Issue 2005-17: April 26, 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
Insurance Bureau of Canada and University of Calgary launch driver-distraction study on cell-phone use among new drivers.
Insurance Bureau of Canada (IBC) today announced its sponsorship of groundbreaking research on the distractions that affect novice drivers. IBC and researchers at the University of Calgary will conduct the comprehensive study to determine the effects of cell-phone use on the driving behaviour of novice drivers.
Ontario auto insurance rates for first quarter of 2005.
Ontario private-passenger auto insurance rates decreased further during the first quarter of 2005, according to the Financial Services Commission of Ontario.
Distribution
CoVirt Announces that Four More Brokerage Firms Switch to VirtGate.
Toronto, ON April 18, 2005 -- CoVirt Inc. (Canada), the Canadian leader in Internet-based life insurance administration services announced today that four more brokerage firms have made the switch to selected VirtGate as their integrated advisor and policy management system.
CSIO Insurance Portal Status Update
Week ending April 22, 2005:
The number of brokers remained at 167, with 40 more (up 1) in progress. Otherwise no change.
Marketing and the Market Place
Confidence steady while fixed income and cash gain ground: Manulife Investor Sentiment Index.
WATERLOO, ON, April 19, 2005 - Canadians seem to be leaning a bit more toward fixed income and cash this spring, although homes and RRSPs remain their most popular places to invest, according to a recent national poll for Manulife Financial, Canada's leading insurance and wealth management company.
Reference and Statistics
March North American Life Insurance Activity Declines 2.3%: MIB.
(Westwood, Mass. – April 15, 2005) According to the MIB Group, Inc., March applications for individually underwritten life insurance in North America declined -2.3% year-over-year, marking the eighth decline in application activity over the past 12 months. First quarter 2005 results show application activity was off -2.5% for North America, -2.3% in the U.S., and -4.2% in Canada from Q1 2004 levels.
Business of Insurance
The Co-operators Reports Solid Growth and Earnings, Membership Expansion.
REGINA, SK, April 13, 2005 - At its annual general meeting in Regina today, The Co-operators marked its 60th anniversary with a report of solid growth and earnings in 2004 and the addition of three new co-operative member-owners.
OSFI Presents Detailed Report on Plans and Priorities Through 2008.
Effective mechanisms for evaluating risks to financial institutions and private pension plans, programs to promote sound business and financial practices, and the capacity and willingness to intervene early to avoid or minimize prudential problems in regulated financial institutions and pension plans will continue to be the key ingredients of OSFI's regulatory and supervisory approach.
OSFI Approves Canada's First Privately Held Bank - General Bank of Canada.
EDMONTON, April 15 , 2005 - The Office of the Superintendent of Financial Institutions has granted the General Bank of Canada a Canadian Bank Charter. Ralph Goodale, Minister of Finance, signed the Letters Patent incorporating the General Bank of Canada as a Schedule A Bank on April 12, 2005
New Lloyd's research reveals underwriters' views on insurance industry.
19 April, 2005 London -- Lloyd's underwriters believe that buyers are more concerned about pricing than current insurance industry investigations – according to new research released today. The research also reveals that underwriters see managing the cycle as the most important industry issue in 2005, and China as the biggest area for potential growth in the insurance business.
From Canadian Insurance ENEWS: St. Paul Travelers to Form national Business Unit in Canada
"Our U.S.-based national programs business has been extremely successful, and we're hoping to duplicate this success within our Canadian operations," said Rick Smith, president of Global Underwriting for St. Paul Travelers.
Claims
Nearly Two-thirds of Canadians have been Involved in an Automobile Accident - and They are Stressed: Carstar Poll.
HAMILTON – April 14th, 2005 – New poll results released today found that 65% of Canadians have been involved in an auto vehicle accident and 82% found the experience to be stressful. Women were more likely to find the experience stressful (88%) than men (76%). The poll, commissioned by 1-800-CARSTAR, also found that more men (70%) than women (60%) have been involved in accidents.
ICBC's anti-fraud programs show results.
April 5, 2005 - B.C. motorists saved more than $70 million in 2004 thanks to ICBC anti-fraud programs, according to year-end figures. The figure is based on the estimated value of fraudulent claims which were denied, money recovered and savings generated through fraud prevention
WCB of Nova Scotia Staffs Up to Issue Chronic Pain Decisions Faster.
HALIFAX, - April 14, 2005 - The Workers' Compensation Board of Nova Scotia will streamline its process and hire about 70 additional employees to ensure that claims for workers requesting chronic pain benefits are reviewed as quickly as possible.
Managing Relationships and Customer Service
Governments Must Move Beyond eGovernment Initiatives to Enhance Customer Service for Citizens, Accenture Study Finds.
WASHINGTON; April 6, 2005 – Despite having invested billions of dollars moving services and information resources online, governments around the world are still struggling to meet citizens' growing expectations for better customer service, according to the results of a study released today by Accenture.
eBusiness and Technology
E-Commerce: Ten Years Later: eMarketer.
Long gone are the days when Web sites crashed and online retailers burned through investors' money. Today, Internet retailers offer a stable shopping environment, and many are showing a healthy profit margin. At the same time Internet users are becoming more sophisticated in utilizing multiple shopping channels to research and buy products.
Insurance Software Deal Trends 2003-2004: Insurance Reports Published by Celent.
Boston, MA, USA -- April 21, 2005 -- Insurance software deal flow is picking up, with carriers of all sizes actively looking for ways to improve themselves via new technology. The results of Celent Communications' most recent deal trends study show that insurers are investing in technology with increasing frequency, repeating an intriguing finding first announced in last year's popular Celent study.
ACORD Examines Regulatory Impact on Data Standards in New Analysis.
PEARL RIVER, NY - April 13, 2005 - All members of the insurance industry recognize that regulations and reporting are now an even larger part of our daily life. But how those changes impact how we gather and share information is a major concern. ACORD, the insurance industry's data standards association, examines these issues in its newly released ACORD Strategic Analysis: The Impact of Standards on the US Regulatory Landscape available through ACORD's Website.
from Doug:
Spring was here, but has now retreated, hopefully to return before summer. One son to fetch from University this weekend; one at home already, for a while. Spouse on an art history tour in Italy. Two taxes efiled; two more to go. Busy time with the Heritage Association I belong to between now and mid-June. If time to relax is inversely proportional to one's degree of wickedness, I guess I have been more bad than I thought. For those who celebrate, Happy May Day. And don't forget the V-E Day celebrations upcoming. (No, I don't do politics. Not here anyway.)