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
CGI Signs Two Contracts With Leading Midwestern and Southern Insurers.
Andover, MA, October 25, 2007 - CGI Group, Inc. (TSX: GIB.A; NYSE: GIB), a leading provider of information technology and business process services, today announced the signing of contracts with two insurers in the Midwest and Southern U.S. Under the first agreement, CGI will provide a 25-year software license for the policy and claims processing components of the INSideOUT® Suite, and a software maintenance agreement. CGI will be providing the second new client with a hosted solution of the INSideOUT Policy and Claims solution for five years.
ACE Group Uses eReinsure for Property Fac.
Salt Lake City, November 5th , 2007 - eReinsure today announced that it has completed deployment of the eReinsure placing platform for ACE Group's International Property business. ACE property underwriters will use the internet based system to manage the procurement of facultative reinsurance in approximately 30 countries.
Distribution
Brovada's Nexisys Solution Exceeds 10,000 Transactions in October.
October 31, 2007 - Brovada Technologies is pleased to report that during the month of October the number of transactions sent to Insurance Company Systems from Brokerages utilizing their Nexisys solution exceeded 10,000 transactions.
Unity Life of Canada and Home Trust Company announce an agreement to offer insurance products to Home Trust clients.
TORONTO, Nov. 6, 2007 - Unity Life of Canada and Home Trust Company, one of Canada's premier trust companies, today announced that they have entered into an agreement to offer creditors' life insurance to Home Trust's customers under a Group Creditor Life Insurance Policy issued by Unity Life to Home Trust.
Consumer Information
How Identity Theft Occurs: by TransUnion.
Identity theft is one of the nation's fastest-growing crimes. The more you know about this prevalent crime, the better prepared you will be to protect yourself. Identity thieves can get hold of your personal information in a variety of sneaky and illegal ways.
ESIS offers workers compensation oversight to Canadian companies.
ESIS, Inc., a risk management services company of ACE USA, has announced that it will provide dedicated Canadian workers compensation oversight to its clients through its affiliate, ESIS Canada, Inc.
eBusiness and Technology
Top Ten Trends in L/H Insurance E-Business 2007 and Beyond: Report Published by Celent.
Boston, MA, USA, October 30, 2007 -- In 2004, Celent published a report on trends in life/health e-business that contained 10 projections for 2007. In a new report, Top Ten Trends in L/H Insurance E-Business 2007 and Beyond, Celent revisits those projections based on updated survey data from more than 20 life/health insurer executives and looks forward to 2010.
Gartner Says IT Leaders Should Use a Business Model for Justifying Emerging Technologies.
STAMFORD, Conn., October 11, 2007 - IT leaders need to be watchful that they are not adopting emerging technologies for technology sake, but rather build a business case for the business strategy that is then supported by emerging technologies, according to Gartner, Inc.
TowerGroup: Insurance Carriers Must Adopt Electronic-Commerce Initiatives or Risk Losing Competitive Edge.
NEEDHAM, MA, November 7, 2007 - The elimination of legal barriers by the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA) opened the doors for financial services organizations to adopt electronic-commerce initiatives such as electronic signatures (e-signatures) and secure documents. As a result, other segments of financial services have experienced decreases in processing time by as much as 50 percent and transactional costs have declined up to 75 percent. Despite this trend, the insurance industry continues to hold on to the traditional paper-based, wet-signature contract execution model.
Marketing and the Market Place
Rethinking Retirement: Study from Desjardins Financial.
TORONTO, ON November 6, 2007 - According to a national study published today by Desjardins Financial Security, the current habits, lifestyles and attitudes among baby boomers have put the traditional "all play and no work" retirement mentality on the verge of extinction. One-tenth of today's retirees continue to work, and over half (54%) of workers aged 40 and older are planning a gradual retirement.
Online Advertising on a Rocket Ride: eMarketer.
NOVEMBER 7, 2007 - eMarketer projects that US online advertising will more than double as a percentage of total media, rising from only a 6% share of total media in 2006, to slightly more than a 12% share in 2010.
Product Announcements
Manulife Financial introduces long term care insurance with unique design and benefits for Canadians and their partners.
Manulife Financial has introduced LivingCare long term care insurance, with a unique Shared Coverage option, to help Canadians meet their rising needs for elder care and protect their retirement savings.
Reference and Statistics
Third Quarter Market Survey Shows Easing Conditions for USA Coastal Property: CIAB.
Oct. 22, 2007 WASHINGTON -- The soft market conditions that have affected most commercial property/casualty lines for more than a year are beginning to spread to coastal properties with wind storm exposures, according to the third quarter 2007 commercial property/casualty market index survey by The Council of Insurance Agents & Brokers.
Managing Relationships and Customer Service
Industrial Alliance's Group Pensions Department Wins an Award for its Assisted Enrolment Program.
QUEBEC CITY, Nov. 8, 2007 - The All about you! assisted enrolment program developed by Industrial Alliance Insurance and Financial Services, won an award of excellence in the Integrated Campaigns category of the 2007 Insurance & Financial Communicators Association (IFCA) contest.
High Net Worth Clients Receive High Quality Statements: Dalbar Canada.
Friday, 19 October 2007 -- Clients that invest in managed portfolio products, or 'wrap' accounts, receive very informative and in-depth account statements from the firms handling their money, according to a recent study conducted by DALBAR Inc.
Our People
Crawford & Company Acquires ClaimStar.net and Online Learning Capability.
TORONTO Crawford & Company has acquired the assets of BCK, Inc., d/b/a ClaimStar.net, which specializes in producing distance learning and providing Learning Management Systems (LMS) hosting services. ClaimStar.net has provided the property and casualty industry with online training and technical references through their relationship with the Property Loss Research Bureau (PLRB). Crawford and PLRB have reached agreement on the acquisition, and ClaimStar.net has been rebranded Crawford OnlineSM and will be available to employees and clients alike in both Canada and the United States.
The Knowledge Bureau partners with Standard Life to offer new Retirement Income Specialist Program to advisors in the financial services industry.
Santa Fe, NM, Nov. 8, 2007 - At the 4th Annual Distinguished Advisor Conference in Santa Fe, New Mexico, the Knowledge Bureau, Canada's primary educator in tax and financial services, announced the addition of the Retirement Income Specialist (RIS) Program to its Master Financial Advisor designation.
from Doug:
With my Canadian roots firmly entrenched in the UE Loyalists, those refugees who took up arms and had to flee their homes in USA during the American Revolution due to their British preferences and settled afterwards in Canada, the omission of those early combatants in most Remembrance Day services does not diminish the meaning of that day for me. A great uncle lost an arm in Europe in 1917, but managed a career as a carpenter and lived to celebrate his 65th wedding anniversary. Just think for a moment about being a one-armed carpenter! My Dad, a pilot, was in Yarmouth Nova Scotia on his way to Britain on Dec 7, 1941, and as a result spent the duration flying anti-sub patrol from different stations in BC. My own generation has no military involvement, but it is with respect that I think of, and thank, those who have served more recently, as peacekeepers and in Afghanistan.