Issue 2008-12 -- March 25, 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.
eBusiness and Technology
10 Steps to Profit from Location Intelligence revealed at the Intelligent Enterprise Expedition 2008 (IEE08): DMTI.
Markham, ON - March 20, 2008. DMTI Spatial, a leading provider of Location Intelligence, released a one page executive summary outlining the necessary actions that will enable the Enterprise to fully profit from the use of location intelligence. The action-oriented document outlines the top 10 steps that the leadership of organizations can take to increase revenue, reduce costs and improve their customer experience by leveraging the principles of geography in business workflows.
Managing Relationships and Customer Service
Union Mutual of Vermont Selects SunGard's iWORKS Billing Solution.
Atlanta, GA - Mar 19, 2008 - SunGard today announced that Union Mutual of Vermont has selected SunGard's iWORKS Premium Billing Solution, an enterprise-wide billing system for the property and casualty industry.
Reference and Statistics
Preliminary Year-End 2007 P&C Results from MSA Research Inc.
Monday, March 17, 2008 - MSA is pleased to present preliminary aggregate statistics for the Canadian P&C industry for the year ending December 31, 2007. This report incorporates data for 129 Canadian insurers as filed with MSA through March 14, 2007. This population of companies represents over 85% of Canadian primary writers when measured on a premium volume basis.
comScore Reports the Number of Auto Insurance
Policies Purchased Online Exceeded 2 Million In 2007.
RESTON, VA, March 12, 2008 - comScore, Inc. , a leader in measuring the digital world, today released a study of online activity for the auto insurance market in 2007. The results show that consumers submitted requests for 32 million online quotes and purchased a record 2 million policies online in 2007.
Business of Insurance
Willis Chairman Highlights Insurance Megatrends at IIL Lecture.
London, UK, March 17, 2008 – One of the biggest challenges facing the insurance industry is the demand for differentiated value, according to the Chairman and CEO of Willis Group Holdings Joe Plumeri, who concluded the Insurance Institute of London
Ernst & Young report highlights top ten risks to insurers.
New York, 12 March 2008 - Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young, closely followed by demographic change and catastrophic events.
Claims
AIA's 2007 Outlook Study Now Available.
Ottawa, Ontario - Steady growth and opportunity define the automotive aftermarket, according to the 2007 Outlook Study released today by the Automotive Industries Association of Canada.
Core Claims System Replacement: A European Health Insurance Business Case: Report Published by Celent.
Zurich, Switzerland - 19 March 2008 - In a new report, Core Claims System Replacement: A European Health Insurance Business Case, Celent explains how a European insurance company decided to adapt to market changes using a top-down approach and then managed to rethink its overall strategy before aligning IT resources.
Consumer Information
Transplantation boosts survival rates for young organ failure patients: CIHI.
February 28, 2008 - More young people in Canada diagnosed with kidney failure are surviving, and one key explanation is an increase in the use of kidney transplantation in young patients. This finding comes from the Canadian Institute for Health Information's (CIHI) Treatment of
End-Stage Organ Failure in Canada, 1996 to 2005,(2007 Annual Report),a new report that includes, for the first time, a special chapter focusing on pediatric patients-those aged 19 and under-diagnosed with end-stage renal disease (ESRD).
ICBC improves road safety across B.C.
In 2007, ICBC invested approximately $8.9 million in funding for safety improvements to roads across the province of British Columbia.
Distribution
Farm Mutual Reinsurance Plan Inc. and Bank Of Montreal To Assist with the Perpetuation of the Insurance Brokerage Channel.
Cambridge and Toronto, Ontario March 18, 2008: The growing number of insurance brokerage owners approaching retirement age combined with the growing interest by various parties in owning insurance brokerages has fueled demand for buyout financing. In response to this growing need, Farm Mutual Reinsurance Plan Inc. (FMRP) and BMO Bank of Montreal have launched a joint financing program designed to assist with the perpetuation of independent insurance brokerages.
Council of Insurance Agents & Brokers Applauds International Broker Group for Addressing Market Issues.
Thursday, March 6, 2008 - WASHINGTON -- Ken A. Crerar, president of The Council of Insurance Agents & Brokers, today commended the board of the World Federation of Insurance Intermediaries (WFII) for tackling some important market issues that are impacting the global insurance environment.
Guy Carpenter Briefing Offers Tips for Success in Soft Market.
New York, March 12, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today announced the publication of Optimize in a Soft Market, Succeed in Any Market - Five Strategies for MGAs and MGUs. The briefing paper provides wholesalers, managing general agents (MGAs) and Managing General Underwriters (MGUs) with five core strategies for maximizing opportunities and positioning themselves for success in the current soft insurance market and beyond.
Our People
Concern over shortage of labour hits new high according to CFIB.
March 7, 2008 - Ottawa - Business owners' concern over the shortage of qualified labour hit a record high in 2007, with 309,000 jobs remaining vacant for at least four months, according to the Canadian Federation of Independent Business (CFIB).
Policy and Product Management
Electronic Accounting and Settlement arrives in the Bermuda Reinsurance Market: AON.
Technology in the Bermudian reinsurance market has taken a leap forward with the announcement that Aspen Re has become the first underwriter on the island to successfully implement electronic accounting and settlement (A&S) together with two of the islands leading brokers - Aon and Benfield. A&S Messaging is rapidly becoming an industry wide standard and this implementation within Bermuda demonstrates the importance of A&S globally.
Conning Research: Shifting Risk Profile in Nonstandard Auto Insurance Market.
Hartford, CT, March 11, 2008 - The nonstandard auto insurance market is being redefined by the influence of technology and other external forces, according to a new study by Conning Research and Consulting.
from Doug:
Last week we saw the second half of Nicholas Nickleby, as performed by a British troupe here in Toronto theatre. Although the English accent made the rapid dialog sometimes difficult to follow, it was well done and we enjoyed it. The Dickens' plot, with the happy ending, brought forward again the plight of those who don't have enough. I thanked my lucky stars for the standard of living we enjoy, but then started thinking more about those who aren't so fortunate.....