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.
Policy and Product Management
Royal & SunAlliance Partners with Policy Works to Make it Easier for Brokers to Quote Commercial Business.
TORONTO, ON October 9, 2007 – Leading commercial insurer Royal & SunAlliance (R&SA) continues to advance its commercial lines broker proposition by enhancing its web technology to make it easy for brokers to do business with it.
Distribution
Univeris Study Finds That More Efficient Financial Advisors Have 31 Percent More Assets Under Administration.
TORONTO, ON, September 27, 2007 - "Research results indicate that when financial advisors adhere to a set of time management principles inside their practices, this can lead to 31 percent more assets under administration, which in turn generates up to 18 percent more gross revenue and 26 percent net income (after payout, before expenses)," said Carmine Tullio, President and CEO of Univeris.
Advocis Applauds Manitoba Securities Commission.
Toronto, ON – Advocis, the Financial Advisors Association of Canada, applauds the Manitoba Securities Commission (MSC) on its decision to issue orders to permit a corporation established and controlled by a registered salesperson to receive payments of commissions or fees from the salesperson's registered dealer.
Western Financial Group Announces Completion of Additional
Acquisitions in Alberta.
October 9, 2007 - Western Financial Group announced today that they have completed additional acquisitions in Alberta - Younger & Holmes Limited in Peace River and Fimac Insurance Ltd. in Fairview. "Our Agency Network continues to expand in growing communities in Western Canada.
Hub International Now Offers Human Resources Solutions, Powered by Advantec.
CHICAGO, October 10, 2007 - Hub International Limited announced today that it has entered into a partnership agreement with Advantec(R), a provider of HR, Payroll and Benefit Services to small and mid-sized businesses. Combining the property and casualty insurance service and other risk protection offerings from Hub International (HUB) with the extended HR administrative and compliance services of Advantec, will highly benefit HUB's clients and business partners.
In USA, Progressive celebrates a milestone for its time-saving, business-growing Web site for agents.
MAYFIELD VILLAGE, Ohio - Oct. 3, 2007 - If the mood seems especially festive at Progressive today, it's because the company's celebrating a milestone - the 10th birthday of its
agency-dedicated Web site, ForAgentsOnly.com, known to the more than 30,000 independent agents and brokers who sell its products as just "FAO."
Our People
Negotiation styles, by Nayla Mitha, Stitt Feld Handy Group.
One of the topics that we discuss in our workshops is negotiation styles. Most of us engage in some sort of negotiation on a daily basis, whether it has to do with working out the details of a complicated contract, roles and responsibilities within the workplace, or something as simple as who is responsible for making dinner tonight. What we often fail to think about is the process of how we engage in that negotiation.
LOMA releases new online version of selection tool.
ATLANTA, GA-OCTOBER 1, 2007-LOMA, the leading trade association to the insurance and financial services industry, introduces the online version of LOMASelect® - ASSET, a unique assessment tool designed for the selection and development of candidates to become first-level leaders within organizations.
Marketing and the Market Place
Brightworks helps RBC Insurance® take home and auto insurance for an innovative spin online.
Brightworks Interactive Marketing, together with RBC Insurance, recently launched a new home and auto insurance online game called Spin Factor. "We were challenged to create a fun, interactive, online game that engages consumers with one of Canada's most trusted and respected brands," says Andrew Stephenson.
Healthy economy, healthy environment: CFIB members say it's possible to have both.
October 09, 2007, Ottawa - Owners of small- and medium-sized enterprises (SMEs) across Canada believe it is possible to grow the economy and protect the environment at the same time, but they need better information and less burdensome regulations from government to help them do their part, a new report from the Canadian Federation of Independent Business (CFIB) shows.
TowerGroup: Regulators Turn Attention To Stemming Financial Abuse of the Elderly.
NEEDHAM, MA, October 4, 2007 - Ten thousand Americans are turning 60 every 24-hours. The threat of financial fraud targeting this population is increasing given the large proportion of investable assets owned by this fast-growing demographic segment. Legislators and regulators are beginning to require that financial institutions take special steps to protect these customers.
Claims
ISO Acquires HealthCare Insight, Leading Provider of Fraud Prevention and Cost Containment Services for Healthcare.
JERSEY CITY, N.J., October 10, 2007 ISO announced today it has acquired HealthCare Insight®, LLC, a Salt Lake City-based company whose solutions enable healthcare claims payors to prevent fraud, abuse, and overpayment. The acquisition further advances ISO's position as a leading provider of data, analytics, and decision-support solutions in the healthcare industry. Terms were not disclosed. HealthCare Insight combines automated modeling and profiling of claims with the enhanced accuracy available through clinical validation.
Reference and Statistics
Latest RIMS Benchmark Survey (™) Results Report Continued Soft Market for Commercial Insurance Premiums During Third Quarter of 2007.
NEW YORK, N.Y., October 2, 2007 - Steady erosion of commercial insurance industry pricing continued during the third quarter of 2007, according to the RIMS Benchmark SurveyT, the
industry's leading comprehensive survey of current policy renewal prices as reported by corporate risk managers.
Individual Long-Term Care Insurance Sales Continue to Gain: LIMRA.
Windsor, CT, September 25, 2007 - Individual long-term care insurance (LTCI) sales continue to hold their own, with a two percent gain in new premium sales, according to the second quarter survey results from LIMRA International.
Managing Relationships and Customer Service
Evaluation of Customer Profitability Analytics Vendors: Report Published by Celent.
San Francisco, CA, USA, October 9, 2007 -- As the return on traditional growth strategies deteriorates, financial institutions are finding that they need to shift gears from a pure growth plan to increasing customer profitability. In a new report, Evaluation of Customer Profitability Analytics Vendors, Celent examines the necessary "gears" offered by third party customer profitability analytics providers.
from Doug:
The summer weather broke last week here in Toronto. We were invited to a BBQ on Sunday, and unlike the thirty degrees of a week before, it was more like fourteen. The BBQ was sponsored by a company we are doing some business with. Unlike the simple burger and dog trestle table, there were eight food stations, uniformed staff and a speaker on some of the older history of York, Toronto's predecessor. First class, and fun - I always enjoy such pleasant surprises.