Issue 2008-09 -- March 4, 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.




Policy and Product Management

CGI Clients Recognized as Celent Model Carriers.
Andover, MA, February 25, 2008 - CGI Group, Inc., a leading provider of information technology and business process services announced that two CGI clients, Midwest Family Mutual Insurance Company and the Chubb Group of Insurance Companies, have been included in the Celent Model Carrier 2008 Report.

Distribution

Keal Technology Selects Alcatel-Lucent.
TORONTO, Ontario, Canada - February 28, 2008 - Today at the 2008 P&C Insurance Technology Conference, Keal Technology announced it has selected Alcatel-Lucent to integrate voice over Internet protocol technology with sigXP for Canadian brokers. Keal is the first and only broker management system vendor to bring this type of integration to the Canadian marketplace. SSP Telecom, a national distributor for Alcatel-Lucent will assume the distributorship, installation and support.

Claims

Progressive Receives U.S. Patent for Its Concierge Claims Service Method.
MAYFIELD VILLAGE, Ohio - Feb. 15, 2008 - Leading auto insurer Progressive has a long history of innovations. And, on January 29, 2008, it received U.S. Patent No. 7,324,951 for one of its methods of processing vehicle damage claims, which it calls its concierge level of claims service. This service helps to save drivers time and effort; Progressive takes responsibility for the entire vehicle claims/repair process following a crash.

Claimed Medical Expenses for USA Auto Injury Claimants Far Outpace Inflation: IRC.
MALVERN, Pa.— A new study by the Insurance Research Council (IRC) has found that medical expenses reported by auto injury claimants continue to rise faster than the rate of inflation. Average claimed economic losses (which include expenses for medical care, lost wages and other out-of-pocket expenditures) for bodily injury (BI) claimants grew 9 percent annualized, from $5,520 in 2002 to $8,522 in 2007.

Business of Insurance

The Co-operators and Addenda Capital Inc. Announce Agreement.
GUELPH, ON and MONTREAL, Feb. 25, 2008 - The Co-operators Group Ltd. and Montreal-based institutional investment management firm Addenda Capital Inc. today announced that they have entered into an agreement. Soon after the completion of the amalgamation, the business of Co-operators Investment Counselling Limited, a wholly-owned subsidiary of The Co-operators, will be combined with that of Addenda.

Lloyd's underwriters back market reform.
18/02/2008 - Eighty-two per cent of underwriters say there is a high level of commitment to reforming Lloyd's market business processes, according to new research published today.

Consumer Information

"Expatriate Benefits Trends: Coverage for Retirees, U.S. Bound Expatriates and International Business Travelers" by Glenn Maykish, Sales Director, CIGNA International.
A distinct trend is emerging in the expatriate benefits business segment. We are seeing a more diverse blend of expatriate archetypes. While the highly compensated executive or project leader is still prominently in the mix, expatriate retirees, U.S.-bound expatriates, and international business travelers are accounting for an increasing share of the expatriate benefits market.

I.I.I. Offers Tips On Motorcycle Coverage Needs in USA.
NEW YORK, February 21, 2008 - With motorcycles growing in popularity, some auto insurers are now offering motorcycle insurance, either as a separate policy or as an endorsement to a personal automobile policy, according to the Insurance Information Institute (I.I.I.). Motorcycles are appealing to a new group of enthusiasts, consisting largely of older and more affluent riders, surveys have found.

Marketing and the Market Place

ING Speed Skating Challenge: Catriona Le May Doan challenges Canadians to vote for the country's best speed skating story.
Monday, February 11, 2008 - Calgary - Catriona Le May Doan and National Speed Skating Team Guest Judges Kristina Groves and Olivier Jean have been searching for the best speed skating story in Canada, and they've narrowed their search to the Top 8. For Catriona, the ING Speed Skating Challenge isn't a competition to find the best young speed skater in Canada. More importantly, it's about finding the best speed skating stories and experiences that kids have to share.

IBAO Sponsors Promising Golfer, Richard Scott, for Second Year in a Row.
TORONTO, Feb. 25, 2008 - The Insurance Brokers Association of Ontario (IBAO) announced today that it is renewing its sponsorship agreement with Kingsville, Ontario professional golfer Richard Scott.

As RRSP Deadline Approaches, Canadians Say Money (69%) And Health (60%) Considerations Top The List Of Important Factors In Determining When To Retire: Ipsos Reid for RBC.
February 20, 2008 - Toronto, ON - The results of an Ipsos Reid poll released today and conducted on behalf of RBC reveals that among various factors which Canadians might think are important in determining when to retire, 'determining the amount of money that you need in savings or investments in order for you to have a comfortable retirement' tops the list of what Canadians most-often said was important in their considerations.

Sun Life Financial survey finds one in five working Canadians who have access to employer-matched savings programs do not take full advantage of benefit.
TORONTO, Feb. 27, 2008 - A recent survey by Sun Life Financial found that nearly 40 per cent of employed Canadians have access to employer-matched savings programs, but one in five are leaving this "free money" on the table.

Reference and Statistics

U.S. Individual Life Premium Up Eight Percent in 2007: LIMRA.
WINDSOR, Conn., February 27, 2008 - U.S. Individual life insurance sales rose eight percent in new annualized premium in 2007, according to the quarterly survey by LIMRA International. "2007 was a strong year for life insurance with all product lines showing positive growth," said Ashley Durham, LIMRA analyst for product research.

Managing Relationships and Customer Service

Manulife Mutual Funds ranks first in client service for seventh consecutive year.
TORONTO, Feb. 25, 2008 - For the seventh consecutive year, Manulife Mutual Funds, a division of Elliott & Page Limited, has been named the best in Canada for client service among its competitors, according to an ongoing study by Environics Research Group.

Our People

Towers Perrin Study Debunks Common Workforce Myths: Stress, Technology and Bosses Not Always the Enemy.
Stamford, CT, February 20, 2008 - Some of the most pervasive beliefs about the workforce have recently been challenged by findings from Towers Perrin's 2007 Global Workforce Study - among them, that workers are highly stressed, that they resent the demands of new technologies and that they dislike their bosses.

from Doug:

Our Insurance-Canada.ca 2008 P&C Insurance Technology Conference last week went well in spite of a deep cold snap - one attendee from Vancouver Island said he was still thawing out two days later. Total attendance reached almost 300.
From that to a Spring Council meeting on the weekend of the heritage group I belong to, where the Association is almost one hundred years old and is essentially all volunteers. A wonderful group of people with a common interest.
The two organizations make an interesting study in contrast of management styles. Most of the adjectives someone would use to describe one organization would be almost the opposite to those used to describe the other. If one's hobby should be dramatically different from one's occupation, I guess I am sitting in a perfect spot.


Subscribe here or view past issues.