The Chronicle: Issue 2011-35, August 30, 2011
Distribution
Novarica 2011 Distribution Market Navigator Posted - 15 Solutions Described.
Distribution systems have much to offer, particularly for carriers who have complex distribution channel strategies. Consistency in assuring licensing and appointment compliance can help avoid market conduct fines. Simple processing of commissions and incentive programs can save internal time and provide an easy way of motivating producers to place more business with a carrier.
Claims
Conning Research: Next Wave of Investment in Claims Technology and Process Improvement Coming to Personal Lines Insurance--Insurers to move from infrastructure to 'extrastructure' development.
(Hartford, CT) July 26, 2011 - Significant process and technological improvements to the personal lines insurance claims function have been made over the past 15 years, but even more profound changes are likely in the next wave of investment over the next decade, according to a new study by Conning Research & Consulting.
Policy and Product Management
MajescoMastek Introduces Elixir North America Group Policy Administration System for Group Annuity, Health and Life Products.
NEW YORK -- August 23, 2011 -- MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited, today announced the introduction of its Elixir North America Group Policy Administration System (Elixir Group). Available for immediate delivery, Elixir Group provides insurers a technology platform to efficiently and effectively administer all annuity, health and life insurance products for true group, list bill, and worksite offerings.
Business of Insurance
Fraser Institute: Provincial insurance laws requiring split coverage for earthquake insurance likely to cause added suffering and delay recovery.
VANCOUVER, BC - August 25, 2011 - If a major earthquake strikes one of Canada's major cities, victims will endure unnecessary hardships and prolonged waits for property damage insurance claims due to the split coverage set out under provincial insurance laws, concludes a new report from the Fraser Institute, Canada's leading public policy think-tank.
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- 'Plug and Play' Insurance Technology: Data Standards Connect the Dots
The insurance industry is very complex and keeping a single source of truth across all systems is extremely difficult. It seems unreasonable to me that anyone can expect a single vendor to provide every single solution or innovation to brokers and insurers. - Insurance Use of Social Media in Canada
Insurance-Canada.ca presented results of two surveys on insurance practitioners' use of social media in Canada during a webinar on Tuesday, August 23. Results tracked with some information from elsewhere, but provided a few surprises as well.
Social Business
LOGiQ3: How do you Communicate? Insurers jumping on Social Media.
During our annual Freedom to Think reception this year, we had the opportunity to poll our community of clients, partners, and staff on "How do you Communicate?" We asked each of our attendees to select a name tag with a pre-printed icon that represented their preferred form of communication.
eMarketer: Users continue shift from content creation to distribution.
AUGUST 22, 2011 - The number of Facebook users in the US will increase 13.4% this year, eMarketer estimates, after 38.6% growth in 2010 and a whopping 90.3% rise the year before. The rate of adult Twitter user adoption has similarly begun to plateau, dropping from 293.1% growth in 2009 to 26.3% this year and still slowing. In many developing countries, these and other networks are seeing their audience growth taper off as most new users come from other countries such as the BRIC nations and Indonesia.
Gartner Survey Highlights Consumer Fatigue with Social Media.
Egham, UK, August 15, 2011 - There are signs of maturity in the social media market, as some users in certain segments are showing "social media fatigue", according to a survey by Gartner, Inc. The survey reveals continued localization of usage, whereby certain country-specific social characteristics dictate preferences. However, large global brands such as Facebook are making headway in countries where they have not historically been strong.
Celent: Mining the Chatter: Optimizing Social Media Monitoring.
Social media is now a sustainable channel, and insurers are beginning to develop programs to respond to the threats and opportunities in this new space. Leading organizations are beginning to leverage social media monitoring as an operational tool. These companies will know more about their customers at a very specific, actionable level by tracking social media posts.
Insurance-Canada.ca Webinar
"Social Media in P&C Insurance in Canada": an Insurance-Canada.ca webinar
Was held on Tuesday August 23.
A good audience posed questions following. If you missed it or wish to revisit, now posted are:
- the slide set used by the presenters,
- a recording of the webinar,
- a synopsis of the end-of-webinar survey.
To see these and other related materials, go here.
eBusiness and Technology
Crawford & Company Purchases Appian BPM Suite.
ATLANTA (Aug. 4, 2011) - Crawford & Company, the world's largest independent provider of claims management solutions, has purchased the Appian Business Process Management (BPM) Suite, a market-leading technology platform that will radically alter the way the company develops software applications.
Gartner Highlights Strategies for Dealing with the Increase in Advanced Targeted Threats.
STAMFORD, Conn., August 24, 2011 - Advanced security threats are increasing, but simply adding more layers of defense does not necessarily increase security against targeted threats; security controls need to evolve, according to Gartner, Inc. Targeted attacks are penetrating standard levels of security controls and causing significant business damage to enterprises that do not evolve their security controls.
Marketing and the Market Place
Sun Life takes top awards at major North American industry awards competitions.
TORONTO, Aug. 25, 2011 - From industry blogs and websites to brochures, campaigns and stories, Sun Life Financial shone at two major awards competitions: the 2011 Insurance & Financial Communicators Association (I.F.C.A.) Annual Awards Competition and the 2011 Insurance Marketing and Communications Association (IMCA) Showcase Awards.
eMarketer: Two in Five Mobile Owners Use Internet on the Go.
AUGUST 24, 2011 - The US mobile web population will be up almost 25% this year as 97.3 million mobile owners log on to the internet from their device at least monthly, eMarketer estimates. By 2015, more than three in five mobile users and almost half the total US population will be using the mobile internet, eMarketer forecasts.
Consumer Information
IBC: Goderich tornado and insurance: What consumers need to know.
TORONTO, Aug. 22, 2011 - After a violent storm and tornado hit Goderich, Ontario yesterday, Insurance Bureau of Canada (IBC) is informing consumers about what they need to know if their property was affected. The property damage to homes and personal property, businesses and public buildings is extensive. Ontario's home, car and business insurers will be there to help residents and businesses recover from this disaster.
IBC: Police nab alleged insurance fraudsters in Hamilton: "They Cheat, You Pay".
TORONTO, Aug. 24, 2011 - Today, after months of working closely with Insurance Bureau of Canada (IBC) and its member companies, Hamilton Police executed search warrants against two collision centres in the city for allegedly perpetrating insurance fraud. So far, three local individuals have been arrested.
HLDI: Cadillac Escalade, large pickup trucks top list of thieves' favorite vehicles, USA claims data show.
ARLINGTON, VA - August 25, 2011 - The Cadillac Escalade is more than 6 times as likely as the average vehicle to be targeted by thieves and has overall theft losses more than 10 times as big, an analysis of insurance claims for 2008-10 vehicles by the Highway Loss Data Institute (HLDI) shows.
from Doug:
The weekend was busy. On Saturday a bus trip for our heritage group to Port Hope and Cobourg went off quite well. A step-on guide had organized the day's activities and then described each place we visited. There is so much history in our communities - the grave site of Vincent Massey, our first Canadian Governor General; Melsetter, the farm where Susanna Moodie first lived in Canada and the setting for Roughing it in the Bush; the Upturned Canoe, a monument to Farley Mowat and the pre-Viking visitors to Eastern Canada.
Sunday we attended Decoration Sunday at my childhood church near Stratford. The Church is now closed but used extensively for community events - in this case a service to remember those buried in the cemetery. My Mom joined that group earlier this year. It was a wonderful service, a chance to reflect and a great opportunity to meet with friends and relatives, many of whom I had not seen for some time, in one case over fifty years.