Issue 2006-44: October 31, 2006
Claims
Inter-Provincial Auto Theft Ring Discovered: IBC.
BARRIE, ON, Oct. 25 2006 - On Oct. 24, 2006, officers from the Joint Forces Investigation, Project Eastbound arrested and charged seven individuals with Possession of Stolen Property, Fraud and Uttering Forged Documents relating to the fraudulent registration and sale of stolen vehicles in Ontario, Quebec and New Brunswick. Seven additional arrests are anticipated and a total of 184 charges will be laid.
Claims Conference Nov. 6: Final Update
Wendy Hillier, Vice President, Claims, Aviva Canada Inc. will be joining Christine Haeberlin, VP Canada, Innovation Group, as they discuss "Fulfilling the Promise of Insurance: Achieving Best Practices in Claims" next Monday, Nov. 6 at the "2006 Insurance Claims Technology Forum: Transforming Claims Processing". View details.
Consumer Information
Ontario Auto Insurance Rates Decline in Third Quarter of 2006: FSCO.
In the third quarter of 2006, for the 79.93% of the market that had rate changes approved, the average rate change was -0.46%, when weighted by 2005 market share. The average rate change approved for the first quarter of 2006 was -0.71%, when weighted by 2004 market share (representing 41.09% of the market), and for the second quarter of 2006, was -1.42%, when weighted by 2005 market share (representing 46.67% of the market).
Brand Equity: If It's Worth Creating, It's Worth Protecting: Insurers Financial Group.
In September's issue we began our look at the power of branding by identifying potential brand assets and linked them to successful competitive advantages. Strong brand equity is developed by the associations your customers have made about your product or service.
Unsafe speed is the leading contributing factor in BC fatal crashes: ICBC.
October 17, 2006 - In every region of the province of BC last year, unsafe speed was the top contributing factor in fatal collisions. There were approximately 8,200 unsafe speed-related crashes on B.C. roads in 2005, resulting in almost 5,600 injuries and 167 fatalities.
Side airbags substantially reduce death risk in cars & SUVs; those that protect people's heads are especially effective: IIHS.
ARLINGTON, VA - Side airbags that protect people's heads are reducing driver deaths in cars struck on the near (driver) side by an estimated 37 percent. Airbags that protect only the chest and abdomen but not the head are reducing deaths by 26 percent.
Life Insurance Needs Continue Even After the Kids Are Grown, Says the Insurance Information Institute.
NEW YORK, October 25, 2006 - Couples who believe they no longer need life insurance after their youngest child reaches his or her 18th birthday could leave their family vulnerable to serious financial problems, especially if the sole income-earning parent dies.
Business of Insurance
Sun Life Financial and MFS Conclude Strategic Review.
TORONTO, Oct. 23 2006 - Sun Life Financial Inc. today announced that it has completed its assessment of strategic alternatives for its MFS Investment Management subsidiary. Sun Life will continue to own and invest in MFS and is not pursuing any third-party transactions concerning the firm.
Conning Research: Commercial Insurers Seek Predictive Modeling Advantage Enjoyed by Leading Personal Lines Insurers.
Hartford, CONN., Sept. 18, 2006 - Many commercial lines insurers imagine a world of potential success by applying to their businesses the predictive modeling techniques now widely used in personal lines, according to a new survey-based study by Conning Research and Consulting, Inc.
Marketing and the Market Place
The Fine Art of E-Mail Creative - Small tweaks can make a big difference: eMarketer.
OCTOBER 21, 2006 By Ben Macklin - Senior Analyst - Competition for space in your inbox is fierce, but a new study from Silverpop, an e-mail marketing service company, may provide some helpful tips for increasing your click-through rates. Silverpop reviewed and analyzed 612 e-mail messages sent from 430 companies to 100 or more recipients between mid-April and mid-August 2006. The study evaluated and compared 147 B2B messages and 465 B2C e-mails.
Our People
Landslides with Peter Bobrowsky: Friday Forum 10 Nov 2006 by ICLR.
The Institute for Catastrophic Loss Reduction is pleased to invite you to participate in a workshop with Peter Bobrowsky, Senior Research Scientist with the Geological Survey of Canada. In the last 150 years, landslides have killed more individuals in Canada than all other natural hazards combined. Direct and indirect economic losses resulting from landslides are estimated to be in the range of $200-$400 million per year.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Off Slightly in September, Applications Down 3.8% Q3 2006.
(Westwood, Mass. - October 19, 2006) North American application activity for individually underwritten life insurance declined modestly in September, down -0.9% year-over-year according to the MIB Life IndexSM. Third quarter application activity lagged that of Q3 2005 by -3.8%. Year-to-date (YTD), U.S. and Canadian application activity is off -3.1%, compared to the same nine months in 2005.
eBusiness and Technology
An Overview of the Lloyd's of London Market: Key Business and Technology Issues: Report Published by Celent.
London, UK - September 29, 2006 - Lloyd's of London is a hallmark of the London financial services industry, steeped in tradition and British history. Its uniqueness comes from being a market, not a single company, and it has all the hallmarks that one might expect of a marketplace. But this market also has a tremendous set of legacy business practices that make most insurers look like Google by comparison.
Gartner Outlines Roadmap to the Next Era of Personal Computing.
Egham, UK, October 9, 2006 - A major wave of technological advancement will cause the most fundamental changes to PC architectures for 20 years, according to Gartner Inc. Because of this, decisions made about the client platform today will influence operations well into the next decade and organisations need to plan accordingly.
IDC: Financial Insights Asia/Pacific Finds Wireless Technologies Equip Innovative Insurers with Competitive Edges.
SINGAPORE and HONG KONG, October 12, 2006 - A recent publication by global independent research and advisory firm Financial Insights discusses the new wave of wireless innovation to hit Asian insurers. The report, entitled Wireless Insurance Strategies: The Pursuit for Further Innovation, finds that insurers are increasingly honing their delivery systems by tapping into devices such as wireless-enabled notebooks, mobile phones or handheld appliances such as personal digital assistants (PDAs) or BlackBerrys, to enhance services to both agents and customers. Equally interesting is the use of vehicle telematics.
Gomez Expands Array of Web Performance Benchmarks.
LEXINGTON, Mass., Oct. 10, 2006 - Gomez, Inc. today strengthened its Competitive Benchmarking practice, giving organizations in 18 industries new ways to rate the online experiences they're offering their customers. Gomez, the leader in Internet application performance management, also expanded existing Gomez Performance Benchmarks by adding 90 new companies and several new business processes.
from Doug:
On the weekend, the fall Council meeting of our Loyalist heritage group met here in Toronto. I enjoy helping with the myriad of things that can contribute to a good meeting. A change of hotel for those from a greater distance, meeting facilities and ample food and drink for the Saturday meetings, etc. As with most "Council" meetings, we had our fair share of contentious issues - does every group continually face such situations? - but the President did a superb job of directing traffic. In spite of a miserable day, and traffic problems for those closer at hand, the weekend was a success.
Wish you and yours a Happy Hallowe'en, and lots of trick or treating; I am planning to lie low this year.