The Chronicle: Issue 2011-23, June 7, 2011
Business of Insurance
Intact Financial Corporation to Acquire AXA Canada for $CDN 2.6 Billion.
Tuesday May 31, 2011 - Intact Financial Corporation (TSX : IFC) announced today that it has signed a definitive agreement with Paris-based AXA Group for the acquisition of its affiliate AXA Canada, the 6th largest home, auto and business insurance company in the country, for $2.6 billion in cash. A further performance based contingent consideration of up to $100 million may also be payable if certain profitability metrics are met within a period of five years. The transaction is expected to close later this year upon the receipt of all required regulatory approvals.
OSFI: Remarks by Julie Dickson to the 2011 Property and Casualty Insurance Industry Forum.
Cambridge, Ontario, June 1, 2011 -- Some significant changes and events have taken place since the last time I spoke here. These have all offered opportunities to learn and to improve our understanding and management of risk. Tonight I am going to briefly review the results for 2010 and then discuss key areas of risk and capital.
Celent: North American Insurance BPO Market Study.
Recent economic events have, once more, put cost containment at the top of the insurer agenda. The combination of unrelenting pressure on expenses, vast improvements in networking and communication technology, and an increased appreciation for highly flexible business models has caused virtually all insurance carriers to explore multisourcing as an option for running their businesses.
Conning Research: Small Life Insurers Rode through the Financial Crisis with Conservative and Disciplined Approach.
(Hartford, CT) May 25, 2011-Small life companies in the range of $10 million to $500 million in premium are often overlooked by industry observers. Yet their performance, particularly through the financial crisis, indicates that there are lessons to be learned from an analysis of their success characteristics, according to a new study by Conning Research & Consulting.
Product Announcements
Zurich Canada launches Transportation Package Policy specially designed for the unique British Columbia market place.
Toronto, ON, June 1, 2011 - Zurich, a leading insurer of transportation risks in North America, has announced the introduction of its British Columbia Transportation (BCT) package policy. "This package policy responds to the needs of professionally managed B.C. transportation companies by offering products for their fleet, warehousing, cargo, property and liability exposures," said Angelique Magi, National Director of Transportation for Commercial Markets, Zurich Canada.
Distribution
CompuOffice: iCompete for the iPad Now Available.
iCompete appears to be the first ever of its kind for the iPad - having all the product data and computation routines self contained and independent of the Internet and connectivity issues. One of the obvious advantages to the user is that use of the iCompete software application on the iPad does not depend on concurrent availability and access to data transfer. Another obvious advantage is that the self-contained design and implementation avoids the potential risk of open broadcast of private client personal information clients over insecure public internet connectivity WiFi hot-spots.
The Insurance Brokers Association of Ontario and ClearRisk Form Strategic Partnership.
June 1, 2011 - St. John's, Newfoundland - ClearRisk Inc., a Newfoundland based provider of online Risk Management Solutions, and the Insurance Brokers Association of Ontario (IBAO) today announced they have formed a strategic partnership aimed at bringing formalized risk management planning to IBAO members. Under the terms of this partnership, IBAO members are extended preferred pricing options for ClearRisk's flagship product, ClearRisk Manager.
Relationships and Customer Service
CIGNA's Explanation of Benefits Now Speaks the Language of World Travelers.
CLAYMONT, Del., April 28, 2011 - CIGNA's North American customers with international benefits plans now have access to CIGNA's award-winning Explanation of Benefits (EOBs) when they are on international assignment. To better serve its customers around the world, CIGNA International Benefits modeled its new EOB after CIGNA's U.S. award-winning EOB, which was redesigned from insurance-ese into a simple, clear, consumer-friendly receipt.
Marketing and the Market Place
comScore Releases 2011 Online Auto Insurance Report on Shopping and Servicing Activity.
RESTON, VA, May 19, 2011 - comScore, Inc., a leader in measuring the digital world, today released its 2011 Online Auto Insurance Report, a two-part report that provides a detailed analysis of the industry in 2010 along with behaviors, attitudes and intentions of consumers conducting auto insurance transactions online.
eBusiness and Technology
NexJ Earns Plug and Play Recognition at ACORD LOMA.
San Diego, May 26, 2011 - NexJ Systems Inc. ("NexJ") (TSX: NXJ), a leading provider of enterprise private cloud software, delivering customer relationship management (CRM) solutions to the financial services, insurance and healthcare industries, today announced that NexJ Contact for Insurance has been recognized at ACORD LOMA for its adoption and certification of an implementation of the ACORD Web Services Profile.
Our People
The Institute for Advanced Financial Education launches the Certified Health Insurance Specialist designation.
Toronto - Effective September 1, The Institute for Advanced Financial Education (The Institute) will be offering the Certified Health Insurance Specialist (CHS) designation. This new designation will more effectively meet the needs of Canadian advisors in the highly specialized field of living benefits by offering courses that are Institute-owned, timely and Canadian-focused.
Consumer Information
Great-West: New smartphone health application helps better manage health medications.
WINNIPEG, June 2, 2011 - Canadian consumers want more education and options for health self-management. A Deloitte consumer study found 54 per cent of those surveyed are trying to learn how to prevent health problems and improve their well-being, and they want electronic tools to help them do so. Now consumers can access DrugHub, Great-West Life's new, free health application for iPhone, iPad and iPod Touch.
The Co-operators partners with Victorian Order of Nurses for Seniors' Health and Safety.
GUELPH, ON, May 31, 2011 - On the eve of Seniors' Month, The Co-operators is pleased to announce a new partnership with the Victorian Order of Nurses (VON) to support its physical fitness programming for older Canadians. The Seniors Maintaining Active Roles Together (SMART) Program is designed for people 55 and over who wish to improve their strength, balance and flexibility, regardless of their current ability level.
Allstate Insuring Your New Life Together.
TORONTO - May 17, 2011 - Wedding season is upon us, and with all the planning and preparation that goes into the big day, it might be easy to overlook simple modifications you can make to your insurance policy that can help save money. Knowing what insurance options are available to you and your partner will assist you in making wise choices to ensure you are properly protected.
BCAA: Plan your route, prep your car, pack supplies.
(Burnaby, B.C.): The dramatic story of a B.C. couple who made a tragic wrong turn on their trip to Las Vegas offers a startling reminder of the need for road travellers to make plans and preparations before heading out on the road. The British Columbia Automobile Association (BCAA) recommends all road travellers make and follow a plan, and take a few other precautions that will help ensure a safe and enjoyable trip.
from Doug:
We had a wonderful four-day weekend at our national annual heritage conference, this year held in Brockville. It was great, as it is every year, to visit with old friends, meet new ones and explore a new community. Our hosts had a wonderful program which allowed us to see a number of the sites in the city and in the surrounding areas, all topped by a beautiful evening dinner cruise among the Thousand Islands. I knew little about the city; it would be an interesting historical place to visit again for a few days.