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.
Managing Relationships and Customer Service
IBM and KANA Study Shows Untapped Potential for US Financial Services Web Sites to Better Serve Clients.
Armonk, New York and Menlo Park, CA - June 20, 2007 - A study of 72 top US financial institutions reveals a majority of banks, insurance companies and investment firms overlook their customer self-service Web site as a low-cost, effective channel to improve customer service and retention. The study, commissioned by IBM and KANA Software, Inc., comes at a time when financial institutions are looking for new ways to improve the customer experience for established customers and a growing population of younger customers that increasingly interact with businesses through e-mail, chat and the Web.
eBusiness and Technology
Gartner Says Worldwide Web Conference and Team Collaboration Software Markets Will Reach $2.8 Billon in 2010.
STAMFORD, Conn., June 20, 2007 - Due to the increasing need for companies to manage content at the enterprise level, the worldwide web conferencing and team collaboration software markets are expected to grow approximately 22 percent per year through 2010, from $1.3 billion in 2006 to $2.8 billion in 2010, according to Gartner, Inc.
Distribution
Canada's First Online Brokerage, EasyInsure.ca, Changes The Face of Insurance.
TORONTO, July 16. 2007 - Surfing the web for insurance is nothing new. Discovering a quote for insurance on the web is nothing new. Even buying insurance direct online is nothing new. So it comes as a surprise to many to learn that Canada's first online brokerage only launched recently but what's not a surprise is its success and the attention it is already garnering.
Lloyd's enables streamlined slip checking.
27/06/2007 - Lloyd's is providing underwriters and brokers with the opportunity to use technology to provide automated support for checking insurance slips. The world's leading specialist insurance market has teamed up with Adsensa - one of the London Market's leading suppliers of slip and policy checking tools - to provide underwriters and brokers with access to Wordsensa QA technology. This helps experienced underwriting and wordings staff to check slips against a standard set of rules provided by Lloyd's.
Business of Insurance
Zurich Creates New Mergers & Acquisitions Unit and Announces Core Team Members.
NEW YORK, July 18, 2007 - Zurich, one of the world's largest property-casualty insurance companies, announced today that it has created a new Mergers & Acquisitions (M&A) unit that will offer customized products and services to help companies manage M&A transaction-related risks.
Claims
ISO's Property Claim Services Unit Estimates Insurers to Pay $2.18 Billion in Second-Quarter U.S.A. Catastrophe Claims.
JERSEY CITY, N.J., July 10, 2007 - U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $2.175 billion for second-quarter property losses resulting from a total of six catastrophes in 25 states - tying the record for the second-lowest number of catastrophes in a second quarter in the past ten years.
Consumer Information
With Summer Trips Approaching, Canadians May Not Be Prepared for Perils of the Road : Ipsos Reid.
July 16, 2007 Toronto, ON - With the kids fresh out of school and thoughts turning to sandy beaches, balmy weather and sunny skies, Canadians will no doubt be loading up the car and heading out on road trips during the summer. With a majority of Canadians (58%) indicating that in the past few years they have ventured outside of their home province at least once, it is expected that similar proportions of Canadians will be embarking on a summer journey that might bring them to exciting new places.
A wake-up call for Ontario drivers: new poll on fatigued and drowsy driving reveals serious problem.
A new poll by the Traffic Injury Research Foundation shows that a startling number of Ontarians are driving while drowsy and fatigued.
Progressive Insurance Survey Says: Some Motorcyclists May Not Completely Understand Physical Damage Insurance Coverages (Who Does?)
MAYFIELD VILLAGE, Ohio - July 16, 2007 - For many motorcycle owners, riding is more than just a recreational activity, it's a lifestyle. Riding represents freedom, friends and fun. It's what fuels daydreams and fills weekends. With so much fun to be had, it's probably not surprising that riders like you aren't spending your time poring over your insurance policy to understand coverage nuances. That's why the Progressive Group of Insurance Companies, the largest motorcycle insurer in the country, recently conducted a survey of more than 1,000 motorcycle owners and found that many don't understand important information about their policies.
Marketing and the Market Place
Manulife Investor Sentiment Index gains slightly.
WATERLOO, ON, July 19, 2007 - Canadians' interest in investments gained slightly in July and held near its seven-year peak, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company. The 34th quarterly Manulife Investor Sentiment Index gained a single point to +31, which is the third straight quarter it has hovered near its highest levels since 2001.
J.D. Power and Associates Reports: More than 30 Percent of Auto Insurance Shoppers Switch Providers.
WESTLAKE VILLAGE, Calif.: 26 June 2007 - The average auto insurance customer gathers three competitive quotes while shopping for a new provider, and while the majority of insured shoppers remain with their current carrier, 33 percent will switch, according to the J.D. Power and Associates 2007 Insurance Shopping StudySM released today.
The State of the Digital Home: eMarketer.
JULY 13, 2007 - Convergence will bring new opportunities to the consumer electronics (CE) marketplace, probably. Although convergence is on the horizon, it hasn't arrived yet and no one is certain what will happen when it does. One thing is certain, however: The Internet is now indispensable both for consumers and the CE industry.
Product Announcements
Manulife Mutual Funds launches new Elite Pricing Series.
TORONTO, July 18, 2007 - Manulife Mutual Funds, a division of Elliott & Page Limited, has launched an Elite Pricing Series available to clients with more than $100,000 to invest in a single fund, in a single account. "With this new pricing structure advisors can reduce management expense ratios for their mutual fund clients and gain more control over their fee revenue," says Doug Conick, Vice-President, Investment Funds for Manulife Investments.
Reference and Statistics
New "Handbook of International Insurance Markets Between Global Dynamics and Local Contingencies" Available.
The book analyzes key trends in the insurance industry in more than 15 important national insurance markets that represent over 90 percent of world insurance premiums. Well-known academics from each country examine their own national insurance markets, including the competitive structure, product and service innovations, and regulatory developments.
from Doug:
Our two boys have been here over the last two weeks or so, about ten days each with an overlap of three days in the middle. Has been good to see them and catch up on their activities, jobs etc. Mid-summer is birthday time for all of us, plus a few other family members too, so the time together has been a little extra special.