Issue 2005-35: August 30, 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.
Education
Something To Spark Long Term Care: Karen Henderson, Caregiver Network Inc.
Most living benefits professionals are aware that too many Canadians live in ignorance about long term care costs and needs. However, when US based MetLife published the results of their Long-Term Care IQ Test, the situation was revealed to be almost unbelievable.
A life well lived deserves an advisor well trained - Certified Senior Advisor Program.
Your clients have come far. They deserve to work with an advisor who appreciates that fact- a Certified Senior Advisor. CSA's are a group of over 12,000 financial planners, accountants, insurance agents, lawyers, home health care specialists and other professionals who are certified knowledgeable on the health, financial and social issues that really matter to Canadian and American seniors. Over 500 Canadian professionals have attended our public seminars in the past 12 months - attend one of the remaining seminars.
Policy and Product Management
New Consumer Home Valuation Tool From MS/B Is Good News For P & C Industry.
Los Angeles - August 24, 2005 - Marshall & Swift / Boeckh (MS/B), the leading worldwide provider of building cost data and estimating technology to the property insurance industry, announces the release of it's new consumer product, AccuCoverage(TM), a Web-based tool that allows homeowners to determine the estimated replacement cost of their homes.
Camilion Solutions Acquires AbovePlan Corporation; Appoints Ross Orrett as CEO of Camilion.
TORONTO, ONTARIO - Aug. 24, 2005 - Acquisition of AbovePlan expands Camilion's Product Lifecycle Management offering Camilion Solutions, Inc., the leading provider of Product Lifecycle Management (PLM) solutions for the financial services industry, today announced the appointment of Ross Orrett as President & CEO. Mr. Orrett has been an independent member of Camilion's Board of Directors since February 2005.
Distribution
Novinsoft releases web-based illustrator for customers of Manulife Canadian Pension Operations.
PORT PERRY, ONTARIO - Novinsoft Inc - a leading developer of software for insurance and financial services firms -- announced the launch of its new web-based Illustration System for Manulife Financial's Canadian Pension Operations (CPO).
Cookson Walker Group Launches a New Website.
TORONTO, Aug. 23, 2005 - The partners and staff at Cookson Walker Group are pleased to invite you to our new website! The new website fully reflects the nature of the services we offer and provide to our clients.
Group Voluntary Products Continue to Grow Faster than Individual (Worksite) Plans According to Eastbridge Study.
AVON, CONNECTICUT, USA (August 16, 2005)-Continuing the trend of the last few years, voluntary group products grew at a faster pace in 2004 than did individual plans, according to a recently released study by Eastbridge Consulting Group entitled, U.S. Worksite Study.
eBusiness and Technology
Service Firms Must Significantly Invest In Building Their Service Oriented Architecture Capabilities, IDC Finds.
FRAMINGHAM, Mass., August 18, 2005 - According to an IDC study that examined and compared major service providers with service oriented architecture (SOA)-based professional services offerings and capabilities, SOA is being heralded as the most effective way to overcome the complexities involved in creating businesses that are agile and adaptive enough to address the ever-changing market dynamics.
Portfolio Systems 2005 Series: Full Suites with FIX Trading - Report Published by Celent.
New York, NY, USA - August 17, 2005 - Celent anticipates that the global portfolio systems market will reach US$2.2 billion by 2008. Portfolio Systems serve as the core infrastructure for investment management firms and divisions of banks and insurance companies. In the report "Portfolio Systems 2005 Series: Full Suites with FIX Trading," Celent compares 12 portfolio systems available in the US and Europe, explores the major trends in the marketplace, and details the latest features and functions of portfolio management systems.
CGI-AMS Acquires MPI Professionals Expanding Upon Financial Services Expertise.
New York, New York, August 10, 2005 - CGI-AMS Inc., the wholly-owned U.S. operating subsidiary of CGI Group Inc. (TSX: GIB.SV.A; NYSE: GIB), today announced that it has completed the acquisition of MPI Professionals. Founded in 2001, MPI is a privately-held, Manhattan-based consulting and systems integration firm with revenues of US$17 million.
Consumer Information
Ontario parents: are you ready for the new booster seat law?
Effective September 1, a new Ontario law will make booster seats
mandatory for all children until they meet one of three criteria.
Obese Are Three Times as Likely to Need a Hip or Knee Replacement: CIHI.
August 17, 2005 - Patients who underwent hip and knee replacements in 2003-2004 had a significantly higher rate of obesity compared to population norms, according to a new annual report by the Canadian Institute for Health Information (CIHI). Nearly half of those getting knee and hip replacements were considered obese; this is higher than the rate of obesity seen among the Canadian population in general.
Reference and Statistics
North American Life Insurance Activity Off 3.9 % in July: MIB.
Westwood, Mass. - August 22, 2005: North American application activity for individually underwritten life insurance declined -3.9% in July, year-over-year, according to the MIB Life Index SM.
Canadian Economic Outlook August 2005: SwissRe.
The Canadian economy continues to be robust, relying on strength in domestic consumption, trade, and the still resilient housing sector. Real GDP was up 0.3% m-o-m in May, and 2.8% y-o-y. Strong GDP growth in the past three months has nudged ER&C's forecast up, and implies a probable rate hike for the Bank of Canada in the near future.
Business of Insurance
Funding of Jointly-Sponsored Pension Plans in Ontario.
In the 2005 Ontario Budget, the Minister of Finance announced that the ministry would issue a consultation paper which would focus on the funding of jointly-sponsored defined benefit pension plans (JSPs) and potential areas of conflict between the terms of these plans and the Pension Benefit Act (PBA).
from Doug:
Hurricane Katrina has again showed us how Nature can humble us. A nephew lives in New Orleans. His chronology of activities as the storm approached more quickly than anticipated and with stonger force illustrates how quickly plans change. He evacuated Sunday to Dallas where he would be working this week anyway. At this point they don't yet know if they have, in his words, "a home or a scuba destination" to return to. Still, a smaller loss than many have experienced. Reminds us to count our blessings.