Issue 2004-43: November 16, 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.
Claims
Pack Out Inventory (POI) Solution for Contents Claims: First General Services Canada.
Contents claims are the hardest claims to settle quickly, fairly and to the satisfaction of the insured. First General Services Canada has introduced Pack Out Inventory (POI) program, a new contents management program that can solve potential problems and minimize possible disputes over missing or damaged items.
ISB Announces Claims Information Training School.
ISB announces the inaugural Claims Information Training School. We have designed a curriculum to empower the attendees to take full advantage of the sources of information and documents available to them in the handling of a claim. Claims Information Training School will be held quarterly, concentrating not only on the information available but also designed to educate the attendees in deciphering the information contained in the documents.
Court awards ICBC approximately $280,500 in auto-theft ring.
A jury has awarded ICBC approximately $280,500 as the result of a civil action brought forward in January 2003 against a number of people involved in an auto-theft ring based in Maple Ridge. The jury awarded ICBC special damages of approximately $191,000, general damages of $19,500 and awarded punitive damages against six defendants totaling $70,000.
Consumer Information
Insurance industry announces consumer rights and compensation disclosure plan: Insurance Bureau of Canada.
The Insurance Bureau of Canada today revealed details of a plan to provide enhanced clarity and access to information in surance sales and service. Components of the plan include a Code of Consumer Rights and Responsibilities, and an industry commitment to Web disclosure of details on distribution compensation and ownership links.
Insurance Brokers Association of Ontario releases broker compensation document.
The Insurance Brokers Association of Ontario released its point-of-sale protocol for disclosure of broker commission.
Consumer Alert: Evidence of Invalid Auto Insurance Documentation Identified in New Brunswick: The Co-operators.
It has come to the attention of The Co-operators that some New Brunswick residents were misled into purchasing what they believed to be auto insurance policies from individuals falsely claiming to represent The Co-operators.
Electronic Stability Control Found Effective - Main Effect is to Reduce Single-Vehicle Crash Risk: IIHS.
About half of the 28,000 fatal passenger vehicle crashes that occur each year involve a single vehicle. Equipping cars and SUVs with electronic stability control (ESC) can reduce the risk of involvement in these crashes by more than 50 percent. The effect on all single-vehicle crashes (fatal and nonfatal) is somewhat less (about 40 percent), and the effect on multiple-vehicle crashes is much less. These are the main findings of a new Insurance Institute for Highway Safety study comparing crash rates for cars and SUVs with and without ESC.
CIAB (US) Statement on Broker Compensation.
The following is a statement from Ken A. Crerar, president of The Council of Insurance Agents & Brokers, on broker compensation. The Council represents the top tier of commercial insurance brokers who annually write 80 percent of the property/casualty insurance premiums and administer billions of dollars of employee benefit accounts.
Distribution
Hub International Narrows Quebec Focus; Commercial and Private Client Group Practice to be Emphasized.
CHICAGO, Nov. 4, 2004 -- Hub International Limited announced today that its Quebec-based hub, Martin Assurance & Gestion de Risques Inc. ("Martin"), has signed a letter of intent to sell a portion of its Personal Lines book of business to a new corporation that will be under the direction of Mr. Euclide Cyr, who is currently an officer of Martin.
CSIO Insurance Portal Status Update
Week ending November 5: The number of brokers integrated to the portal has increased by two this weeks to 118.
eBusiness and Technology
Sapiens to Bring Business Rules Technology to Linux.
Sapiens International Corporation N.V., a leading global provider of business-rules based technology solutions announced today, at the 2004 Business Rules Forum, its planned support of Linux by its eMerge Business Integrity Server platform, as part of its new technology road-map, bringing the proven speed and scalability of Sapiens' technology to Linux.
The Virtuous Cycle of Compliance and IT? Report Published by Celent.
By shifting to a strategic, issue-based approach, Celent believes that insurers could reduce their compliance-related IT spending by as much as 25 percent, or more than US$350 million industry-wide.
Image Process Design, Inc. Enters into National Software Agreement with Blue Cross and Blue Shield Association.
Image Process Design, Inc. (IPD), a leading provider of imaging, workflow, process automation and business process automation systems for the insurance industry, signed a multi-year national agreement to provide participating Blue Cross and Blue Shield Association (BCBSA) member plans the ability to purchase software licenses and support contracts at significantly discounted pre-negotiated prices.
Hyland Software Attains Gold Certified Partner Status in Microsoft Partner Program.
Hyland Software, Inc., developer of OnBase® enterprise content management (ECM) software, today announced it has attained Gold Certified status in the Microsoft Partner Program with a competency in ISV/Software Solutions. As a Gold Certified partner, Hyland has demonstrated proficiency with Microsoft technologies and the continued ability to meet customers' needs. Microsoft Gold Certified Partners receive a rich set of benefits, including access, training and support.
Marketing and the Market Place
Canadian Government Agencies Will Partner to Drive Modernization, According to IDC.
Canadian government agencies will increasingly turn towards Public Private Partnerships (PPP) as a modern solution to the social, economic, and demographic pressures that challenge the delivery of public services. A recent IDC Canada study outlines how government agencies in Canada can successfully leverage these unique partnerships to modernize and ultimately improve the level of service they provide to the Canadian public.
E-Z Data Specialist to Speak at Insurance Canada's Fourth Annual Insurance Marketing Seminar.
E-Z Data, Inc., the leading provider of front-office systems for insurance companies, broker-dealers, general agents, agents, and investment advisors, today announced that Mike Overdorf, Corporate Account Manager for E-Z Data, will present a session titled "Sharing Information in Real Time with Advisors and Clients" at Insurance Canada's fourth annual insurance marketing seminar – Marketing: Differentiation Through Online Services – to be held in Toronto on Wednesday, November 17, 2004.
Product Announcements
National Life Introduces Managed Accounts For Universal Life Products.
National Life announces the introduction of a new category of investment options called Managed Accounts for its universal life products. Managed Accounts offer policyholders access to some of the best brand name mutual funds actively managed by leading Canadian and international investment managers.
Insurance in the Community
Partners Making Wishes Come True: Sovereign General.
4 November 2004 (Calgary AB) - The Children's Wish Foundation of Canada is pleased to announce an exciting new partnership. The Sovereign General Insurance Company has named the Foundation as its "charity of choice" for at least the next three years. This commitment will see Sovereign provide $600,000 in corporate funding to Children's Wish over that period.
from Doug:
Looking forward to a trip to Ottawa and another to Woodstock ON over the next few days. That and an event in Toronto are all Heritage related. A bit of a hectic week as a result, but it will be fun.