Issue 2003-8: February 25, 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
Business of Insurance
Great-West Life and Canada Life agree to business combination; Canada Board Approves.
Great-West Lifeco Inc. announced it has entered into a definitive agreement with Canada Life Financial Corporation to acquire 100 per cent of the outstanding common shares of Canada Life. More at http://www.insurance-canada.ca/business/canada/CanadaLGWL200302.php
IBC Financial Affairs Symposium: Emerging Issues for P&C Insurers.
This symposium features two main topics: "Emerging tax issues" and "Emerging reporting issues". The guest luncheon speaker Don Drummond, Senior Vice President and Chief Economist, TD Bank Financial Group will address the topic “The Challenge of Raising Canadians’ Standard Of living”. Wednesday March 19, Sheraton Centre, Toronto. More at http://www.insurance-canada.ca/business/announce/IBCFASymp200302.php
Economic Environment is the Top Challenge Facing Life Insurance Companies in 2003: Tillinghast CFO Survey.
Lackluster performance in the U.S. economy is making it difficult for life insurance Chief Financial Officers (CFOs) to achieve their company growth, profit and risk objectives, according to a recent Tillinghast – Towers Perrin survey. The majority (63%) of CFOs believe the economic environment is their top impediment, and nearly 90% rank the economy among their top three challenges. Only 23% of CFOs feel well prepared to address this challenge. More at http://www.insurance-canada.ca/business/other/Tillinghast200302.php
Statistics and Reference
North American Life Insurance off 7.7% in January: MIB.
January applications for life insurance in North America declined 7.7% compared to same period last year. U.S. and Canadian application activity was off 8.1% and 4.1% respectively year-over-year. Primarily driven by declining activity in the U.S. market, January marks the fourth consecutive month of decline in the MIB Life Index for North America. More at http://www.insurance-canada.ca/refstat/canada/MIBJan200302.php
Claims
Track in Toronto leads to almost $300,000 in recovered assets: Boomerang.
A Thornhill area resident was unpleasantly surprised to find her 2000 Lexus LX 470 had disappeared from her driveway yesterday morning. Luckily, the luxury vehicle valued at over $80,000 was equipped with a Boomerang® tracking device. More at http://www.insurance-canada.ca/claims/announce/Boomerang200302.php
Technology and e-business.
Insurance-Canada.ca welcomes IPD Canada Corporation as a sponsor of our Technology & e-business section, focusing on infrastructure and common technologies used to support multiple parts of an organization. IPD Canada Corporation is expert at transforming traditional, paper- based work environments into highly efficient, incredibly productive information factories. IPD uses "The Power of Process" to streamline and optimize processes, and offers Ultera, their flagship product, for document and process management.
Distribution
Auto Insurance Rate Comparison Ticker Puts Progressive.com in Fast 50 Champions of Innovation.
Progressive.com’s rate ticker, fashioned after news and stock tickers, is an up-to-the-minute display of auto insurance rates provided to consumers across the U.S. who used the company’s online rate comparison service. The ticker, designed to highlight the spread in rates available from different companies and therefore the importance of shopping around for auto insurance, won Progressive a spot on Fast Company magazine’s prestigious Fast 50 Champions of Innovation. More at http://www.insurance-canada.ca/distribution/other/ProgressiveT200302.php
CSIO Insurance Portal Status Update
Week ending Febuary 21 : No change this week.
Insurance Products
Venture Programs Introduces First-of-Kind Business Coverage for Anthrax and other Airborne Diseases in USA.
Venture Programs, Inc. introduced a new type of business insurance coverage that protects against the loss of income due to terrorist-related Anthrax attack and other airborne diseases. The Airborne Disease Coverage supplements actual loss of income sustained as a result of closure of an insured hospitality business by order of the State Health Authority or the Center for Disease Control (CDC) due to Anthrax, Legionnaire's Disease or Radon Gas. More at http://www.insurance-canada.ca/business/announce/Venture200302.php
Marketing Insurance
Eastbridge Study Finds Employers Want More Than Just "Voluntary Benefits".
According to a recent study by Eastbridge Consulting Group, 64 percent of all employers (with a minimum of 10 employees) offer at least one voluntary benefit, which represents an increase over earlier studies (LIMRA and Eastbridge in 1998/1999). Although this suggests that the market is still growing, it also means that the value propositions and sales approaches used in the past will probably fall short. More at http://www.insurance-canada.ca/market/other/Eastbridge200302.php
Policy Management and Underwriting
Renewals Drive Growth in On-line Trading Activity: inreon.
Final trading statistics for the 2002/3 renewal period prove it to be a breakthrough year for electronic trading in the reinsurance industry. A record number of companies placed at least part of their portfolio on-line and trading volumes showed dramatic year-on-year increases. More at http://www.insurance-canada.ca/poladmin/other/inreon200302.php
Managing Relationships and Customer Service
Gomez: Latest Insurance Carrier Scorecard Reveals Continued Internet Channel Emphasis On Automotive Sector, E-Servicing.
Insurance carriers are making their Web offerings more conducive to conducting auto-related business while extending self-service capabilities to retain more online-savvy policyholders, according to the latest industry Scorecard released by Gómez, Inc., the leading provider of Internet Channel Effectiveness solutions. More at http://www.insurance-canada.ca/ebusiness/other/GomezAuto200302.php
from Doug:
Well, the weather has been variable, as has our hi-speed internet access. Wish I could figure out a correlation between the two - or is it just my imagination? Welcome to IPD Canada Corporation as a section sponsor, and to an extended relationship with Liberty Health in our Consumer Health and Travel space. Can we help you too reach more of your potential audience, be it insurance professional or consumer?