Issue 2002-50:   December 20, 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. We deferred the Dec. 17 newsletter to Dec. 20 as a 2002 wrap-up before a Christmas break. We will publish our next issue on Tues. Jan 7.

Relationships and Customer Service

The Industrial Alliance Group launches Web@dmin, a new Internet-based service that has been specially designed for group plan administrators and members. Offered by the Group's three life insurance companies - Industrial Alliance, Industrial Alliance Pacific and National Life - Web@dmin allows plan administrators to conduct transactions online in real time and permits plan members to access their personal files whenever they wish. More at http://www.insurance-canada.ca/ebusiness/canada/IndAllGrp200212.php

Standard Life has launched an entirely revamped VIP Room Web site for Group Savings & Retirement plan members, positioning it as the premier provider of group savings & retirement services in Canada. Among many changes, the new site includes a series of interactive, online e-learning modules, available through a link to The Financial Educator Inc. Web site, which provide plan members with comprehensive web curriculum exploring a wide array of topics on personal financial planning. More at http://www.insurance-canada.ca/ebusiness/canada/StandardLVIP200212.php

Marketing

Most Canadians with RRSPs hope to match or increase their contributions for the 2002 tax year, according to a recent survey for Manulife Investments, the wealth management arm of one of Canada's leading financial services companies. More at http://www.insurance-canada.ca/market/canada/ManulRRSP200212.php

Reference and Statistics

Applications for life insurance in North America fell for the second straight month in November, declining 6.9% compared to the same period last year. Both U.S. and Canadian application activity were off 7.8% and 0.6% respectively year-over-year; from MIB. More at http://www.insurance-canada.ca/refstat/canada/MIBLA200212.php

Consumer Information

The Ontario government is moving forward with a number of important road safety initiatives with the introduction of Bill 241 (The Road Safety Act, 2002). "This legislation will greatly enhance safety and security of everyone who uses Ontario's roads and highways," says Mark Yakabuski, vice president, Insurance Bureau of Canada (IBC). "In particular, IBC welcomes legislative changes that will address the growing problem of road racing." More at http://www.insurance-canada.ca/consinfoauto/MTOSafety200212.php

CSIO Insurance Portal Status Update

Weeks ending December 13 and 20: Five more brokers were added, bringing the total to 22.

For Ontario Auto rates, ING is now in Production, Facility Association is User Acceptance Testing and Western is in Systems Testing.

For Ontario Property rates, systems testing has been completed for the CGU companies, Dominion and Chieftan, and ING; user acceptance testing to start in January.

For NS and NB, AXA's Auto and Property rates have been received by ISI.

Some technical issues have been resolved, EDI upload speed has been improved, and L'Union Canadienne's direct connection to the portal is now working - application testing to proceed.

CSIO announces Onramp Network Services Inc. as a new CSIO Vendor Member, at http://www.insurance-canada.ca/distribution/canada/CSIOOnramp200212.php and Deltek Software Inc.’s membership renewal as a Vendor Member at http://www.insurance-canada.ca/distribution/canada/CSIODeltek200212.php

Claims

The Canadian Coalition Against Insurance Fraud (CCAIF) has released this year's top ten insurance frauds -- the annual list that features some of the most offbeat and oddball insurance schemes on record. All of the examples included in the list actually happened, but the identities of the fraudsters have been changed to protect the dimwitted. List at http://www.insurance-canada.ca/claims/canada/CCAIF200212.php

Career Recognition

The Fellow of Distinction Award is presented annually to a Fellow Chartered Insurance Professional (FCIP) or a Fellow of the Insurance Institute of Canada (FIIC). Phil Cook, MBA, FCIP, Chairman and CEO of Focus Group Inc., has been selected as this year’s recipient. More at http://www.insurance-canada.ca/humanres/canada/CIP200212.php

Insurance Business, eBusiness and Technology

Manulife Financial Corporation announced today that it will make an offer to acquire all the outstanding common shares of Canada Life Financial Corporation to create Canada's largest insurance company in a transaction valued at more than $6.4 billion. More at http://www.insurance-canada.ca/ebusiness/canada/ManulifeCdaL200212.php

kasina, a strategic consulting firm for the financial services industry, today announced the release of findings from its annual study on the leading retail mutual fund Web sites – “Top 20 Web sites—Mutual Funds.” More at http://www.insurance-canada.ca/ebusiness/other/kasinaMF200212.php

A Tillinghast – Towers Perrin (Tillinghast) survey on Enterprise Risk Management (ERM), shows insurers around the world are increasingly adopting ERM, a relatively new approach to the strategic management and exploitation of risk from all sources — operational, strategic and financial. More at http://www.insurance-canada.ca/ebusiness/other/Tillinghast200212.php

Heralding the new source of competitive advantage for businesses, Computer Sciences Corporation's Howard Smith and author Peter Fingar describe the most important new breakthrough in computing technology in two decades in their new book, "Business Process Management: The Third Wave." Description at http://www.insurance-canada.ca/ebusiness/other/CSC3rdWave200212.php

Merger activity in any industry follows a predictable pattern that plays out over approximately 25 years and, once understood, can be used to strengthen corporate strategy and drive merger integration efforts, according to a new book written by consultants at global management consulting firm A.T. Kearney, a subsidiary of global services leader EDS. Description at http://www.insurance-canada.ca/ebusiness/other/ATKearney200212.php

The confluence of several factors is creating a "perfect storm" that will result in dramatic changes in the health care marketplace, according to the latest edition of "Managed Care Industry Overview" from Conning Research & Consulting, Inc. More at http://www.insurance-canada.ca/ebusiness/other/ConningMC200212.php

Despite the higher levels of service and convenience offered by the Internet, security is a concern for the majority of consumers when it comes to sending medical and personal property insurance information, according to a recent survey sponsored by IVANS, Inc. More at http://www.insurance-canada.ca/ebusiness/other/IVANS200212.php

Policy Management

Although the quest to reduce life insurance underwriting costs and cycle times using rule-based processing is not new, shifts in available technologies are reinvigorating it. By implementing a next-generation new business process, Celent estimates a typical carrier that issues 40,000 policies a year could save more than US$1.3 million annually. More at http://www.insurance-canada.ca/poladmin/other/CelentUW200212.php

Sherwood International, the global insurance solutions specialist, and China Hewlett-Packard announced an agreement to work with the Life division of the China Pacific Insurance Corporation to pilot Sherwood's flagship Amarta(tm) LIFE product aimed at replacing its current core business administration system. More at http://www.insurance-canada.ca/poladmin/other/SherwoodCh200212.php

Seminar:

Are you involved directly in Life Underwriting, or provide services to that function? Join us for see what is happening in the Underwriting space, and how that is part of the Knowledge Management discipline. Half day seminar, Toronto downtown, Friday January 17, 8:30 am. Details and registration at http://www.insurance-canada.ca/seminars/seminar20021203.php

from Doug:

The Christmas letters have been sent; our college student is home for Christmas; the Christmas shopping begs to be finished.

From all of us at Insurance-Canada.ca, Dave, John, Patrick and Sally, and me the newsletter editor, thanks for a good year. We wish you a Merry Christmas, and the best in the New Year. Have fun; be safe......doug