Issue 2003-14: April 8, 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.
Policy and Product Management
Ecclesiastical Launches WebWriter(TM) Solution for Yachts from ISI.
Ecclesiastical Insurance Group has introduced a leading-edge Web-based program from Insurance Systems Inc. (ISI) for all forms of personal and commercial watercraft. More at http://www.insurance-canada.ca/poladmin/announce/ISIEccl200303.php
iter8 Completes EDI Project for CGU.
iter8 Incorporated has successfully completed a major technology project involving electronic data interchange for CGU Insurance Company of Canada, one of the country’s leading property and casualty insurers. More at http://www.insurance-canada.ca/poladmin/announce/iter8CGU200304.php
Marketing Insurance
Insurance Sites Should Offer Online Quotes and Company Financials: Consumers tell UBER analyze.
More than a quarter of Canadians would purchase home or auto insurance online if insurance Websites offered features such as online quotes and access to company financial information, according to a new study by Toronto research firm ÜBER analyze. More at http://www.insurance-canada.ca/market/canada/Uber200304.php
Manulife Investor Sentiment Index shows more Canadians search for security amid Iraq war build-up, market swings.
Canadians stepped up their recent search for more secure investments in March, amid mounting concerns leading up to the war in Iraq and a softer RRSP market for mutual funds, according to a recent national poll for Manulife Financial, among Canada's leading insurance and wealth management companies. More at http://www.insurance-canada.ca/market/canada/ManulifeIS200304.php
Claims
Belleville Collision Reporting Centre Opens For Service.
Accident Support Services International Ltd., Facilitators of Collision Reporting for Police and the Insurance Industry, is pleased to announce that the Belleville Collision Reporting Centre opens today, April 4, 2003 to service the citizens of Belleville. This opening begins a 6-month pilot project with the Belleville Police Service. More at http://www.insurance-canada.ca/claims/announce/AccSS200304.php
Distribution
Ohio Casualty First to Roll Out IVANS Transformation Station: IVANS.
The Ohio Casualty Insurance Company has become the first insurance carrier to begin rolling out inquiry functions using IVANS Transformation Station across three agency management systems, announced Anna England, vice president and general manager of the IVANS Insurance E-Commerce Solutions Division. More at http://www.insurance-canada.ca/distribution/other/IVANS200303.php
CSIO Insurance Portal Status Update
Week ending April 4: No changes within the Portal project, but a search for a new President and GM to replace Klaas Westera has commenced. More at http://www.insurance-canada.ca/distribution/canada/CSIO200304.php
Consumer Information
'Spring forward' means safety first: IBC urges Canadians to change batteries in home safety devices.
Most Canadians (except those in Saskatchewan) lost one hour of sleep this past weekend as Daylight Saving Time took effect on Sunday, April 6, 2003. Insurance Bureau of Canada urges people to put safety first by checking the safety devices in their homes. "It takes few minutes to replace the batteries in smoke alarms and carbon monoxide (CO) detectors," says Mary Lou O'Reilly, IBC's Vice President of Public Affairs and Marketing. More at http://www.insurance-canada.ca/consinfohome/IBCSafety200304.php
Business of Insurance
Sun Life Financial announces intention to appoint a non-executive Chairman following annual meeting.
Sun Life Financial Services of Canada Inc. today announced its intention to appoint William W. Stinson, Lead Director of the Corporation for the last four years, as non- executive Chairman of both Sun Life Financial and Sun Life Assurance Company of Canada immediately following the annual meeting of the two companies on June 4, 2003. Donald A. Stewart, current Chairman and Chief Executive Officer, will continue as Chief Executive Officer and as an ongoing member of the two Boards. More at http://www.insurance-canada.ca/business/canada/SunLCEO200304.php
Faster Benefits Delivery Highlight Nova Scotia WCB's Annual Report.
Faster payment of injured workers' claims and development of a comprehensive system-wide strategic plan are two of the highlights from the WCB's 2002 Annual Report, tabled in the Legislature today by the Honourable Ron Russell, Minister responsible for the Workers' Compensation Act. More at http://www.insurance-canada.ca/business/canada/NSWCB200304.php
Lloyd's Insurance Market Makes Strong Return to Profit.
The Lloyd's of London insurance market today reported its financial results for 2002. With a profit of £834 million on a pro forma annually accounted basis, and an initial projection of profit of £1,484 million on a three-year accounted basis for the 2002 underwriting year, the result is in line with expectations and marks a strong return to profitability for the market. More at http://www.insurance-canada.ca/business/other/lloyds200304.php
Statistics and Reference
U.S. Tort Costs Climbed to $205 Billion in 2001, According to Tillinghast Study.
The U.S. tort system cost $205 billion in 2001, or $721 per U.S. citizen, representing a 14.3% increase in tort costs since the year 2000. At current levels, U.S. tort costs are equivalent to a 5% tax on wages. These findings were reported by Tillinghast - Towers Perrin (Tillinghast) in U.S. Tort Costs: 2002 Update — the only study that tracks the cost of the U.S. tort system from 1950 to 2001 and compares the growth of tort costs with increases in various U.S. economic indicators. More at http://www.insurance-canada.ca/refstat/other/Tillinghast200304.php
from Doug:
A false sense of springtime fantasy has been set on its ear by Mother Nature with a return to mid-winter storms, cold, ice, snow ... I sure do hope spring returns quickly!