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.
Distribution
Gore Mutual Insurance Company and Policy Works to Exchange Commercial Lines Data Electronically.
June 27, 2007, Cambridge ON -- Gore Mutual Insurance Company is pleased to announce that they have joined Policy Works Inc.'s Certified Data-Exchange Partner Program, in order to deliver a broker management system integration solution with Gore Mutual's GoBroker™ technology. The integration of Gore Mutual's web-quoting facility with Policy Works' Commercial Management System will enable Gore Mutual brokers to upload commercial lines submissions automatically from Policy Works into Gore Mutual's online web-tool, GoBroker™.
Keal Technology Becomes the First BMS Vendor in Canada to Attain Gold Certified Partner Status in Microsoft Partner Program.
CONCORD, Ontario, Canada — July, 6, 2007 — Keal Technology, today announced it has attained Gold Certified Partner status in the Microsoft Partner Program with a competency in ISV/Software Solutions, recognizing Keal's expertise and impact in the technology marketplace. Keal Technology is the only Broker Management System (BMS) vendor in Canada to attain Gold Certified Partner status.
CSIO Focus Group Presses Forward with Standards.
Toronto, Ontario, 21 June 2007 - CSIO's 5th Annual Focus Group, representing insurers, brokers and vendor system companies, reached consensus issuing the following strategic statement. "It is absolutely vital that insurers and broker management system vendors continue to move forward with the adoption and implementation of CSIO Standards."
Celent Names SunGard a Leading Provider in Illustrations Category in the Life/Health Edition of its Insurance Software Deal Trends Report.
Atlanta, GA, July 5, 2007 – SunGard today announced that it has been named a leading provider in the Illustrations category by research and advisory firm Celent, LLC, in the latest Life/Health edition of its Insurance Software Deal Trends report.
Hub International to Acquire Unity Group Insurance.
CHICAGO, June 25, 2007 - Hub International Limited announced today that it has entered into a definitive purchase agreement to acquire the assets of Windsor, Ontario-based Unity Group Insurance (Unity).
Eastbridge Study Finds Benefit Brokers Dominating Voluntary Market.
AVON, CONNECTICUT, USA (June 19 , 2007)-Benefit brokers accounted for the largest percentage (nearly 50%) of worksite sales in 2006, according to Eastbridge Consulting Group's eighth annual U.S. Worksite Sales Study. The next closest segment, in terms of market share, was the Career Agent.
Policy and Product Management
Alberta Motor Association Insurance Company Selects SunGard's iWORKS Policy Administration Solution.
Alpharetta, GA – June 27, 2007 – SunGard today announced that the Alberta Motor Association Insurance Company, a subsidiary of the Alberta Motor Association (AMA), has selected SunGard's iWORKS FrontTier, a policy administration solution for property and casualty insurance companies. SunGard's iWORKS FrontTier is a property and casualty policy administration system that offers integrated business process management functionality to help firms automate submissions, quotations, policies, rating, billing, accounting, workflow, claims, documents and reports. The iWORKS FrontTier tool set helps insurers adapt the system to individual business requirements.
SunGard's iWORKS COMPASS Identified As "Best Choice" for Many Carriers by Research and Advisory Firm, Celent.
Atlanta,GA - Jun 26, 2007 - SunGard today announced that SunGard's iWORKS COMPASS, a group and individual insurance, pension and investment product administration system, has been identified as "not only the best choice, but the only choice", for many carriers looking for a group administration system in its target space, according to Celent's Policy Administration Systems 2007: Life/Health/Annuity Vendors report.
Claims
Smooth: Milestone Rollout by MSB Leaves Clients Happy, with All Systems "Go".
NEW BERLIN, WI - June 26, 2007 - It can be an IT team's nightmare: deployment of an upgrade to a vendor's software product. But it doesn't have to be that way, as a recent rollout by MSB demonstrated.
Business of Insurance
Manulife Financial signs agreement to acquire Berkshire-TWC Financial Group Inc..
TORONTO, June 26, 2007 - Manulife Financial Corporation and Berkshire-TWC Financial Group Inc. today announced that, subject to regulatory approvals, Manulife will acquire Berkshire's mutual fund and securities dealerships in Canada, consisting of more than 700 Advisors and 237 branches across Canada.
USA Property/Casualty Industry Net Income and Overall Profitability Slip in First-Quarter 2007: ISO.
JERSEY CITY, N.J., June 28, 2007 The U.S. property/casualty insurance industry's net income after taxes dipped to $15.8 billion in first-quarter 2007 from $16.7 billion in first-quarter 2006 and $17.7 billion in first-quarter 2005. Reflecting the declines in net income, the property/casualty industry's annualized rate of return on average policyholders' surplus (statutory net worth) dropped to 12.9 percent in first-quarter 2007 from 15.5 percent in first-quarter 2006 and 17.9 percent in first-quarter 2005, according to ISO and the Property Casualty Insurers Association of America (PCI).
Marketing and the Market Place
CFIB: Quarterly Business Barometer - Small business confidence drops as temperature rises.
June 27, 2007, Toronto - The latest Business Barometer by the Canadian Federation of Independent Business (CFIB) shows the index has fallen to 107.3 in June, from 108.7 in March, back to levels displayed for most of 2006. "The June index level corresponds roughly with 2 to 3 per cent growth in the economy-still a respectable and sustainable rate of change, but it's a complicated picture.
Our People - Training
Wawanesa First to Offer Video-Streamed Online Training For Brokers and Staff.
Winnipeg, MB, July 3, 2007-Wawanesa Insurance breaks new ground by being the first P+C insurance company in Canada to offer online video-streamed training for insurance brokers and staff in conjunction with the July, 2007 launch of their updated Home and Farm policy wordings. According to John Bjornson, Wawanesa's Vice President of Marketing and Property Underwriting, "Online training makes a ton of sense when you have 1300 Brokers spread across Canada. The old method of the in-person "dog and pony show" is becoming too costly and time consuming.
Product Announcements
AXA expands its offerings in Canada to include customized art insurance products and related services.
Effective immediately, AXA is making available a comprehensive portfolio of customized art insurance products and related services to meet the growing demands of individual art collectors, museums, galleries, corporations, galleries, trusts, traveling exhibitions, and artists in the Canadian marketplace.
Industrial Alliance Launches the ATTITUDE Portfolios: a New Generation of Life Cycle Funds for Members of Group Retirement Plans.
QUEBEC CITY, June 28, 2007 - Industrial Alliance Insurance and Financial Services Inc. is pleased to announce the introduction of an innovative investment solution for the members of its group retirement plans: ATTITUDE portfolios.
Standard Life gives its fund family a boost.
MONTREAL, July 5, 2007 - Standard Life Mutual Funds Ltd. has expanded its product offering by launching four new funds and at the same time, it regroups its fund family.
eBusiness and Technology
Accenture to Invest $250 Million to Expand Technology Consulting Capabilities to Help Clients Align IT Strategy with Business Strategy.
NEW YORK; June 18, 2007 - Accenture will invest more than $250 million over the next three years to expand its technology consulting capabilities to help clients better align information technology and business strategy. The investment is designed to address a strong increase in demand from clients for services and advice from technology-platform-independent services providers.
from Doug:
Our university son who is studying at Carleton University in Ottawa stayed on there this summer. While working he is taking two courses on film over the summer to get a head start on his fourth year. As one evening class was cancelled this week, he decided to visit us in Toronto for ten days to catch a family event on the weekend and visit friends. Given the heat of the last few days, he is glad he chose this week - there is no air conditioning in his house apartment there.
After what seems like six weeks without rain here, about 1 cm finally fell on Sunday. That much every day for a week would put the lawns and gardens back in good shape; we can only hope!