Issue 2005-11: March 14, 2005
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.
Consumer Information
Aviva Canada Autograph™ Program Offers Ontario Drivers More Choice and Control over their Auto Insurance.
March 7, 2005, TORONTO, ON - Aviva Canada, one Canada's largest property & casualty insurance groups and the largest auto insurer in Ontario, announced that starting today eligible drivers can gain premium discounts of up to 25 per cent by participating in a unique initiative that enables drivers to track their driving habits.
From Canadian Insurance ENEWS: Anti-theft Immobilizing Systems to Become Mandatory for New Cars
Transport Minister Jean-C. Lapierre today announced that anti-theft immobilizing systems will become mandatory in all new cars, vans and light trucks, including SUVs on September 1, 2007.
Insurance Bureau of Canada encourages Minister Lapierre to implement tougher Canadian standards for vehicle immobilizers.
Insurance Bureau of Canada (IBC) strongly encourages Transport Minister Jean Lapierre to review regulations for electronic immobilizers announced today.
Are you @Risk? Understanding your information technology exposures. Insurers Financial Group.
Every business function utilizes technology for its own agenda. The reliance on technology varies from business to business and from department to department. Technology is playing a more integral part in your operations and it could expose your company to liabilities.
Insurance Industry - ICLR - Challenges Canadian Home Builders to Partner in Creating Disaster Resilient Homes.
ST. JOHN 'S, NEWFOUNDLAND – The Institute for Catastrophic Loss Reduction today called on individual home builders to join the insurance industry in building disaster resilient homes. Speaking at the pre-conference meeting of the 62 nd National Conference of the Canadian Home Builders' Association in St. John's , Newfoundland , ICLR Executive Director, Paul Kovacs said, "I am here today to challenge leaders in the home construction industry to partner with Canada 's insurers to build better homes – disaster resilient homes, homes designed for safer living."
CFIB calls for Code of Conduct, greater transparency from insurance industry.
Thursday February 17, 2005, Ottawa – Today, the Canadian Federation of Independent Business (CFIB) will appear before the Senate Standing Committee on Banking, Trade and Commerce to discuss consumer issues in the financial services sector, and will call for greater consumer protection and transparency from Canada's insurers.
Saskatchewan to introduce Graduated Driver's Licensing program.
Effective September 1, 2005, SGI is introducing a Graduated Driver's Licensing program for all new drivers in Saskatchewan.
CSIO Insurance Portal Status Update
Week ending March 11, 2005:
The number of brokers integrated to the portal remains at 156.
Howick Mutual and Kingsway have both completed user acceptance testing and have signed off.
Coachman, Hamilton Township Mutual and Pafco have all begun user acceptance testing.
Marketing and the Market Place
Canadians Winning The War Against Spam; Attitudes towards Email Improving: Ipsos-Reid.
March 10, 2005 Vancouver, BC After being increasingly inundated by spam over the past few years, Canadians are fighting back. For the first time in four years, the amount of unsolicited or "spam" emails received by Canadians has declined. In our latest reading of Ipsos-Reid's Canadian Inter@ctive Reid Report in Q4-2004, online Canadians received an average of 177 emails per week, 87 of which (49%) were spam, an improvement over 2003 where 134 (68%) of the weekly average of 197 emails were spam. Prior to this, spam volumes had been doubling every year (average of 30 spam messages per week in 2001, and 64 in 2002).
Asleep at the wheel: One in five drivers nods off while driving, poll finds: TIRF.
Ottawa, March 8, 2005 – A startling 4.1 million Canadians admit to nodding off or falling asleep at the wheel at least once in the past 12 months, according to the findings from the 4th annual Road Safety Monitor (RSM) released today by the Traffic Injury Research Foundation (TIRF). The survey focused on the practices, knowledge and concern among Canadians about the issue of drowsy driving.
Our People
HKMB International Insurance Brokers Sponsors The Directors College.
TORONTO, March 7 2005 - HKMB International Insurance Brokers is pleased to announce the signing of a program sponsorship agreement with The Directors College, a joint venture of The Conference Board of Canada and the DeGroote School of Business at McMaster University.
Policy and Product Management
Report of the Task Force on Automobile Insurance Issues: Canadian Institute of Actuaries.
March 2005 -- The cost of automobile insurance has become a major issue in virtually every Canadian province. Often, premium levels are the only basis upon which consumers and others make comparisons of automobile insurance rates across jurisdictions, and impressions abound as to what drives premium costs. We believe that a more appropriate basis for comparing insurance regimes lies with an examination of the largest cost component of any insurance system: the cost of claims.
Risk Classification and Underwriting Criteria, Non-Payment Terminations, and Fee Filing Guideline: FSC of Ontario.
With this Bulletin, the Financial Services Commission of Ontario (FSCO) is highlighting two regulation changes applicable to automobile insurance recently passed by the Ontario government concerning risk classification and underwriting criteria and non-payment terminations.
From Canadian Insurance ENEWS: Garda World Acquires Keyfacts From CGI
Garda World has entered into an agreement to acquire the principal assets of Keyfacts Entreprises Canada Inc., a wholly-owned subsidiary of CGI, valued at CDN$3.5 million.
Claims
Guy Carpenter Publishes Updated Report on Silica.
Guy Carpenter & Company, Inc., the world's leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies, Inc. has released an update to its 2004 report, "Silica – A Litigation Sandstorm." According to the report, two recent developments in silica litigation, although limited in scope, allow some cautious optimism that silica may not be following the asbestos litigation path.
eBusiness and Technology
New Version of Vista™ - Affordable Industry Reference Models Announced by Newlink.
March 7, 2005, Toronto -- NewLink Group Inc. announces a new version of the Vista™ reference models for the Insurance and Wealth Management industry. NewLink Group is proposing a cost sensitive offering to provide the Vista™ best practices industry models to Insurance and Wealth Management organizations.
Canadian Businesses Plan To Spend Less On IT, More On IT Outsourcing: Ipsos-Reid.
March 8, 2005, New York, NY - A major report based on a series of interviews with 305 senior IT managers and 298 business executives from the Canadian headquarters of companies across the country conducted by Ipsos-Reid, Canada's market intelligence leader, reveals that pressure to cut costs means that Canadian businesses plan to spend 4.4% less on IT in 2005, although companies will allocate additional funds to outsourcing.
Rethinking Insurance Network Infrastructure: The Case for Convergence: Celent.
San Francisco, February 15, 2005 -- In a new report, Rethinking Insurance Network Infrastructure: The Case for Convergence, Celent examines the rapidly emerging trend of combining separate voice and data networks into a single, converged network and finds that this gives insurance companies several important financial and business benefits.
Reference and Statistics
Canadian Economic Outlook March 2005: SwissRe.
Real GDP is now expected to be 2.8% in 2005 and 3.2% in 2006. Spending is up and taxes are down in the 2005 federal budget. Inflation is falling. With inflation so tame and growth less than robust, the BoC will remain on hold.
Managing Relationships and Customer Service
DALBAR Recognizes the Best Web Sites in the Mutual Fund Industry.
(Boston, MA. – March 4, 2005) Fidelity, Strong, Vanguard, Lincoln Financial, Franklin Templeton, and AIM earned DALBAR's highest honor, an "Excellent" Web site designation, for providing their customers with the best online service and support in the Mutual Fund industry. DALBAR evaluates over 200 Web sites quarterly to find those sites that excel in meeting the online needs of their customers.
from Doug:
Another of life's lessons about change. Our Ottawa son completes first year of university in a month or two and has been searching for off-campus accommodation for next year, with two fellow students. Suitable house apartment found, but how to make payment when a certified cheque is required, the next day, and the branch of his bank is some long distance from campus? On-line banking to the rescue - direct transfer didn't work, but email transfer did. Necessity, the mother of discovery.