Financial Services: A Global Perspective: Report Published by Celent.
Global information technology spending by financial services institutions is expected to reach US$357.4 billion in 2010, an increase of 2.9% over 2009. This figure is substantially higher than the 2.5% decline in growth experienced in 2009. Although 2010 will be challenging, global spending on IT products and services should grow to US$393.5 billion by 2012, a 4.9% CAGR from 2010 to 2012.
Distribution
ACT Releases Social Media Policy Guide for Agencies: IIABA.
ALEXANDRIA, Va., Jan. 4, 2010 - The Independent Agents & Brokers of America's Agents Council for Technology (ACT) has released a report titled "Creating a Social Web Policy for Your Independent Agency."
Group auto insurance quotes now available online through Kanetix.ca.
TORONTO, Jan. 20 2010 - Today, Kanetix(R), Canada's online marketplace for insurance quotes and mortgage rates, announced that online quotes for group auto insurance are available to drivers in both Ontario and Quebec. Initially launched in Ontario, drivers eligible for the preferred rates offered could save anywhere from 10 to 20 per cent.
Reference and Statistics
Auto Insurance Rates for the Fourth Quarter of 2009: FSCO.
The Government has announced a number of automobile insurance reforms. These reforms will provide consumers with more choice and flexibility to purchase coverage that best meets their protection needs and budgets. These reforms are in the process of being implemented and are not reflected in this quarter?s rate approvals.
Year Closes with No End in Sight to Soft Commercial Insurance Market, according to RIMS Benchmark Survey&trade.
NEW YORK (January 13, 2010) - Commercial insurance buyers saw premiums continue to tumble in the fourth quarter, with few signs that that the soft phase of the pricing cycle is near its end, according to the RIMS Benchmark Survey™, administered by Advisen Ltd. The survey tracks changes in insurance policy renewal prices as reported by North American corporate risk managers. Directors and officers liability (D&O), general liability and workers compensation all posted decreases in average premium, while property once again held steady.
Marketing and the Market Place
Sun Life Financial and the Miami Dolphins Announce New Naming Rights and Sponsorship Agreement.
MIAMI GARDENS, Fla., Jan. 20 2010 -- The Miami Dolphins and the U.S. division of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) announced today a new multi-dimensional partnership that will result in the team playing in what is now called the "Sun Life Stadium." In addition to acquiring naming and sponsorship rights, which will be in effect for this year's Pro Bowl and Super Bowl, Sun Life Financial, a leading international financial services organization, will make Miami and South Florida a major part of a multi-city philanthropic endeavor through an annual partnership with the Miami Dolphins Foundation.
Consumers in Emerging Markets Twice As Likely as Those in Developed Markets to Purchase and Use Consumer Technology in the Next Year, Accenture Study Finds.
NEW YORK; Jan. 5, 2010 - Consumers in emerging markets are twice as likely as those in developed markets to purchase and use consumer technology in the next year and are more willing to pay a premium for "environmentally friendly" consumer electronics products, according to findings of a research report from Accenture (NYSE: ACN).
Mobile App Usage to Soar in 2010: eMarketer.
JANUARY 21, 2010 - Mobile app investment should grow significantly this year, according to a report from DM2PRO and Quattro Wireless. Spending on social apps, however, will stagnate even though more marketers have already developed the applications.
Consumer Information
BCAA urges homeowners to shore up homes from heavy rainfall.
BURNABY, BC, Jan. 18 2010 - Heavy rainfall is presenting homeowners with a number of flooding and property damage problems across the province. BCAA Insurance is reminding homeowners to take precautions against water damage and understand what is and what isn't included in their insurance policy.
Time to Quit? Join Other Quitters at imaquitter.ca during National Non-Smoking Week: CAMH.
Toronto, ON, January 14, 2010 - January is often seen as a time for renewal. Some people quit something, others start something. This year, the Centre for Addiction and Mental Health (CAMH), with support from Presenting Sponsor Sun Life Financial, started something -- a new online fundraising campaign called ?i quit? and is encouraging Canadians to visit www.imaquitter.ca to sign up and make a pledge to quit a bad habit or start a positive one while raising funds to help transform the lives of people affected by addiction and mental health issues. January 17 to 23, 2010 marks national non-smoking week, which is a great time to butt out.
Business of Insurance
Companies Report Sustainable Growth, Continuity and Profitability Enhanced by Enterprise Risk Management: Aon Survey.
CHICAGO and LONDON, Jan. 13 2010 -- More companies are employing mature enterprise risk management practices to enhance organizational value and resiliency, according to the findings of Aon's 2010 Global Enterprise Risk Management Survey, released today
Special Products and Services
Vaisala's road weather stations help conserve salt in the UK.
Jan 12, 2010 - Sub-zero temperatures and heavy snowfall have left roads icy across the UK. In the past week, road surface temperatures have dived to near -20�C all over the country. On the M4 motorway at Lower Lapdown, for example, a temperature of -18.2�C was recorded on Thursday morning while the A27 at Temple Bar in Kent dropped to -17.3�C around the same time.
Our People
Ageing of UK Post-war Babies Piles Pressure on Default Retirement Age: Towers Watson,
UK - January 11, 2010 - Officially, the Government is still collecting evidence for its review of default retirement ages but an interview with Harriet Harman, the Leader of the House of Commons, in today's Daily Mail hints that they may soon be abolished. Towers Watson says that population change would make it harder for the Government to resist reform, as the number of people in their late 60s is expected to rise by more than 600,000 in the space of five years.
from Doug:
A few years ago, two or three years in a row, the weather was nice until the first week in January and then it turned cold until sometime in February. This year we had two weeks of chilly weather around Christmas and soon after, but since then it has been relatively warm. My spouse wonders if winter is nearly over?
My father noted that in the winter of '46, on the farm where I grew up in snow-belt country near Stratford, there was no snow at all at the end of January. They were then snowed in for six weeks, the snow plow broke down just up the road and finally a bull-dozer opened the road. In the meantime they had used a horse and cutter through the back fields, cut a hole in the line fences, to get to town for supplies. Sure is a different world today.