Insurance-Canada.ca Newsletter Archive

Issue 2003-6:   February 11, 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.




Distribution

Advocis Issues Call to Action - Canadian Financial Services Industry Needs Overhaul and Rationalization.

Canada�s largest professional association of financial advisors, Advocis, is issuing a "call to action" to the financial services industry to join in a campaign to address serious issues facing the industry. The campaign features six strategic initiatives to fix industry ills. More at http://www.insurance-canada.ca/distribution/canada/AdvocisAP200302.php

Progressive's Proleads Referrals Program Achieves Milestone � 50,000 Policy Sales Through Independent Agents.

Launched in May 2001, Progressive�s ProLeads(R) Referrals Program, which provides sales leads to independent agents around the USA, has helped agents sell 50,000 new insurance policies, according to agent-reported sales data. These new policies represent at least $40 million in written premium. More at http://www.insurance-canada.ca/distribution/other/ProgProleads200302.php

CSIO Insurance Portal Status Update

Week ending January 31: The number of brokers connected to the Portal increased by 1 to 24. Dominion and Chieftan are in production for Ontario auto.

Insurance Products

TitlePLUS(R) expands into western Canada: LAWPRO.

TitlePLUS has announced the next step in a national rollout of its title insurance products: Effective immediately, lawyers in Manitoba can secure TitlePLUS title insurance coverage for consumers who buy or refinance/mortgage property. TitlePLUS is widely used by lawyers to insure purchase and refinance/mortgage-only properties in Atlantic Canada and Ontario, and has recently been launched in Alberta. More at More at http://www.insurance-canada.ca/business/announce/LAWPRO200302.php

National Life improves its universal life products Flex Account and eUL.

National Life has reduced its Level Cost of Insurance (COI) rates for their universal life product Flex Account and e-Universal Life (eUL) at many ages. Policies with a death benefit of $500,000 or more feature lower premium costs, especially for people who are over 50 years of age or smoke. More at http://www.insurance-canada.ca/consinfolife/NatLifeUL200302.php

Industrial Alliance Launches A New Category of Investment Funds.

Industrial Alliance Insurance and Financial Services and Industrial Alliance "Pacific" Insurance and Financial Services announce the addition of five new investment funds to their existing line of funds for the 2003 RRSP campaign: Focus Funds. These funds are designed to meet the needs of all types of investors and contain two essential advantages over similar products: optimal asset allocation, adapted to each investor's profile, and automatic monthly rebalancing of the portfolio, in order to respect the original profile at all times. More at http://www.insurance-canada.ca/business/announce/IndAll200302.php

Technology and e-Business

Web Front Announces Tablet PC Insurance Solutions.

Web Front Communications Inc., an innovative developer of enterprise Web solutions, announced the availability of its Insurance solutions developed for the Tablet PC, in conjunction with Microsoft Canada�s Tablet PC launch. Designed for both Life and Property and Casualty insurance clients, Web Front�s solutions showcase the capabilities of the Tablet PC for use in claims, underwriting and appraisals. More at http://www.insurance-canada.ca/ebusiness/announce/WebFTablet200302.php

The Future of Insurance E-Business Development Groups: Report by Celent.

Many insurers are cutting their e-business groups. Celent urges them to avoid throwing the baby out with the bath water. These groups can and must be reconstituted to deal with key technological issues which must be coordinated centrally if yet more disastrous "legacy" problems are to be avoided. More at http://www.insurance-canada.ca/ebusiness/other/CelentIT200302.php

Claims

Accident Benefit Auditing Solutions - for Reserve Adequacy and Quality: DKT Consulting Services.

DKT Consulting Services announces the launch of a Detailed Audit Program specific to Accident Benefit claims handling. The Detailed Reserve/File Quality Program is designed to help management assess the effectiveness of their Accident Benefit Units. The program has been designed to provide detailed information regarding file handling quality, reserving adequacy and management control processes. More at http://www.insurance-canada.ca/claims/announce/DKTABAS200302.php

Consumer Information

Where Do Your Insurance Premiums Go? Markel Insurance.

Have you ever wondered exactly where your insurance premium dollars go once you cut the cheque? Sure you have. And, you are absolutely justified in asking, given that insurance is one of your most important business expenses. Article at http://www.insurance-canada.ca/consinfoauto/Premium2003.php

Insurance Business

How Life and Annuity Insurers can Remain Competitive: TowerGroup Research.

TowerGroup's Insurance service has released new research on how life and annuity insurers can remain competitive with other financial services institutions by implementing automated systems to expand advice delivery channels. More at http://www.insurance-canada.ca/business/other/TowerGrp200302.php

Marketing and Marketplace

Canadian Francophones Underserved Online: eMarketer.

Canada is one of the most wired countries in the world but it is not without its own digital divide. Not unlike the Hispanic and African American populations in the US, the French Canadians are under-represented online. More at http://www.insurance-canada.ca/market/canada/eMarketerCdnFr200302.php

from Doug:

Other than a brief respite a week ago, the cold lingers - it is good to be reminded of real winter (the good old days).

Don't forget Valentine's day Friday - wouldn't do to be relegated to the proverbial dog-house!