Issue 2008-16 -- April 22, 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.
Claims
Xactware and ServiceMaster Clean Expand Partnership to Include Complete Contents Estimating Service.
April 11, 2008 - Orem, Utah - Xactware Solutions, Inc. and ServiceMaster Clean announced an exciting enhancement to their list of services by implementing a contents estimating service using Xactware's industry-leading XactContents estimating platform. Now insurance companies everywhere looking for local contents experts will be able to turn to ServiceMaster's extensive nationwide network of over 1,400 Disaster Restoration franchisees for consistent contents estimation results.
BT Insurance, a subsidiary of Westpac Banking Corporation, selects FINEOS for General Insurance Claims Management.
Dublin, Ireland, April 11, 2008 - FINEOS Corporation, aglobal providerof innovative enterprise software solutions for insurance, bancassurance, and government, today announced that BT Insurance, a subsidiary of Westpac Banking Corporation in Australia, has selected FINEOS Claims® to manage property & casualty (P&C) lines including home and contents, specified personal valuables, personal liability and landlord's protection. Consumer credit claims for personal loan insurance and credit card repayment protection will also be managed by FINEOS.
Symbility signs their first major independent adjusting firm to a two year contract.
TORONTO, ONTARIO--(Marketwire - March 25, 2008) - Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp. (TSX VENTURE:AUT), is proud to announce that Schafer, Wood & Associates has signed a two year contract for use of Symbility's mobile claims software solution.
The Chicago conservation center and Xactware give Claims Professionals direct access to art restoration services.
OREM, Utah, April 14, 2008 - When valuable works of art are involved in a loss, every minute counts. To help save these valuable minutes, Xactware and The Chicago Conservation Center recently announced a new partnership to streamline workflows. Claims professionals who use Xactware tools can now electronically send assignments directly to The Chicago Conservation Center.
The Main Street America Group Completes Legacy Claims Systems Replacement with Guidewire ClaimCenter.
SAN MATEO, Calif., April 16, 2008 - Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced that The Main Street America Group, a super regional property and casualty carrier, has fully completed its deployment of Guidewire ClaimCenter® for all its lines of business.
Consumer Information
Auto insurance premiums increase 5.5%, according to kanetix.ca.
kanetix's quarterly auto insurance premium study identified a 5.5% increase in the average of the lowest premiums quoted for auto insurance in Q1 2008 compared to the same in Q1 2007.
CIHI Special study shows post-surgical complications most likely causes of hospitalization.
March 26, 2008 - One out of every seven patients who undergoes a knee or elective hip replacement procedure returns to the hospital within one year, in some cases because of complications related to their surgery. Today, the Canadian Institute for Health Information (CIHI) releases two publications, the annual Canadian Joint Replacement Registry report and a special study, Hospitalizations, Early Revisions and Infections Following Joint Replacements.
Distribution
Shenandoah Life Insurance Company selects Global IQX Software Platform to Support Continued Growth.
Ottawa, ON - April 18, 2008 - Global IQX Inc. a leading software provider in business automation and business process management for the North American employee benefits industry, today announced that Shenandoah Life Insurance Company has licensed the Global IQX software platform to provide capabilities for online quoting, rating, proposal generation, underwriting, renewal management and detailed reporting.
Compliance Hassles Outweigh Incentives to Sell Equity Products: LIMRA.
WINDSOR, Conn., April 10, 2008 - Over the past two years, almost one third of independent producers surveyed have dropped their Series 6 license, according to a recent study by LIMRA International.
Marketing and the Market Place
CIGNA International Makes Podcasts Available for Expatriate Members.
CLAYMONT, Del. – January 2008 – CIGNA International Expatriate Benefits (CIEB) released a series of podcasts for members today on its secure member website. The innovative podcasts will enhance member communications, enabling international travelers to listen virtually anywhere -- even on the plane en route to their assigned countries.
CFIB Business Barometer: Small business outlook holds firm.
March 26, 2008 - Toronto - Small businesses are maintaining a cautious outlook in light of uncertainty in financial markets, energy markets and concerns about the faltering US economy, the latest survey of business optimism by the Canadian Federation of Independent Business shows. Latest expectations push the Business Barometer index down only slightly from the previous quarter, but still well below past norms.
Aviva Canada on a Mission to "Change Insurance" in Canada.
TORONTO, April 15, 2008 - Aviva Canada Inc., Canada's second largest home, auto and business insurance group, is on a mission to change insurance in Canada. In-depth market analysis and research shows that Canadians are frustrated by the current state of the insurance industry, and Aviva is committed to earning consumers' trust through a series of unique initiatives and offerings.
Manulife Investor Sentiment Index eases as some investors adjust.
WATERLOO, ON, April 17, 2008 - Canadians' positive outlook toward investing lost some ground in the past quarter amid concerns about swinging equity markets and U.S. sub-prime lending, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company.
New TowerGroup Research Explores Steps Insurers Should Take to Improve Annuity Offerings and Reduce Product Complexity.
NEEDHAM, MA, April 17, 2008 - With over 20 percent of the U.S. population expected to be over the age of 65 in 2025, there is a growing need for financial products that can guarantee an income stream during retirement – a need insurance companies should be well-positioned to meet with annuity offerings. Yet new research from TowerGroup finds that in order to capture a larger slice of the retirement asset market, insurers must make strategic changes in their approach to annuities to reduce product complexity and improve both the sales process and suitability screens.
Our People
LOMA Canada Annual Conference Probes Future of Nation's Life and Health Insurance Industry.
TORONTO, April 14, 2008 – Futurist Jim Carroll, and A.M. Best Vice President Stephen Irwin headline the program at LOMA Canada's Annual Conference, Thursday, June 12, 2008 at the Metro Toronto Convention Centre, South Building.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity off 3.2% in February.
Braintree, MA. – (April 10, 2008) North American application activity for individually underwritten life insurance declined -3.2% in February year-over-year, according to the MIB Life Index .. Year-to-date (YTD) U.S. and Canadian application activity was off -1.4% compared to the same period last year. Overall, February application activity was up +6.6% over January 2008 levels.
from Doug:
What a Spring week it has been here in southern Ontario with warm temperatures and sunny skies - and what a contrast to the return of winter in the west. When departing London on Saturday, the temperature was 28C. Magnolia, hyacinthe, daffodils, early tulips and forsythia joined the floral display on our block. One son spent the weekend and the other will be here next week - a good time to smell the roses. .