Issue 2005-06:   February 8, 2005

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.




Consumer Information

Love may be Priceless, but Valentine's Day Gifts can be Costly: I.I.I.

NEW YORK, Feb. 1, 2005 -- If you receive an engagement ring or other piece of expensive jewelry on Valentine's Day, make sure you have the necessary insurance, advises the Insurance Information Institute (I.I.I.). Standard homeowners and renters insurance policies include coverage for personal items such as jewelry. However, many policies limit the dollar amount for theft of valuable personal possessions such as jewelry, furs, and precious stones from $1,000 to $2,000.

Injury Prevention Campaign Launches in North Bay: IBC

NORTH BAY, ON, Feb. 1, 2005 - Most injuries suffered by Canadians are preventable, and Insurance Bureau of Canada (IBC) wants to reinforce this message through its month-long sponsorship of Injury Prevention Month in North Bay. IBC will spend most of February helping the residents of North Bay learn how they can prevent injuries at home, at work, on the road and at play.

Corporate Canada Joins Fraud Prevention Forum to Raise Public Awareness and Stop Fraud: Government of Canada

TORONTO, February 1, 2005 – Millions of Canadians will be better educated on how to protect themselves from fraud thanks to February's "Fraud Awareness Month" campaign launched today. Over the course of the month, more than 35 private and public sector organizations will be reaching out to Canadians where they live, work and shop in an effort to educate Canadians and eliminate fraud.

Top 10 Tips for Chief Privacy Officers to Address Consumers Identity Theft Concerns: EDS Canada

In the EDS Canada Privacy and Identity Management Survey, consumers indicated some strong preferences that chief privacy officers (CPO) may want to consider adopting. These top 10 tips summarize the actions that consumers are looking for.

Top 10 Tips for Canadian Consumers to Prevent Identity Theft: EDS Canada

Despite a rising number of cases of identity theft every year, Canadian consumers are not protecting themselves properly. These tips are important to help consumers protect themselves.

CSIO Insurance Portal Status Update

Week ending Febuary 4, 2005 : Trillium has gone live with auto; Echelon, and Kent and Essex have begun user acceptance testing; ISI systems testing has been completed for Grenville, Pafco, West Wawanosh and Hamilton Township; The number of brokers integrated to the portal increased by two last week to 144 and the implementation backlog has increased to 67.

Marketing and the Market Place

Canadian Consumers Still Susceptible to Telephone and Internet Scams: EDS Canada and Ipsos-Reid

JANUARY 31, 2005 - TORONTO, Ontario – Many Canadian consumers continue to provide personal and confidential information over the phone and via the Web that could lead to fraudulent transactions and even identity theft, according to a national survey.

eBusiness and Technology

The Push For Productivity: IDC Canada Reveals Top IT Trends For 2005

TORONTO, Canada, January 26, 2005 – A recent IDC survey of Canadian executives revealed that productivity is the top priority for their organizations. PREDICTIONS05 explored how Canadian organizations will invest in applications, infrastructure and training to drive the push for productivity and become more dynamic.

Top Trends in Insurance IT in 2005: Celent.

Going into 2005, insurers are continuing to come out of their shell a bit, a trend that began in the middle of last year. While insurance IT groups spent the early part of the decade hunkered down and focused nearly exclusively on cost reduction, they are now turning their attention back towards supporting growth initiatives.

Claims

Pethealth Inc. Announces the Launch of EVE, the First Web-based .NET Claims Adjustment Software for Veterinary Clinics in North America

OAKVILLE, ON, January 27, 2005. Pethealth Inc. ("Pethealth" or "the Company") is pleased to announce the launch of the first web-based .NET management software tool for veterinary clinics and hospitals that allows claims under its PetCare pet insurance programs to be adjusted in real time at such clinics and hospitals.

More Than One in Four Auto Accidents Result in Injury Claims, IRC Study Finds

January 24, 2005 MALVERN, Pa. – More than one in four auto accidents resulted in bodily injury liability (BI) claims in 2003, according to a recent study by the Insurance Research Council (IRC). The study, Trends in Auto Injury Claims, 2004 Edition, reveals that BI claim rates have remained high even though IRC research suggests that auto accident rates and the seriousness of auto injuries have decreased in recent years.

Diagnostic Cost group and RxGroups Models Predict Total Health Care Costs Better than any Type of Data Alone, DxCG Study Reports

BOSTON � January 18, 2005 � DxCG®, Inc., the leading provider of predictive modeling software for health care organizations, announced today the results of a study finding the comparative power of diagnostic and drug data for predicting future health care costs. The study, "Predicting Pharmacy Costs and Other Medical Costs Using Diagnoses and Drug Claims," concludes that combined drug and diagnostic data predicts total health care costs better than either type of data alone.

Business of Insurance

From Canadian Insurance ENEWS: Lloyd's Updates Tsunami Market Exposure.

Lloyd's has surveyed members to determine their financial exposure to the Indian Ocean earthquake. They now have confirmed that the Lloyd's market's exposure is limited.

From Canadian Insurance ENEWS: Marsh Confirms Agreement with NY Attorney General and Superintendent of Insurance.

Under the terms of the agreement, the company neither admits nor denies the allegations in the Complaint filed by the Attorney General. The company will enact reforms to lead the industry in transparency and service to clients and establish an $850 million fund to compensate clients.

Policy and Product Management

LOMA Research Report Explores the Challenges Involved in Separate Accounts.

ATLANTA, GA, December 13, 2004 -- The demand for separate account products has grown considerably in the past several years, according to a new report available from LOMA, entitled Management Challenges Involving the Separate Account Business.

U.S. Tort Costs Increased in 2003, But at a More Moderate Pace than in Prior Years, According to Tillinghast Study.

New York, N.Y., January 12, 2005 - U.S. tort costs reached a record $246 billion in 2003, or approximately $845 per person, according to U.S. Tort Costs: 2004 Update from the Tillinghast business of Towers Perrin. This represents a 5.4% increase in tort costs from 2002 a much slower growth rate than the prior two years (13.4% increase in 2002; 14.7% increase in 2001). The 2004 Update analyzes tort costs from 1950 through 2003, with projections into 2006. The 5.4% rate of growth in tort costs in 2003 slightly exceeded overall economic growth (as measured by gross domestic product GDP) of 4.9%.

Managing Relationships

Diversified Investment Advisors Earns DALBAR Seal of Excellence for Defined Contribution Statement.

Boston, MA (January 31, 2005) – DALBAR, Inc. announced today that Diversified Investment Advisors was awarded the DALBAR Seal of Excellence for its Defined Contribution Statement. The Seal is awarded to outstanding statements that effectively and efficiently meet the needs of investors. Before awarding the Seal, DALBAR conducts a series of tests on the statement to establish that it meets the principal objectives of its audience.

from Doug:

We are finally moving to an html newsletter which is going throughy partial deployment today. We hope to have everyone moved to this by the end of February. The system inlcudes a self-subscribe and unsubscribe function as well as profile maintenance.
If you are receiving the html version and have any comments or problems, we would like to hear from you.


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