Issue 2008-04 -- January 29, 2008
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.
Keal Technology and ING Insurance Announce Commercial Integration.
TORONTO, Ontario, Canada — January 23, 2008 — Today, Keal Technology and ING Insurance Company of Canada jointly announce entering into a commercial integration relationship. This relationship will see Keal Technology's commercial management system (CMS), comXP exchange data with the ING Insurance broker application SaversCL.
Policy and Product Management
Top Five U.S. Carrier Adds MSB Home Characteristics Data at Point of Sale Process.
NEW BERLIN, WI - JANUARY 18, 2008 - MSB, the leading worldwide provider of building cost data and estimating technology to the property insurance industry, and a MacDonald, Dettwiler and Associates (MDA) company, announces that one of the top five U.S. homeowners insurance carriers will integrate MSB's InterChange(TM) database into its policy quoting and issuance system for improved point-of-sale processing.
eBusiness and Technology
Insurance CIO/CTO Pressures, Priorities, and Plans in 2008: US Survey Results Report Published by Celent.
San Francisco, CA, USA - January 9, 2008 - Celent takes its fifth annual look at what US insurance company CIOs and CTOs are planning for the new year.
Skywire Software Achieves IBM SOA Specialty Partnership Status.
FRISCO, TX January 23, 2008 - Skywire Software, a leading global provider of software and services for the insurance industry, today announced it has achieved IBM SOA Specialty partnership status after successfully completing IBM's rigorous SOA (service-oriented architecture) technical and business requirements.
'User-Determined Computing' Redefines Information Technology Priorities, Accenture Survey Finds.
NEW YORK; Jan. 15, 2008 - When making decisions about investments in information technology (IT), organizations must shift their mindset from Wall Street to Main Street in order to retain and win new customers, according to the findings of a global study of Chief Information Officers (CIOs) released today by Accenture (NYSE: ACN).
Business of Insurance
The Co-operators Expands its Membership.
GUELPH, ON, Jan. 24,2008 - The Co-operators, a leading co-operative provider of insurance and financial services, has expanded its membership, welcoming two new members.
Aon Study Finds Elevated Risk in Some of the World's Largest Economies.
CHICAGO, Jan. 16, 2008 -- In 25 of the 50 largest global economies*, multinational organizations face elevated political and economic risks -- including business interruption caused by war, terror attacks and political interference, according to an analysis released today by Aon Trade Credit Global, a unit of Aon Corporation (NYSE: AOC).
2008: Highest levels of political and economic uncertainty for a decade - Swiss Re.
09 Jan 2008 - The World Economic Forum released today its latest report, Global Risks 2008. The report highlights the need for new thinking and concerted action in a number of problem areas. It expresses fears that the current liquidity crunch will spark a US recession in the next 12 months and calls for new thinking on systemic financial risk in response to the revolution in financial markets over the last two decades. The report recommends a set of principles for country risk management and examines how the financial sector might take on an increasingly important role in risk transfer in the future.
Guy Carpenter Publishes Review of Global Reinsurance Market Conditions.
New York, January 2, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today announced the publication of Near Misses, Plentiful Reminders: Global Reinsurance Review January 2008, a briefing on the major trends driving pricing and market conditions across the global reinsurance industry into 2008 and beyond.
Reference and Statistics
Towers Perrin Commercial Insurance Pricing Study Reports Modest Price Decreases from 2006 to 2007.
Stamford, CT, January 17, 2008 -- Towers Perrin's quarterly survey of commercial lines insurance pricing and profitability trends (CLIPS) reports that average prices for all lines of coverage combined decreased 4% to 5% between 2006 and 2007. More specifically, survey data for the third quarter of 2007 indicated an average price decrease of approximately 5%, with large accounts and specialty insureds experiencing the largest decreases of nearly 9% on average.
Managing Relationships and Customer Service
Manulife Investments awarded certification for excellence in customer service from National Quality Institute.
TORONTO, Jan. 22, 2008 - Manulife Financial's Canadian Individual Wealth Management Operations, which serves Manulife Investments and Manulife Securities International businesses, has been recognized for excellence in leadership, people, customer service and processes with a Level Three Certification under the National Quality Institute Progressive Excellence Program (NQI PEP(R)).
Ontario students and Insurance Brokers Association of Ontario partner in campaign against drugs and driving.
Ontario Students Against Impaired Driving (OSAID) recently launched "Dude, Where's My License," a province-wide contest that aims to create awareness among teens about the dangers of taking drugs and driving.
Progress halts with Canada's drinking and driving problem: TIRF Poll.
OTTAWA, Dec. 20, 2007 - A new poll by the Traffic Injury Research Foundation (TIRF) reveals that progress in reducing Canada's drinking and driving problem has halted.
The Cost of Waiting: Eight In Ten (78%) Canadians Believe Healthcare Wait Times 'Cost Canada Money': Ipsos Reid.
January 15, 2008 - Ottawa, ON – The results of a new Ipsos Reid poll finds that eight in ten (78%) Canadians believe that hospital and other health care wait times cost Canada money because people who are waiting for treatment are less productive and miss work. This is compared to just two in ten (19%) who think that wait times save Canada money because governments don't have to put as many resources into healthcare.
Hospitalizations in Canada down 15% in 12 years: CIHI.
In 2006–2007, there were approximately 2.8 million admissions to Canadian acute care hospitals, according to the Canadian Institute for Health Information (CIHI). While this represents a 2.3% decrease from the year before, it is a 15% decrease since 1995–1996.
StatsCan : Travel between Canada and other countries - November 2007.
Friday, January 18, 2008 - Canadian travel abroad increased across the board in November, with significant gains in overnight car travel to the United States. Canadian residents made a record 2.4 million overnight trips outside the country in November.
February, Heritage month in Canada, begins this week. Our heritage group meets on Saturday with a potluck lunch and a speaker who is a reenactor and who specializes in the relationship between Butler's Rangers and the Mohawk Six Nations during and following the American Revolution. He continues to live this role today, helping people in both groups better understand their history. With Canada's diverse geography, history and cultures, I hope you too will have a chance to discover something about our collective heritage as we celebrate it.