Issue 2004-47: December 14, 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.
Our People
'Friendly interview' is anything but cozy: Harvey Blake.
Be cautious in the interview that feels too chummy. While a good interviewer is genuinely friendly and committed to giving you a warm and welcoming reception, it is significant for your over-all performance and hiring outcome to remember that an interview is a business meeting. The interviewer is not your buddy or pal.
Consumer Information
Canadians say they'll use Retirement Funds to get by after Disability or Major Illness, says RBC Insurance Survey.
More than half (52 per cent) of all employed Canadians say they would use money currently earmarked for their retirement and work longer than planned to deal with costs associated with disability or major illness, according to an RBC Insurance/Ipsos-Reid study.
Auto insurance rates to drop one per cent, Manitoba Public Utilities Board rules.
Manitoba motorists will pay on average one per cent less for their auto insurance in 2005-2006, as the result of a Public Utilities Board (PUB) ruling.
From Canadian Insurance ENEWS: Traffic Injury Research Poll on Drinking and Driving Shows Mixed Results.
Canadian drivers believe that drinking and driving is the most serious road safety issue they face, yet nearly one in five admit to driving after drinking in the previous month, according to the findings of the Road Safety Monitor released today by the Traffic Injury Research Foundation.
Distribution
Worksite executives predict the market will continue its double digit growth: Eastbridge.
In a recent study by Eastbridge Consulting Group, Inc., The Future of Worksite Marketing: An Executive Perspective (2004), worksite marketing executives said they expect the market to continue to grow at about 10 percent per year for the next few years.
CSIO Insurance Portal Status Update
Week ending December 10: Rates for Kent & Essex are now loaded;
Wawanesa is now in User Acceptance Testing for Ontario auto rates;
The number of brokers integrated to the portal has increased by four this week to 125.
Business of Insurance
Ontario's FSCO Updates Pension Regulations as a Result of Transamerica v. ING.
The Supreme Court of Canada dismissed ING Canada Inc.'s application for leave to appeal the Ontario Court of Appeal's decision in Aegon Canada Inc. and Transamerica Life Canada v. ING Canada Inc. ("Transamerica decision"). The Court of Appeal's decision is therefore now final.
Interest Rate Risk, Market Consolidation and Implementation of Enterprise Risk Management Are Key Concerns for U.S. Life Insurance Industry in 2005, According To Tillinghast Survey.
Interest rate risk, market consolidation and the implementation of enterprise risk management (ERM) are key concerns for North American life insurance company CFOs heading into 2005, according to the latest CFO survey from the Tillinghast business of Towers Perrin. The survey the ninth in a Tillinghast series found that 69% of CFOs identified the competitive and economic environments as the top two challenges for achieving their companies' growth, profit and risk management objectives in 2005.
From Canadian Insurance ENEWS: FSCO Announces Next Phase of Organizational Changes
The current changes will affect the Auto Insurance Division, the Ontario Insurance Ombudsman and the Licensing and Market Conduct Division.
Marketing and the Market Place
Canada: The Online Enigma: eMarketer.
Canada is among the top countries worldwide in Internet usage and broadband adoption rates. What's more, Canada is a leader in Internet services such as online banking, in which a significantly higher percentage of Canadians than Americans do some of their banking online. So it is hard to believe that according to eMarketer's new report, Consumer E-Commerce in Canada the country's enthusiasm for the Internet has not translated into e-commerce leadership.
Corporate Headquarters and Finance Departments Assuming more Control over Global Pension and Employee Benefit Plans, Towers Perrin Survey finds.
Multinational companies are responding to the rising costs and heightened financial volatility of pension and employee benefit plans by increasing the head office's control of employee benefit programs and their financing, as well as increasing the involvement of the Finance department. This is the main finding of a recent survey of the world's leading multinationals by Towers Perrin, a global professional services firm.
Product Announcements
Industrial Alliance Introduces a New Critical Illness Insurance Product for the Participants, Spouses and Children of its Group Employee Plans.
In a constant effort to meet the changing needs of its clientele, Industrial Alliance Insurance and Financial Services Inc. recently developed a new group critical illness insurance product. The protection offered by this product allows participants stricken with one of the 18 covered critical illnesses to take the time to recover, while maintaining their quality of life and that of their family. This protection can also be extended to the spouse and children.
Reference and Statistics
USA Health Insurance Premiums Continue Upward Climb: CIAB.
The cost of health insurance continued its upward climb for companies of all sizes, with more than half the smaller employers and two-thirds of the medium-size businesses finding their premiums 10-20 percent higher during the last six months than they were at the beginning of the year.
eBusiness and Technology
Bell Canada signs seven-year, $140-million contract with Manulife Financial for fully outsourced Internet Protocol-based network management.
Bell Canada today announced an exclusive outsourcing agreement with Manulife Financial for the provisioning and management of Internet Protocol (IP)-based voice and data services. With this agreement, Manulife will benefit from an IP-based infrastructure that will deliver improved network reliability, scalability and greater cost efficiencies. The new platform will also be the foundation for an enterprise-wide voice over IP (VoIP) deployment at Manulife.
IDC Study Shows RFID Deployments Accelerating in 2005; Leading Services and Integration Firms Playing Significant Role in $2 Billion Marketplace.
Encompassing a wide range of applications – from helping to protect the U.S. drug distribution network from counterfeiters to ensuring child safety – perhaps no other autoidentification concept has gained as much attention in 2004 as the topic of radio frequency identification (RFID).
Claims
ICBC investigation uncovers the truth; another leads to guilty plea.
A Surrey resident has pleaded guilty to charges of providing false information to ICBC after claiming to be a passenger in a vehicle involved in a single vehicle collision. Two Fraser Valley residents have pleaded guilty to charges of providing false information to ICBC.
Fraud Losses from Email Phishing Attacks to Total $137 Million Globally in 2004, Lower than other Estimates: TowerGroup.
Relatively unknown only a year ago, email "phishing" scams have exploded in both frequency and media attention to become one of the most urgent threats to online financial services. A recent suspension of online banking services by the UK-based financial institution, NatWest, is evidence of the growing scope of phishing and related cyber-threats.
Managing Relationships
Nova Scotia WCB Launches New Web Site.
The Workers' Compensation Board (WCB) of Nova Scotia launches its new Web site today, part of a greater emphasis by the WCB on providing employers and workers with easy access to useful safety and insurance information.
from Doug:
At the risk of being ridiculed by those who would say we in downtown Toronto never experience real winter, the snow flurries and colder weather have now combined with corner sales of Christmas trees, store decorations, seasonal music and bustling shoppers to bring the Christmas cheer to most everyone. We look forward to having the boys home from University soon for the break, and to visits with the other family members.