Issue 2002-14: April 9, 2002
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information mostly about the use of the Internet and related technologies in the industry. Some is international, where we feel it is relevant to Canada.
Statistics and Reference
The March issue of The Belton Report is now available. From the overview: In a nutshell, insurers are hurting badly and are taking strong measures to improve results. The long predicted combination of lousy underwriting results and very poor investment income has arrived with devastating impact. Return on equity is at an all-time low and the capital base is eroding.
The March issue of Swiss Re in Canada's monthly technical newsletter review looks at the state of the reinsurance market at last renewal, and includes forward-looking commentary on 2002 and beyond. Included in the "review" is "recap," a synopsis of current insurance-related news both in Canada and around the world. More and links at www.insurance-canada.ca/refstat/canada/SwissRe200204.php
The chairman of the Insurance Bureau of Canada's (IBC) Board of Directors has announced that Stan Griffin has been chosen as the new president and chief executive officer of IBC, taking over from George Anderson on June 5, 2002. More at www.insurance-canada.ca/refstat/canada/IBCSG200204.php
eBusiness & Technology
InSystems, announces the availability of InSystems Calligo Enterprise 4.1, a robust, scalable document automation solution that enables the creation, management and distribution of high volume, complex and personalized documents. This major release includes a number of enhancements, capabilities and infrastructure upgrades designed to facilitate enterprise document production. More at www.insurance-canada.ca/ebusiness/announce/ISCalligo200204.php
Merit Award Winners Announced at e-Content Industry's Annual Gala Dinner. "The winning products are those that display especially high levels of innovation, vision, functionality, ease of use, market fit and content." The Awards were open to publishers who develop or market products to Canadians. Interesting to note what sites are being evaluated on. More at www.insurance-canada.ca/ebusiness/canada/Web200204.php
The Data Warehousing Institute's Recent Study Finds High Quality Data is Critical to the Success of Businesses Worldwide. TDWI study shows that poor data quality costs U.S. businesses an estimated $600 billion a year. More at www.insurance-canada.ca/ebusiness/other/TDWI200204.php
Distribution
CAIFA is calling for the adoption of a harmonized, one-step life licensing system in all provinces to reduce regulatory complexity, raise the bar for new entrants, and enhance consumer protection. More at www.insurance-canada.ca/distribution/canada/CAIFALLQP200204.php
CSIO Insurance Portal
Testing continued and the Annual Meeting approved the budget for this year.
Managing Relationships
Canada Life(TM) today officially launched Canada Life Securities Inc. (CLSI), a wholly owned subsidiary of The Canada Life Assurance Company. CLSI was created to serve the Company's group retirement and investment services clients. CLSI will execute mutual fund, pooled fund, GIC and company stock transactions for its trust-based clients. More at www.insurance-canada.ca/ebusiness/canada/CLSI200204.php
Claims
For many years, claims processing has taken a back seat to other insurance needs when it comes to technology. A new approach, known as "hub" technology, may correct that oversight. Article by Patrick Vice, republished from ci - Canadian Insurance Magazine, at www.insurance-canada.ca/claims/canada/PViceHub200204.php
Marketing
YesMail Ensures Aon E-Newsletter Success: eMarketer case study by David Berkowitz. Premise: Aon needed to efficiently communicate with clients and prospects. YesMail helped the insurance company deliver newsletters that yielded a click-through rate topping 35%. More at www.insurance-canada.ca/market/other/emarketerAon200204.php
Sponsor:
Welcome to new sponsor Applied Systems Canada. With a suite of products which address technology requirements across much of the Property and Casualty industry, from company to broker and beyond, Applied Systems Canada has new directory entries in a number of our subject areas, and is sponsoring the CSIO Insurance Portal section of our site.
from Doug:
A little rainfall to start the week and help bring the Toronto area weather closer to seasonal temperatures. I anticipate a real spring now. Number 1 son is into his exams at Waterloo, but still looking for a job for his third work term - depending on what you are looking for jobs are still tight out there.
Our seminar for the Property-Casualty Company-Broker link goes on Thursday and will be followed a month later, May 10, by a seminar focused on Technology through the Life Supply and Distribution chain - watch for details shortly.