Issue 2004-5: February 3, 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.
Policy Management
GeniSys and Direct Response Insurance Administrative Services Inc. (DRIASI) enter into strategic alliance to provide comprehensive administrative services to life insurance companies.
GeniSys, a market leading business process outsourcing (BPO) firm specializing in individual/creditor life insurance policy administration and DRIASI, an industry stalwart of turnkey administrative solutions for direct marketing/affinity group marketing programs, have entered into a strategic partnership agreement that will leverage their respective core competencies for the benefit of life insurance companies in the U.S., Canada and the Caribbean.
Distribution
Manulife Investments launches online tool to help advisors manage client portfolios.
Manulife Investments is offering its independent advisors across Canada a new online investment tool called Manulife Portfolio Select to help them manage their clients' assets and establish documented investment strategies.
CSIO Insurance Portal Status Update
Week ending January 30: No changes in company capabilities to report this week. Work is ongoing towards the rollout.
Business of Insurance
Manulife Financial signs health and wellness agreement with Wilson Banwell-Human Solutions(TM).
Manulife Financial, a leading Canadian provider of group benefits plans, and Wilson Banwell-Human Solutions(TM), a leading Canadian organization specializing in workplace health, productivity and performance solutions, have signed an agreement that allows Manulife to offer employers a selection of innovative products supporting the well-being of employees and enhancing workplace competitiveness.
Manulife Financial, Manulife Japan and Bank of Tokyo-Mitsubishi agree to product development and sales alliance.
Manulife Financial Corporation, Manulife Life Insurance Company (Manulife Japan) and The Bank of Tokyo-Mitsubishi, Ltd. (BTM) have entered into a strategic alliance under which Manulife Japan's individual annuity insurance product will be distributed through the BTM network. At the same time, BTM is investing five billion yen in the preferred stock of Manulife Japan.
Reference Information
Canadian Economic Outlook, January 2004: SwissRe
Economic growth accelerated in the fourth quarter of last year, but not as quickly as most observers had hoped. It is now clear from recent data, the first unclouded in many months by short-term events such as SARS, that the rising Canadian dollar (CAD) is having more of a negative effect than previously thought. Healthy growth in the leading indicators, up 0.8% in December and 0.9% in November, indicate continuing improvement in the prospects for the economy.
Canada's CEOs Remain Confident Their Company Will Do Financially Better In 2004: KPMG and Ipsos-Reid.
A majority of Canadas CEOs (72%) are confident that their own company is likely to do financially better in 2004 than it did last year -- a virtually identical proportion (71%) expressed the same view in 2002 about the 2003 outlook. CEOs continue to be just as confident in 2003 that their workforce will continue to expand.
Technology and e-Business
CFO Survey Reveals Majority of Corporate Technology Plans Not Linked to Business Plans: CSC and FEI.
Businesses that align their information technology (IT) strategies with their business strategies are significantly more likely to achieve a high return on IT investment, according to a survey of senior financial officers conducted by Computer Sciences Corporation (CSC) and Financial Executives International (FEI). However, 60 percent of survey respondents reported that their corporation has no strategic IT plan.
Marketing and the Market Place
Insurance Bureau of Canada - Draft Reform of the Quebec Automobile Insurance Act - Visit www.impactnofault.com For More on No-fault Insurance.
Insurance Bureau of Canada (IBC) today launched www.impactnofault.com, a new Website designed to contribute to the current discussion on the planned Québec government changes to the Automobile Insurance Act. This site is designed above all to inform Quebecers about the benefits of the present plan and the possible impact of the changes proposed by the government.
Study Finds Banks Reinvigorating Life Insurance Sales: Kehrer-LIMRA study.
The 2002/2003 Kehrer-LIMRA Bank Life Sales Study shows strong increases in sales and profitability for the typical bank selling life and health insurance, rebounding from a period of flat sales to outstrip overall industry results.
USA Commercial Property/Casualty Rates in Fourth Quarter 2003 Suggest Price Competition is Returning to Insurance Market: CIAB.
One-third of all commercial property/casualty accounts experienced insurance premiums that either held steady or dropped during the last three months of 2003 amid indications that carriers may be beginning to compete again on price. The fourth quarter commercial market index survey, released today by The Council of Insurance Agents & Brokers, reflects responses from the largest and most successful commercial property and casualty brokers in the country.
New Products
Manulife Investments launches new funds.
Manulife Investments will add several investment funds to its segregated fund line-up, GIF and GIF encore.
Training
CLIEDIS: ACORD XML for Life Data Modeling Training Programme.
CLIEDIS is hosting a Data Modeling training programme on March 10, 2004 in downtown Toronto. If you haven't already registered for this one day ACORD XML for Life Data Modeling Training Programme, please register now! Spaces are limited. The course is being taught by Lloyd Chumbley, AVP of Life Standards at ACORD.
Consumer Information
New Brunswick Promises More Actions on Auto Insurance in 2004.
In his "Moving New Brunswick Forward - State of the Province Address 2004" on Thursday January 29, 2004, Premier Bernard Lord noted that 2004 is a big year, a year of big challenges, big decisions and big results. He highlighted the top five priorities of the government in 2004. Number four on that list was Automobile Insurance.
Claims
Progressive Redefining Auto Insurance Claims Process One City At A Time
Having a vehicle repaired following a crash can be a confusing and time-consuming process. You generally have to get quotes from several body shops, contact your insurance company, arrange for a rental car, get your car to the body shop, check on the progress of the repairs, wait for the car to be fixed, then inspect the work and drop off the rental. And thats if everything goes well.
from Doug:
Every once in a while a little success jumps up and makes one's efforts seem worthwhile - that certain buzz that says you are doing something right. December is always a slow month for web traffic, expectedly so. January was the pleasant surprise with a new record for us in hits which we monitor as a trend, but more importantly pageviews at 235,000, up 25k from our previous best set in September. Thank you for reading, and visiting. For those who sponsor or have directory entries, it keeps getting better.