Issue 2006-16: April 18, 2006
Distribution
Novinsoft Portal now included with CoVirt's VirtGate Client Management System.
TORONTO, March 31, 2006 - CoVirt Inc. (Canada) announced today a deal was signed with Novinsoft Inc. where CoVirt will offer, for free to its brokerage and MGA customers, the ability for advisors to link from the client screen in the VirtGate Site to the Novinsoft Portal.
Advocis continues its defence of financial advisors and consumers.
April 11, 2006, Ottawa, ON - Advocis, The Financial Advisors Association of Canada, continued to fight for financial advisors and consumers in its oral arguments before the Supreme Court of Canada today. The Association argued for uniform standards of professional conduct among all who market insurance products in the landmark case deciding whether federally chartered banks must abide by provincial legislation for the sale of some types of insurance, including credit and mortgage insurance, in Alberta
New Eastbridge Report Examines Commission and Compensation Practices in Worksite Market.
AVON, CONNECTICUT, USA (April 11, 2006)-There's no doubt that commission and compensation plays a key role in attracting-and retaining-producers. But what exactly are carriers doing today to gain a competitive edge in this area? Are successful carriers providing more than just commissions, like bonuses, benefits, etc. to capture the producers' attention?
First Catholic Slovak Ladies Association Selects SunGard's iWORKS for Sales Illustrations.
MIAMI, FL– SunGard today announced that First Catholic Slovak Ladies Association has selected SunGard's iWORKS NAVIGATOR, a comprehensive suite of solutions for life insurance and annuity sales and support. SunGard is a leading global provider of financial and insurance software solutions for both the individual and employee benefits industries.
Consumer Information
ICBC lays 175 fraud-related criminal charges in 2005.
ICBC's anti-fraud efforts led to 175 criminal charges against 94 people last year, more than double the number laid in 2004.
Internet Vies with Pharmacists as U.S. Consumers' Second-Most-Trusted Source for Medication Information, Accenture Survey Finds.
NEW YORK; April 10, 2006 - U.S. consumers trust the Internet nearly as much as they do pharmacists as a resource from which to learn about medications, according to the results of a survey released today by Accenture. More than six out of 10 (61 percent) of the survey's 1,000 U.S. respondents said that physicians are their most trusted source for medication information, followed by pharmacists and online medical sites (16 percent and 13 percent, respectively).
CIHI offers a first look into continuing care in Canadian hospitals and nursing homes.
March 22, 2006-Today, for the first time, the Canadian Institute for Health Information (CIHI) is releasing information on continuing care - a sector of the health care system about which very little is known. As Canada's population ages, the health system is focusing more on the care delivered to the elderly and to those with chronic health conditions
Business of Insurance
Life Insurance Underwriting Changes: Hughes Trustco Group.
Montreal, Canada - April 4, 2006. Today Ivon T. Hughes of The Hughes Trustco Group advised its brokers that RBC Insurance has revealed changes to its underwriting requirements for smaller life insurance policies.
Canadian Institute of Actuaries speaks out on premium increases announced by SAAQ.
MONTREAL, April 7 - The Canadian Institute of Actuaries (CIA) held a press conference in Montreal this morning to outline its position on the decision by the Société de l'assurance automobile du Québec (SAAQ) to raise Québec motorists' premiums and on the controversy this decision has sparked.
TowerGroup Report: Insurance Sector Offers Financial Institutions Roadmap For Developing Innovative Investment Products for Retirees.
Needham, MA, March 15, 2006 - The challenge of funding retirement programs for the aging "baby boomer" population is not limited to the United States. Within a century, the number of people over age 65 will outnumber all other age groups in developed countries, including Australia and countries in Western Europe.
Managing Relationships and Customer Service
Manulife Financial launches online Annual Information Return tool for Canadian group pension clients.
WATERLOO, ON, April 11, 2006 - Manulife Financial is launching a new online Annual Information Return Summary Report for group pension clients across Canada, as part of its industry-leading governance program. This report reinforces a commitment by Manulife Group Savings and Retirement Solutions (GSRS) to make plan management easier for clients.
eBusiness and Technology
Universal Insurance Selects CGI for Seven-Year BPS Deal.
Tampa, Florida, April 11, 2006 - CGI Group Inc. (CGI), is pleased to announce the signing of a seven-year agreement valued at between US$45 and $75 million, to provide Universal Insurance of North America, headquartered in Sarasota, Florida, with policy and accounting business process services (BPS).
Gartner Says Corporate Mobility Becomes Mainstream and Outlines the Shape of the Future with Mobile Business 2.0.
London, UK, 3 April, 2006 - Presenting Gartner's scenario at the annual Gartner Wireless and Mobile Summit today, Nick Jones, Gartner vice president and distinguished analyst outlined Gartner's view of the most significant trends in the wireless and mobile industry that will affect people during the next five years. As these trends unfold, Gartner predicted that key stakeholders in the mobile
US Gartner Presents 10 Year Scenario for Information Technology, Business and Society.
Hannover, Germany, 8 March 2006 - Speaking at the CEO and CIO Vision Forum at CeBIT today, Steve Prentice, distinguished analyst and chief of research at Gartner Inc. outlined Gartner's 10 Year Scenario for Information Technology, Business and Society. Mr. Prentice described how eight major trends, in four pairings, are combining to produce an unstoppable whirlwind of change throughout enterprise IT, the industry and society as a whole.
Our People
The Institute for Catastrophic Loss Reduction (ICLR) is pleased to invite you to participate in a workshop with Dr. Michael Bartlett of The University of Western Ontario.
Damage due to hurricanes and other windstorms has increased dramatically in recent years, incurring losses of life and property around the world. Houses are the most common structures and are also the most affected structures during extreme events. They are complex because of their highly redundant, yet vaguely defined, structural systems. A new full-scale facility for testing houses, and other light-frame buildings, to failure under realistic, simulated environmental loads has been developed.
Policy and Product Management
Guy Carpenter and AIR Worldwide Join Forces to Develop First Ever Earthquake Catastrophe Model for Switzerland.
New York, April 3, 2006 -- Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist and a part of the Marsh & McLennan Companies (NYSE: MMC), and AIR Worldwide Corporation (AIR), today announced a joint initiative to develop a detailed catastrophe model focusing on earthquake exposures in Switzerland. The fully probabilistic model will provide insurers and reinsurers with a powerful resource for quantifying loss potential at a detailed level.
Product Announcements
Chubb Insurance Company of Canada - Condo Owners: Don't Get Trapped in Insurance Gaps.
TORONTO, ONTARIO - April 10, 2006 - Chubb Insurance Company of Canada announced a new insurance policy today that helps protect condominium owners against common, yet often unrecognized, gaps in typical condo coverage.
Reference and Statistics
Québec Auto Insurance Industry Continues Growth in 2005.
Québec City, April 5, 2006 -- The Québec automobile insurance industry posted further growth in 2005. Indeed, based on an analysis of the rates being charged in the past year, insurers as a whole reported operating income totalling 16.8% of earned premiums, up slightly from the 16.6% generated in 2004, as losses (3.0%) grew at a slower pace than earned premiums (3.2%). The results are in line with the positive trend which, in the past five years, has been outpacing the historical returns generally anticipated in the insurance industry.
from Doug:
Spring has finally really sprung here - more flowers, more green, lots of sun - and I have been trying to enjoy it at least a little bit.
I hope you enjoyed Easter. We managed to see all of our local families; only missed our son in Ottawa who is midst of exams.