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
Insurance Bureau of Canada urges Manitobans to check insurance policies
following weekend tornadoes.
The Insurance Bureau of Canada (IBC) today urged residents affected by tornadoes that touched down over the weekend in Southern Manitoba to check their homeowner's policy and contact their insurance representative as soon as possible.
Avoid high-risk driving to stay safe this Canada Day long weekend: ICBC says bad driving habits affect everyone's insurance rates.
According to the Insurance Corporation of British Columbia's (ICBC) five-year average (2002-2006), two people die and 161 people are injured in 574 crashes on Canada Day. These crashes cost ICBC and its customers more than $4.4 million in claims costs.
eBusiness and Technology
CIGNA HealthCare chooses SAS® business intelligence for member and employer group informatics.
CARY, NC (June 20, 2007) - To improve service to its customers and to enhance member health outcomes, CIGNA HealthCare has selected SAS business intelligence (BI) to help analyze and communicate critical information in support of its health outreach and health advocacy programs. CIGNA has been a customer of SAS, the leader in business intelligence and analytics, for more than 20 years.
Insurance Software Deal Trends 2005-2006: Reports Published by Celent.
Boston, MA, USA - June 8, 2007 - The results of Celent's fourth annual deal trends study show that life/health and property/casualty carriers are seeking software to help them solve business problems across all key business functions.
Business Process Management Solution Vendors for Insurers 2007: Report Published by Celent.
San Francisco, CA, USA - June 6, 2007 - In a new report, Business Process Management Solution Vendors for Insurers 2007, Celent examines twelve business process management (BPM) vendors and solutions.
Policy and Product Management
Health Insurers Show 14 Percent Increase in Use of MIB Data Six Companies Sign on as New Health Members. Las Vegas, NV - Institute 2007, AHIP's Annual Meeting (June 20, 2007) - MIB, the insurance industry's leading provider of information used to detect omissions and material misrepresentations on insurance applications today announced that inquiries to its MIB Checking Service from member health insurers jumped fourteen percent in the first six months of fiscal year 2007, as compared to the same period last year.
Reference and Statistics
Long-term Care Insurance Sales Show Slight Gain: LIMRA.
Windsor, CT, June 15, 2007 - Individual long-term care insurance sales edged into positive numbers for the first time in four years in the first quarter of 2007, with a 2 percent gain in premium over the same period last year. Policies continued to slip with a 2 percent decline for the period.
Eastbridge's critical illness study finds a new generation of voluntary plan.
AVON, CONNECTICUT, USA (June 12 , 2007)-Since the introduction of worksite critical illness products in the mid to late 1990s, there have been a number of additions/revisions to the product. For one, group critical illness products have gained a greater share of the market, now accounting for roughly 40 percent of critical illness sales.
Annual Eastbridge study finds double-digit growth in disability as well as other product lines in 2006.
AVON, CONNECTICUT, USA (May 31 , 2007)-Voluntary disability sales showed robust growth in 2006, according to Eastbridge's annual U.S. Worksite Sales Study. Total disability sales were over $1 billion last year, an increase of 25 percent over 2005 levels. In fact, disability moved ahead of life insurance in 2006 in terms of overall market share, 23 percent vs. 21 percent.
Business of Insurance
A.M. Best Takes Various Rating Actions on 52 Canadian Property/Casualty Insurers.
OLDWICK, N.J., June 22, 2007 - A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. In addition, A.M. Best has assigned each company an issuer credit rating (ICR).
Insurance in the Community
The Co-operators donates to 183 charities.
The Co-operators recently announced donations totaling more than $220,000 to 183 Canadian charitable organizations. The contributions were part of the Directed Donations program, in which each staff member directs $75 of corporate funds to the charity of his or her choice.
Marketing and the Market Place
LIMRA Partners with Blease Research to Help Life Insurers Develop, Market Products.
Windsor, CT, June 18, 2007 - LIMRA International announced today a strategic partnership with Blease Research, a research company whose main product is the Full Disclosure competitive intelligence software series.
Education
RIMS Releases "Enterprise Risk Management For Dummies" Guide.
New York, N.Y., June 18, 2007 - The Risk and Insurance Management Society (RIMS) has sponsored the publication of Enterprise Risk Management for Dummies, authored by members of RIMS ERM Development Committee. The easy-to-read reference guide, published by Wiley Publishing, Inc., is being distributed to RIMS members this month and will be provided complimentary as a benefit to new members for a limited time.
from Doug:
We are back from a week's vacation in Scotland. In spite of cool weather - never exceeded 15C - and at least some rain every day, we enjoyed touring the border area, doing research for a book on one of my wife's ancestral lines. We found many grave stones of direct ancestors and relatives, mostly dating from late 1700's and early 1800's. The detailed ordnance survery maps showed farm names which are unchanged from the same times and earlier into the late 1600's where various relatives were born, lived, worked and died. The history was exciting. On Saturday we called in more than our fair share of horseshoes, when our plane departed only two hours later than scheduled from Glasgow Airport. Compared to many who were delayed a day or more from Friday's car fire at the airport, or whose flights were cancelled, we were indeed fortunate.