Issue 2005-32: August 9, 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
Claims Analytics From MS/B Used at Cunningham Lindsey.
LOS ANGELES and DALLAS - July 20, 2005 Marshall and Swift / Boeckh (MS/B), the leading worldwide provider of building cost data and estimating technology to the property insurance industry, and Cunningham Lindsey US, Inc., a leader in international independent claims adjusting and loss management services, announce that MS/B will provide Claims Analytics services for Cunningham Lindsey.
Product Announcements
PetHealth Inc - Happy, Healthy and Here: ID and Database Program Helps Animal Lovers Manage Their Pet's Wellbeing For a Lifetime.
Toronto, ONTARIO – July 11, 2005. Eight out of ten pet owners consider their pets to be family members and want to do everything in their power to ensure their pet is happy, healthy and safe. While simple identification tags are not enough to bring Fido home if he gets lost or keep him safe while he is gone, a combined program incorporating microchip identification technology, a comprehensive database and identification tags, is now creating an effective alternative.
New travel medical insurance plan aims to save money for small and large Canadian companies: Travel Underwriters.
Richmond, BC, August 4, 2005 - Travel Underwriters, a specialty provider of travel insurance products, has launched a new travel medical insurance plan designed for Canadian employee group health benefits packages.
Business of Insurance
Manulife-Sinochem launches Group Insurance business.
SHANGHAI, China, Aug. 2 2005 - Manulife-Sinochem Life Insurance Co. Ltd., a subsidiary of Canada-based Manulife Financial and the Official Life Insurance Partner of the Beijing 2008 Olympic Games, has launched its group insurance business. Manulife-Sinochem has been actively preparing for its group insurance business since the recent lift of product restrictions for foreign insurers by the Government, as part of China's commitment to the World Trade Organization.
Capital Management and Availability of Future Capital Are Key Concerns for U.S. Life Insurance Industry, According to Latest Tillinghast CFO Survey.
Stamford, CT., August 2, 2005 - A majority (70%) of North American life insurance company CFOs consider capital management to be a key concern for them today and expect that to continue over the next three to five years, according to the latest CFO survey of the Tillinghast business of Towers Perrin. The survey showed that CFOs'concerns about current and future availability of capital are driving nearly one third (30%) of respondents to actively explore one or more alternatives for raising capital
RIMS Survey Shows Soft Market Proving Stubborn: Commercial Insurance Prices Stagnate, Lacking Catalyst for New Direction; Some Lines Show Firming, But Traditional Indicators of Market Shifts Give Contradictory Messages.
New York, August 3, 2005 - Premiums in the commercial insurance industry continued along the path of an 18-month long down market, according to the RIMS Benchmark Survey?, the industry's only comprehensive survey of current policy renewal prices as reported by corporate risk managers. However, mixed signals from the market suggest that it may be poised for a change.
Consumer Information
Auto insurance rates set to drop again for Alberta drivers - Automobile Insurance Rate Board.
Good Alberta drivers will see another four-per-cent premium reduction in mandatory auto insurance this November, bringing total premium reductions since reforms were introduced to 15 per cent -- a result of the first review of compulsory premiums by the Automobile Insurance Rate Board.
CSIO Insurance Portal Status Update
Period ending August 9, 2005:
The number of brokers is nearly the same at 186, but broker usage is growing.
A systems enhancement package was inplemented on August 2. This included improvements to VIN handling, Facility print form and navigation, as well as some fixes etc.
Distribution
Eastbridge Reports Another Year of Growth in the Worksite Market for 2004.
AVON, CONNECTICUT, USA (July 26, 2005)Worksite carriers recorded another year of growth in 2004, according to a recent study by Eastbridge Consulting Group, Inc. New worksite sales (U.S.) totaled an estimated $4.223 billion, a three percent increase over 2003 results. Growth improved from the 1.8 percent increase realized in 2003 (based on revisions several companies made to their reported 2003 sales).
J.D. Power and Associates Reports: American Family Insurance Agents Recognized for Customer Service Excellence.
WESTLAKE VILLAGE, Calif.: 25 July 2005 - More than 750 licensed American Family Insurance agents from throughout the company's 17 operating states have been recognized for customer service excellence under the J.D. Power and Associates Distinguished Insurance Agency Program. This distinction acknowledges a strong commitment by American Family agents to provide their customers outstanding service.
Marketing and the Market Place
Ipsos/Reid/NCR Survey: Self Checkout Has Appeal To Canadians - One-Quarter (27%) Of Canadians More Likely To Shop At Store That Offers Self-Checkout Option.
July 13, 2005 Toronto, ON - According to a new Ipsos-Reid/NCR survey released today, one-quarter of Canadians (27%) say they would be more likely to shop at a store that offers a self-checkout option to them than one that doesn't, and 18% of Canadians say the option to "check yourself out" has a great impact on where they choose to shop.
Human Resources
LOMA Introduces Tool To Aid in Selecting Bilingual Contact Center Candidates.
Atlanta, July 11, 2005 - LOMA, a leading provider of selection assessments for the financial services industry, announced today the release of LOMASelect® REPeValuator Bilingual. This Web-based simulation assesses critical skills of contact center candidates who are seeking positions that require communication in both English and Spanish.
Managing Relationships and Customer Service
Pension Governance a High Priority for Canadian Business: Towers Perrin study reveals organizations are working to improve pension governance practices.
Toronto, June 9, 2005 -- Results of a survey released today by Towers Perrin show Canadian employers are paying more attention than ever before when it comes to governance of their pension plans. The increased focus on governance by plan sponsors and regulators in the past few years has led to widespread improvements in governance practices, according to Towers Perrin. But despite the positive results overall, the survey found that plan sponsors and administrators are still working to improve governance practices and better manage pension risk.
Poor Customer Service Is Top Reason Consumers Switch Service Providers, Accenture Survey Finds.
NEW YORK: July 26, 2005 - Despite the increased use of new technologies intended to improve customer service, such as automated phone systems and live chat over the Internet, poor customer service is the primary reason that consumers switch service providers, according to results of a study released today by Accenture.
eBusiness and Technology
TowerGroup Examines How Institutions Can Drive Holistic Business and Technology Transformations to Improve Efficiency.
NEEDHAM, MA, July 27, 2005 - According to new research from TowerGroup, many global financial services institutions lag the industry's leaders in operational efficiency by as much as 30%. A review of a select group of top diversified global financial institutions found that these institutions averaged around 60 cents in cost to produce $1.00 of revenue. This is compared with the industry's top performers, who spend just over 40 cents for that same $1.00 of revenue.
IBM to Acquire DWL - Customer Data Integration Software to Strengthen IBM's Information Management Portfolio.
ARMONK, NY, August 2, 2005 - IBM today announced it has signed an agreement to acquire DWL, a privately held company based in Atlanta and Toronto. Financial terms were not disclosed. DWL is a leading provider of customer data integration middleware which helps companies provide a single integrated view of prospect and customer information spread across multiple product and business silos.
Progressive.com Takes Top Honors In Watchfire® GómezPro Q2 2005 Insurance
Carrier Scorecard - Named Best Overall; Leads in Most Categories and Tasks.
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.
from Doug:
The space shuttle has landed successfully. My air conditioning technology is not working as well as the shuttle's technology. I am ready for fall - or at least cooler weather.