Issue 2008-02 -- January 15, 2008
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
DataLath, MSB Join to Support Insurer Growth in High-Value Property Market.
NEW BERLIN, WI - January 10, 2008 - MSB, an MDA company, announces that DataLath Inspection Services has chosen MSB's Residential Component Technology(R) (RCT) High Value tool for its property inspection services. The implementation enables DataLath's insurance carrier clients to effectively target opportunities in the expanding market of high-worth, single-family homes.
ISO Expands Its Predictive Analytics Offerings with the Environmental Module of ISO Risk Analyzer® Personal Auto.
JERSEY CITY, N.J., January 8, 2008 - With the launch of the environmental module of ISO Risk Analyzer® Personal Auto, ISO expands its offering of analytic decision-support tools in the personal auto insurance line.
Distribution
CGI Group, Allianz Insurance and Norwich Union Develop Next Generation Account Reconciliation System, an Industry First.
London, England, December 14, 2007 - CGI Group Inc. , in collaboration with two of the largest insurers in the UK market, Norwich Union and Allianz Insurance, today announced the launch of an Account Reconciliation Centre (ARC), a flexible web-based tool that is set to make paper-based insurance account settlement a thing of the past.
eBusiness and Technology
Report: Worldwide, IBM Is Well Ahead of Traditional Competitors in SOA Consulting Services.
ARMONK, NY - 08 Jan 2008: A recent spending survey of companies with active service oriented architecture (SOA) projects conducted by AMR Research shows IBM "is well ahead of its traditional competitors" doing SOA-related client work.
IT Spending in Financial Services: A Global Perspective - Report Published by Celent.
New York, NY, USA - December 28, 2007 - In a new report, IT Spending in Financial Services: A Global Perspective, Celent analyzes IT spending trends across different industry verticals (banking, insurance, and securities and investments) and different regions (North America, Europe, and the Asia-Pacific region), in addition to an overview of Latin America and Africa. The prime focus of the report is to compare and contrast the direction of IT spending trends among financial services institutions.
An E-Signature Update for US Insurers: Report Published by Celent.
Boston, MA, USA - December 31, 2007 - Despite some progress, e-signatures still have not reached ubiquity in any segment of the insurance industry. In a recent Celent survey, 62% of respondents said their companies were not using any form of e-signatures in their dealings with customers or agents. Looking ahead to 2008, most insurers have a clear opportunity to leverage electronic signatures to improve service levels and reduce costs.
Gartner and ACORD Joint Study Finds That Insurers and Reinsurers Lack Governance for XML Initiatives.
STAMFORD, Conn., January 9, 2008 - While XML adoption continues to rise year over year among insurers and reinsurers, many companies lack the governance and management structure to optimize its use, according to a joint survey conducted by Gartner, Inc. and ACORD.
ACORD and LMBC Form New ACORD Brokers Committee.
LONDON, UK and PEARL RIVER, NY - 9 January 2008 - ACORD and the London Market Insurance Brokers' Committee have formed the ACORD Brokers Committee to increase communication and interaction between ACORD and medium to small brokers in the London Market.
Reference and Statistics
Eastbridge study examines carrier practices related to persistency and retention of voluntary business.
AVON, CONNECTICUT, USA (December 18, 2007) - Overall persistency for voluntary products has increased over the last year according to about 50 percent of the respondents to Eastbridge Consulting Group's latest Frontline Report, Persistency and Conservation Measures of Voluntary Carriers.
Business of Insurance
R&SA'S acquisition of Canadian Northern Shield complete.
TORONTO, Jan. 7, 2008 - The Royal & SunAlliance Canada Group (R&SA), a
leading property, automobile and commercial insurer announced today the completion of the acquisition of Canadian Northern Shield Insurance Company (CNS) from The CUMIS Group Limited, strengthening R&SA's broker business in B.C.
Conning Research: Successful Small Life Companies Share Winning Strategies.
Hartford, CT, January 7, 2008 - A number of successful small life companies continue to thrive despite consolidation in the market, according to a new study by Conning Research and Consulting. "Small life insurers are often regional players that serve an important role in their communities, or serve niche markets that are commonly overlooked by larger companies," said Terence Martin, vice president at Conning Research & Consulting.
Consumer Information
Insurance Bureau of Canada calls for heightened cooperation to manage earthquake risk: Quakes near Queen Charlotte Islands reminder that B.C. is vulnerable.
Insurance Bureau of Canada has called for the creation of an ongoing working
group between the insurance industry and the B.C. government to ensure that British Columbians are protected as best as possible against a major earthquake.
IIHS: Minivan bumper test results: Nissan Quest is by far the worst performer.
ARLINGTON, VA - None of 6 minivans, all 2008 models, is designed to resist vehicle damage in many low-speed collisions. The front and rear bumper systems on these minivans allowed $5,000 or more damage in a series of 4 crash tests conducted at 3 and 6 mph.
Marketing and the Market Place
The Insurance Brokers Association of Canada adds four new radio commercials.
Toronto, December 5, 2007 - The Insurance Brokers Association of Canada (IBAC) is
pleased to announce that it has produced four new 30-second pre-recorded radio commercials, in English and in French, for use by its member associations and by their members.
Desjardins Group Gender Survey on Financial Planning: Men and Women Have a Different Approach.
Lévis, December 12, 2007 - Although these questions appear simple, your answers will vary greatly depending on whether you are a man or a woman, according to a survey by Desjardins Group, Canada's largest integrated cooperative financial group, designed to measure the differences between men's and women's concerns and attitudes when it comes to financial planning.
2008 Marketing Resolution: Make it New - eMarketer.
JANUARY 3, 2008 - Innovation is the name of the game for 2008, judging by an October
2007 Next Level Strategic Marketing Group survey of marketers. Nearly two-thirds of respondents said their upcoming strategies would include innovations, line extensions or new marketing initiatives.
from Doug:
At our heritage group's meeting last week, our speaker gave the history of Applewood Acres, a small community near where Mississauga meets Toronto along Lake Ontario. As usual, lots of fascinating tidbits to be found in any community. An early settler, Philip Cody, a US emigrant, settled there in 1806 and opened a tavern. Philip's daughter Nancy stayed behind when Philip and has brother Isaac emigrated again, on to Iowa. Isaac married three times, and a son by his second wife was William F. Cody, better known as Buffalo Bill Cody. And by the way, Harland David Sanders, better known as Colonel Sanders, has a similar relationship to the community.