The Chronicle: Issue 2011-26, June 28, 2011
Business of Insurance
Canadian Council of Insurance Regulators Seeks Public Comment on the Use of Credit Scores by Insurers.
TORONTO, June 17, 2011 - The Canadian Council of Insurance Regulators (CCIR) is seeking comments from the public on its issues paper, released today, entitled Use of Credit Score by Insurers. It identifies what we see as consumer risks that can potentially arise from the use of credit scoring in underwriting based on our desired regulatory outcomes: that consumers are treated fairly and can make informed decisions. It then assesses to what extent these outcomes are already addressed under existing law, which may vary from jurisdiction to jurisdiction.
OSFI - "A Canadian Perspective on the Global Insurance Industry" - by Superintendent Julie Dickson.
Remarks to International Insurance Society 47th Annual Seminar, Toronto, Ontario, June 21, 2011 -- I understand that many of you have traveled considerable distance to be here. While travel can be demanding, the advantage is that it provides an opportunity to interact with people who often have different perspectives on the issues, which is hugely beneficial. By bringing your experiences and expertise to Canada this week you will have this opportunity, as will we (except we won't have jet lag!). Today I want to give you our perspective on certain global insurance issues that are confronting us all. We, at OSFI believe that these issues require action and I look forward to hearing other perspectives on how to move forward.
The Economical Insurance Group Announces Karen Gavan as President and CEO.
June 21, 2011, Waterloo -- Gerald Hooper, Chairman of the Board of Directors, is pleased to announce the appointment of Karen Gavan as President and Chief Executive Officer of The Economical Insurance Group® (TEIG®). Ms. Gavan has been a Director of Economical Mutual Insurance Company since 2008 and served as Chair of the Special Committee with responsibility for the Company's demutualization since 2010.
Product Announcements
Manulife introduces Synergy®, a unique insurance solution to help protect Canadians from life's major risks.
WATERLOO, ON, June 23, 2011 - For the first time, Canadians can now get life insurance, critical illness insurance and disability insurance in one convenient and affordable package. Manulife's Synergy combines three separate policies in one solution - with one application, one payment, and one plan to manage - making it easier than ever to put the right protection in place.
eBusiness and Technology
Eastern Shore Consulting - Software Selection - Value of a Disciplined Process. Why Rigorous Searches Yield Better Results by Bill Garvey.
Insurance companies develop processes for everything from assigning brokers to handling claims. There's an Underwriting process for evaluating new submissions, an HR process for hiring employees, IT process for developing software, and an Actuarial process for making periodic rate changes. The more consistently the process is followed, the better the result, generally speaking. Insurers after all, are in the business of averting risk. Adherence to process does just that.
Gartner Highlights Key Elements of an Effective IT Governance Process.
Egham, UK, June 13, 2011 - To successfully implement IT governance, chief information officers (CIOs) require both leadership and execution, according to Gartner, Inc. Great IT leaders master process, and they understand that executing governance programs involve process, discipline and creativity.
Flurry: Mobile Apps Put the Web in Their Rear-view Mirror.
Mon, Jun 20, 2011 - Our analysis shows that, for the first time ever, daily time spent in mobile apps surpasses desktop and mobile web consumption. This stat is even more remarkable if you consider that it took less than three years for native mobile apps to achieve this level of usage, driven primarily by the popularity of iOS and Android platforms.
IBM Labs: Researchers Unveil Nanotechnology Circuits for Wireless Devices.
Yorktown Heights, NY - 10 Jun 2011: Today, IBM Research scientists announced that they have achieved a milestone in creating a building block for the future of wireless devices. In a paper published yesterday in the magazine Science, IBM researchers announced the first integrated circuit fabricated from wafer-size graphene, and demonstrated a broadband frequency mixer operating at frequencies up to 10 gigahertz (10 billion cycles/second).
Claims
Manitoba Public Insurance Uses Fujitsu Pen Tablets in First North American "Drive-Through" Insurance Claims Facility.
Manitoba Public Insurance (MPI), insurer of all motor vehicles registered in the Canadian province of Manitoba, wanted to improve service for its customers - the province's 800,000 vehicle owners. Through combined efforts in systems integration by Filbitron Systems Group and software from Mitchell International, MPI was able to implement the first "drive-through" insurance claims facility in North America.
Marketing and the Market Place
Northbridge to create new connected organization - three subsidiaries to operate under one new brand.
Toronto, June 20, 2011 - Northbridge Financial Corporation, one of Canada's leading commercial insurance groups, announced today, that three of its subsidiaries, Lombard Insurance, Commonwealth Insurance and Markel Insurance will operate under one brand, Northbridge Insurance, to support its broker partners. Federated Insurance will continue to operate as the company?s captive agency distribution arm through its dedicated sales agents. Zenith will also continue to operate its personal lines of business.
eMarketer: Luring B2B Sales Leads With Content Marketing.
JUNE 21, 2011 - For all companies, success hinges greatly on the ability to continuously identify new clients and keep customers happy?a task often delegated to marketers. But depending on company type, marketers may be more responsible for one than the other. Findings from Focus Research indicate business-to-consumer (B2C) marketers are more likely to direct their attention to improving client understanding and retention this year than their business-to-business (B2B) counterparts, who are placing a higher emphasis on filling the sales pipeline.
Reference and Statistics
ISO/PCI/Insurance Information Institute Release: USA Property/Casualty Insurers' Profits And Profitability Fell In First Quarter 2011 As Net Losses On Underwriting Ballooned.
JERSEY CITY, N.J., June 22, 2011 - Private U.S. property/casualty insurers' net income after taxes dropped to $7.8 billion in first-quarter 2011 from $8.9 billion in first-quarter 2010, with insurers' annualized rate of return on average policyholders' surplus - a key measure of overall profitability - decreasing to 5.6 percent from 6.8 percent.
Insurance in the Community
Manulife Financial Innovative Tool Capitalizes on Skills-Building Potential of Volunteer Work.
OTTAWA, June 23, 2011 - Research about the changing landscape of volunteerism in Canada identifies comprehensive Employee Volunteer Programs as critical to effective community building. A new tool helps employees give back while developing essential skills to advance their careers.
Consumer Information
CAA and F1 drivers Schumacher and Massa join to warn public - Texting + Driving = Danger!
MONTREAL, June 9 2011 - Two of the world's best drivers joined hands with CAA-Québec and the Canadian Automobile Association (CAA) today to demonstrate that texting while driving is dangerous for everyone. Michael Schumacher of Team Mercedes Benz and Felipe Massa of Team Ferrari climbed into a CAA-Québec driving simulator to show, in a safe environment, that even for the world's best drivers, texting while driving can be tricky and unsafe.
I.I.I. Podcast On the Three Most Important Lightning Safety Tips.
NEW YORK, June 9, 2011 - Because lightning is a common occurrence in most people's lives, this destructive force of nature does not get the respect it deserves, according to the Insurance Information Institute (I.I.I.). In fact, every year, lightning strikes the ground 30 million times and injures about a thousand people in the U.S, according to the Lightning Protection Institute (LPI).
from Doug:
Finally a weekend with some spare time and home duty beckoned. I spent a half day going through stuff we had stored a year ago when we moved, and dug out two bookshelves. They are destined for my study/office, where the items now packed in about twenty boxes is to somehow shrink enough to fit in and on these two bookcases. I have a feeling there will be another round of discards. That is probably what I will spend part of the Canada Day weekend doing.
I wish you a Happy Canada Day. I am glad I live here; all in all I would rather be here than most any other place I have visited - a good reason to celebrate.