Issue 2006-45: November 7, 2006
Distribution
CoVirt's VirtGate processing now automated with FundSERV.
TORONTO, Oct. 31 2006 - CoVirt Inc. (Canada) announced today that the option is now in its VirtGate wealth management system for Canadian fund processing to be completely automated through FundSERV. Buy, sell and switch orders can be placed through VirtGate and the client files, transactions, and commission files automatically imported and the records in VirtGate updated. The new features are now in production at several pilot insurance brokerage firms.
Claims
Innovation Group To Acquire First Notice Systems from Concentra.
WHITELEY, UK and HARTFORD, CT., November 02, 2006 – The Innovation Group (LSE:TIG), a global provider of technology-enabled outsourcing and technology solutions to the P&C industry, today announced that the company has reached an agreement to acquire First Notice Systems, Inc. from Concentra Operating Corporation. The acquisition is expected to close in the fourth quarter of 2006, providing a platform for the company to grow its insurance outsourcing business in the US.
Allegient Systems Ranked as one of the World's Foremost Software and Service Providers by Software Magazine.
Wilton, CT, Oct. 31, 2006 – Allegient Systems today announced that the company has been named to Software Magazine's list of the world's foremost software and services providers. In the magazine's Software 500 list, Allegient Systems earned a spot on the list at #419. The complete Software 500 list is published as an online catalog on www.Softwaremag.com.
ISO: Xactware's Network Processes 10 Millionth Estimate.
OREM, UTAH, October 16, 2006 — Xactware announced a major milestone today as the XactNet network processed its 10 millionth full-cycle claims estimate. "XactNet's phenomenal growth is a measure of the confidence and trust between Xactware and its industry-leading customers," said Jim Loveland, Xactware's CEO.
Claims Conference Nov. 6 a Success.
The 2006 Insurance Claims Technology Forum: Transforming Claims Processing was attended by a good audience totalling about 130, including delegates from across Canada and the USA, sponsors, exhibitors and us hosts. From general comments during the event, attendees felt that it was a good session. We will be reviewing the critique sheets to see where we should be making changes for our next one. View details.
Insurance in the Community
Manulife Financial Partners with Dalhousie Medical School to Expand MegaSearch(TM) to PEI.
CHARLOTTETOWN, Oct. 30 2006 - Thanks to a partnership with Manulife Financial, Dalhousie Medical School is expanding its unique, award-winning health and science program, MegaSearch(TM), to every grade five classroom in Prince Edward Island. The PEI Department of Education is also providing support, distributing the curriculum supplement to the more than 2,000 students throughout the province.
Consumer Information
Only 27% Of Canadians Are Worried About Getting Sick From The Flu: Ipsos-Reid for Hoffman La Roche.
October 24, 2006 Toronto, ON - According to new Ipsos Reid surveys conducted on behalf of Hoffman La Roche, only a minority of people in Canada (27%) say they are worried that they, or someone in their household, will get sick with the seasonal flu, with only 7% saying they are "very worried." The surveys also reveal that only a minority (38%) of Canadians said they were vaccinated for influenza during the last flu season.
Reference and Statistics
A.M. Best Special Report: Canadian Auto Insurance Industry Undergoes Dramatic Ups and Downs.
OLDWICK, N.J., OCTOBER 30, 2006 - During the past 10 years, the Canadian automobile insurance industry's underwriting results have changed dramatically as reflected by the significant variations in the direct loss ratio according to a special report by A.M. Best Co. From 1996 to 1998, the industry direct loss ratio remained flat at around 75. Premiums did not grow and claims incurred remained steady.
eBusiness and Technology
Insurance Accounting Systems Vendors 2006: Report Published by Celent.
San Francisco, CA, USA - October 18, 2006 - In a new report, Insurance Accounting System Vendors 2006, Celent looks at insurance accounting and financial solutions from five vendors. Solutions fall into two groups: enterprise resource planning (ERP) vendors and independent software vendors with a broad insurance focus.
A.M. Best Co. Announces E-Fusion Award Recipients.
OLDWICK, N.J., OCTOBER 25, 2006 -- A.M. Best Co. has named Vantis Life Insurance Co., Royal & SunAlliance Insurance Company of Canada, E-Claim.comLLC, Oceanwide Inc., Selective Insurance and Homesite Group Inc. recipients of the 2006 E-Fusion awards.
Gartner Analysts Examine the Future Scenario of Security during Gartner Symposium/ITxpo, October 8-13, in Orlando.
ORLANDO, Fla., October 10, 2006 — Reducing security breaches is a key business priority for CIOs, and the security industry is addressing this priority as it moves to the next phase of its evolution, according to Gartner, Inc. This next phase for the security market will integrate security into each new wave of technology when it enters the market, not after a security attack.
Marketing and the Market Place
eMarketer Report - Canada: Online Upswing.
OCTOBER 24, 2006 - Sometimes overlooked by US online marketers, Canada is beginning to receive the attention it deserves and with good reason. According to eMarketer's Canada Online report, published today, online Canadians and Americans tend to exhibit similar attitudes and behaviors.
Statistics Canada: E-commerce: Shopping on the Internet.
November 1, 2006 - Canadians ordered just over $7.9 billion worth of goods and services over the Internet for personal or household consumption in 2005, according to data from the new Canadian Internet Use Survey. They placed almost 50 million orders on-line during that year.
J.D. Power and Associates Reports: In-Person Transaction Experience Drives Customer Satisfaction with Retail Banking.
WESTLAKE VILLAGE, Calif.: 17 October 2006 —Although online banking is by far the most widely used and preferred method among Canadians to complete banking transactions, in-person branch experiences are more critical in terms of forming lasting impressions of their financial institution, according to the J.D. Power and Associates 2006 Canadian Retail Banking Customer Satisfaction StudySM released today.
Business of Insurance
Manulife Bank launches F-Class Investment Savings Account.
WATERLOO, ON, Nov. 1 2006 - Manulife Bank today announced the launch of their Investment Savings Account F-Class. Exclusively available through fee-based financial advisors, it is a high-interest investment account designed to help Canadian investors earn greater income on their cash.
Our People
LIMRA's Executive Development Program Grows to Meet the Needs of Future Leaders.
Windsor, CT, October 30, 2006 — LIMRA International announced today plans to expand and enhance its LIMRA Executive Development program, designed to prepare promising candidates for top management responsibilities. Beginning in January 2007, the Executive Development program will have more than 30 sessions for executives to choose from to improve their leadership, marketing, and financial skills.
from Doug:
On Saturday, three ladies presented "Tea with Mrs. Simcoe" (readings from her diary supported by a series of pictures) to our heritage group. Elizabeth Simcoe, wife of the First Lt. Gov. of Ontario, or then Upper Canada, of course gave us great glimpses into life in those early days of settlement through her diary and water colours. I find it staggering how much the two of them accomplished in less than five years, especially given that any significant amount of settlement began here after the end of the American Revolution, only eight years before the Simcoe's arrived. To imagine that she, of significant wealth and estate and presumably comfort, would leave four children in England to spend the time here - part of that time living in second hand tents previously used by Captain James Cook on his voyages. Who says history is boring!