Issue 2003-20: May 20, 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.
Product and Policy Management
Insurance Innovation with Enterprise Product Management: White Paper by Camilion Solutions.
Rapid market swings, changing customer and channel requirements, pressures from shareholders and regulators, and continued hyper-competition are forcing insurers to re-examine not only what products they sell, but also their processes and tools for developing, deploying, monitoring, and managing products and product portfolios. This examination confirms that existing manual and automated systems are inadequate to provide the support required by the demands of the age. White paper at http://www.insurance-canada.ca/poladmin/canada/CamilionWPaper200305.php
Iter8 Provides Product Update Information in their latest Newsletter.
This issue of the iter8 newsletter reviews new products and uses of the iter8 products in the industry, including Simul8ion, AIM Underwriting Agencies Using the iter8 Solution, CGU Getting Control with communic8, and One for All - collabor8. Link to newsletter at http://www.insurance-canada.ca/poladmin/announce/iter8NL200305.php
iter8 Announces EDI Contract with Pembridge.
iter8 Incorporated has been awarded a contract for an electronic data interchange project from Pembridge Insurance Company, one of the country's leading property and casualty insurers. Through its communic8 solution, iter8 will give Pembridge the ability to perform CSIO EDI download through one single application. More at http://www.insurance-canada.ca/poladmin/announce/iter8Pemb200305.php
U.S. Insurance Industry Loses $13.7 billion Annually Due to Auto Premium Rating Error: Quality Planning Corp.
Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, today released its annual Premium Rating Error report, detailing just how much often-overlooked premium rating errors diminish the overall profits of auto insurance companies. The numbers are startling. QPC estimates that $13.7 billion of premium revenues were foregone in 2002. With underwriting profit averaging less than 5%, and investment revenues trending downwards, a revenue increase of nearly $14 billion in premium revenues would clearly make a significant difference to the financial fortunes of leading auto insurers. More at http://www.insurance-canada.ca/poladmin/other/QPlan200305.php
Business of Insurance
EDC and St. Paul Guarantee team up to help exporters.
Canadian exporters will find it easier to obtain surety bonds they need to win contracts in the U.S. as a result of a new reinsurance agreement reached between Export Development Canada (EDC) and St. Paul Guarantee Insurance Company. More at http://www.insurance-canada.ca/business/announce/EDCStPaul200305.php
******** Advertisement ********
FREE Seminar Series: CORPORATE PERFORMANCE MANAGEMENT
June 3rd, 2003 - Toronto, ON
8:00 AM - 12:00 PM, Sheraton Centre Hotel
In today's changing economy and competitive landscape, you can't afford to fall behind.
If Performance Management is your priority, this FREE ½ day seminar is one you can't afford to miss!
*** End ***
Distribution
Custom Software Solutions Receives $1.175M from CANARIE to Develop Revolutionary Electronic Data Exchange Solution for Property & Casualty Insurance Industry.
Custom Software Solutions Inc. (CSSI) is pleased to announce the funding support and partnership of CANARIE, Canada's advanced internet organization. This funding, totaling $1.175 million, will enable CSSI to develop, test, and commercialize a business-to-business electronic data exchange (B2B-EDE) package of process automation tools designed to vastly improve the economic performance of insurance companies and brokers across the country. More at http://www.insurance-canada.ca/distribution/announce/CSSICanarie200305.php
CSIO Insurance Portal Status Update
Week ending May 16: The number of brokers connected remains at 28.
With the new project manager at ISI, reporting is back on track.
For Ontario auto rates, systems testing for Pilot is completed and Western is in user acceptance testing.
For Ontario property rates, the rates and rules for Farmers Mutual Lindsay are being loaded, systems testing for Pilot has been completed, and Western is now in user acceptance testing.
CIM-Data is now diligently testing their broker management system with the portal.
Marketing Insurance and the Market Place
Achieving More - Canada Life's 2002 Public Accountability Statement Now Available.
Canada Life Financial Corporation (Canada Life(TM)) today published its 2002 Public Accountability Statement, which is available on the company's web site at www.canadalife.com. The document, entitled Achieving More, is an overview of Canada Life's charitable and philanthropic activities in 2002. It also profiles the dedication of Canada Life's employees to improving people's lives through fund-raising, volunteerism and participating in a variety of events with the goal of helping others. More at http://www.insurance-canada.ca/market/canada/CanadaLPA200305.php
Sun Life Financial releases 2002 Public Accountability Statement "Sharing the Warmth".
Sun Life Financial's first Public Accountability Statement, entitled Sharing the Warmth of the Sun, is now available online at www.sunlife.com. The report describes the contributions Sun Life Financial made in 2002 - as a corporation and through its employees and advisors - to communities across Canada and abroad. More at http://www.insurance-canada.ca/market/canada/SunFinPA200305.php
******** Advertisement ********
Do you have a great insurance product or service that remains a secret in the marketplace?
Does your company have a good story, but no one to tell it?
Check out Edit Insight Ltd. (www.editinsight.com) for a full range of communication services, ranging from article writing and placement to media strategies. We specialize in the insurance and financial services industry.
*** End ***
IBC position on Nova Scotia auto rates reaffirmed by UARB findings.
"Government now has the proof it needs to support substantive changes to the automobile insurance system in this province," said Don Forgeron, Atlantic Vice-President, Insurance Bureau of Canada, responding to yesterday's release of the Utility and Review Board (UARB) report on insurance rates. The UARB, an independent review board using independent actuarial analysis, found that insurance rates in the province are "not excessive, inadequate, unfairly discriminatory or otherwise unreasonable." More at http://www.insurance-canada.ca/market/canada/IBCNS200305.php
Managing Relationships and Customer Service
DWL Reinforces Asia Pacific Presence with Selection of SPW as Strategic Distributor.
DWL, the leader in Enterprise Business Services software, today announced it has established a strategic alliance with Malaysian-based reseller, SPW Enterprise Solutions Sdn Bhd (SPW). DWL's alliance will allow the financial services IT specialist to resell its enterprise business services software, including the market leading enterprise customer data hub, DWL Customer(TM). More at http://www.insurance-canada.ca/ebusiness/announce/DWLAsia200305.php
Insurance in the Community
Standard Life Marathon June 7, Montreal.
The 10-km run in Mount-Royal Park, rain or shine, starts at 9:00 am, with the Family Walk starting later at 10:30 am. More than 800 runners and 3,000 walkers are expected. The 2003 fundraising objective is $300,000 with 100% of the funds raised going to the Foundation for Research into Children's Diseases. More at http://www.insurance-canada.ca/humanres/community/StandardM200305.php
Technology and e-Business
TowerGroup Sizes Global Technology Spending in Financial Services.
With profits sorely challenged, global financial services firms entered 2003 with a strong focus on core business strategy and operational efficiency—and a directive to align technology investments closely with both. In new research, TowerGroup estimates that global 2003 spending on financial services technology will total $333.7 billion, an increase of 2.3% over IT spending in 2002. More at http://www.insurance-canada.ca/ebusiness/other/TowerGroup200305.php
from Doug:
With our interest in early Canadian history, we participated in a rally on Saturday to save the remnants of the first Parliament Buildings in Upper Canada - built in 1796 and burned by the Americans in 1813. Wore my period costume in the Queen's Birthday celebrations and parade from Ontario's Queen's Park Parliament Buildings (current version) on Monday. Wonderful spring weekend with the green on the trees at last complementing the spring flower colours.