Insurance-Canada.ca Newsletter Archive

Issue 2003-24:   June 17, 2003

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.




Reference and Statistics

Marginal improvement for P&C insurers but auto insurance results still weak - IBC Perspective June 2003.

While some sectors of the property and casualty insurance industry have experienced marginal improvement in the first quarter of 2003, Ontario automobile results have deteriorated, according to the industry financial report, Perspective, from the IBC. More at http://www.insurance-canada.ca/refstat/canada/IBCPersp200306.php

Fixed Life Insurance Products Continue to Hold Sway While Overall Sales Decline: LIMRA.

The positive sales growth of individual life insurance in 2002 has not carried over through the first quarter of 2003, with an overall decline in annualized premium, face amount, and number of policies sold, according to LIMRA International's quarterly report of U.S. individual life insurance sales. At the same time, universal life and whole life products continued to gain market share at the expense of variable products. More at http://www.insurance-canada.ca/refstat/other/Limra200306.php

Product and Policy Management

Automating Commercial Insurance Underwriting Not Automatically Profitable: Conning Study.

The commercial property-casualty (P-C) insurance industry is on the threshold of an "adapt or perish" decision when it comes to underwriting automation, according to a study from Conning Research & Consulting, Inc. More at http://www.insurance-canada.ca/poladmin/other/ConningCL200306.php

Distribution

Advisors Honoured with Top Education Awards and new Advocis Board Installed.

Excellence in professional development was on the agenda today as Advocis presented the Tory medal, Dunstall medal, Top RHU award, and the Top CFP award to members who had exceeded above all others in their educational studies in 2002. Advocis also installed its national board of directors for 2003/4. More at http://www.insurance-canada.ca/distribution/canada/AdvocisAward200306.php

Regulatory Issues to Dominate the Next Six Months Say Advocis Chair and President.

Advocacy and member representation will be the overriding focus for Advocis throughout the next six months as the Association plans to launch a significant political action campaign to combat unfair regulatory pressures. That was the message delivered by Advocis president Steve Howard and chair Brian Mallard to members during the opening ceremonies of the first Advocis annual conference, which kicked off this morning in St. John�s, Newfoundland. More at http://www.insurance-canada.ca/distribution/canada/AdvocisPres200306.php

CSIO Insurance Portal Status Update

Week ending June 13: The number of brokers connected remains at 28.
Western and Aviva's CGU have officially signed off and will soon go live for Ontario Property Quotes.

Business of Insurance

Gerber Life (Canada) selects GeniSystems.ca Services for policy administration services for Canadian Operations.

GeniSystems.ca Services (GeniSys), a market leading Business Process Outsourcing firm specializing in policy administration solutions for the life insurance industry, announces that Gerber Life (Canada) has signed an agreement to begin utilizing GeniSys� enterprise-wide administration solutions for their Canadian life insurance operations. More at http://www.insurance-canada.ca/business/announce/GenisysGerber200306.php

Canadian Life and Health Insurance Association (CLHIA) elects new Chair and appoints new President.

At the Annual Business Meeting of the Canadian Life and Health Insurance Association Inc. (CLHIA) held in Toronto today, Dan Thornton, Chief Operating Officer, Co-operators Life Insurance Company, was elected Chairman of the Association for the year ahead. More at http://www.insurance-canada.ca/business/canada/CLHIA200306.php

Product Information

National Life announces Best Doctors(R) Services for e-Critical Illness policyowners.

National Life is now offering Best Doctors Services, free of charge, on all e-Critical Illness policies. Best Doctors is a service that connects policyowners with physicians deemed to be experts in their field. More at http://www.insurance-canada.ca/business/canada/NatLife200306.php

Marketing of Insurance and Marketplace

Generation5's Fresh New Look: Web Site, Branding System, Logo and Packaging.

Canada] Generation5 today unveiled a new corporate identity. Almost a year in the making, the new logo, web site (www.generation5.net), corporate collateral and sales material is aimed at demystifying Generation5 as a business entity, and clearly defining its product and service offerings. More at http://www.insurance-canada.ca/market/announce/Gen5New200306.php

Atlantic Canadians favour caps on compensation for minor injuries to control insurance costs: Poll by IBC.

A large majority of insurance consumers in Nova Scotia support a limit to compensation payments for minor, non-permanent injuries known as pain and suffering awards, to ensure affordable and accessible insurance, according to a report released today by the Insurance Bureau of Canada. The poll was conducted in late March - early April 2003 by Corporate Research Associates (CRA). More at http://www.insurance-canada.ca/market/canada/IBCAtCan200306.php

Most USA Auto Insurers Use Credit History Information To Set Rates; Progressive Helps You Understand How And Why.

Ask most insurance companies how they use information about a person�s credit history, and see what kind of response you get. Ask Progressive, and you�ll receive a wealth of information. In Kansas, the use of credit information has been a hotly debated topic in the legislature and among consumers. Understanding that people are concerned about the issue and have many questions, The Progressive group of insurance companies (sixth largest auto insurer group in Kansas; third largest in U.S.) wants to be open about how it uses credit and why. More at http://www.insurance-canada.ca/market/other/ProgCredit200306.php http://www.insurance-canada.ca/consinfoauto/BCGrad200306.php

from Doug:

After several weeks of April showers in May and early June, we Torontonians are experiencing a beautiful introduction to summer with sunshine and comfortable temperatures - the nice weather is surely welcome.
This is the last call for you to get your organization listed in this year's Life and Financial Services Directory from Stone & Cox - see advertisement above.
Our one day Property and Casualty Broker seminar will be posted in the next few days and we will distribute an announcement shortly. We are still open to a couple more speakers on a topic about technology and brokers.