Issue 2004-1: January 6, 2004
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
Dundee Wealth Management Switches to VirtGate Internet Policy and Advisor and Management Service by CoVirt.
Dundee Wealth Management Inc. and CoVirt Inc. (Canada) jointly announced today that CoVirt now supplies the Dundee Wealth insurance subsidiary, Dundee Insurance Agency Inc., with VirtGate, a multi-channel insurance advisor and policy management and advisor service delivered through the Internet.
CSIO Insurance Portal Status Update
Week ending December 31: No report from the Christmas break.
Skills and Training
Toronto Firm Tackles Difficult Conversations: Stitt Feld Handy Group.
We've all had difficult conversations, the ones that cause us to break out in a sweat before we've even begun. Whether it's confronting a co-worker who has claimed credit for our work, firing an employee, confessing to a lie or asking for a raise these conversations have an added emotional complexity that fill us with dread.
Reference and Statistics
Swiss Re sigma preliminary estimates of catastrophe losses: despite natural catastrophes, 2003 will go down as a moderate year for property insurers.
According to Swiss Re's preliminary estimates, 20,000 people worldwide were killed by natural and man-made catastrophes in 2003. Overall financial losses from catastrophes amounted to an estimated USD 65 billion. Property insurers across the globe had to contend with losses of some USD 17 billion.
Conning Research: USA Property-Casualty Insurers' Loss Reserves Hit Turning Point As Deficiencies Decrease.
Three years of rising property-casualty rates have finally had a favorable impact on loss reserves, substantially reducing estimated deficiency, according to the latest annual study on the subject by Conning Research & Consulting. However, Conning's study also reports that deficiencies still exist in the industry.
Marketing and the Market Place
Let the Online Ad Times Roll (Again): eMarketer.
The 2002 bar sums up that final year of agony, when things hit rock bottom for online advertising. From that bar, you can hear clients telling you they just can't find any room in their budgets for running an online campaign. The 2003 bar tells the story of the comeback kid. It evokes the Interactive Advertising Bureau (IAB)'s Cross Media Optimization Studies offering strong evidence on why advertisers should put 5%, 10%, 15% of their budgets online.
Business of Insurance and Products
TowerGroup Identifies Top Trends that will Drive Global Financial Services in 2004.
Seeking its way out of a global recession, the financial services industry steered through 2003 in a cost containment mode. While IT budget pressure continues across all financial sectors, banking, securities and insurance institutions are now dedicating an increasing portion of their total technology investments to new initiatives, thanks to a budding focus on strategic cost management.
Tillinghast Predicts Further Insurance Industry Consolidation in 2004.
The insurance industry is at a critical juncture, with issues surrounding consolidation, pricing, legislative reforms and capital concerns shaping the market for 2004, according to year-end industry predictions from Tillinghast - Towers Perrin (Tillinghast).
Technology and e-Business
MDS Inc. chooses IBM and Oracle to integrate global operations.
IBM Canada Ltd. and Oracle Corporation Canada Inc. announced that MDS Inc. has chosen IBM Business Consulting Services and the Oracle E-Business Suite to integrate multiple IT systems around the world. The new system will enable MDS to standardize its Human Resources, Finance, Supply Chain Management, Global Contract Management, Manufacturing and Sales Order Management systems across all lines of businesses, providing a growth infrastructure which improves efficiency and ensures faster integration of acquisitions.
The Insurance Industry in the Community
Crawford Adjusters Canada Employee Donations Help Local Family Celebrate the Holidays.
It started out like many other charitable initiatives that take place at this time of year. The Social Committee at Crawford Adjusters Canada's Toronto Street office adopted a family for the holidays.
Maritime Life announces $250,000 donation to Queen Elizabeth II Health Sciences Centre in Halifax.
Maritime Life today announced a $250,000 donation to the Queen Elizabeth II Health Sciences Centre's 'Working Miracles' capital campaign. Maritime Life's donation will be made over five years, and includes a $100,000 contribution in 2003.
from Doug:
Did you make any interesting New Year's resolutions? Have you broken any yet?
2003 was a good year for Insurance-Canada.ca with new records in web site traffic, subscribers to our newsletter and number of participants in our site. A good place for you to be if your products and services relate to insurance and the industry in Canada.
For us in 2004, a continued primary focus on insurance products and services, and the use of technology in the industry. From all of us here at Insurance-Canada.ca, the best in 2004.