Issue 2005-28: July 12, 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.
Claims
Automated Benefits Corp Announces Allstate Insurance Company of Canada Adoption of Symbility Mobile Claims System.
TORONTO, ONTARIO - July 4, 2005 - Allstate Insurance Company of Canada has reached an agreement with Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., to implement the Symbility mobile claims system for property insurance operations in Canada.
Consumer Information
Increased protection for life and health consumers: CompCorp.
CompCorp, which protects Canadian policyholders against loss of benefits in the event that a life and health insurance company fails, announced today that its members approved three enhancements to its consumer protection.
Experts Cite 10 Consumer Misperceptions That Can Hinder a Comfortable Retirement: LIMRA International Report.
Windsor, CT, May 24, 2005 - A secure and worry-free retirement is a cherished dream for millions of Americans but a new report cites 10 ways in which consumers lack a realistic understanding of what they need to do to achieve that dream.
Buying an above-ground pool? Don't forget the insurance implications, says Insurance Information Institute.
With temperatures soaring in many parts of the country, above-ground pools are an appealing option to beat the summer heat. Inflating a pool for use in the back yard may seem simple enough, but there are insurance and safety implications to consider, according to the Insurance Information Institute (I.I.I).
CSIO Insurance Portal Status Update
Week ending July 10, 2005:
The number of brokers integrated to the portal increased by two over the last two weeks to 189.
Distribution
Another business backs Kinnect.
The wave of support for electronic platform Kinnect in the Lloyd's and London market continues with the announcement today that St Paul Travelers is backing the enterprise.
Insurers And Asset Managers Must Improve Online Support For Variable Annuity Products, kasina Finds.
New York, May 18, 2005 – New Web-based strategies will be critical in supporting future sales of variable annuity (VA) products, according to a whitepaper just released by kasina, a leading financial services industry consulting firm. The report, "Improving Variable Annuity Distribution through Online Initiatives," recommends that insurance companies and asset managers focus their efforts on enhancing online tools in three broad areas: Education, Suitability, and Sales Training.
Eastbridge: New Survey Released by The Council of Insurance Agents and Brokers (CIAB) on Voluntary Worksite Benefits.
Avon, Connecticut, USA (June 21, 2005)Voluntary products are becoming an increasingly important part of employee benefit packages offered in the workplace, with 94 percent of leading commercial insurance brokers offering those products, nearly double the number engaged in voluntary sales just five years ago.
Marketing and the Market Place
Productivity Through Health: A FGIworld CEO Study On Health And Productivity In Canadian Industry: Ipsos-Reid.
June 8, 2005 -- This study underscores the productivity gap that currently exists in Canadian companies, with half of both CEOs (53%) and working Canadians (52%) agreeing that their organizations are not as productive as they should be.
McGuinty Government Introduces Legislation To End Mandatory Retirement.
TORONTO -- The McGuinty government is introducing legislation that would end mandatory retirement and provide greater fairness and choice for workers aged 65 and older, Labour Minister Chris Bentley announced today.
Business of Insurance
Sun Life Financial Announces Significant Acquisition in Hong Kong.
Toronto - July 5, 2005 - Sun Life Financial today announced that it has reached an agreement to purchase CMG Asia and CommServe Financial, which together form the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia, for CDN $560 million.
Reference and Statistics
Canadian Economic Outlook July 2005: SwissRe.
Strong domestic consumption continues to support the Canadian economy, up 1.5% m-o-m in April, and an impressive 8.2% y-o-y. Domestic demand is growing at its fastest pace in six years. Inflation and core inflation remained moderate in May, both up only 1.7% y-o-y. This is in line with ER&C's forecast rates through year-end.
Towers Perrin - Call for More Mortality Information at Older Ages Answered: Groundbreaking Tillinghast Study on Older Age Mortality.
Stamford, CT, June 29, 2005 - The Tillinghast business of Towers Perrin today announced findings of the life insurance industry's most comprehensive study of mortality experience data at older ages The Tillinghast Older Age Mortality Study (TOAMS), which was conducted in the fall of 2004 and included data from 38 life insurance companies.
Swiss Re's sigma study "World insurance in 2004": growing premiums and stronger balance sheets.
23 Jun 2005 - The insurance industry continued to expand and regain financial strength during 2004, according to Swiss Re's latest sigma study. Globally, inflation-adjusted premiums rose by 2.3%, to USD 3 244bn. Key highlights of 2004 were: the return to growth in the life business and the positive underwriting results achieved by non-life insurers.
Managing Relationships and Customer Service
Resolution, Self-Service and Accurate Data Are Top Customer Service Initiatives For 2005: KANA.
Menlo Park, Calif. - March 31, 2005 – KANA Software, Inc., a leading provider of Service Resolution Management (SRM) solutions, today announced findings from a recent customer service survey conducted at the April SSPA Conference in San Diego, CA. The survey revealed that while most companies have traditional CRM case tracking, call routing and email systems in place, they are lacking a complete solution that addresses service resolution, the most critical and costly component of providing customer service.
eBusiness and Technology
OnBase® Healthcare Solutions Awarded American Hospital Association Endorsement.
Cleveland, Ohio - June 27, 2005 - Hyland Software, Inc., developer of the OnBase enterprise content management (ECM) software suite, today announced that it has been awarded an exclusive endorsement from the American Hospital Association (AHA) for its Integrated Document Management system that helps improve revenue cycle management and back office operations.
Progressive.com Takes Top Honors In Watchfire® GómezPro Q2 2005 Insurance Carrier Scorecard.
Mayfield Village, Ohio - (June 29, 2005) Progressive.com, the Web site of The Progressive Direct Group of Insurance Companies and The Progressive Corporation, has been named #1 Overall in the Watchfire® GómezPro Q2 2005 Insurance Carrier Scorecard . The site has taken top honors in nine out of ten Scorecard rankings published since 2000.
Postini indicates that Phishing Increased in June: eMarketer.
July 06, 2005 - New data from Postini, a provider of e-mail security and management services, indicate that the number of phishing incidents in June increased 71% from the previous month.
from Doug:
In our area the hot days of summer are full force. Finally found a bit of time to transplant a few flowers in our patio tubs, which also forces me to make the daily watering and maintenhance routine - maybe that will help keep me healthy! I hope you are planning some special moments this summer to fill the memory bank.