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Insurance-Canada.ca Newsletter Archive


Issue 2004-2:   January 13, 2004

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.




Policy and Product Management

"Virtual P&C Insurance Solution Centre" Announced by Tritech.

Tritech announces "Virtual P&C Insurance Solution Centre" providing a complete P&C solution that operates over the Internet. The Virtual P&C Insurance Solution Centre services will become available in 1st quarter 2004. This offering will be particularly attractive to P&C companies who wish to bring new solutions or lines of business to market earlier or who wish to reducing I.T. costs.

Claims

Durham Collision Reporting Centre Opens For Service in the Ajax-Pickering Community Police Office.

Accident Support Services International Ltd., Facilitators of Collision Reporting for Police and the Insurance Industry, is pleased to announce that the Durham Collision Reporting Centre opens today, January 5, 2004 to service the citizens of Pickering/Ajax. This opening begins a 6-month pilot project with the Durham Regional Police.

Skills and Training

International Association of Marine Investigators Training Seminar in Toronto

Join us for our IAMI Outreach Training Seminar Feb 2-3, 2004. A must for law enforcement; marine insurance underwriters; claims and special investigators; marine surveyors; and all other entities involved in the handling of marine theft and fraud issues.

Business of Insurance and Products

From Idea to Market in 60 Days - Making Innovation a Way of Life: by John Sutherland, Ennova.

There is hardly an industry today that is not characterized by a proliferation of competitors and near competitors. And with this increased competition comes an increased need to innovate, to stay ahead of the pack. Most executives now realize that a strong capacity to envision and create new offerings is essential.

Maritime Life introduces 'Performance Linked Account'.

Maritime Life today announced an exciting new addition to its popular family of investment products. The new Performance Linked Account is a term deposit account that allows investors to invest in the equity and bond markets, while guaranteeing their initial deposit.

Langdon and Economical Insurance Announce Amalgamation.

Langdon Insurance Company is amalgamating with Economical Mutual Insurance Company. The amalgamation will be retroactive to January 1, 2004 and is subject to regulatory approval.

TowerGroup Identifies Top Trends that will Drive Global Financial Services in 2004.

Seeking its way out of a global recession, the financial services industry steered through 2003 in a cost containment mode. While IT budget pressure continues across all financial sectors, banking, securities and insurance institutions are now dedicating an increasing portion of their total technology investments to new initiatives, thanks to a budding focus on strategic cost management.

Capacity Figure Shows Lloyd's Market Well-Placed for 2004.

The Lloyd's market will have the capacity to underwrite 14.9 billion of business in 2004, Chief Executive Officer Nick Prettejohn announced today. He said the 2004 figure, which maintains the level of capacity in 2003, underlined Lloyd's strong capital base and demonstrated discipline in the market.

Reference and Statistics

Standard Life leads group retirement industry - Survey names Standard Life as No. 1 in terms of growth of assets.

Benefits Canada magazine published a report on the group retirement industry in Canada at the end of 2003. The report focuses on popular employer-sponsored plans like group RRSPs and defined contribution pension plans. The study revealed an overall growth rate of 5.7% in the 12-month period ending in June 2003.

Marketing and the Market Place

Canadian investors enter 2004 with more confidence in a broad range of investments: Manulife Financial.

Canadians' interest in investing rebounded in all areas and reached its strongest level in 18 months by the end of 2003, according to a recent national poll for Manulife Financial, one of Canada's leading insurance and wealth management companies.

E-Mail Marketing: A Weekly Perspective - from eMarketer.

In the first of its kind "Quarterly Delivery Report" from emailLabs, the e-mail marketing software and services company reports that Tuesday was the most popular day for its clients to send e-mail marketing messages in Q3 2003.

Distribution

Progressive Makes It Even Easier For DORIS And Applied Users To Serve Customers.

The Progressive group of insurance companies - the largest writer of auto insurance through independent insurance agencies in the USA and a leader in providing agency technology that's fast and easy to use - has teamed with IVANS, Applied Systems, and DORIS to help independent agencies provide faster, more accurate customer service by giving them access to more of the real-time information and functionality available on Progressive's agency-dedicated Web site, ForAgentsOnly.com (FAO) through their agency management systems. This means they have access to FAO functionality and information without having to log on to the site.

Dalbar ranks USA Mutual Fund and Annuity Firm Support for Broker Dealers.

DALBAR released the results of a survey of marketing and operations managers that ranked mutual fund and annuity firms based on their support to the broker dealers. By and large the biggest firms came out on top, with overall ratings far higher than those for the mid-size firms.

CSIO Insurance Portal Status Update

Week ending January 9: Participants are working diligently towards the beginning of rollout; no changes in individual company rate status.

The Insurance Industry in the Community

Standard Life Marathon raises $365,000 for sick kids - Date set for 2004 Marathon.

Organisers of the Standard Life Marathon recently announced that this year's Standard Life Marathon raised $365,000 for the advancement of paediatric research. 100 % of the money raised is given to the Foundation for research into children's diseases as Standard Life absorbs all costs associated to hosting the event.

Consumer Information - mostly auto insurance

Ontario Government Delivers Next Step on Auto Insurance Reform.

The Ontario government is moving forward on its agenda to bring real, positive change to auto insurance in Ontario, with the announcement of a package of reforms that will reduce costs and allow savings to be passed on to Ontario motorists.

IBC Pleased with Ontario Government Actions on Auto Insurance.

IBC is pleased with the actions announced today by the Ontario government to reform the auto insurance system. The government announced that it would take a number of steps to reduce insurance claims costs, including capping fees charged by Designated Assessment Centres and strengthening the protocols developed to provide timely treatment of whiplash injuries.

from Doug:

Mother Nature remembers how to make a deep freeze. After our balmy Christmas break in the Toronto area, it was a reminder of real winter to see the mercury drop so far. A slight reprieve over the last two days has warmed me up again, but today we are headed downhill once more. Surely does help me appreciate summer, and anticipate spring.
Filed the two T-4's I need to file yesterday, along with source deductions, GST remittances and income tax installments - I guess tax season never goes away!



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