Insurance-Canada.ca Newsletter Archive

Issue 2004-44:   November 23, 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.




Distribution

Applied Systems Canada, Inc. and Royal & SunAlliance are Pleased to Announce Canada's Second Real-Time Insurance Transaction Powered by WARP.

Applied Systems Canada and Royal & SunAlliance announce direct, single-click access to WebBusiness and to Bravo, Royal & SunAlliance's broker portal, from within Applied Systems' agency management system, The Agency Manager® (TAM).

CSIO Insurance Portal Status Update

Week ending November 19: North Waterloo Mutual is now live, in production, on the portal for both auto and property rates;
The number of brokers integrated to the portal has increased by one this week to 119.

Policy Management

Camilion Solutions and ISO Partner to Deliver Next Generation Underwriting Solution.

Camilion Solutions, the leading provider of product management and underwriting solutions for the insurance industry, today announced its "Preferred Partnership" with ISO Rating Service(TM). The partnership will enable Camilion to provide automated ISO-validated rating, forms and statistical information to property and casualty insurers, through Camilion Underwriter.

Sapiens Joins ISO's Preferred Partner Program to Integrate ISO Rating Service with Policy Insight Policy Administration Solution.

Sapiens International Corporation N.V., a leading global provider of business-rules based insurance solutions announced today that it has signed a strategic agreement with ISO to offer the ISO Rating Service, a new rating system and rate-management offering for the property and casualty industry, integrated to its Policy INSIGHT policy administration solution.

Skandia leverages SOLCORP product implementation platform to accelerate time-to-market.

SOLCORP, a leading provider of software solutions to the life insurance and financial industries and a subsidiary of EDS, announced today the successful implementation of SOLCORP / ProductXpress™ at Skandia. The project has led to the replacement of a legacy business quotation system, helping to deliver internal efficiency gains and further improvement in customer service.

eBusiness and Technology

CIBC acquires SAS®9 data management software: SAS.

SAS, the leader in business intelligence and predictive analytics software, today announced that CIBC, a leading North American financial institution, has acquired SAS® Enterprise ETL Server to support the Retail Small Business Lending (RSBL) group's data management strategy.

Consumer Information

Allstate continues partnership with MADD Canada for road safety.

The Allstate Insurance Company of Canada is again serving as Title Sponsor for Project Red Ribbon: Tie One On For Safety.

New testing ranks passenger protection in rear-end crashes: Insurance Corporation of British Columbia.

People who are purchasing a new vehicle now have another safety element to consider before they buy, as the Insurance Corporation of British Columbia (ICBC) has announced the results of a new dynamic test that rates the seat/head restraint combinations in new cars sold in the Canadian market.

From Canadian Insurance ENEWS: CAA Appeals to Finance Committee for National Roads Policy.

The Canadian Automobile Association (CAA) will appear today in front of the House of Commons Finance Committee to recommend development of a federal policy and plan, with sustained funding for better and safer roads and highways.

Business of Insurance

OSFI annual report released: Risk identification and early intervention protecting Canadians.

The annual report of the Office of the Superintendent of Financial Institutions (OSFI) for 2003/04 shows that the financial regulator's risk mitigating and intervention actions have contributed to continued public confidence in Canada's financial system and generally strong performance by financial institutions.

The Insurance Integrity Crisis: Where Is the Line? Report Published by Celent.

Some of the insurance industry's best-known firms stand accused of serious misconduct. Distribution business models and market share are up for grabs. Celent believes insurers and brokers must articulate the line between acceptable and unacceptable behavior to defend or attack successfully.

Swiss Re sigma study: growing cost of the liability system as a major global challenge.

Thomas Holzheu, senior economist at Swiss Re and co-author of the study, comments: "Growing liability claims costs have raised concerns among companies and their insurers throughout the world. Insurers must better understand the development of liability claims costs and factor this into their pricing." In the world's ten largest non-life insurance markets, commercial liability claims totalled USD 84 billion in 2002, with USD 67 billion originating from the US alone.

Less Than Half of Large U.S. and European Companies Say Outsourcing is Cost Effective, PricewaterhouseCoopers Finds.

LONDON, 27 OCT 2004 – Seventy-five percent of U.S. and European multinational companies now use outsourcing or shared services to support their financial functions and will continue to do so over the next 12-24 months, although less than half consider outsourcing to be cost effective, according to PricewaterhouseCoopers' Management Barometer Survey.

Marketing and the Market Place

Progressive Promotes the Personal Touch For "Independent" Minded Shoppers.

About 80 percent of all drivers looking for car, motorcycle, boat and RV insurance shop through a local agent who can give them guidance and advice. And who can blame them? But two thirds of them are shopping with captive agents who represent only one company, limiting their choices, according to the Progressive group of insurance companies.

Debate Over What Constitutes Identity Theft Delaying Policy and Technology Solutions: TowerGroup.

As concerns over identity theft in the US intensify, so do debates within the financial services community over exactly what type of crime is at the heart of the matter. At issue is the distinction between identity theft and identity fraud - and whether the identity theft threat actually matches the hype.

Product Announcements

Standard Life partners with FGI to expand the range of employee assistance services.

The Standard Life Assurance Company has launched, in partnership with FGI, Canada's largest employee assistance program provider, an expanded range of professional products and services. As of November 16, 2004, Inter-Aide, Expert-Aide and Life Benefit Enhancement will be provided as part of Standard Life's group insurance product offering.

Reference and Statistics

October's North American Life Insurance Activity Off 1.9%: MIB.

Applications for life insurance in North America declined -1.9% in October year-over-year, marking flat to declining activity for nine of the last ten months of 2004. January notwithstanding, 2004 year-over-year declines have been relatively quiet, particularly in Canada.

from Doug:

Quick trips to Ottawa, Toronto and Woodstock over the last week. Although the leaves are gone, the weather was very kind to us. It was great to meet so many new people and to have the opportunity to visit with family and friends at the same time. Squeaked in a visit with both sons, in Ottawa and Waterloo, saw both sets of grandparents and visited an uncle and aunt, who showed us around their delightful home. We have been remiss in not visiting earlier - they built it only 15 years ago. How time does fly - we do try.