Issue 2008-14 -- April 8, 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.
Distribution
Rice Financial Selects Univeris Platform To Administer Wealth and Insurance Business.
TORONTO, ON, March 31, 2008 - Rice Financial Group Inc., one of Canada's largest independent financial solution providers with assets under administration of $3.9 billion, has selected Univeris Corporation, the leader in enterprise wealth management, and its EWMS* wealth platform to administer its full suite of products including mutual funds, GICs and individual life and health insurance. The Univeris EWMS wealth platform also features a comprehensive front office practice management system for Rice Financial's team of 400 advisors.
kasina surveyed financial advisors to determine their assessment of current economic uncertainties.
NEW YORK, (March 26, 2008) -- A recent kasina study suggests current economic woes may lead financial advisors to rely more heavily on asset manager leadership. As part of kasina's ongoing research on intermediary distribution, kasina surveyed financial advisors to determine their assessment of current economic uncertainties.
Claims
The Co-operators Launches New Health and Dental Claims Solution.
REGINA, SK, April 1, 2008 - Co-operators Life Insurance Company is pleased to announce the successful launch of a new platform for drug, dental and extended health claims adjudication. It includes the capability to provide online dental claims submission and a fully integrated Co-operators pay direct drug card and pharmacy benefit management capabilities.
Guidewire's leading end-to-end claims system garners real-time visibility into operations.
DALLAS, Texas, and SAN MATEO, Calif., April 1, 2008 - GAINSCO, INC., a nonstandard personal auto insurance holding company ("GAINSCO"), and Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced that GAINSCO has successfully deployed Guidewire ClaimCenter® as its new end-to-end claims handling system for all auto claims.
Marketing and the Market Place
Online Heads for 10% of Total US Ad Spend: eMarketer.
MARCH 31, 2008 - Sub-prime mortgage meltdowns. Floundering credit markets. Burst housing bubbles. Trillions wasted in war. Gold hitting $1,000. Tumbling stock markets. Falling payrolls. Oil at record highs. The dollar at record lows.
StatsCan 2006 Census: Ethnic origin, visible minorities, place of work and mode of transportation.
Statistics Canada today releases detailed analyses of data from the 2006 Census on ethnic origin, visible minorities, place of work and mode of transportation. These analyses are now available in two online documents: Canada's Ethnocultural Mosaic, 2006 Census, and Commuting Patterns and Places of Work of Canadians, 2006 Census.
Reference and Statistics
LIMRA and SOA Release New Study Providing Detailed Lapse Experience For Individual Life Insurance.
WINDSOR, Conn., March 18, 2008 - LIMRA International, in collaboration with the Society of Actuaries (SOA), released the results from its new persistency study, which provides comprehensive, detailed lapse information for individual life insurance products.
Business of Insurance
Lower US Dollar Erodes Canada's Cost Advantage Globally, Reports KPMG.
(Toronto, ON - Canada March 27, 2008) - The depreciated US dollar has eroded Canada's previous cost advantage and has challenged the country to become competitive in other ways, according to KPMG's 2008 Competitive Alternatives study that compares business costs in 136 cities in 10 counties in North America, Europe, and Asia Pacific. Canada and the United States now lead the G7 countries for affordable business costs.
Industrial Alliance Awarded the Multi-Employer Pension Plan for Many Nations.
QUEBEC CITY, April 1, 2008 - The Group Pension Division of Industrial Alliance Insurance and Financial Services Inc. is pleased to announce that it has been chosen by Many Nations as the supplier for its Multi-Employer Pension Plan. Many Nations Financial Services Ltd. is a subsidiary of Many Nations Benefit Co-operative, the largest Indigenous Employee Benefit Co-operative in Canada.
Great-West Lifeco subsidiary completes sale of its U.S. health care business.
WINNIPEG, April 1, 2008 - Great-West Lifeco Inc. announced today that its U.S. subsidiary Great-West Life & Annuity Insurance Company, has completed the sale of its health care business, Great-West Healthcare, to a subsidiary of CIGNA Corporation. Great-West Life & Annuity has received gross consideration of US $1.5 billion in cash and is retaining an estimated US $750 million representing the amount of equity invested in the healthcare business at close.
Russell Retirement Essentials Portfolio launches with key message to Canadians: "Don't retire from investing. Invest for retirement."
TORONTO - If investors are worried about what the current market conditions are doing to their retirement nest egg - have no fear - there's ample time to make up those losses. According to new research by Russell Investments, as much as 60% of retirement portfolio growth can come from investment returns earned after retirement.
Foresters completes acquisition of Unity Life.
TORONTO, April 3, 2008 - Foresters(TM) and Unity Life of Canada today announced completion of the agreement under which Unity Life becomes a wholly owned subsidiary of Foresters and will represent Foresters in the Canadian market as Unity Life of Canada, a Foresters Company.
Consumer Information
Melting Snow and Spring Rains Can Cause Damage, Cautions the I.I.I..
NEW YORK, March 20, 2008 - With the official start of spring, melting snow and rains are already causing flooding across the country; businesses should make sure they have flood
insurance, according to the Insurance Information Institute (I.I.I.).
Insurance Bureau of Canada reminds Atlantic Canadians to protect their homes: Overland flooding not covered by insurance.
With lots of snow on and around homes, and the spring thaw on the horizon, Insurance Bureau of Canada (IBC) is reminding Atlantic Canada's homeowners to protect their belongings against overland flooding.
Managing Relationships and Customer Service
Progressive Takes #1 Spot on Auto Insurance Customer Respect Study of Insurance Web sites.
MAYFIELD VILLAGE, OH - March 28, 2008 - Online car insurance customers looking for a little R-E-S-P-E-C-T, don't have to look any further than progressive.com according to a recent study by The Customer Respect Group. The group ranked Progressive #1 for positive Web-based customer experiences.
eBusiness and Technology
IDC's Forecast for Management Survey Predicts the Top Ten Items in CIOs' 2008 Shopping Carts.
18 Mar 2008 - IDC's Forecast for Management (FFM) Survey, has predicted the top ten items for CIOs' shopping carts this year. This study examines the current and future use of major application and management disciplines and their supporting technologies in Australia through to 2009.
from Doug:
Spring has Sprung - how sweet it is. The mountains of snow have receded dramatically the last few days and the sun has been so inviting I have even raked lawn - strange how raking leaves seems more enjoyable than shovelling snow. The snow drops have been out for a week or more and lots of spring flowers are pushing up through the leaf cover. I am enjoying it.