Issue 2005-27: July 5, 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.
Claims
Automated Benefits Corp. Announces Signed Contract Between Symbility and The Economical Insurance Group.
WATERLOO, ONTARIO--(June 21, 2005) - Automated Benefits Corp. announces that its wholly owned subsidiary, Symbility Solutions Inc., has completed contract negotiations with The Economical Insurance Group resulting in the adoption and rollout of the Symbility Mobile Claims system for property claims estimation across Canada.
More Than Half of All Alcohol-Related Severe Injuries Due to Motor Vehicle Collisions: Canadian Institute for Health Information (CIHI).
June 22, 2005-New data released today by the Canadian Institute for Health Information (CIHI) show that motor vehicle collisions were responsible for more than half (783) of the alcohol-related severe trauma hospitalizations in Canada in 2002–2003, representing a 9% increase over three years.
Consumer Information
Taking The Pain Out of The Claim; Part II: Insurers Financial Group
- What Can You Expect from Your Liability Insurer?
Your company receives a Statement of Claim. You are being sued. The allegations could arise from your product, services, premises (slip and fall) or your duties as a Director or Officer. Whether the claim is groundless, frivolous, fraudulent, expected or not, you will have begun a journey and your liability insurer will be your road companion. Understanding the Insurer’s obligations and your own will mitigate the unpleasant pain of litigation and ensure your corporate goals and profitability are preserved.
Most Manitobans to pay less as Manitoba Public Insurance holds the line on rates in 2006;
$40-million theft-proofing plan will help reduce future claims costs and keep rates stable.
For the seventh year in eight, Manitoba Public Insurance filed a rate application that holds the line on Basic Autopac rates - helped in part by a bold new plan to theft-proof up to 90 per cent of Winnipeg vehicles within the next five years.
Marketing and the Market Place
Customer Behavioural Segmentation: The Next Level in Insurance Marketing - By Cathy Lone-Dawson.
Know thy customer. This critical reality will determine insurance industry winners from losers in a maturing market where intense competition, declining customer loyalty and high lapse rates continue to erode profit margins. Segmenting customers according to their likely behavior and potential profitability is an integral part of gaining a complete understanding. Our last article dealt with customer profitability segmentation. This article addresses customer behavioural segmentation, and taking customer marketing, sales and service to the next level.
Canadians show strongest investing confidence since early 2004: Manulife Investor Sentiment Index.
WATERLOO, ON, June 29, 2005 - Canadians are showing more optimism about almost every area where they invest as they head into this summer, pushing investor sentiment to its highest level in more than a year, according to a recent national poll for Manulife Financial, Canada's leading insurance and wealth management company.
Conning Research: Growing Longevity Risk in Retirement Market - Will Boomers Outlive their Resources?
(Hartford, CT) June 14, 2005 - The potential for Baby Boomers to outlive their money in retirement has increased dramatically, creating great uncertainty for many, even as they live longer. According to a new study by Conning Research and Consulting, Inc., this market condition presents a prime opportunity for insurers to educate consumers about their longevity risk, and position their products and services as the best solution to manage that risk.
Distribution
Major Industry Initiative Underway To Improve Commercial Lines Download - IIAA ACT.
Alexandria, Va., June 15, 2005-During the past year, the Agents Council for Technology (ACT), working closely with ACORD and agency management system user groups, has undertaken a major initiative to make commercial lines download more accurate and effective for independent insurance agencies and brokers.
New Eastbridge Report Aimed at Supporting Brokers During Sales Process.
AVON, CONNECTICUT, USA (June 6, 2005)�Today’s benefit managers face many challenges�meeting the needs of very diverse employees, dealing with double-digit increases in medical costs, juggling the demands of three different enrollment and servicing systems, providing meaningful and personalized advice to employees, and much more. And as employers continue to struggle with these demands, they will look to their brokers to make the processes more efficient, to provide greater support and assistance, to develop and offer new products, and to supply better advice models
eBusiness and Technology
Information Builders' WebFOCUS Named as the Top-Ranked Business Intelligence Offering for Users.
New York, NY – June 20, 2005 – Frank N. Magid Associates, Inc., a leading research-based strategic consulting firm, today announced the findings of a survey entitled "Business Intelligence and Reporting Software."
Assumption Life upgrades legacy systems using Whitehill Technologies.
MONCTON, NB, Canada � June 28, 2005 � Whitehill Technologies Inc., a leading provider of document composition and data transformation software, today announced that Assumption Life, a mutual life insurance company, is using Whitehill xml-Transport for legacy extension, data transformation and distribution.
Business of Insurance
FSCO: To Individual Variable Insurance Contracts (IVICs) Stakeholders.
Dear Stakeholder: Re: Report On Trading Practices Involving Individual Variable Insurance Contracts - June 2005 - Recent investigations by regulators in the U.S. into the trading practices of mutual fund companies have uncovered a number of trading abuses, such as late trading, market timing and frequent trading, which benefit some investors at the expense of others. In response to the U.S. activity, the Ontario Securities Commission (OSC) undertook a review of the mutual fund industry in Ontario and in March 2005 they issued their final report.
Manulife Mutual Funds to terminate RSP-eligible funds.
TORONTO, June 30, 2005 - Manulife Mutual Funds (a division of Elliott & Page Limited) announced today their decision to cap all funds designed exclusively for RSP-eligible funds in their line-up: E&P RSP American Growth Fund (formerly Elliott & Page RSP American Growth Fund), E&P RSP U.S. Mid-Cap Fund (formerly Elliott & Page RSP U.S. Mid-Cap Fund), E&P RSP MIX SEAMARK Total Global Equity Fund (formerly Elliott & Page RSP Total Equity Fund), effective immediately. These funds will subsequently be terminated on August 29, 2005.
Swiss Re's sigma study "World insurance in 2004": growing premiums and stronger balance sheets.
23 June, 2005 - The insurance industry continued to expand and regain financial strength during 2004, according to Swiss Re’s latest sigma study. Globally, inflation-adjusted premiums rose by 2.3%, to USD 3 244bn. Key highlights of 2004 were: the return to growth in the life business and the positive underwriting results achieved by non-life insurers. Looking forward, 2005 is likely to see growth gain momentum in life but decelerate in non-life insurance.
Policy and Product Management
Policy Administration Systems 2005: Life/Health/Annuity Vendors Report Published by Celent.
Detailed Profiles and Comparisons of 18 Systems.
Boston, MA, June 20, 2005 Celent’s latest report is the most comprehensive available study on life/health/annuity policy administration systems. Along with recent reports on the overall market for PAS systems and reports on commercial lines and personal lines systems vendors, the publication of this report completes Celent’s 2005 update on the policy administration systems market. The next updates are planned for early 2007.
AIR Worldwide Analysis Determines Potential Impact of Climate Change on Insured Losses.
BOSTON, Jun. 29, 2005 � An analysis AIR Worldwide Corporation (AIR) conducted for the Association of British Insurers (ABI) determined that if U.S. hurricane wind speeds increased by as little as 6 percent on average, insured losses could increase by as much as 75 percent per year.
from Doug:
On the weekend we visited our eldest's new apartment "home" and delivered a few more items to help make it more like "home". He is getting somewhat settled in.
Spent two days holidaying with friends in Youngstown NY, admiring the Toronto skyline across the lake. Also enjoyed the spectacle of a reenactment of the British seige of Fort Niagara in July of 1759. We continue to be amazed at the commitment of reenactors and their search for authenticity. A whole industry has grown to supply reenactor needs for period gear. All quite fascinating.