Issue 2003-17: April 29, 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.
Business of Insurance
Manulife Financial selects GeniSystems.ca Services to provide policy administration services for Canadian creditor group insurance program.
GeniSystems.ca Services (GeniSys), a market leading Business Process Outsourcing firm specializing in policy administration solutions for the life insurance industry, announced today that Manufacturers Life Insurance Company (Manulife Financial) has reached an agreement to begin utilizing GeniSys' best-of-breed administration solutions for mortgage creditor life and disability products in Canada. More at http://www.insurance-canada.ca/business/announce/GeniSystemsML200304.php
Outsourcing is Preferred Method for Canadian Executives to Improve Business Processes, Accenture Study Finds.
Despite economic uncertainty, a large number of Canadian executives rely on outsourcing as a way to drive change in their organizations and are more willing to partner and share the risks and rewards with providers of outsourcing services, according to a study released today by Accenture. More at http://www.insurance-canada.ca/business/canada/AccentureOS200304.php
Reference and Statistics
North American Life Insurance Application Activity Declines for the Fifth Consecutive Month, Canada Grows: MIB.
Applications for life insurance in North America dropped 2.9% in March, marking the Index's sixth consecutive month year-over-year decline. U.S. activity was off 3.8% contrasted with a 5.6% increase in Canadian application activity when compared to March 2002 levels. Strength in the Canadian market continues with application growth observed in eight of the last twelve months. More at http://www.insurance-canada.ca/refstat/canada/MIB200304.php
Directors & Officers Liability Insurance Premiums Skyrocket as Shareholder Claims Increase: Tillinghast.
On the heels of similar increases from the previous year, purchasers of Directors & Officers (D&O) liability insurance paid nearly 30% more for their D&O coverage, according to Tillinghast - Towers Perrin's 2002 Directors & Officers Liability Survey. This sustained increase in premiums reflects continued concern over high-profile bankruptcies, corporate scandals and D&O lawsuits — particularly securities and shareholder litigation. More at http://www.insurance-canada.ca/refstat/canada/TillinghastDO200304.php
Marketing Insurance
Beyond Promise - Manulife Financial's 2002 Public Accountability Statement is now available.
For Manulife, being a responsible corporate citizen is fundamental to being a world-class company. In 2002, Manulife went beyond its promise to its various stakeholders by making carefully considered contributions to the communities in which we operate in Canada, the United States and Asia. Manulife's 2002 Public Accountability Statement, entitled "Beyond Promise," is now available online at www.manulife.com for viewing or download. More at http://www.insurance-canada.ca/market/canada/ManulifeAS200304.php
Canadian Non-Profits' Online Presence: eMarketer.
One-half of Canadian non-profit organizations surveyed by Leverus have been online for five years or longer, but that same amount of respondents tell the company they allot less than 1% of their budgets to Internet-related expenses. More at http://www.insurance-canada.ca/market/canada/eMarketerNP200304.php
Human Resources and Careers
Part-time sales positions to sell Insurance-Canada's products and services are available across Canada. Commission-based, these are ideal for those who want to work from a home office with a flexible, self-defined work schedule during office hours.
If you would like to draw more insurance professionals or candidates to your firm's jobs and careers pages, consider a directory entry in the upcoming Jobs Directory at Insurance-Canada.ca.
The Sun Life Financial executive Mary De Paoli receives Canada's Top 40 Under 40(TM) Award.
Sun Life Financial today announced that Mary De Paoli, Vice-President, Customer Relations & Marketing, National Accounts, has been selected as a recipient of the prestigious Canada's Top 40 Under 40(TM) award. More at http://www.insurance-canada.ca/humanres/canada/MDePaoli200304.php
Technology and e-Business
John Hancock Plans to Assign Portion of Information Technology Services to IBM.
John Hancock Financial Services, Inc. today announced its intention to outsource some of its information technology work to IBM. Under the proposed, multi-year agreement, John Hancock will adopt IBM's on demand technology services to create a new, flexible IT infrastructure that responds quickly to fluctuations in computing demand, allowing the company to save money. More at http://www.insurance-canada.ca/ebusiness/announce/IBMHancock200304.php
London Regional Input Group Sets Priorities for London Market: ACORD.
The second meeting of the London Regional Input Group (LRIG) was held recently, here in London. Chaired by Chris Rawson, CIO of Lloyd's, the LRIG identified several priorities for the London Market. Among the issues addressed were the investigation of the need for submission core requirements and the development of standards for reporting on binding authorities and location exposures. More at http://www.insurance-canada.ca/ebusiness/other/ACORDLRIG200304.php
Mercator and IVANS Partner to Deliver Automated Property and Casualty Transaction Processing on Rich Integration Platform.
Mercator Software, Inc., and IVANS Inc. today announced an alliance to jointly market a new solution, Mercator Inside IVANSP&C, that will speed the processing of business transactions within the property & casualty insurance industry. Mercator InsideIVANSP&C will make it easy for P&C insurance carriers to automate critical business processes through integration with multiple back-office systems, and enables automatic generation of insurance transactions using the IVANS mailboxing and trading partner infrastructure. More at http://www.insurance-canada.ca/ebusiness/announce/IVANSMerc200304.php
Managing Relations and Customer Service
US Banks Continue Torrid Pace Of Web Site Enhancements, Latest Gómez Scorecard Reveals.
A slow economy notwithstanding, the country's largest banks are elevating the usability and utility of their online offerings to more effectively cross sell products and services, generate greater cost savings and more efficiently monetize their fast growing Internet customer base, according to the Q2 2003 Internet Banker Scorecard released today by Gómez, Inc., the leading provider of Internet Channel Effectiveness solutions. More at http://www.insurance-canada.ca/ebusiness/other/GomezBank200304.php
CSIO Insurance Portal Status Update
Week ending April 14: The number of brokers connected remains at 28. No other changes. The CSIO annual general meeting reaffirmed the work to date and commitment to carry on.
from Doug:
Some delightful spring weather in the last few days. Some yardwork and the first historical walking tour of the year for us on Sunday, the 190th anniversary of the Battle of York in 1813 when the Americans invaded, captured York, burned our Parliament Buildings and stayed for a week. The tour leader brought extensive historical detail and perspective - quite fascinating.