Issue 2002-19: May 14, 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.
eBusiness & Technology
Transamerica Life Canada selects GeniSystems.ca Services to provide policy administration services for a Planned Giving pilot program Toronto, Canada- May 01/2002- GeniSystems.ca Services GeniSystems, a market leading Business Process Outsourcing firm specializing in policy administration solutions for the life insurance industry, announced today that Transamerica Life Canada (Transamerica) has signed an agreement to begin utilizing GeniSystems' best-of-breed administration solutions for the launch of a new pilot product campaign. More at www.insurance-canada.ca/ebusiness/canada/GeniSysTA200205.php
The President of Industrial Alliance Presents the Company's Development Strategy Yvon Charest, President and Chief Executive Officer of Industrial Alliance Insurance and Financial Services, presented the development strategy he plans to put forth in order to maintain and even accelerate the Company's growth. The theme of this strategy is "Turning potential into performance". More at www.insurance-canada.ca/ebusiness/canada/IndAlliance200205.php
Canada's Success in E-Business: by Steve Butler, eMarketer Daily May 6, 2002 Despite a tendency to perceive themselves as conservative technology adopters, Canadians recently have had a steady drumbeat of solid e-business news. More at www.insurance-canada.ca/ebusiness/canada/EmarketEC200205.php
New Study From CSC Identifies Six 'Disruptive' Technology Areas That Will Make or Break Companies Think tanks call it "digital disruption" -- the arrival of a technology so radically superior that it has the potential to render entire industries obsolete. It's happened more in our lifetime than in any other period: - the vacuum tube, LP record ..... And the pace is accelerating, according to a new report from Computer Sciences Corporation entitled On the Edge: Exploring Next-Generation Digital Disruptions. More at www.insurance-canada.ca/ebusiness/other/CSC200205.php
New Internet Brokerage Benchmark Ups The Performance Measurement Ante:Gomez May 7, 2002 -- A new online brokerage industry index developed by Gómez, Inc., the Internet Quality Measurement firm, provides business and technical managers with an unprecedented real-world view of Web site performance across heavily trafficked online offerings in the U.S. The new Gómez brokerage GPI measures and compares Web site performance and availability of eleven top firms. More at www.insurance-canada.ca/ebusiness/other/Gomez200205.php
Distribution
National Life launches a new web based sales capability for MGAs and broker business partners TORONTO, May 6, 2002 - National Life MGA and broker business partners can now obtain a personalized Web site as a tool to help them sell life insurance and retirement products. Developed with the end client in mind each Web site is a fully operational sales tool which will allow clients to run their own personalized wealth management projections, calculate how much insurance they need, determine which wealth management strategy is best suited to their needs, evaluate their current investment portfolio and more. More at www.insurance-canada.ca/distribution/canada/NatLife200205.php
CSIO Insurance Portal
The Economical Insurance Group Maintains Commitment to CSIO Portal Project The Economical Insurance Group continues to remain fully committed to the development of the CSIO Portal for its broker partners. The Group has completed all the testing it can up to this point and has continued to allocate resources and funds to development of the Portal since the beginning of the project. More at www.insurance-canada.ca/distribution/canada/EIGCSIO200205.php
In a weekly review, Bill Wallace, CSIO Project Manager indicates that testing continues. Bugs are being found and resolved. Work proceeds on connectivity for Applied, then Keal. ING has kicked off their internal project to support the Portal. On the home front, the software for the CSIO Help Desk has now arrived. A lot of activity - incremental progress. And apparently a non-guaranteed quoting facility for companies wishing a quick start is in the works.
Claims
Consumers Stress Importance of Speed Over Settlement Amount in Insurance Claims Resolution, According to Accenture Survey Consumer Satisfaction with Claims Experience Directly Affects Likelihood of Customer Loyalty to Insurance Carrier NEW YORK; April 16, 2002 - Ninety-four percent of U.S. consumers who have filed a property and casualty (P&C) claim cited quick resolution of an insurance claim as highly important to their satisfaction with the claims process, while only 74 percent of respondents stressed the importance of the settlement amount offered. More at www.insurance-canada.ca/claims/other/AccentureCS200205.php
Managing Relationships
Property and Casualty Insurers' Wishes for CRM Magic not yet Coming True: Conning & Company (Hartford, CT) May 2, 2002 - Customer Relationship Management (CRM) software has been touted by IT vendors as the genie in the bottle, granting insurers' wish to sgnificantly improve business performance. But the costs - up to $100 million - and failure rates are high. Early CRM results for property-casualty insurers have been less than magical. More at www.insurance-canada.ca/ebusiness/other/ConningCRM200205.php
eCRM Solutions Need to Support Rising Customer Traffic Across All Points of Contact: KANA study. Kana's recent study of consumer behavior found that e-mail and Web customer interactions continue to increase and that rapid response times to customer inquiries are a key element in providing a positive customer experience. The survey found that nearly a third of all respondents cited slow response times as their biggest issue with organizations, causing companies to lose potential sales opportunities. More at www.insurance-canada.ca/ebusiness/other/KanaCRM200205.php
from Doug:
The month of May is bringing April showers here in Toronto; does that mean June will bring May flowers?
I hope you all appropriately celebrated Motherhood last Sunday, and enjoy the upcoming Victoria Day weekend. I will be in the Queen's Birthday Parade on Monday.