Insurance-Canada.ca Newsletter Archive

Issue 2003-39:   September 30, 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.




Technology and e-Business

Industrial Alliance Launches its New Website.

Industrial Alliance Insurance and Financial Services Inc. launched its new website today ( www.inalco.com ) following a massive overhaul project that began in 2002. The new website, which is based on the previous one, combines improved content with an uncluttered presentation that is in sync with current Internet trends. The new site is more user-friendly, which allows for easier surfing.

Skills and Training

CSA's Help Seniors Cope.

Finally in Canada there's an educational program that gives financial professionals the ability to better serve the rapidly growing Boomers and Seniors population. Seniors need to hear from a trusted advisor who understands their circumstances in life and how to best cope with financial, social and health issues.

Policy and Product Management

Using Data Mining for Rate Making in the Insurance Industry: SAS Institute (30 page document).

The need has never been greater for insurers to establish and maintain a complete view of their current and prospective policyholders. A key part of this complete view is the specific claims risk that each customer poses to the company. Evaluating claims propensity gives insurance providers an objective way to adjust premium rates based on relevant, customer-specific information. Accurately predicting claims propensity throughout an organization can dramatically improve loss ratios and enables providers to charge lower premiums to low-risk customers.

Sun Life Financial's GRS business sets industry benchmark with ISO 9001:2000 certification.

The Canadian Group Retirement Services business of Sun Life Financial Inc. has established another financial services industry benchmark by becoming the only Defined Contribution Pension plan supplier to be certified ISO 9001:2000. This follows the award of ISO 9002 certification to the GRS business in 1998.

Conning Research: Car Owners Subsidizing Premiums For Light Truck and SUV Owners.

(USA) SUVs and light trucks, auto makers' highest profit generators, are fast becoming one of auto insurers' biggest risks, according to a study by Conning Research and Consulting, Inc. "For years, car owners have been subsidizing the light truck owners' premiums, and the personal automobile insurance industry has been slow to respond," said Michael Weinstein, Director of Research at Conning.

Claims

Updated Reports on Major Natural and Man-made Catastrophes Worldwide Now Available on Guy Carpenter Website.

Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist, announced today the availability of CAT-i and RISK-i reports on the company's web site (www.guycarp.com), which provide periodic updates on major natural catastrophes and technological or man-made events worldwide that are likely to incur a significant loss to the insurance and reinsurance industry. These proprietary reports have been produced and distributed since 1999 (CAT-i) and 2002 (RISK-i) by Instrat�, the company's risk and financial analysis division, and can now be accessed through the website's new "GC CAT Reports" section. "

CSIO Insurance Portal Status Update

Week ending September 26: I was away and did not get an update this week.

Business of Insurance

IBC Regulatory Affairs Symposium, Friday Oct 31, Toronto.

A half-day symposium on current regulatory issues affecting the property and casualty insurance industry in Canada will be held Friday, October 31, 2003 at the Sheraton Centre Hotel, Civic Ballroom, 123 Queen Street West, Toronto.

Canada Life launches the Dual Solution Program - Disability and Critical Illness.

Canada Life is pleased to introduce the Dual Solution program; a combination of Individual critical illness coverage and disability coverage for clients who are concerned about protecting their finances for today and beyond.

Volatile Market Conditions Produce Next Generation of Financial Modeling for Insurers: Tillinghast.

Advances in stochastic modeling now offer insurers new ways to understand and manage volatile market conditions, according to consulting firm Tillinghast - Towers Perrin (Tillinghast). Tillinghast experts demonstrated stochastic modeling advances at the Stochastic Modeling Symposium on September 4 and 5, 2003. The symposium was sponsored by the Canadian Institute of Actuaries, the Society of Actuaries and the Actuarial Foundation, and cosponsored by the Casualty Actuarial Society and the Conference of Consulting Actuaries.

Distribution

Eastbridge study finds that worksite carriers and producers are testing new enrollment methodologies.

In a recent study by Eastbridge Consulting Group, Inc., Worksite Enrollment Practices: Is the Industry Ready for Alternate Methodologies?, 60 percent of the worksite companies responding say they are using web-based enrollments in some of their cases and 45 percent are sometimes using telephonic enrollments. Additionally, more than one in five carriers are working on these capabilities.

Marketing the Market Place

Canadian Consumers Travel Online for Trips: eMarketer.

A recent study from Ipsos-Reid determines that 35% of Canadians say their primary source of information for upcoming travel is the Internet, whereas only 14% say the same about travel agents. Also of note is the 14% of Canadians who say they get information about upcoming travel from family friends and associates.

from Doug:

Hurricane Juan on the east coast - Mother Nature is surely hammering her point across this year. Our hats off to those impacted, and to those involved in the cleanup.
Spent a great four day bus tour weekend digging deeper into our history - in this case the Aboriginal, French, British and American conflicts along the Hudson-Richilieu corridor from Saratoga to Chambly. The restorations and interpretive centres at Fort Chambly and Chateauguay are excellent. A lot of fun, and what a wealth of history.