Issue 2004-28: Aug 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.
Seminar
P&C Brokers and Insurance Companies are increasingly deploying technology applications. Join your colleagues on August 11 for Insurance-Canada's 6th annual Broker Technology seminar, which will showcase how technology implementations are producing business successes. Brokers: Putting Technology to Work features leading practices like Knowledge Management, front-edge technologies like Web services, new inter-organizational communications applications, and several perspectives on getting value from your investment.
Distribution
Applied Systems Canada, Inc. Teams with World Access Canada to Provide Integrated Travel Insurance Issuance to Brokerages using The Agency Manager®.
Applied Systems Canada, Inc., a leading provider of insurance automation and World Access Canada, a leading provider of travel insurance and assistance products, announced today that they will work together to provide integration between The Agency Manager® (TAM) version 7.1.0 or higher and World Access Canada's Travel Insurance products. Applied's XML tool kit, Applied ConneXion®, will power the seamless integration between the Applied and World Access Canada software.
Western Financial Group Acquires Two Additional Alberta Agencies.
Western Financial Group ("Western Financial Group" or "the Company") announces the acquisitions of Page Insurance Ltd. in Drumheller, Alberta and Bru Agencies Ltd. in Hanna, Alberta.
New Eastbridge study finds brokers are offering more lines of business.
For some time, Eastbridge Consulting has been reporting that the employee benefit broker segment is experiencing the fastest growth of all voluntary producer segments and is the segment that has the greatest market share of new sales. We have also been "predicting" the blending of the traditional group, worksite, and even pension distribution channels into a new breed of broker the Benefits Advisor.
ACORD Life & Annuity Forms Now Accepted in 41 States.
41 states are now accepting the ACORD Life Form Life Application Part 1, ACORD announced. This is a major step in a multi-year initiative and is supported by numerous life insurance companies and associations, including NAILBA and NAVA.
CSIO Insurance Portal Status Update
Week ending July 30: Germania, Grenville, North Waterloo Peel, and Trillium are all now in User Acceptance Testing for their auto rates. The team continues to add brokers to the portal at a steady pace, with 68 brokers now signed up and technically integrated to the portal.
Claims
Crawford Announces New Aviation Claims Services Division.
John Sharoun, senior vice president, Global Technical Services is pleased to announce the development of a new area of expertise - Aviation Claims Services.
Anthem Blue Cross and Blue Shield and Accenture Test Digital Pen Solution with Physicians.
Anthem Blue Cross and Blue Shield (BCBS) and Accenture are testing digital pen technology designed to help healthcare professionals capture and send medical claim information digitally.
Business of Insurance
Transamerica Reprices Term Insurance with Adaptability.
Transamerica Life Canada announces the reprice and repositioning of one of Canada's leading term insurance products, TERMSelect(TM).
Pensioners and Pension Plan Members Are Clearly The Winners: Transamerica Life.
Transamerica Life Canada is very pleased with a recent Supreme Court of Canada decision to dismiss an application for appeal from ING Canada on the NN Pension Fund case. The decision was handed down on Thursday, July 8, 2004, and upheld a previous Ontario Court of Appeal decision last December, 2003.
Conning Research: Estimated $14 to $24 Billion Gap in Property-Casualty Reinsurance Recoverables Expectations Is Growing.
The growing gap in expectations between cedants and reinsurers may develop into a critical concern for the industry, according to a new study by Conning Research and Consulting, Inc.
Guy Carpenter Publishes Review of Lloyd's Market.
Guy Carpenter &. Company Ltd., the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), has released its annual, comprehensive review of the Lloyd's Market, The Lloyd's Market in 2004.
Statistics and Reference
Canadian Economic Outlook July 2004: SwissRe.
The economy is on a path to more sustainable growth. Over the past month, the effect of Bank of Canada (BoC) interest rates cuts earlier in the year have begun to wear off. Interest-sensitive sectors, such as auto sales and housing, are showing signs of slowing. Nevertheless, the economy in the second quarter still grew at a strong rate of 3.8% due to a rebound in business inventories. An improving global economy and rising business investment will drive more sustainable growth in the second half.
A.M. Best Report: Canada's P/C Industry Rebounded Strongly in 2003.
As 2002 fades from memory as the worst performance year by the Canadian property and casualty insurance industry, 2003, on the other hand, will be remembered for the industry's return to underwriting profitability and strong earnings, according to a statistical study from A.M. Best Company. The overall industry, excluding Insurance Corporation of British Columbia (ICBC), generated an underwriting ratio of 98.4 and an improved return on equity (ROE) of 12.4%. Underwriting profit for the year totaled $524 million.
eBusiness and Technology
CSC and Zurich Financial Services Sign Global IT Applications Outsourcing Agreement.
Computer Sciences Corporation announced it has signed an information technology (IT) applications outsourcing contract with Zurich Financial Services (Zurich), a world-leading, insurance-based financial services provider. The value of the seven-year agreement is estimated at approximately $1.3 billion if all options are exercised.
eLearning
Corporate Learning: Online or Classroom? e-Marketer.
Most project management training is occurring in the bricks-and-mortar classroom, reports The Center for Business Practices.
Consumer Information
Canadians On Summer Driving Issues: Ipsos-Reid Survey.
According to a new Ipsos-Reid survey conducted on behalf of Michelin, the summer driving condition 46% of Canadians with a valid drivers' license fear most is "severe rain and thunderstorms or hail."
from Doug:
Tornados, severe storms, unusual weather patterns – we seem to have it all this summer. In spite of all this I trust you are finding some good and relaxing family time away from the hustle and bustle.
I spent yesterday at Fort York. What a fascinating set of activities the reenacting cadets put on for us – drills, music, musket-firing, artillery, fortifications and barracks tours. Not only did we in the audience learn a lot, but those cadets are getting a wonderful sense of our Canadian history first-hand, to go along with a fun summer job.