Issue 2004-7:   February 17, 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

Best Doctors partners with Global IQX to offer online sales capabilities.

Global IQX Inc., developer of the ConnectInsure" insurance portal that enables financial advisors to conduct online quotations and enrollment transactions, today announced a distribution and licencing agreement with Best Doctors Inc., a medical service company who offers a suite of services that puts medical and health knowledge of the best doctors in consumer hands, empowering them to make the better healthcare choices for themselves and their loved ones.

Co-operators Life Becomes 100% Owner of Trent Health Travel Insurance.

The Co-operators Life Insurance Company announced today it is investing in the growth and development of the Canadian travel insurance industry by acquiring the remaining 50 percent interest in the Trent Health group of companies from Canadian Insurance Marketing Inc.

Kinnect Handles First 'Open Market' Risk.

Willis demonstrated Kinnect's sophisticated capabilities by placing the first complex open market risk with Amlin last week. A US commercial property risk was transferred on Wednesday from Willis, across the Kinnect Platform, into insurer Amlins underwriting system, provided by ROOM Solutions. Last Decembers first live risk was also placed by Willis, under an existing facility agreement with Lloyds underwriter Wellington. Risks placed under a facility are typically more standardised. Kinnect has now demonstrated that it can handle both categories of business with ease.

Ten Tips to Boosting "Toy" Sales: Progressive

As the popularity of motorcycles, boats, personal watercraft and recreational vehicles (RVs) continues to grow, the opportunity for independent agents to expand their business and increase customer satisfaction also improves. As owners of these vehicles prepare for the good weather season, independent agents should brush up on their sales skills in order to capture more of this business and grow their agencies.

CSIO Insurance Portal Status Update

Week ending February 13: A number of brokers are in alpha-beta production, and now better able to assess workflow in the broker offices and the relationship, in a workflow sense, of the staff, BMS and Portal. Work is ongoing towards the next phase of the rollout.
The next phase of portal function will most likely include single-signon and policy issue, and should be ready late 1Q 2005.

Policy Management

Best Doctors selects GeniSysŪ to provide policy administration services for their Best Doctors Service Card.

GeniSys, a market leading Business Process Outsourcing firm specializing in policy administration solutions for the life insurance industry, announces that Best Doctors Canada has signed an agreement to begin utilizing GeniSys' enterprise-wide administration services for their first stand-alone Canadian program - Best Doctors Service Card.

Human Resources - Hiring

RBC Insurance Invests in ExSel Qualifier from LIMRA to Prescreen Job Applicants.

LIMRA International has launched ExSel Qualifier, a new component to its ExSel online selection system. ExSel Qualifier is a completely customizable questionnaire designed to prescreen job applicants online. By ensuring that only people with the right job qualifications are brought in for interviews or administered employment tests, ExSel Qualifier significantly reduces the costs of hiring and the time required to fill positions.

Statistics and Reference

The 2004 General Insurance Register, now on sale! - Stone & Cox Limited.

The only national directory published for the Canadian property and casualty market, just released at the Ontario Independent Adjuster Associations Claims convention! Containing contact information for all segments of the industry, keep it on your desktop all year round!

Claims

Boomerang Tracking begins February with over $2 million in recovered assets in one week.

Boomerang Tracking Inc. started the month of February with over 25 stolen vehicles recovered, representing a total value of almost $2 million. In addition, these 25 tracks led the tracking team to the recovery of two chop shops, leading authorities to some 18 incidental recoveries of both intact and "chopped" vehicles valued at an estimated $200,000.

Manitoba Public Insurance's Top 5 Frauds for 2003

Honest Manitobans would shake their heads in bewilderment upon learning of some of the bizarre criminal antics committed by fraudsters in this province. In its ongoing efforts to battle auto insurance fraud and enhance awareness of this crime, Manitoba Public Insurance has released its Top Five Frauds for 2003.

Marketing and the Market Place

Canadians' Retirement Savings Expectations: Ipsos-Reid poll for Bank of Nova Scotia.

According to a recent telephone poll conducted by Ipsos-Reid on behalf of the Bank of Nova Scotia, one in five (20%) Canadian adults expect they would need to save $100,000 or less towards their retirement needs, 15% expect to need between $100,000 and $250,000, while over one-third (35%) of Canadians say their expected saving needs are $250,000 or over. Just over one-quarter (28%) were unable to specify an amount.

Canadians & Travel Insurance: Ipsos-Reid Survey for RBC Insurance.

According to an Ipsos-Reid poll, conducted for RBC Insurance, only half (47%) of Canadians who have travelled to the US for a leisure trip in the last three years, say they always(41%) or usually(6%) purchase travel insurance. Forty-five percent say they rarely(9%) or never(36%) purchase insurance. This despite the fact that eight in ten (84%) Canadians agree that buying travel insurance is worth the cost to have peace of mind on their vacation, half (48%) of Canadians strongly agree.

Business of Insurance

A Brighter Future For European Insurers in 2004: Towers Perrin (Tillinghast)

According to Towers Perrin, the global professional services firm, there is light at the end of the tunnel for beleaguered European insurers despite the unprecedented turmoil of the last three years. It claims there are several reasons to look positively towards 2004 but there are key issues that must be addressed believes the consultant.

from Doug:

Looking forward to hear some of the new technology developments in P&C insurance distribution in the Broker Channel tomorrow. Then we will be looking at a similar thread in Claims in late March - announcements to come soon.
On clear days the sun is becoming spring-like. I would be quite happy doing without this latest cold snap in Toronto however, especially when a Chilliwack BC resident offers that the flowers are coming up. There is hope yet.....