Issue 2002-16: April 23, 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.
Claims
CCC Internet Solutions' 43r.ca has signed its first "Vendor Agreement" as a pilot program, with ING Insurance Company of Canada "ING". The term of the agreement is for a three-month period from May 1, 2002 until July 31, 2002. More at www.insurance-canada.ca/claims/announce/43rING200204.php
CSIO Insurance Portal
Bill Wallace, Project Manager, indicates that testing is going well with all the functions now together in one place. Lombard is now end-to-end in their testing capability. Also CSIO has now selected the software for their helpdesk knowledge base.
Statistics and Reference
Variable rate mortgages save money: York U study, Commissioned by Manulife. Homeowners and buyers who carried a floating-rate mortgage (at Prime) through the past year would have saved more than $1,500 in interest in one year - or $130 each month - based on a $100,000 mortgage, compared to someone who locked in at a five-year fixed rate. This reinforces the conclusion reached in a study comparing the costs of using a fixed versus a floating mortgage rate. More information www.insurance-canada.ca/refstat/canada/ManulifeMort200204.php
eBusiness & Technology
Adoption of Economic Capital Systems Can Boost Shareholder Value New Study Reveals: PWC. Financial institutions that do not disclose their economic capital calculations to shareholders and other stakeholders risk undervaluing their company, according to a new study by PricewaterhouseCoopers and the Economist Intelligence Unit (EIU). More at www.insurance-canada.ca/ebusiness/canada/PWCShare200204.php
The Small Business Broadband Boom: By Steve Butler, emarketer.com Small businesses in North America have been signing up for broadband access in significant numbers during the early part of 2002, as digital subscriber line (DSL) initiatives by phone companies such as Verizon, SBC Communications and Bell Canada are starting to pay off. More at www.insurance-canada.ca/ebusiness/canada/emarketerDSL200204.php
"As the Web conferencing market entered 2001, providers were facing numerous growth opportunities," said David Alexander, Frost & Sullivan industry analyst. "Since the market was already backed by healthy demand and revenue growth rates, 2001 was to be the 'year of years' for Web conferencing vendors. These predictions became a reality as business practices worldwide were altered immediately after Sept. 11." More at www.insurance-canada.ca/ebusiness/other/VIWebConf200204.php
Skills and Careers
The Benefits of Broadband, Part 3: E-Learning: from emarketer, by Ben Macklin. Apart from the potential revenue opportunities associated with e-education, lifelong learning and the effective distribution of information to a nation's population are important social and cultural aims for all countries. More at www.insurance-canada.ca/humanres/other/e-learn200204.php
Marketing
Information to help consumers control automobile insurance premiums: IBC The increased cost of automobile insurance has been the focus of much attention lately. It is a subject that affects everyone - consumers, the insurance industry and government. Consumers contacting the Insurance Bureau of Canada are learning about the many options they have to control cost pressures. More at www.insurance-canada.ca/market/canada/IBCAuto200204.php
E-mail, Web Boost Sales: Direct Marketing Association Report (from Your Virtual Insurance April 18) "E-mail marketing, facilitated by new technologies and driven by the challenging economy, is now reaching a stage of maturation and playing a greater role in direct marketing," said H. Robert Wientzen, president and CEO, The DMA. "Increasingly, e-mail marketing campaigns are being used as an important retention tool, in many cases offsetting more costly traditional channels." More at www.insurance-canada.ca/market/other/DMA200204.php
Managing Relationships
Traditional Banks Extend Internet Banking Domination – GómezCanada's Banking ScorecardTM Reveals. Toronto, April 1, 2002 -- Traditional Canadian banks are making major headway integrating online banking, brokerage and other related lines of business into long-envisaged one-stop financial services supermarkets, according to Gómez, Inc., the Internet Quality Measurement firm. Details www.insurance-canada.ca/ebusiness/canada/GomezBank200204.php
Manulife Bank of Canada, a wholly-owned subsidiary of Manulife Financial, has made its new account aggregation available to all of its Internet Banking clients, free of charge. Called Secure View, the service allows customers to consolidate their online account balance information from various financial institutions while maintaining their privacy. More at www.insurance-canada.ca/ebusiness/canada/ManulifeBank200204.php
from Doug:
Last week - summer; this week - winter again.
As some kindly noted to me, an error in yesterday's announcement of our next seminar - the date for it is Friday May 10 - on Technology in the Life Supply and Distribution chain - details are posted.