Issue 2003-11: March 18, 2003
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.
Reference and Statistics
"Anni horribiles" continue for Canada's P&C insurance industry - financial results: IBC Perspectives.
The financial performance of Canada's property and casualty (P&C) insurance industry has plunged to a new low. A year ago, Insurance Bureau of Canada (IBC) reported that '2001 was the worst year on record for the industry' but final financial results for 2002 are even weaker, according to the annual financial report released today. (Full copy of Perspectives.) More at http://www.insurance-canada.ca/refstat/canada/IBCPersp200303.php
American Life Insurance Application Activity Declines; Canada Up in February: MIB.
Consumer applications for life insurance in the U.S. and Canada registered their fifth consecutive month of declining activity this past February compared to the same period in 2002, according to The MIB Life Index, but Canada was up 1.8%. More at http://www.insurance-canada.ca/refstat/canada/MIB200303.php
Marketing Insurance
Stone & Cox Limited, publishers of the Canadian Life and Financial Services directory, renew exclusive partnership with Advocis.
Through this exclusive partnership, Stone & Cox Limited and Advocis will promote each other's products and services through each organization, with special discounts for Advocis corporate partners. More at http://www.insurance-canada.ca/refstat/announce/SCAdvocis200303.php
LIMRA International Survey Shows Consumer Preference for Worksite Benefits.
Lower cost, convenience, payroll deduction, and support from human resources staff are among the reasons employees gave for preferring to get insurance benefits through their employers, according to a new LIMRA International study. More at http://www.insurance-canada.ca/market/other/LimraWSB200303.php
Business of Insurance
Maritime Life to Assume the Business of Liberty Health.
Maritime Life announced today it has signed an agreement to assume the insurance business of Liberty Health, a Canadian division of Liberty International, a subsidiary of US-based Liberty Mutual Group. Based upon Liberty Health's most recent results, the deal will add approximately $700-million in premium and premium equivalents, primarily to Maritime Life's group insurance operations - solidifying the company's position as one of the top group insurers in Canada. More at http://www.insurance-canada.ca/business/canada/MaritimeLiberty200303.php
Conning Research: Terrorism Insurance Act Does Not Solve Problems.
The Terrorism Risk Insurance Act of 2002 has done very little to address the fundamental issues that make terrorism risk so difficult and unattractive to insure, according to new studies by Conning Research & Consulting, Inc. Moreover, Conning has concluded that this Act may even prove to be a big distraction from solving the real issues that get in the way of developing a workable insurance solution. More at http://www.insurance-canada.ca/business/other/Conning200303.php
Policy Management and Underwriting
Japanese Insurers Support Industry's Online Marketplace: inreon.
inreon, the reinsurance industry's online marketplace, has announced an expansion of its international operations to cover Japan. Two major insurers from the world's second largest insurance market - Sompo Japan and Fuji Fire & Marine - have already signed membership agreements in order to begin trading via the platform. More at http://www.insurance-canada.ca/poladmin/other/inreon200303.php
Distribution
Three Carriers Select Blue Frog's ADMServer PPFA Administrator: Metlife, Pacific Life and Manulife.
Adding to its growing roster of customer deployments, Blue Frog Solutions, an innovative technology solutions provider, today announced that three leading carriers have selected ADMServer Product Profile For Annuity (PPFA) administrator tool to manage annuity product information. More at http://www.insurance-canada.ca/distribution/announce/BlueFrog200303.php
Consumer Information
New survey shows parents worry most about teen driving: I Promise Program.
A survey just released by DaimlerChrysler shows that of 400 parents asked about concerns for their teenager, 51% ranked driving issues as their overall concern, this over teen pregnancy, sexually transmitted diseases, drugs or alcohol. More at http://www.insurance-canada.ca/consinfoauto/IPromAnxst200303.php
Technology and e-business.
B2B Exchanges: Ready to Grow: eMarketer's Steve Butler.
After speaking with several business-to-business (B2B) exchanges during the early months of 2003, eMarketer has realized that a common thread has emerged among them – they all share a quiet confidence about their respective futures. More at http://www.insurance-canada.ca/ebusiness/other/eMarketerB2B200303.php
Managing Relationships and Customer Service
CSC Introduces Automated Notification Software for Retail Banks and Card Issuers.
Computer Sciences Corporation today introduced a suite of new software products that automate the way banks and card issuers notify customers about account overdrafts, suspicious activity, balances, payment due dates, late payments and credit limits. More at http://www.insurance-canada.ca/ebusiness/announce/CSCNotif200303.php
from Doug:
The warmth of the brighter sun and a seemingly unseasonable warm spell - 17 degrees centigrade today - have shrunk the snow banks dramatically in the last few days. Methinks we still have a little winter left yet, but I do think spring will actually arrive....