Issue 2006-25: June 20, 2006
Distribution
CompuOffice Software Inc. (COSI) Adds Two More Software Programs For Insurance Quotations And Comparisons On PDA Devices: HandIquoter And CosIquoter.
Recognizing the growing popularity of PDA devices among life insurance advisors, and further widening its lead in software for this market, CompuOffice Software Inc. is introducing HandIquoter(tm) and CosIquoter(tm), for the benefit of consumers, brokers, MGAs, and insurers.
It's Now Easier for Canadian Insurance Intermediaries to Become Licensed in Non-Resident Jurisdictions: CCIR and CISRO.
TORONTO, June 14, 2006 - As of July 4, 2006, a more streamlined system will be introduced for insurance agents and brokers across Canada applying to become licensed in a non-resident jurisdiction.
Voluntary sales improve slightly for 2005 according to recent Eastbridge study of 60 leading carriers.
AVON, CONNECTICUT, USA (June 15, 2006)-Worksite sales for 2005 were an estimated $4.366 billion, according to Eastbridge Consulting Group's annual U.S. Worksite Study. This represented a growth rate of about 3.4 percent over 2004, which was a slight improvement over the 2004 and 2003 growth rates of 3 percent and 1.8 percent respectively.
eBusiness and Technology
Streamlined Process Speeds Up Specification Releases At ACORD.
LAS VEGAS, NV - May 22, 2006 - Meeting member requirements for access to evolving standards specifications, ACORD has implemented a streamlined process bringing updated standards specifications to the members faster than ever before.
ACORD Releases Single Business Data/Information Dictionary.
LAS VEGAS, NV - May 22, 2006 - ACORD released today the first component of the ACORD Standards Framework, an initial content release (ICR) of the Single Business Data/Information Dictionary. The Dictionary was one of the objectives outlined in the ACORD Standards Strategy (March 2006).
Insurance Software Deal Trends 2004 - 2005: Reports Published by Celent.
Boston, MA, USA - May 22, 2006 - Insurance software deal flow continues to improve, as service expectations rise and vendor solutions are refined. The results of Celent's third annual deal trends study show that the trend of increasing software deals from previous years continues.
Claims
New study highlights increased uncertainty in Canada's legal environment: IBC.
TORONTO, June 13, 2006 - Canada's home, car and business insurers today released a study that shows the legal environment in Canada is becoming increasingly uncertain, and that organizations and individuals are more vulnerable to lawsuits than ever before. The study, The Impact of Recent Legal Developments on Liability Insurance, was conducted by researchers at the University of Western Ontario.
ICBC uncovers a suspected fraud ring and initiates action.
On June 12, 2006, ICBC filed a lawsuit in B.C. Supreme Court against 24 people who were allegedly involved in conspiracies to defraud ICBC. It is suspected the claimants intentionally caused motor vehicle collisions and then made fraudulent claims to ICBC for compensation.
Consumer Information
Auto Safety Information and Tips: Wearing a bicycle helmet can reduce serious head injury by 85%.
Through its "Be Smart. Be Safe" community outreach program, Canada's home, car, and business insurers urge parents to make sure their children wear an approved helmet any time they are participating in wheeled activities such as cycling, skateboarding, in-line skating, or riding a scooter. But they also take their message one step further.
Desjardins Health Survey: Concerns over Money Squeeze the Zest Out of Life for Canadian Workers.
Toronto, June 1, 2006 - Concern over money is resulting in Canadian workers losing the work-life balance battle due to increased stress, anxiety and depression. In Canada, employees put work first - before family and friends - even when sick, according to the third edition of Desjardins Financial Security's national survey on health. The survey measures Canadian perceptions about financial security, physical and mental health.
Cell Phones Can Cause Fires: Insurers Financial Group.
In an earlier e-bulletin, we discussed how the use of cell phones while driving could create a greater probability of automobile accidents. Research has indicated that cell phones can ignite fuel or fumes.
Our People: Training and Education
Life Insurance Institute of Canada Officially LOMA Canada.
TORONTO, June 14, 2006 -- The Life Insurance Institute of Canada (LIIC): A LOMA Institute and LOMA, the leading international association for the insurance and financial services industry, announced today at the LIIC annual meeting that all operations and activities of the LIIC will proceed from this day forward under the name LOMA Canada.
Marketing and the Market Place
For-Hire Sector Grows in Fourth Quarter 2005: Statistics Canada
(Ottawa: May 29, 2006) -- There were an estimated 3,406 for-hire trucking companies based in Canada with annual revenues of $1 million or more in the fourth quarter of 2005, up from 3,225 carriers in the fourth quarter of 2004, reported Statistics Canada in its quarterly For-Hire Motor Carrier Survey.
Policy and Product Management
eReinsure Expands Product Offering.
Salt Lake City, Utah - May 2nd, 2006. eReinsure.com, Inc., a provider of ecommerce technology to the insurance and reinsurance industries, today announced that it has expanded its technology platform to provide four distinct solutions: 1) Placing - providing process control for individual risk placing. 2) Automatic - enabling automatic rating and bordereaux reporting. 3) Internal - supporting compliance for internal reinsurance. 4) Message - linking systems through XML messaging.
Managing Relationships and Customer Service
Mutual Fund Statements Maintain Status Quo in 2006: DALBAR Study.
Toronto, May 16th 2006 - Mutual fund account statements are similar in quality in 2006 than they were two years earlier, according to findings of a recent study conducted by research firm DALBAR.
Business of Insurance
Conning Research: Property-Casualty Insurers' Investment Strategy Focused on Cycle Management.
(Hartford, CT) May 30, 2006 - Cycle management is the key driver of property-casualty (P-C) insurance company investment strategies today, according to a new study by Conning Research and Consulting, Inc.
from Doug:
A good weekend celebrating Loyalist Day in Ontario and Saskatchewan. Saturday we enjoyed the reneactment of the Loyalist landing at Adolphustown in June of 1784 in a full day celebration. Monday we visited Peterborough for the raising of the Loyalist Flag there, complete with a reenactment Fife and Drum Corps from a Norwood school. So rich in history; too bad we don't teach much of it in our schools!