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
Bay of Quinte Mutual Inks Deal with iter8 to Implement Commercial Underwriting Solution.
Toronto, November 2007 - iter8 Inc., an insurance solutions software developer, is pleased to announce that an agreement has been signed between Bay of Quinte Mutual Insurance and iter8 to implement iter8's new Commercial Automation Solution. Bay of Quinte Mutual is the first customer for this product.
SunGard's Insurance Solution, iWORKS, Goes Live at Discovery.
Miami, FL - Nov 16, 2007 - SunGard today announced that Discovery, a leading South African financial services group, has gone live with SunGard's iWORKS COMPASS, a group and individual insurance, pension and investment product administration system.
Distribution
SunGard Acquires DSPA Software Inc.
Atlanta, GA – November 20, 20077 - SunGard today announced that it has acquired DSPA Software Inc., a leading supplier of sales compensation and distribution management software to the insurance industry. DSPA Software Inc. will become part of SunGard's insurance business. The transaction, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
'Real Time Leads to Real Growth' for Agents: ACORD's AUGIE.
PEARL RIVER, NY - November 15, 2007 - With real-time and download communications providing more efficient operations, independent agencies are turning their attention to driving new sales, account rounding and value-added customer service. To enable this shift to a "sales culture," the ACORD-User Groups Information Exchange (AUGIE) has formed a task force to develop practical tools.
Claims
Automobile Club of Southern California Selects Guidewire.
SAN MATEO , CA, November 14, 2007 - The Automobile Club of Southern California (Auto Club), the largest AAA affiliate in the nation and Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced that the Auto Club has selected Guidewire ClaimCenter.
Consumer Information
Last call before you hit the road! Call a friend, a parent, a cab or Operation Red Nose.
During the holiday season, think about using the Operation Red Nose service. This service actively keeps impaired drivers off the road. This year, Operation Red Nose, the free, designated-driver service, will be operating in communities in seven provinces.
IIHS: 2008 winners of Top Safety Pick award - number of winners increases; pickups eligible for first time.
ARLINGTON, VA -Thirty-four vehicles earn the Insurance Institute for Highway Safety's Top Safety Pick award for 2008. The award recognizes vehicles that do the best job of protecting people in front, side, and rear crashes based on ratings in the Institute's tests. Winners also have to be equipped with electronic stability control (ESC), which research shows can significantly reduce the risk of crashing.
New mental health survey sheds more light on impact of depression in the workplace: by Ipsos Reid for Great-West Life.
TORONTO, Nov. 19, 2007, 2007 - The Great-West Life Centre for Mental Health in the Workplace (the Centre) today announced the release of a new survey on the impact of depression in the workplace. The survey, commissioned by the Centre and conducted by Ipsos-Reid this fall in association with the Global Business and Economic Roundtable on Addiction and Mental Health, asked managers and employees about their personal experiences with depression.
Health care spending to reach $160 billion this year: CIHI.
November 13, 2007-Canada's health care spending continues to rise and is expected to reach $160.1 billion dollars in 2007, up from $150.3 billion in 2006. This represents a forecasted annual increase of 6.6% (3.2% after taking inflation and population growth into account), according to new figures released today by the Canadian Institute for Health Information (CIHI) in its annual report on health care spending. The report, National Health Expenditure Trends, 1975–2007, is Canada's most comprehensive source of information tracking how dollars are spent on health care in this country.
Product Announcements
RBC Insurance Launches Simplified Critical Illness Insurance Option.
Mississauga, ON - November 22, 2007 - RBC Insurance today announced the release of its enhanced critical illness insurance product. The new product features a simplified design that is easier to understand and provides a solution to clients who are looking for an affordable alternative to more traditional critical illness insurance plans.
eBusiness and Technology
Progressive Unveils Industry's First Web 2.0 Site.
MAYFIELD VILLAGE, Ohio - Nov. 2, 2007 - Quick - which major auto insurer is the first to recognize that how people use the Web has changed and has responded by introducing the industry's first Web 2.0 site? Why, Progressive, of course. The Progressive Group of Insurance Companies, the first major insurer to introduce a Web site in 1995, today unveils the industry's first Web 2.0 site.
Business of Insurance
Most Global Organizations Lack Fully Integrated Enterprise Risk Management Strategies: Aon Global Risk Consulting Survey.
CHICAGO and LONDON, Nov. 15, 2007 - Even as government regulators and corporate stakeholders demand companies do more to address and mitigate enterprise-wide risks, only one in 10 companies in the Americas and Europe has fully integrated an enterprise risk management (ERM) strategy, according to Aon Global Risk Consulting's survey of global ERM practices. Aon Global Risk Consulting is a unit of Aon Corporation.
Marketing and the Market Place
Travel between Canada and other countries: StatsCan.
Same-day car trips by Canadians to the United States hit a six-year high in September as the number of these trips surpassed the 2-million mark for the first time this year. Canadians made an estimated 2.1 million same-day car trips south of the border, a 4.0% increase from August. It was the seventh consecutive monthly gain and the highest level since August 2001. (Unless otherwise specified, monthly data are seasonally adjusted.)
Banking Sold Online, Serviced Offline: eMarketer.
NOVEMBER 20, 2007 - Financial services remain the largest online advertising category in the United States, after the conglomeration of "consumer related" categories such as automotive and media advertisers. The industry accounted for 15% of all online advertising in the first half of 2007, or $1.5 billion worth of Internet ads, an increase of 18.7% over the same period in 2006.
Managing Relationships and Customer Service
E-Mail and Text Us, Consumers Say: eMarketer.
NOVEMBER 16, 2007 - When US consumers say they are interested in a company, more than one-half of them are open to getting an interactive follow-up such as a personalized or generic e-mail, or text message, according to Vertis' "2007 Customer Focus Tech Savvy" study.
Banks missing opportunities to better serve small business - CFIB.
November 14, 2007 - Toronto - Despite saying it wants to increase service to small- and mid-size business, Canada's banking sector is making little progress, the latest research from CFIB shows. Banking Matters reveals dwindling satisfaction with major financial institutions, with only two improving their rating since the previous survey in 2003.
from Doug:
I am not ready for it - winter that is. It arrived here last week and unlike most Fall seasons, it appears it plans to stay. A new roof, to keep me dry all year, but invariably at least one problem follows the installation. In this case a plugged downspout. Ergo, there I am, thirty feet in the air, chipping ice out of a full-with-ice eavestrough to find the problem. Sun shining, but a cold wind; wet gloves and frozen fingers - oops that chunk of ice just slipped from my hand and took out an outdoor light on the way to the ground. I think I will move south.