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.
eBusiness and Technology
IBM Chooses Information Builders' WebFOCUS for Worldwide BI Offerings on the System i Platform.
New York, NY - March 14, 2007 - Information Builders, the leader in production business intelligence (BI) solutions, today announced an agreement with IBM (NYSE: IBM) to distribute a special version of Information Builders' WebFOCUS business intelligence suite for the IBM "all-in-one" System i business computing platform. The new WebFOCUS offering will target
the full breadth of the System i marketplace, from small businesses to enterprise users.
SAS, Source Evolution to Enhance Business Intelligence Competencies Together in Eastern Canada.
TORONTO (March 28, 2007) - Continuing to address the growing demand for its data integration (DI) and business intelligence (BI) software and services, SAS Canada today announced that Source Evolution has joined the SAS Alliance, a partnership that will help increase the BI market penetration of both companies in eastern Canada.
M&A Deals in Insurance IT and Services: 2006 Report Published by Celent.
Boston, MA, USA - March 22, 2007 - In a companion to its recent report on banking services M&A deals, Celent has published a new report examining approximately 70 recorded M&A deals in insurance brokerage, services, and technology in 2006 which finds increased activity and valuation levels.
Claims
Automated Benefits Corp.: Symbility Expanding Throughout North America.
WATERLOO, ONTARIO--(March 21, 2007) - Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., is pleased to announce that it is currently engaged in Phase 1 implementation (defined as proof of concept) with a number of insurance companies across the United States and Canada which has increased the user base to over 5,500.
CAA and TIRF release study on the impact of short-term licence suspensions in Saskatchewan.
OTTAWA - April 2, 2007: The Canadian Automobile Association (CAA) and the Traffic Injury Research Foundation (TIRF) today released a report on the impact of short-term licence suspensions (STS) at the roadside for drinking drivers. STS is a provincial sanction that has been used in Canada for the last 20 years as a means of immediately removing drivers with a low BAC (blood alcohol content) from the road for a period of 12 to 24 hours.
TowerGroup: Insurers Must Embrace Enterprise Mobility Strategy to Improve Customer Service and Drive Down Costs.
NEEDHAM, MA, April 3, 2007 - New research from research and advisory services firm TowerGroup finds the time is right for U.S. property and casualty claims insurers to aggressively exploit the business benefits of an enterprise mobility strategy.
Consumer Information
Beware of the "swoop and squat": Canadians can take action on insurance fraud.
The Insurance Bureau of Canada has released information that Canadians need to know about how to protect themselves against different types of insurance fraud and what they can do to help prevent it.
Aviva Canada reduces automobile insurance rates for inexperienced drivers.
Aviva Canada Inc. is taking the first step in providing affordable automobile insurance for inexperienced drivers with the introduction of a "Clean Start Discount," available to drivers licensed less than six years who have not had any convictions or accidents.
Business of Insurance
Kingsway Announces the Acquisition of Mendota Insurance Company.
Toronto, Ontario (April 2, 2007) - Kingsway Financial Services Inc. today announced the completion of the previously announced acquisition of Mendota Insurance Company, a wholly owned subsidiary of The Travelers Companies, Inc. (f/k/a The St. Paul Travelers Companies, Inc.). The transaction includes Mendota's wholly owned subsidiaries, Mendakota Insurance Company and Mendota Insurance Agency, Inc.
Marketing and the Market Place
The BMO Boomer Survey by Ipsos Reid: One in three boomers are assisting an aging family member; 44% are also supporting their children financially.
March 30, 2007, Toronto, ON – A new Ipsos Reid/BMO Financial Group survey finds that one in three (34%) Canadians aged 45-60 years indicate that they are assisting an aging family member in some way; over four-in-ten (44%) in this group are currently supporting their children financially as well. Impacts of helping aging family members are varied. A majority (59%) of boomers who are doing so indicate that it has strengthened their relationship with the person they are assisting.
Canada's population estimates: StatsCan.
March 29, 2007, Ottawa - Today, Statistics Canada releases population estimates for Canada, the provinces and territories, as of January 1, 2007. These estimates differ from the results of the 2006 Census published March 13, 2007 for two reasons. First, the population estimates are based on the 2001 Census counts, adjusted for net undercoverage, and updated between censuses using information on births, deaths and interprovincial and international migration derived from administrative sources.
Swiss Re sigma study: Annuities - a private solution to longevity risk.
30 Mar 2007 CET - Insurers play a prominent role in providing private solutions for one of today's most challenging issues: "longevity". Contrary to common belief, longer lives can represent an enormous potential for profitable business, as long as the associated risk management challenges are suitably mastered.
U.S. Consumers Increasingly Going Online And Calling Stores To Research Product, Availability And Price, Accenture Survey Finds.
NEW YORK, April 4, 2007 - An Accenture survey of more than 600 U.S. consumers has found that the majority of consumers use the Internet as part of the shopping process even if they go to stores to purchase or pick up items. The data suggest that retailers and consumer goods companies need to focus on customer service and information available both from call centers and online or risk losing customers researching potential purchases.
Product Announcements and Information
Conning Research: Surety Industry Turnaround Continues: Positive Forecast for Growth and Profitability.
(Hartford, CT) March 26, 2007 — The surety segment can now be said to have fully recovered from its slump, according to a new study by Conning Research and Consulting, Inc. "The surety market slump began in 2001, coinciding with the recession and resulting financial turmoil," said Mark Jablonowski.
Reference and Statistics
LIMRA Reports Record Sales for U.S. Individual Annuities.
Windsor, CT, March 21, 2007 - Driven by record sales of variable annuities, individual annuity sales had a record year in 2006 reaching $236.2 billion, up 9 percent over 2005, according to LIMRA International. For the fourth quarter of 2006, individual annuity sales were $58.9 billion, growing 9 percent compared with the same quarter in 2005.
from Doug:
I took some time from my office work Monday morning to watch the dedication of the VIMY Memorial. I thought the ceremony was very well done, and a good tribute to our soldiers who gave, and continue to give, so much. As tragic as it was, a strong parallel to the Easter message.