Issue 2003-41: October 14, 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.
Marketing and Insurance
The Industrial Alliance Group to Distribute its Group Insurance Products and Services Under a Single Brand Name.
The Industrial Alliance Group is pleased to announce the launch of a new marketing strategy under which the group insurance products and services of its three life companies will now be distributed using a single brand name: Industrial Alliance Insurance and Financial Services. This marketing strategy will strengthen the Company's brand recognition and position in the Canadian marketplace, as well as provide group sponsors, administrators and members with competitive benefit solutions, administrative tools and services on a nationwide basis.
Business of Insurance
Council of Atlantic Premiers Releases report from the Atlantic Insurance Harmonization Task Force.
Atlantic premiers today released the three-volume report from the Atlantic Canada Insurance Harmonization Task Force, mandated by the premiers on June 27. The Task Force was directed to examine a common Atlantic regulatory framework for private automobile insurance, study the public insurance option, and complete an Atlantic Canada "model act" for all other types of insurance.
Policy and Product Management
Web Portals: Tactical or Strategical? - By Anthony Kumnick, OARBIC.
Allowing consumers, brokers and internal resources connection to P&C systems via a common process has long been an issue for Insurance companies. The advent of newer technologies and the emergence of web and internet strategies mean that insurers can take advantage of extended distribution opportunities offered by the internet. It is however, vitally important to look at the bigger picture and examine how these technologies could really assist in initiatives to position insurers for the future and not just cater to immediate needs.
New Eastbridge Study Finds Carriers May Need New Skills to Offer Voluntary Supplemental Medical Products.
Medical costs are on the rise. And the cost of getting sick or injured today means a major financial outlay even for those covered under job-related health insurance. Voluntary hospital indemnity, medical supplement, mini-medical, or medi-gap products are all designed to help employees cover these expenses. Historically, these types of products were not major sellers in the worksite market. But many employers, employees, carriers, and producers alike predict this may change.
Distribution
Wireless E-Mail Helps Workplace ProductivityConsumer's Guide to Insurance announces Insurance Rate Alert Service.
The price you pay for insurance is dynamic. Rates vary significantly between insurance companies for the same specific risk situation. Rates differ among provinces because each has its own set of rules and regulations around auto insurance coverages and auto insurance claims. Rates vary among different places where you live and work. Rates also vary significantly within the same company over time as they respond to changing conditions and claims experience. The rate you get today from a certain company may not be the same rate you get tomorrow for the very same coverage. Consumer's Guide announces the Insurance Rate Alert Service to keep you informed about the volatility in pricing.
Progressive Receives Applied Systems' 2003 Interface Best Practices Award.
The Progressive group of insurance companies, which make up the countrys largest writer of private passenger auto insurance through independent agents and brokers, has received the 2003 Interface Best Practices Award from Applied Systems. The award is the highest achievement bestowed by Applied the leading provider of automation solutions for the property and casualty insurance industry and its user group, ASCNet.
CSIO Insurance Portal Status Update
Week ending October 10: Royal & SunAlliance have signed off on their Ontario Property Rates and will now join Economical, Waterloo and AVIVA CGU in production on the Portal.
Technology and e-Business
Newest Version of DWL Unifi(tm) Drives Next Generation Web Self-Service Transactions.
DWL, the leader in Enterprise Business Services software, today announced the release of the latest version of DWL UnifiTM, a Java-based framework that provides a consistent architecture and design for developing real-time transactional business services. DWL Unifi will allow financial services organizations to easily deliver new straight-through business transactions and improve the performance of their current web applications by unifying them under a single framework.
Globalization. Demographic shifts. Political and regulatory forces. Mergers and acquisitions. Rapid technology changes. Cost pressures.
The IBM Services Centre for Insurance has brought together industry, business and application experts to help you tackle your application portfolio management challenges.
Attend this IBM Executive Briefing and find out how.
Waterloo Oct 22, Montreal Oct 23.
Reference and Promotion
Need to increase awareness of your company's products and services? General Insurance Register, published by Stone & Cox Limited.
Stone & Cox Limited and Insurance-Canada.ca have joined forces to offer you a way to increase visibility to your company for a minimal cost. Stone & Cox Limited is currently planning the only national directory published for the property & casualty industry, The 2004 General Insurance Register. This directory is used all year round as a reference tool, perfect for finding and creating new business. With over 450 pages of contact information, your company cannot afford to miss this opportunity. Together Insurance-Canada.ca and Stone & Cox provide an extensive online set of directories for insurance providers and products, and for products and services being offered to the insurance industry.
Consumer Information
IBC releases the results of a survey on the reform of the Quebec Automobile Insurance Act.
A survey conducted for the Insurance Bureau of Canada (IBC) clearly shows that Quebecers' support for the reform of the Automobile Insurance Act, as proposed by the government, drops significantly when they become aware of the possible consequences of the plan. With the new legislative session beginning in a few weeks, IBC is releasing the results of the survey.
U.S. Insurance Company Data Pinpoints Most Dangerous Times for Driving: Progressive.
Friday afternoon may be the start of the weekend, but it's also the day more drivers are ending up in car crashes. A recent study of claims data by the Progressive group of insurance companies, the country's third largest auto insurance group, found that more car crashes happen between 3 p.m. and 6 p.m. on Friday than at any other time and day of the week.
Skills and Training
E-Learning: Online Training for Field Agents: Report from Celent.
Computer-based training, or CBT, has long been used to train insurance carriers' employees and agents. More recently, insurers have been actively focused on utilizing Web-based tools to communicate with and educate their agents. In a new report, "E-Learning: Online Training for Field Agents," Celent examines the best practices for selecting and implementing Web-based collaboration tools for use with field agents, as well as potential cost savings, ROI, and a short list of vendors.
Managing Relationships and Customer Service
While Wealth Management Opportunity Remains Strong, Promise of Technology Stymied by Financial Institution "Silos" TowerGroup.
Over the past 12 months, the retail financial services industry has engaged in intense discussion on the promise of wealth management to unlock greater value from both high-net worth (US$1 million or more in assets to invest) and "mass affluent" (US$250,000 or more in assets to invest) customer segments. Yet TowerGroup finds that rhetoric continues to outstrip practice at the majority of institutions, where integrated approaches to wealth management have yet to displace existing structures that serve retail clients in relative isolation from one another.
from Doug:
A very good Thanksgiving with two family occasions, one large with many we had not seen in a while and the other small with parents. Perfect weather and what a display of fall colours. Lot's to appreciate. Now on to Hallowe'en, and can you believe in the stores already, Christmas.