Issue 2004-4: January 27, 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
Applied Systems Canada, Inc. and Softext Publishing Inc. Announce an Integration Partnership to Enhance Financial Service Functionality within The Agency Manager.
Applied Systems Canada, Inc., a leading provider of insurance automation, announced today a partnership with Softext Publishing Inc. Through the new strategic relationship, Applied Systems Canada enhances financial service functionality to Users of The Agency Manager(r) (TAM). Applied's XML tool kit, Applied ConneXion(r), will power the seamless integration between the Applied and Softext Publishing Inc. software.
CSIO Insurance Portal Status Update
Week ending January 23: Gore Mutual has moved into User Acceptance Testing for Ontario Property.
For Ontario Auto, Farmers Mutual Lindsay, Pilot and Western have all moved into Production status.
For Ontario Property, AXA, Scottish and York, Traders, Dominion, Chieftan, Farmers Mutual Lindsay, ING, and Pilot have all moved into Production status
Business of Insurance
Meloche Monnex to Acquire Liberty Mutual's Canadian Personal Lines Operations - Acquisition Solidifies Meloche Monnex's Industry-Leading Position.
Meloche Monnex Inc., a member of TD Bank Financial Group (TDBFG), today announced the signing of an agreement to acquire the Canadian personal lines property and casualty operations (automobile and homeowners insurance) of Boston-based Liberty Mutual Group. The acquisition will make Meloche Monnex Canada's largest direct-response property and casualty insurer and one of the country's top four property and casualty insurers in personal lines, serving more than 1,300,000 policyholders with a total of $1.4 billion in written premiums.
Sun Life Financial poised for "profitable" growth in Canada over the next several years.
Sun Life Financial Inc. is "poised for profitable growth in Canada over the next several years" following the successful integration of Clarica operations, C. James Prieur, President and Chief Operating Officer, told the RBC Capital Markets, Canadian Financial Services conference.
USA Insurance Leaders Expect Improvement in Profitability of P/C Insurance Industry for 2004: III Joint Forum.
Leaders of the property/casualty insurance industry expect an improvement in profitability for 2004 compared with last year, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its eighth annual Property/Casualty Insurance Joint Industry Forum, held here.
USA Insurers to Focus on Growth, Cost Containment, and Risk Management in 2004: TowerGroup.
The life and annuity (L&A) market continues to weather troubling financial times, while property and casualty (P&C) is in recovery following one of the worst three year operating periods in history. Yet despite differences in the core issues facing these two sectors, TowerGroup believes the U.S. insurance industry confronts a similar challenge in 2004 in advancing business through customer service, distribution, operational efficiency and technology decisions.
New Products
Empire Financial Group Announces Industry-leading Universal Life Enhancements.
Empire Financial Group launched the only universal life product currently on the market to offer the triple benefits of optional surrender charges, low cost of insurance and significantly higher potential for tax sheltering.
Technology and e-Business
Allenbrook and Whitehill Technologies Strike Partnership for the Future.
Allenbrook Inc., a leading provider of processing software and consulting services for the Property & Casualty insurance industry, today announced a partnership with Whitehill Technologies, Inc. Whitehill provides companies the ability to extract system data, reformat and automatically distribute the resulting output.
Marketing and the Market Place
Survey Finds New Car Owners Knowledgeable About Transmissions, Air Bags and Cylinders, But "Out of Gas" When It Comes To Auto Insurance: Progressive.
Ask a new car owner whether his or her vehicle has front or rear wheel drive, how many cylinders are in the engine, or where the airbags are located and they'll tell you all about it. Ask them how much insurance coverage they have and you're likely to get a blank stare. With more than 10 million U.S. households planning on buying a new vehicle in 2004, knowledge about one's auto insurance should be more top of mind.
Measuring Worldwide Net Usage Leaders: eMarketer.
Ipsos-Insight reports 68% of adults in the US are Internet users as of the end of last year. But the US is not the leading country in terms of Net usage, notes Ipsos, as Canada claims first place with 71% of adults using the Net and South Korea claims second place with 70% of its adults online.
Online Ad Superhero: Getting more from your media budget: by David Berkowitz, eMarketer.
For a long time, many could speculate this, and in certain cases it was painfully obvious, but until recently, there hasn't been a great way to prove it. As the Internet emerged, and advertisers held it up to standards never before imposed on any medium, a bold few realized that all media could be measured better. The boldest of the few actually did something about it.
Customer Service and Relationship Management
DALBAR Launches "Cheap" Statement Structure.
DALBAR released its "Statement-on-the-Cheap" prototype - an investor statement structure that can save up to 60% in production costs. The "Statement-on-the-Cheap" model consists of a hard copy statement that includes the content most desired by investors, required disclosures, and electronic delivery of supporting detail via the Web and/or VRU.
People Honoured
CIP Society Announces 2003 Fellow of Distinction Award Recipient for the Greater Toronto Area.
The CIP Society, a division of the Insurance Institute of Canada, announced today that Carolyn Walsh, B.Ed., FCIP, CCIB, and a Partner at CCV Insurance and Financial Services Inc. has been selected by the nomination review committee as the 2003 recipient of the GTA Fellow of Distinction Award.
from Doug:
Finally the winter storms to go along with the chilly weather have arrived. With them the sense that winter is real, and potentially dangerous. I don't envy those on the auto claims insurance desks on days like these.
I am having fun helping my Dad write a family farm history - his great grandfather Wm Taylor bought land near Stratford ON from the Canada Company. Dad grew up and then farmed there; and I too much of my youth before we moved away. Hope we can get the history in shape before a small family reunion in mid-April.