Issue 2004-6: February 10, 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
World Access Canada and Softvoyage Offer New Online Travel Insurance Solution - First to Offer Travel Insurance Products Within Booking Engines of Softvoyage Customers.
World Access Canada has pioneered a leading-edge travel insurance solution for travel companies with an online presence. Combining innovative technologies with simple product and pricing strategies, the solution allows online travel suppliers to offer fully integrated travel insurance products within their web-based trip booking system.
illustrate inc Announces Availability of Web-based In-force and New Business Policy Illustration Solutions.
illustrate inc, a leading developer of policy illustration solutions to the life insurance industry today announced the availability of web-based in-force universal life and new business policy illustration solutions. illustrate inc's web-based in-force and new business illustrations have the power to provide head office staff and distributors with uncomplicated access, anytime and anywhere, to the most comprehensive and current policy and client data.
Wausau Partners with IVANS Transformation Station(TM) to Make Quoting for Middle-Market Business Easier for Agents and Brokers.
Wausau Insurance has contracted with IVANS to use Transformation Station to streamline the submission and quoting process of middle- market business for agents and brokers. Wausau has developed the technology to accept complete submission data based on ACORD XML standards and feed it into workflow and rating systems. IVANS Transformation Station provides the link necessary to translate the data output from agency management systems to the ACORD XML format and pass it on to Wausau.
Progressive Speeds Customer Service Activities in AMS Agency Management Systems.
Progressive has implemented new technology that allows users of AMS agency management systems to access Progressive policy information faster and more easily through the Company's agency-dedicated Web site, ForAgentsOnly.com (FAO). A simple drop-down box allows agents to choose the type of policy change they want to make and seamlessly jump to the appropriate FAO policy page.
CSIO Insurance Portal Status Update
Week ending February 6: No changes in company capabilities to report this week. Work is ongoing towards the rollout.
Policy Management
GeniSys and Transact One together unveil multi-purpose information management tools.
GeniSys and Transact One today announced a new business outsourcing program that allows life and health insurance companies to seamlessly outsource virtually every business administration process, from new business processing and managing in-force business to customer relationship management and, perhaps most surprising, marketing to their existing client base.
Claims
Boomerang Tracking device recommended by Sinclair-Cockburn Financial Group.
Boomerang Tracking Inc. is pleased to announce that the Sinclair-Cockburn Financial Group, as part of its HortProtect insurance program now insists on the installation of a tracking device on insured heavy equipment over $40,000. This is an effective way by which contractors can help manage the theft risk reduce the cost of claims and substantially reduce insurance premiums.
e-djuster expands into Quebec and the Maritimes, grows in Ontario.
Andy Williams, President of e-djuster Inc. is pleased to announce the appointment of Pete Daoust to the position of Eastern Canada Regional Manager effective February 1, 2004.
Business of Insurance
Sun Life Financial confirms MFS settlement with SEC and New York and New Hampshire regulators.
Sun Life Financial Inc. confirmed that its subsidiary, Massachusetts Financial Services Company (MFS), has reached settlements with the U.S. Securities and Exchange Commission (SEC), the Attorney General of the State of New York and the State of New Hampshire Bureau of Securities Regulation related to administrative proceedings alleging false and misleading information in certain MFS fund prospectuses regarding market timing.
Technology and e-Business
Leading Technology Research Group Names Hyland Software as Challenger within Enterprise Content Management Market.
Hyland Software, Inc., developers of OnBase enterprise content management (ECM) software and a leading, global provider of electronic document management solutions, today announced it has been ranked as a market challenger in META Groups recently released METAspectrum(SM) for the enterprise content management (ECM) market.
Small Biz Sees Big Benefits in Broadband: eMarketer.
The report, entitled Users of Telecommunication at Work,indicates that the vast majority of small businesses think that broadband has changed the way their company does business. Specifically, 65.9% think broadband has helped workplace efficiency and 53.3% think it has improved productivity. A notable 22.3% say broadband has allowed their customers to order their products online.
Marketing and the Market Place
Manulife Financial wins silver medal at New York Festivals for video on critical illness insurance.
Manulife Financial has been awarded a silver medal at the 46th annual New York Festivals for a video on how critical illness insurance could have helped a victim of a life-threatening disease.
Customer Service and Managing Relationships
DALBAR Rates Defined Contribution Plan Sponsor Web Sites.
DALBAR released the results of its industry-wide evaluation of the Web support provided to defined contribution plan sponsors. The study found that Web sites, industry-wide, could do more to help ease the anxiety plan sponsors face over meeting their fiduciary obligations. Retirement plan scandals and resulting lawsuits brought on by plan participants have significantly heightened sponsorsconcerns over meeting their fiduciary obligations, yet Web support and guidance in this area is lacking.
Consumer Information
Centre for the Financial Services Ombudsnetwork Issues First Annual Report
The Centre for the Financial Services OmbudsNetwork released its first annual report today, covering the period November 29, 2002 to December 31, 2003. Through its free Consumer Assistance and Referral Service and Web site, the Centre assists financial consumers in resolving individual questions, concerns or complaints, by putting them in touch with the appropriate point in the OmbudsNetwork of companies, association assistance centres, and independent ombudservices.
from Doug:
At long last we seem to be getting used to this thing called winter - with only a little below zero and only a little snow falling and only a little ice underfoot, things seem great.
Four day weekend break between semesters for younger son who spent it in New York City with a teacher, his family and five other students. Saw a lot of sites and thoroughly enjoyed the break - think I will try one myself soon!