Issue 2004-36: Sept 28, 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.
CSIO Insurance Portal Status Update
Week ending September 24: The project to make the CSIO Portal available to Quebec Brokers has begun. The business requirements have been evaluated and the development is underway.
David Patrick will be speaking about the portal to the CAMIC conference, where the mutual companies gather, in Charlottetown, PEI on Oct 4, and also to the North American Applied Systems Users Group meeting, ASCnet, in Florida on Oct 6.
The number of brokers integrated remains at 92.
Business of Insurance
New promise for insurance transformation: by Jamie Rogers, IBM.
Research indicates that customers are increasingly willing to buy all their financial services from one institution. At the same time, the market place is changing through convergence or M & A activity causing companies to transform their business model. But are they ready and able to meet their customer's needs? Incremental change in how a company operates is not an option for the future; a comprehensive customer relationship strategy is needed, supported by changes in organization, processes and culture.
The Canadian Centre for Emergency Preparedness (CCEP) is Calling for Presentations.
The Canadian Centre for Emergency Preparedness (CCEP) is calling for presentations for the 15th World Conference on Disaster Management (WCDM) "The Changing Face of Disaster Management - Defining the New Normal", Metro Toronto Convention Centre, Toronto, Canada from July 10-13, 2005. WCDM is the premier annual event that addresses issues common to all aspects of disaster/emergency management. The conference program includes speakers from many parts of the world and provides excellent opportunities for training and networking.
Conning Research: Conditions Create Potential Hard Market for Life Reinsurance in 2004.
Primary life insurers may be facing a pricing and capacity crunch this year as they seek reinsurance in a market controlled by fewer players in 2004, according to a new study by Conning Research and Consulting, Inc. "Significant consolidation in life reinsurance over the past few years has limited the number of suppliers and contributed to capital constraints," said George McKeon, analyst at Conning Research.
eBusiness and Technology
Top 10 Trends in Insurance E-Business Today and Tomorrow: Celent.
Celent's new reports, Top 10 Trends in P/C Insurance E-Business Today and Tomorrow and Top 10 Trends in L/H E-Business Today and Tomorrow, present 10 key trends in each sector of the insurance industry. These trends have been observed by Celent over the course of its ongoing research and supported by data from its recent online survey of more than 65 insurance executives.
CSC Study Shows Open Source Applications Prolific, Vital to Business, Government Operations.
According to a new report by Computer Sciences Corporation's Leading Edge Forum (LEF), open source applications are rapidly increasing in number and type -- and they're powering both vital government and high-volume consumer systems. The open source movement is producing tremendous gains in efficiency, cost savings and quality, as well as radically changing the way software is developed and marketed.
Manulife Financial and CGI Finalize Agreement for the International Systems Development Centre (ISDC).
Manulife Financial and CGI Group Inc. (CGI), today announced the signing of the contract to create a new information technology development centre in Halifax. The signing of the memorandum of understanding was previously announced on June 9, 2004.
ACORD Receives Industry Initiative of the Year Award.
At a September 8 ceremony in London, ACORD was presented with The Review Worldwide Reinsurance Industry Initiative of the Year Award for 2004. ACORD President and CEO, Gregory A. Maciag, accepted the award on behalf of ACORD's more than 480 members worldwide.
Marketing and Market Place
Older Canadians Finally Joining the Internet Age: Ipsos-Reid.
Older Canadians are increasing their presence in cyberspace, according to a recent survey conducted by Ipsos-Reid as part of the Canadian Interactive Reid Report. Currently six-in-ten people 55 years of age and older have Internet access, which is a significant jump from the 48% found at this time last year.
Ernst & Young Releases Survey of Information Security.
(From Canadian Insurance ENEWS:) According to an Ernst & Young survey released today which questioned 1,233 leading organizations in 51 countries, CEOs are increasingly aware of information security dangers but are not acting on the threats. The report concludes there is a failure to invest and a failure to enforce.
Online Advertising Spending Up Again: eMarketer.
Online ad spending in the US totaled $2.37 billion in Q2 2004, according to the Interactive Advertising Bureau and PricewaterhouseCoopers. This represents an increase of 42.7% over spending in the second quarter of 2003, and a 6% increase since the Q1 2004 tally of (a revised) $2.23 billion. It is also the seventh consecutive quarter of growth for Internet advertising spending.
Claims
Federal Government Provides Approximately $6.4 in Crime Prevention Funding.
(From Canadian Insurance ENEWS:) Today the federal government announced approximately $6.4 million in support of 137 community-based crime prevention initiatives in Ontario. The money will help communities develop projects which focus on the factors that put individuals at risk -- factors like family violence, school problems and drug abuse.
One in Five Florida Homes Damaged by Season's Hurricanes; Insurance Payout from Storms may Exceed Hurricane Andrew: I.I.I.
About one out of every five Florida homes has been damaged by a hurricane so far this year, according to the Insurance Information Institute. The insurance industry likely will pay out more than the $15 billion in insurance claims which resulted from Hurricane Andrew in 1992, the I.I.I. reported. The I.I.I. also expects the total number of claims will exceed one million, surpassing the 700,000 claims filed for Hurricane Andrew and setting a new record for the number of claims in such a short span of time.
Insurance in the Community
Transamerica's "Drive For Life" Charity Golf Tournament Raises over $250,000 for Canada's Charities.
Transamerica's 8th annual Drive For Life Charity Golf Tournament took place at Devil's Pulpit Golf Course in Caledon, Ontario on Monday, September 20, 2004. Every year Transamerica Life Canada donates the proceeds from the golf tournament to charities dedicated to health and wellness or social and community causes.
Consumer Information
Three in Five Private Companies Anticipate an Employee Will Steal Company Funds or Equipment This Year, Chubb Survey Finds.
Three in five privately held companies report that it is likely that an employee will steal company funds or equipment this year, according to a survey sponsored by the Chubb Group of Insurance Companies. Executives at 60% of the companies surveyed anticipate that employees may steal funds or equipment from the company, while 34% say employees may steal funds from a client.
Roundabout opening in Surrey 8th Ave aims to reduce crashes: ICBC.
The Ministry of Transportation, under an agreement with Transport Canada, has funded the 8th Avenue widening project, including construction of a new single-lane roundabout. ICBC is also contributing funding to the roundabout through its road improvement program.
Managing without Money: Canadians Not Prepared to Handle the Effects of Disability or Illness, RBC Insurance Study Shows.
Canadians may be worried about dealing with a disability or critical illness, but they aren't prepared to cope financially.
Fire Chiefs Salute Canada's Volunteer Firefighters.
To mark the third annual National Firefighters Week across the country, the Canadian Association of Fire Chiefs (CAFC) is paying specific tribute to thousands of Canadians who volunteer their time and efforts in the cause of fire safety and prevention.
from Doug:
Our "summer" weather continues here, most unusual. This weekend we are taking our annual long-weekend heritage bus trip into the Hudson Valley in NY State. A real variety of historical sites, including a bus tour of parts of West Point, the same one which Benedict Arnold tried unsuccessfully to deliver into British hands during the Revolutionary War. Just hoping now that Hurricane Jeanne doesn't come around a third time and impact our visit.