Insurance-Canada.ca Newsletter Archive
Issue 2003-35: September 2, 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.
Statistics and Reference Materials
The 2003/04 Canadian Life & Financial Services directory, now on sale! - Stone & Cox Ltd.
The 2003/04 Canadian Life & Financial Services directory, published by Stone & Cox Ltd, is now on sale. This is the only national directory published for the Canadian life and financial services marketplace. Stone & Cox introduced this publication in 2001, and due to an overwhelming response, it has grown considerably every year. The 2003/04 edition is the biggest issue yet, with increased contact information and new sections including one on Special Markets. This is the most reliable directory published.
Claims
Cadillac Escalade SUV is Top Theft Target & has Worst Overall Insurance Theft Losses in USA: HDLI.
The Cadillac Escalade SUV has the most frequent theft claims among 2000-02 model passenger vehicles. Its theft claim frequency is about four times the average for all vehicles. These are the latest insurance theft loss results published by the Highway Loss Data Institute (HLDI). Says Kim Hazelbaker, HLDI senior vice president, "The Escalade's theft losses are the highest even though it's equipped with a standard antitheft ignition immobilizer. These immobilizers have reduced thefts of other vehicles, but we don't know why they don't seem to be effective for the Escalade."
Distribution
Life Insurance CFOs Eager to Grow Distribution Channels, According to Tillinghast-Towers Perrin.
Distribution remains a top strategic issue for life insurance CFOs, according to a recent Tillinghast - Towers Perrin survey. Eighty-seven percent of respondents assign high importance to distribution relative to other key business issues, with nearly one-quarter saying it is their most important issue. "The majority of CFOs are looking to grow their business across all distribution channels, and the pressure to boost sales figures is more intense than ever," says Richard K. Berry, principal. "Tillinghast expects tension to continue between achieving top-line growth goals versus longer-term profitability. Insurers are competing for a shrinking pool of experienced agents and are struggling to find new ways to improve distribution effectiveness and
CSIO Insurance Portal Status Update
Week ending August 29: Nothing new for those things we report this week. Those companies aggressively testing their rates and working to an end of August completion need more testing. The Board meeting on August 29 reaffirmed plans and commitment.
Marketing and The Marketplace
MIB's Trend Tracker Provides Life Insurers Their Timeliest Gauge of Application Performance.
MIB Group, Inc., the premier provider of risk management information and knowledge services to the North American insurance industry today released the MIB Trend Tracker, a new product providing "real-time" competitive business intelligence to MIB member companies. Based on monthly inquiry activity to MIB's fraud detection database, Trend Tracker benchmarks a company's monthly life insurance application activity against the industry as a whole as measured by the MIB Life Index and a customized competitive peer group of MIB member companies.
More Canadians Look to the Internet to Book Travel Plans: Ipsos-Reid Survey.
Despite the difficulties being experienced by the travel industry as a whole in 2003, more and more Canadians are turning to the Internet and booking their travel directly online according to a new Ipsos-Reid study. The "Online Travel 2003: What the Future Holds" study found that 36% of Canadian adults who have Internet access have used the Internet to book an element of their travel plans, including such things as air travel, hotel stays, or car rentals, directly online. This is up from 31% in June 2002 and 18% in September 2000.
Technology and eBusiness
Standards: Making IT Happen. By Doug Grant CIP (from Alberta Broker Magazine)
Whether taking an insurance product through its life cycle, requesting and processing risk assessment information, pulling data from various sources to model for ratemaking, or executing simple transactions, technology and data standards will be increasingly important to our IT and business future. It is now up to us insurance types as either vendors or practitioners to make sure we position our people, processes and tools in a way which allows us to exploit these coming changes to our advantage.
IBM Brings XML to SMB.
Responding to demand from software developers, alphaWorks (www.ibm.com/alphaWorks), IBM's resource for emerging technology, has made a wave of new technologies available for under $1,000 to help developers create on demand business applications based on open standards.
Managing Relationships
Credit Card Issuers Push Right Online Hot Buttons: Gomez.
Latest G�mez Scorecard reveals elevated attention paid to existing customers via improved online access to statements and availability of near real-time account data and same day payment services. No longer viewed exclusively as a bastion of customer acquisition, credit card issuers are finally treating their Web sites as the place to strengthen and evolve customer relationships, according to an analysis released today by G�mez, Inc., the leading provider of Internet Channel Effectiveness solutions.
New Insurance Consumer Information
Insurers Responding Quickly to Kelowna Fire Crisis: IBC.
BC insurers are acting quickly to assist policyholders whose homes and businesses have been affected by the forest fires currently raging in the province, according to Insurance Bureau of Canada (IBC).
Ontario Government Reducing Auto Premiums by up to 15 Percent.
Ernie Eves, Ontario's Premier, and Rob Sampson, Commissioner of Auto Insurance, today announced the next step in the government's auto insurance action plan that will reduce forecast auto insurance premiums by up to 15 per cent for good drivers. "Our government brought down auto insurance premiums in 1996, and our action plan will bring them down again," said Eves.
IBC Indicates Ontario Auto Insurance Reforms will Help Ontario Consumers, and Tackle Insurance Fraud.
"The reform package introduced today is excellent news for Ontario consumers," said Mark Yakabuski, IBC's Ontario Vice President. "Insurers will now have the tools to better control sharply escalating costs for health care and legal expenses. These are the costs that have been fuelling higher premiums over the past couple of years."
Automobile insurance reforms focus on cost reductions and fairness to consumers: Newfoundland and Labrador.
Two primary components in the Government of Newfoundland and Labradors Automobile Insurance reform package, announced today, are cost reductions and fairness to consumers. "Following several years of research, consultation and analysis, government is ready to proceed with reform of automobile insurance," said the Premier. "The time has come to reduce insurance rates that have escalated to the point that some people cannot afford to drive or risk driving without insurance."
Newfoundland and Labrador auto insurance reform only adds confusion - does not address the problem: IBC.
Insurance Bureau of Canada is calling on the government of Newfoundland and Labrador to rethink its auto insurance reform package. Insurers contend that the reforms, which promise cost reductions and consumer fairness, will only result in consumer confusion, uncertainty and increased costs.
Insurance in the Community
Industrial Alliance's Partnership With The Quebec Firefighters Foundation Continues With "Flash Générosité!"
Industrial Alliance Insurance and Financial Services Inc. is pleased to announce the renewal of its partnership with the Quebec Firefighters Foundation for Major Burn Victims for a second consecutive year. The Company will act as the official sponsor of "Flash générosité! Souriez!" C'est pour une bonne cause! (Smile! It's for a great cause!).
from Doug:
The summer vacation season has ended for most and schools are open. Where did that summer go? One son was scheduled to be in a coop student welcome group at the GM plant in St. Catharines this morning at 8:00 while the other son has a day-long respite between a late-Monday-night wrap-up of his job at the CNE and school resumption Wed. at noon.
Business is back in full swing and we think about our personal goals and career development (think of our seminars) and business planning including promotion and advertising - Insurance-Canada.ca should be part of that plan whether you are selling insurance and related products to insurance buyers, or products and services to the insurance industry.
We at Insurance-Canada.ca do wish you a wonderful fall season.
