Issue 2005-47: November 22, 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.
Training and Courses
A New Dimension to Learning Ethics: Two New Courses for Financial Advisors, from Oliver Publishing.
Ethical behaviour in the financial services continues to be one of the largest and most serious issues facing the industry. Knowing the rules is one thing; applying them in practice is another. Oliver Publishing has addressed the issue of practicing ethical behaviour in two new courses it has developed to meet continuing education credit requirements: Ethical Decision-making for IDA Registrants and Ethical Decision-making for Financial Advisors.
Executive Participants in Natural Disasters and Their Impact on the Insurance Industry: Round Table Forum, Dec. 8, 2005: Eric Moss Consulting.
Key executives from the Insurance Industry who have accepted invitations to sit at the Executive Round Table include: Scott Francis from AON Reed Stenhouse, Brad Dance from Travel Underwriters and Jerry Dalla Cortefrom The Dominion of Canada General Insurance Company. They join Dr. Michael Lydan from Manulife Reinsurance and Mark Yakabuski from IBC.
Consumer Information
Employers Beware! You Might Be Making 10 Common Mistakes: Insurers Financial Group.
Last month we presented a growing list of workplace torts that attract liability to both management and the organization. Here are 10 common mistakes made by employers that create employment practices liability. Recognizing these identifiable pitfalls can tighten up your HR procedures and prevent a claim from happening.
Product Announcements
RBC Insurance Introduces The Edge Critical Illness Plan.
RBC Insurance®, in partnership with The Edge Benefits Inc., announced the launch of The Edge Critical Illness Plan for clients. The plan provides simplified and enhanced coverage options for Canadians diagnosed with a critical illness.
Kanetix launches a new Term Life Insurance quote service with standard and preferred rates highlighted for shoppers in an easy-to-read and compare format.
TORONTO, Nov. 18, 2005 - Today, kanetix (www.kanetix.ca), Canada's insurance marketplace, announced the launch of a new Term Life Insurance quote service that empowers Canadians shopping for life insurance by simultaneously showing both the standard and preferred premiums in an easy-to-read and compare format.
Claims
Automated Benefits Corp.: Symbility Solutions Launches Version 2.3 Of Its Advanced Mobile Claims Software Platform.
Oct. 6, 2005 - WATERLOO, ONTARIO--Symbility Solutions Inc. (www.symbilitysolutions.com), a wholly owned subsidiary of Automated Benefits Corp., has announced the launch of Version 2.3, the newest update of its software platform Symbility.NET, which features advanced analytics for key performance indicator reporting.
Distribution
Life Distribution CITS Project Update Nov 17, 2005.
Nov 16, 2005 - Following the face to face meeting on Sept 22nd between distributors and carriers, the CITS initiative has progressed to the point that the main deliverable is almost complete. This deliverable will be an implementation guide outlining the most appropriate way for carriers to share information about Case Status and Requirement Status information on pending business.
EDS-SOLCORP inks contract, signaling new era in managing insurance and investment products.
OCT 24, 2005 - TORONTO, ON - EDS-SOLCORP, a global leader in software for the life insurance and wealth management industries, announced today it has completed agreements to install the WealthServ-Insurance software platform suite at Hub Financial to support sales and administration operations in Canada.
Business of Insurance
Sun Life Financial completes the acquisition of Hong Kong-based CMG Asia and CommServe Financial.
Toronto, ON (October 18, 2005) - Sun Life Financial (NYSE/TSX: "SLF") today announced that it has completed the acquisition of CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia. The transaction, previously announced on July 5, 2005, has been approved by regulatory authorities in Hong Kong and the Office of the Superintendent of Financial Institutions in Canada.
Atradius Granted Canadian Credit Insurance License.
MISSISSAUGA, Ontario, Nov. 11 2005 -- The Office of the Superintendent of Financial Institutions has issued Atradius Credit Insurance, NV, Canada Branch a license to sell trade credit insurance in Canada."We are very pleased to receive our license to start selling accounts. receivable credit insurance in Canada," says Neil Leary, president, Atradius Trade Credit Insurance, Inc. His company is the NAFTA arm of Atradius Group, one of the world's leading credit insurers.
Swiss Re's sigma study: Insurability in a changing risk landscape.
27 Oct 2005 - Why are some risks, such as terrorism, a challenge to insure? The key lies in the concept of "insurability". Swiss Re's latest sigma report shows how the insurance industry meets the challenges posed by newly emerging risks and changes to the risk environment.
Insurance in the Community
Great-West Life, London Life and Canada Life fund top-ranked Heart and Stroke Foundation research at Robarts.
LONDON, ON, Nov. 18, 2005 - Canada's leading life and health insurance organization today announced a $500,000 contribution to a national research partnership to improve the diagnosis, treatment and prevention of cardiovascular disease, the leading cause of death in North America.
Marketing and the Market Place
Annual RBC Home Renovations Study Finds 76% Of Canadian Homeowners Plan To Renovate In The Next Two Years.
October 11, 2005 Toronto, ON - A new Ipsos Reid survey conducted on behalf of RBC Financial group finds that homeowners will be busy with renovations over the next two years. Three-quarters (76%) of Canadian homeowners are planning renovations/home improvements in the next two years ("Renovators").
Statscan: New Housing Price Index.
November 10, 2005 - New housing prices were up 0.6% compared to August. The 12-month increase grew to 4.9% from 4.6% the previous month. Building materials and labour cost increases combined with higher energy costs were partially offset by moderating demand for new housing. Nonetheless, prices at the national level increased substantially. Land value increases contributed to price hikes in 9 of the 21 metropolitan areas surveyed. In Winnipeg, builders cited a shortage of serviced lots.
Our People
Towers Perrin Study Shows Less Than 1 In 5 Canadians Are Highly Engaged At Work.
Toronto, November 15, 2005 -- At a time when companies are focused on growth and looking to their key talent to achieve that growth a major new study offers disturbing news: just 14% of the global workforce is fully engaged at work, and less than one in five (only 17%) in Canada.
Reference and Statistics
Canadian Economic Outlook, November 2005: SwissRe.
Real economic activity was stable in 3Q 2005, and despite the expected monetary tightening by the Bank of Canada (BoC), looks on track to grow close to 3.0% for the year. Next year should see 3.2% growth. There are signs that inflationary pressures may be building, although high energy costs have not yet passed through to other prices. The housing market appears to have peaked, displaying increasing volatility and a gradually declining level of underlying activity.
eBusiness and Technology
AIM Survey Highlights Regulatory Pressures.
VIENNA, Austria - AIM Software, the Vienna University of Economics and Reuters have released the findings of the second global reference data management and risk management survey (AIM Global Data and Risk Management Survey 2005), based on phone interviews with 1,070 financial institutions across Europe, America, Asia and the Middle-East.
from Doug:
On Saturday, we drove to Kingsville, near Windsor, for a heritage meeting. The light snowfall from the previous evening disappeafred by mid-morning under the warm sun. The snow, a portent of what is to come and the end of another year; the countryside enroute different from Central Ontario. We must find the opportunity to explore the area much more extensively. A lot of history there, from First Nations, through the Black Freedom Trail, the first oil wells, Simon Girty and other Loyalist revolutionary characters, and across the river automotive museums and so much more. Maybe next year.