Issue 2003-27: July 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.
Distribution
Advocis recognized with "Achieving Great Things" Award.
A lot of hard work has paid off for Canada's largest association of professional financial advisors. Advocis was formally recognized by one of its suppliers yesterday as making tremendous improvements to its administrative and processing systems - an integral part of the Association's long-term strategy to provide its members with enhanced service. More...
Reference and Statistics
Canadian Economic Outlook, June 2003: SwissRe.
Bad news seems to come in waves for the Canadian economy. Over the past month, a second outbreak of the Severe Acute Respiratory Syndrome (SARS), bans on Canadian exports of ruminant animal products due to the discovery of a single case of Bovine Spongiform Encephalopathy (BSE) on an Alberta farm, and a stronger than expected Canadian dollar have all combined to weaken the economy. 2 page review
Claims
Tackling the £1 Billion Problem of UK Insurance Fraud: Tillinghast.
The problem of insurance fraud is becoming worse with research from the ABI revealing that it currently costs insurers an average of £1.2 billion per year. This is perhaps not surprising when you consider that over a typical twelve-month period more than three million people are caught making dishonest home and motor claims. However, the true figure could be nearer 8.5 million, or 15 per cent of the population, as many fraudulent claims are not traced. More...
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Business of Insurance
Manulife Bank offers new deposit and withdrawal option for clients.
Manulife Bank clients now have additional access to their money. Starting today, Manulife Bank accountholders can use more than 1,350 automated banking machines (ABMs) available across Canada through THE EXCHANGE(R) Network. More...
Conning Research: Life Settlements Growing Fast, Increasing Pressure On Life Insurers' Profits.
Life insurers' profit margins, already under intense pressure due to lower investment returns, are now being squeezed further by the growing life settlement industry, according to a study from Conning Research & Consulting, Inc. More...
New Insurance Consumer Information
Ontario Government Moves to Contain Auto Insurance Rates.
Ernie Eves, Ontario's Premier, today announced changes to the automobile insurance system to deal with cost pressures and keep insurance fair and affordable for Ontario drivers. More...
IBC sees Ontario auto insurance reform as a step forward in controlling costs.
Insurance Bureau of Canada (IBC) endorses the Ontario government's announcement today of reforms to the auto insurance system in the province. Response
Ontario auto insurance rates should stabilize - possibly decrease: The Co-operators.
The Co-operators is pleased with the direction the government of Ontario took today with the introduction of new auto insurance regulations. "The Co-operators shares our clients' concerns about access and affordability. We believe the regulations introduced today bring more predictability to treatment costs and put more money back where it belongs - in the hands of injured motorists instead of the treatment infrastructure," said Kathy Bardswick, The Co-operators President and Chief Executive Officer. Commentary
Marketing Insurance and the Market Place
Why Canadian Net Users Aren't Buying Online - eMarketer.
A recent study of Canadian Internet users from Ipsos-Reid determines that 46% of those users who have never bought something directly from the Internet say they have not done so because they prefer to shop in other ways. More...
Policy Management and Admin.
CSC Introduces Advanced Software "Exceed" for Large P&C Insurers Worldwide.
Computer Sciences Corporation announced today the availability of Exceed(TM), the most comprehensive software system available for the property and casualty/general insurance industry. CSC designed Exceed to help large insurers reduce costs, improve service and react quickly to market changes. More...
Managing Relationships and Customer Service
US Banks Boost Internet Banking Services Aimed At Smaller Businesses: Gomez.
Banks nationwide are aggressively boosting delivery of online services to smaller businesses by focusing on creature-feature upgrades such as bill pay and e-documents that have already hooked Web-savvy consumers and larger businesses, according to the Q2 2003 SOHO/Micro Banker Scorecard released today by Gómez, Inc., the leading provider of Internet Channel Effectiveness solutions. More...
KANA Study Reveals Healthcare Industry Focused on Proactive Member Service.
KANA, a leading provider of enterprise customer support and communications applications, today announced the results of a recent study of healthcare executives regarding future eCRM deployments. More than 65 percent of participants cited the addition of proactive and personalized marketing solutions to improve the overall services offered to members as their next e-service implementation. These proactive marketing solutions are a cost effective way to build upon previous CRM deployments, including knowledge bases and e-mail management. More...
from Doug:
Entertained distant relatives from Australia on the weekend. While researching a branch of her family tree, my wife found them some years ago. When they indicated they would be in Canada this summer, she wanted to meet them. What a coincidence that the relative they were staying with lives only two blocks from our house in the heart of Toronto. What changes the Internet has brought to us, in so many ways, in a mere decade.
Now if only I could get our hi-speed access to work consistently!