Insurance-Canada.ca Chronicle Newsletter Archive

Issue 2001-25:   November 29, 2001

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.




Insurance Distribution

London Guarantee illustrates the smaller and niche company entrance into e-business with new Web site functionality. Brokers needing RIBO Fidelity bonds can apply online. The process is available to authorized brokers through the London Guarantee extranet, and to others through the open Web site. More at www.insurance-canada.ca/distribution/canada/LonGuar200111.php

Liberty Health and Manulife Financial have struck a distribution deal. One of Liberty Health's innovative health insurance products for individuals, families and owners of small businesses is now available through selected Manulife advisors under an agreement designed to give customers across Canada greater choice and flexibility in supplemental health coverage. More at www.insurance-canada.ca/distribution/canada/ManulifeIG200110.php

Leslie Hetherington, in an article in the October issue of ci Canadian Insurance Magazine, looks at traditional insurers, life and P&C, developing Web-based tools. Although the sub-title may note Web-based marketing and hybrid distribution channels, many of the examples illustrate how the revolutionary communications features of the Internet are being deployed for improved communications in all aspects of insurance distribution and service. Giving the customer the ability to communicate in their preferred technology looks like a winning strategy for all channels. Article at www.insurance-canada.ca/distribution/canada/Hetherington200111.php

kasina, LLC announced the results of its latest USA study "Online Retail Strategies". The report is part of kasina's annual marquee study entitled "Asset Management e-Business: Strategies for Success," which includes a core report and three independent modules covering online strategies for the retail, intermediary, and institutional markets. The report examines the multi-channel nature of the asset management industry and reviews key multi-channel e-business initiatives. More at www.insurance-canada.ca/distribution/other/kasinaR200111.php

For P&C Brokers, a study or potential interest. The (Independent) Agents Council for Technology (ACT) associated with IIAA, recently released a comprehensive technology study titled A Vision of the Future for Agency Technology Including the Essential Next Steps for Independent Agents. It provides agents and industry leaders with a helpful framework to evaluate potential technological decisions. The report creates a picture of the future so that decision-makers can put their current technology decisions into a larger context based upon where industry computing is likely to go. More, including instructions about downloading a free copy, at www.insurance-canada.ca/distribution/other/ACT200111.php

Note an Insurance-Canada.ca half day seminar Thursday April 11 on the use of technology to support P&C Broker Distribution in Canada.

For the entire distribution function, one must look at both insurers and intermediaries. Bruce Rabik, in an article from the October issue of ci Canadian Insurance magazine, looks at the entire process. In "IT'S THE PROCESS, PEOPLE!" much of what insurers and brokers need to do comes down to plain and simple execution. He notes some examples of process mapping as an approach to uncovering inefficiencies and potential benefits from a new coordinated way of handling transactions. Article at www.insurance-canada.ca/distribution/canada/Rabik200111.php

Policy Management

Celent has sized the market for policy management systems as insurers replace or extend their current systems. The new policy management systems bring much more than just a web-enabled front end. The announcement gives a bit of detail, and lists the packages they evaluate in their study, available for a fee. The vendors cross life and P&C lines of business, and are both traditional vendors and new entrants. More at www.insurance-canada.ca/poladmin/other/Celent200111.php

Claims

Scott Knight from Correlation Technologies, in "Realizing the Paperless Claims Environment" notes that Internet Technologies will allow much improved communications and processing. By connecting trading partners in the Claims environment, probably through connecting hubs, the potential is much larger than from the traditional internal image processing environments. Article at www.insurance-canada.ca/claims/canada/Correltn200111.php

Mark your calendar for the Insurance-Canada.ca Claims half-day seminar on Thursday Feb 14 in Toronto. Detailed agenda will be available next week.

The Canadian Coalition Against Insurance Fraud (CCAIF) targeted Personal Injury Fraud in a recent survey. Although 92% of consumers do not approve of submitting a false or exaggerated insurance claim, fully one in four know someone who has committed such fraud. More at www.insurance-canada.ca/claims/canada/CCAIFPI200111.php

A study by the IBC and the National Committee to Reduce Auto Theft notes not only the number of auto thefts across Canada, but quantifies the number of deaths and life-threatening injuries which resulted in permanent disabilities. More at www.insurance-canada.ca/claims/canada/IBCAutoT200111.php

Statistics and Reference

An announcement from IBC notes that the Property and Casualty industry after-tax ROE has fallen to less than 2 per cent this year ? the lowest level ever recorded. The announcement, and the current issue of Perspective, at www.insurance-canada.ca/refstat/canada/IBCPerspPR200111.php

********* Advertisement ***********

2001 Life & Financial Services Directory now available from Stone & Cox This new life insurance and financial services sourcebook incorporates important contact information for many sectors of the industry. With over 260 pages of essential information it is an invaluable tool for practising professionals in the Canadian market. This reference text includes:

  • Life & Health insurers and reinsurers - A comprehensive 110 page summary of contact and financial data for operations in Canada.
  • Distributors of life and investment products, including securities dealers.
  • Asset & fund managers, financial planners, investment & tax advisors, and pension consultants.
  • Lawyers and arbitrators.
  • Health services, including disability and independent medical evaluators, benefits consultants, counsellors, care providers, and rehabilitation services.
  • Regulators, associations and service organizations.
  • An extensive list of consultants, information providers, research firms, quoting services, software companies affiliated with the industry.

The Directory is $40 plus taxes. Contact Stone & Cox at 416-599-0772, e-mail [email protected], or online by Dec 4 at www.cdnins.com

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Technology and e-business

A survey in the summer months, sponsored by CSC, reveals that security practises aren't getting high priority. A surprising number do not have a formal information security policy in place, a formal compliance program supporting their information systems (IS) function, and do not regularly conduct security risk analyses or security status tracking. More, including instructions to access the survey, with industry breakdowns, online at www.insurance-canada.ca/ebusiness/other/CSCRisk200111.php

from Doug:

We have been enjoying a rare warm fall here in Toronto. Only last week we saw our first few snowflakes, and the last major fall of leaves, just in time for the last scheduled pickup of garden refuse this week. The freezing rain outside my homeoffice window today may be a portent of the more serious fall season and a (hopefully) gradual easing into winter.