The Chronicle: Issue 2011-01, January 4, 2011
Business of Insurance
Desjardins Financial Group announces all-cash offer to acquire Western Financial Group.
Lévis (Qc), High River (Alta); December 23rd, 2010 - Desjardins Financial Group, the leading cooperative financial group in Canada ("Desjardins"), announced today that it has entered into a support agreement with Western Financial Group (TSX:WES), the largest insurance and financial services retailer in Western Canada with 121 offices in British Columbia, Alberta, Saskatchewan and Manitoba, pursuant to which it will acquire all of the issued and outstanding common shares of Western Financial at a price of $4.15 per common share in cash (the "Offer") for a total transaction value of $443 million.
Great West Life: Innovative approach will increase availability of pension plans for employees in small business sector.
WINNIPEG, Dec. 16 2010 - The Great-West Life Assurance Company supports the proposed framework for Pooled Registered Pension Plans (PRPP) developed by the federal government for consultation with the provinces. PRPPs will benefit Canadians by making pension coverage more broadly available.
Distribution
Hub InternationalAcquires Assets of Leeds Insurance Brokers and Certain Operations of Phoenix Insurance Group.
Chicago December, 2010 - Hub International Limited (Hub), a leading insurance brokerage firm, announced that it has acquired the assets of Leeds Insurance Brokers Inc. (Leeds), a Toronto, Ontario-based insurance brokerage firm. Terms of the acquisition were not disclosed. The Leeds operations will become part of HKMB Hub International Limited (HKMB Hub).
Managing Relationships and Customer Service
Dalbar: Defined Contribution Pension Plan statements offer most dynamic personalized messaging and goal based reporting.
Toronto, ON - December 15, 2010 - DALBAR recently released results from its much anticipated Trends and Best Practices in Defined Contribution Pension Plan Statements report. This industry segment recorded the highest industry average among all other segments evaluated this year by DALBAR, such as the mutual fund, managed portfolio, and brokerage industries.
Survey: "Enhancing Insurance Customer Communications" Closes Friday
A number of you have participated in this survey - our thanks to you.
For those of you who are brokers or insurers and would be willing to contribute your thoughts and experience on the topic for this reseach, more information and links to take the survey are here. The short ten-minute survey will be open until Friday, Jan 7.
This study, "Analytics to Enhance Customer Communications" by Insurance-Canada.ca and SMA Strategy Meets Action and sponsored by IBM, focuses on the use of analytics to enhance those communications - The objective: to increase sales, improve retention, and strengthen the relationship among the parties.
eBusiness and Technology
Gartner Highlights Four Innovation Forces in Information Infrastructure.
STAMFORD, Conn., December 14, 2010 - A strategic approach to managing information is increasingly on the agendas of IT and business leaders as a growth economy re-emerges, according to Gartner, Inc. Gartner analysts have identified a set of key innovation forces that can be exploited by IT leaders to mitigate the challenges they face in managing information.
Claims
Accenture Provides Claims Processing Technology to Support ACE Group's High-Net-Worth Personal Insurance Business.
PHILADELPHIA--(December 06, 2010)--Accenture today announced that its claims management application has been selected by ACE Private Risk Services, the ACE Group's high-net-worth personal lines insurance business, to support its claims management operation in the U.S. The companies will jointly implement the Accenture Claim Components to handle all claims submitted to ACE Private Risk Services under its personal and specialty lines.
Marketing and the Market Place
eMarketer: Email, Social Media to See More Marketing Dollars in 2011.
DECEMBER 27, 2010 - Email marketers have been warming up to social media for the past year, using social elements like ?share with your network? and buttons to connect with brands on Twitter and Facebook in email campaigns. Email and social media also go together in another way: They are the top tactics marketers worldwide expect to increase budgets on in 2011.
Reference and Statistics
ISO, I.I.I. and PCI: Property/Casualty Insurers' Overall Financial Results Through Nine Months Improved as Investment Gains Offset Losses on Underwriting.
JERSEY CITY, N.J., Dec. 21, 2010 - Private U.S. property/casualty insurers' net income after taxes rose to $26.7 billion through nine-months 2010 from $16.4 billion through nine-months 2009, with insurers' annualized rate of return on average policyholders' surplus - a key measure of overall profitability - increasing to 6.7 percent from 4.6 percent.
Consumer Information
Visitor Health Insurance: Helps to take the worry out of travelling for your family and friends.
Whether it's relatives from Lisbon coming over for a wedding or an old friend from Beijing who wants to experience The Great White North, Canadians love to welcome visitors to our fair country. Why not offer them security as well as your hospitality by pre-purchasing travel insurance to cover their stay in Canada?
Sun Life Financial study finds Canadians want to start 2011 on a healthy note but many lack the motivation to make it stick.
TORONTO, Dec. 21 2010 - Making a New Year's resolution is easy, but for many Canadians sticking to one is the tricky part. According to a Sun Life Financial survey conducted by Ipsos Reid, with the new year quickly approaching, three-quarters of Canadians are resolving to improve something about themselves. Health-based resolutions are by far the most popular with over two-thirds of those making resolutions (74 per cent) stating they resolve to either increase exercise or lose weight in 2011.
IBC: Make sure your home is prepared for winter weather.
TORONTO, Dec. 22, 2010 - As we head into winter and the temperature drops, make sure that your home is prepared for the cold. Insurance Bureau of Canada (IBC) recommends that homeowners who are planning trips during the Christmas and New Year's break take precautions to reduce their risk of returning home to frozen and/or burst water pipes.
BCAA: Don't let your holiday celebrations go up in smoke.
Candles, trees and decorations add warmth to our holiday celebrations, but can also heat up the risk of a house fire if not handled properly. During this holiday season, the British Columbia Automobile Association (BCAA) urges homeowners and renters to take the proper precautions to reduce the risk of a fire and protect their families and belongings from tragedy.
TIRF Poll: Many Canadians choose alternate solutions to get home after a few drinks.
OTTAWA, Dec. 21, 2010 - A new poll by the Traffic Injury Research Foundation (TIRF) reveals that many Canadians do consider alternatives to driving after drinking. The public opinion poll conducted in September investigated Canadians' behaviours and actions when faced with the personal decision to drink and drive.
Manitoba Public Insurance announces Top Five Frauds of 2010.
December 20, 2010 - Modern science and solid investigation work played key roles in the unearthing of individuals who attempted to defraud Manitoba Public Insurance, which released its annual list of Top Five auto insurance frauds. By uncovering these and other attempts at auto insurance fraud, the SIU recovered undeserved benefits and denied fraudulent claims totaling over $50 million over the last five years.
IIHS: 66 winners of 2011 Top Safety Pick award.
ARLINGTON, VA - December 22, 2010 - Sixty-six vehicles earn the Insurance Institute for Highway Safety's Top Safety Pick award for 2011, including 40 cars, 25 SUVs, and a minivan. Top Safety Pick recognizes vehicles that do the best job of protecting people in front, side, rollover, and rear crashes based on good ratings in Institute tests. Winners also must have available electronic stability control, a crash avoidance feature that significantly reduces crash risk.
from Doug:
This was a Christmas for the memory bank. A family funeral - a favourite uncle, expected - and a twelve day bout with bronchitis which is lingering on conspired to make this a year-end with little festivity - memorable but for the wrong reasons.
That is behind me now, the year is just beginning and things are looking up already. May we here at Insurance-Canada.ca wish you the best in 2011.