Issue 2003-7:   February 18, 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.

Seminar:

Join us on Feb. 28 as we explore "Seamless Distribution in the P&C Broker Channel". As we all know, the instant gratification promised by the net did not pan out. But progress is continually nipping at our heels - come and hear what our expert speakers have to say about "progress to date" and "where to from here". More details at http://www.insurance-canada.ca/seminars/seminar20030228.php

Statistics and Reference

The 2003 General Insurance Register, now on sale! by Stone & Cox.

The 2003 General Insurance Register, published by Stone & Cox Ltd, is now on sale! This is the only national directory published for the Canadian Property and Casualty Insurance marketplace. Our 2003 edition is our biggest issue yet, we have increased our contact information by over 50 pages and created new sections, making it the most reliable directory published! More at http://www.insurance-canada.ca/refstat/announce/GenReg200302.php

MIB Life Index 2002 Annual Report Shows Measurable Growth in North American Life Insurance.

Applications for individually written life insurance in North America increased 1.9% on an annualized basis when compared to 2001. By region, U.S. and Canadian annual application activity was up 1.1% and 9.1% respectively year-over-year. More at http://www.insurance-canada.ca/refstat/canada/MIB02yr200302.php

Distribution

Canada Life Enhances Online Payout Annuity Quotation System.

The Canada Life Assurance Company significantly improved its online Payout Annuity Quotation system today, making it easier for advisors to process more types of individual payout annuity quotes online.

CSIO Insurance Portal Status Update

Week ending Febuary 14 : The number of brokers connected to the Portal increased by 2 to 26.
Systems testing for Ontario Auto for West Wawanosh Mutual has been completed.
Systems testing for Ontario Property for West Wawanosh Mutual and for Western has been completed.
Two FA brokers are now testing (doing the User Acceptance Testing) for Facility Association rating in Ontario as provided by CIM-Data. Economical has been successful testing both Auto and Property for provinces both east and west of Ontario.

Claims

Web Front’s Tablet PC Home Appraisal Demonstration Available For Download.

Toronto, Canada) Web Front Communications Inc., an innovative developer of enterprise Web Solutions, today announced the availability of a demonstration of it’s Tablet PC Home Appraisal insurance solution. The solution, a prototype application designed for field use in a Home Appraisal scenario, leverages Microsoft Windows XP for Tablet PC Edition and is built entirely using the Microsoft .NET Framework. More at http://www.insurance-canada.ca/claims/announce/WebFDemo200302.php

One-Fourth of Americans Say its Acceptable to Defraud Insurance Companies, Accenture Survey.

Nearly one in four U.S. adults say that overstating the value of claims to insurance companies is acceptable, and more than one in 10 say they approve of submitting insurance claims for items that were not lost or damaged or for treatments that were not provided, according to a survey released by Accenture. More at http://www.insurance-canada.ca/claims/other/AccentureFraud200302.php

Insurance Products

Canada Life's New Rates and Innovative Products Help Investors Secure Financial Growth.

The Canada Life Assurance Company (Canada Life(TM)) today announced new interest rates for its Private Collections Protected Growth Investment (PGI). PGI rates for the upcoming product year will be better than current one-year GICs and most current medium-term GICs. More at http://www.insurance-canada.ca/business/announce/CanadaLRates200302.php

Technology and e-Business

CIO's Priority Number One: IT Security: Steve Butler, eMarketer.

Over the past year, IT security has jumped to the top of the list of spending priorities for CIOs. According to a recent report from IDC, worldwide IT security spending is forecast to nearly double in size over the next three years, to reach $45 billion in revenues by 2006. More at http://www.insurance-canada.ca/ebusiness/other/eMarketerSec200302.php

Consumer Information

Love May Be Priceless, But Valentine's Day Gifts Can Be Costly -- Protect Diamond Rings and Other Expensive Jewelry With Appropriate Insurance, Warns I.I.I.

While a diamond may last forever, you may not be lucky enough to hold onto it that long. If you’ve received an engagement ring or other piece of jewelry on Valentine’s Day, make sure you have the necessary insurance, advises the Insurance Information Institute (I.I.I.). More at http://www.insurance-canada.ca/consinfohome/IIIValentine200302.php

Policy Management and Underwriting

eReinsure Leads Online Reinsurance Industry with 20,000 Submissions in 2002.

eReinsure, a provider of e-commerce technology to the insurance and reinsurance industries, today announced that its platform for online reinsurance placement handled 20,000 submissions in 2002. This consolidates eReinsure’s position as the leading online platform for reinsurance. More at http://www.insurance-canada.ca/poladmin/other/ereinsure200302.php

RMS Launches First Hurricane Model to Include Effects of Extratropical Transition.

Risk Management Solutions (RMS), the world's leading provider of products and services for the management of catastrophe risk, today launched the third generation of its U.S. Hurricane model, the first such model to fully represent the physical processes of hurricanes that impact the U.S. More at http://www.insurance-canada.ca/poladmin/announce/RMS200302.php

Managing Relationships and Customer Service

DALBAR Announces Customer Service Awards for 2002.

DALBAR congratulated investment and life insurance firms who have delivered industry leading service in 2002. Through rigorous testing of service delivery throughout the year, DALBAR identifies those mutual fund, annuity and life insurance providers that are able to exceed the service level expected in all areas that are most important to customers. More at http://www.insurance-canada.ca/ebusiness/other/Dalbar200302.php

from Doug:

No idea why, but our hi-speed internet started working more consistently last Saturday (a Valentine's gift?). Obviously, given that winter is still here in full-force, it was not the cold weather which caused the problem. The cold can leave anytime, but I would like the hi-speed to stick around.