The Chronicle: Issue 2011-51, December 20, 2011
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Portals or Real Time: What Do Brokers/Agents Prefer?
What do brokers/agents prefer when it comes to electronic linkage with carriers? Two recent reports give what appeared to be diametrically opposing view points based on survey data, and raised the volume of the debate. We'd like to know what you think. - Survey Says: A Sharp Telematics Arrow Targets Drivers
Sometimes the results of a survey will disclose more about the organization conducting the survey than about the individuals responding to the survey. This seems to be the case with a survey sponsored by Progressive Insurance on driving habits and willingness to use telematic devices to support pay-as-you-drive insurance plans.
Claims
FINEOS and IBM team up to offer enhanced capabilities to Insurance Companies.
Dublin, Ireland, December 12, 2011 - FINEOS Corporation, a market leading provider of claims management software, today announced that it has been validated once again for inclusion in the IBM Insurance Framework. Insurance solutions offered by IBM are built on the IBM Framework and aim to create more flexible, responsive insurance companies through the progressive transformation of operational processes. FINEOS, a long established partner of IBM, offers FINEOS Claims, a best-in-class solution to manage claims for Life & Disability, Property & Casualty, London Market and Government Insurance.
Guidewire Solution for Claims Management Deployed by JEVCO Insurance Company.
MONTREAL, Québec and SAN MATEO, Calif., December 15, 2011: JEVCO Insurance Company, a renowned Canadian specialty insurer, and Guidewire Software®, a provider of core system software to Property/Casualty (general) insurers, today announced that JEVCO is in production with Guidewire.
Crawford HealthWorks ADVANTAGESM Launched in Canada TORONTO (Nov. 17, 2011) - Crawford & Company (Canada) Inc. is launching Crawford HealthWorks ADVANTAGE, an interview-based tool designed to speed return to work for injured and ill workers and reduce costs for employers, across the Canadian marketplace. Using dynamic decision support technology, Crawford HealthWorks ADVANTAGE can help detect and evaluate critical medical and psycho-social factors in workers' compensation and non-occupational disability claims.
Sun Life and Reformulary Group announce strategic alliance to help lower drug costs for employers.
TORONTO, Dec. 15, 2011 - Sun Life Financial has signed a strategic alliance with Reformulary Group Incorporated to develop a ground-breaking new drug plan for employers. Reformulary Group, founded and led by Helen Stevenson, has developed an innovative formulary - or list of prescription drugs - available through employer-sponsored drug plans designed to deliver the most effective medications for the best value.
Accenture Selected by Leading U.S. Property & Casualty Insurer to Provide Cloud-Based Claims Software.
NEW YORK; Dec. 12, 2011 - Accenture has announced a multi-million dollar agreement with a leading U.S. property and casualty (P&C) insurer to provide claims management support on a Software as a Service (SaaS) basis. Delivered from the cloud, Accenture's claims management services will allow carriers to have variable capacity and better align costs with the volume of claims activity.
Swiss Re Sigma - Preliminary estimates for 2011: natural catastrophes and man-made disasters caused economic losses of USD 350 billion and cost insurers USD 108 billion .
Zurich, 15 December 2011 - According to preliminary estimates from Swiss Re's sigma team, total insured losses for the global insurance industry from natural catastrophes and man-made disasters reached USD 108 billion in 2011. This is more than double the figure of USD 48 billion in 2010. Claims from natural catastrophes alone reached USD 103 billion in 2011, compared to only USD 43 billion last year.
Technology
CSIO Announces Appointment of Catherine Smola as President.
December 16, 2011 Toronto - Ted Harman, Vice Chairman of the Board of Directors for CSIO is pleased to announce the appointment of Catherine Smola to the position of President. Reporting to the Board, Catherine is responsible for advancing CSIO's central mandate of seeking ways to provide a competitive advantage for the Independent Broker Distribution Channel in Canada.
Celent: Celent: Business-Oriented Architecture: SOA Refocused.
December 7, 2011 - SOA has matured over the years to address the large IT pain points of complex and expensive integration hurdles created by the distribution of IT system solutions across the business. It has allowed insurers to reuse similar business functionality, create standards-based interfaces, and, in more mature organizations, provide SOA governance to maximize the IT benefits of lower maintenance costs and quick project delivery.
Our People
Insurance Brokers Association of Ontario Elects Elects Rick Orr as New President.
December 14, 2011 (Toronto, Ontario) The Insurance Brokers Association of Ontario (IBAO) announced today that Mr. Rick Orr, CIP has been elected as IBAO.s 69th President. Rick was officially inducted at the recent IBAO Convention held at the Royal York in Toronto, and will formally assume his role as President on January 1, 2012.
Marketing and the Market Place
Great-West Life's new online tool helps group retirement plan members track their progress towards achieving retirement income readiness.
LONDON, ON, Dec. 15, 2011 - Great-West Life group retirement and savings plan members can now access a new Personal rate of return widget to help assess their progress towards achieving retirement income readiness. The latest enhancement to GRS Access - the company's secure, award-winning transactional website for retirement plan members - this new widget (a kind of "mini-app") provides plan members with a quick picture of their personal rate of return, from the date of their first contribution to their Great-West Life group retirement and savings plan(s), as well as one-, three-, five- and 10-year time periods.
Policy and Product Management
Progressive and Harris Interactive Survey: Millions of U.S. drivers paying more than they need to, could save with usage-based insurance programs like Snapshot®.
MAYFIELD VILLAGE, Ohio - December 8 , 2011 - More than 70 million* drivers in the U.S. potentially are leaving car insurance savings on the table, according to the findings of a new survey released today by Progressive® Insurance. The survey questions, commissioned by Progressive and asked by Harris Interactive, were designed to estimate the potential number of people who could save on car insurance. Harris conducted the telephone survey among 1,003 U.S. adults in August, with results weighted to reflect the U.S. adult population.
Business of Insurance
Manulife Financial: Provincial Governments have opportunity to make PRPPs work for small business owners and their employees WATERLOO, ON, Dec. 16, 2011 - As Finance Ministers prepare to meet in Vancouver to continue discussions on improving Canada's retirement savings system, provincial governments have an opportunity to help increase access to workplace retirement savings plans for millions of Canadians.
Sun Life Financial CEO outlines growth strategy.
TORONTO, Dec. 12, 2011 - Sun Life Financial Inc. today announced the completion of a major strategic review of its businesses. Dean A. Connor, President and Chief Executive Officer, said the company will be repositioned to accelerate growth, improve return on shareholders' equity and reduce volatility by concentrating its future growth into four key pillars:
NOAA: NOAA: A Year of USA Extremes - 12 Billion-Dollar Disasters Dec 7, 2011, by Jane Lubchenco, Ph.D., NOAA Administrator. 2011 is already in the record books as a year of historic extreme events. One of those new records is the number of events totaling at least $1Billion in damages. Today, NOAA announces in 2011, there have now been 12 extreme weather events each totaling at least $1B. The previous record was 9, set in 2008. These 12 events are depicted on the slide.
Consumer Information
IBC releases annual list of top 10 stolen vehicles: Your car may be hotter than you think.
TORONTO, Dec. 14, 2011 - Insurance Bureau of Canada (IBC) released its annual list of the top 10 most frequently stolen vehicles in Canada today, many of which are showing up in the local market and not necessarily being exported out of Canada. In these cases, the vehicles are often re-sold to unsuspecting consumers.
BCAA Roadside Assistance experts offer tips to reduce the risk of a wintertime breakdown or crash.
Burnaby, B.C. - December 08, 2011 - The number of calls BCAA gets for roadside assistance typically doubles during wet, snowy winter months. But, according to BCAA's team of automotive techs, many breakdowns, emergencies and related inconveniences can be avoided. You just need to prepare yourself and your vehicle, and drive according to the weather conditions.
IBC: The straight facts on how Ontario auto insurance rates are set.
TORONTO, Dec. 15, 2011 - Insurance Bureau of Canada (IBC) understands the frustration of consumers in Ontario who face the highest auto insurance premiums in the country. "But we're extremely disappointed with the implication that people in lower income neighbourhoods are charged higher rates simply because they earn less than those in more affluent neighbourhoods," said Ralph Palumbo, Ontario Vice-President, IBC. "Any such implication is objectionable."
from Doug:
We finally broke the ice after a year and a half in our condo - we hosted a small dinner party for nine in our heritage group. Previously friends and relatives, one or two at a time, have visited. Other than the things stacked floor to ceiling in the bedroom - no, we did not tour that room - sitting, dining and discussing all worked reasonably well. Maybe we will even entertain again next year!
On that note, I wish you and yours a Merry Christmas and good times - health and happiness - through the festive season. And in about two days the days will start to get longer, well at least in the northern hemisphere - another reason to celebrate!