Issue 2008-19 -- May 13, 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
CGI Signs US$115 MILLION, Ten Year Contract With Magnolia Insurance Company to Provide Business Process Outsourcing Services.
Andover, Massachusetts, May 7, 2008 - CGI Group Inc. (TSX: GIB.A; NYSE: GIB), a global leader in information technology and business process services, announced today that is has signed a ten-year, US$115 million contract with Magnolia Insurance Company to provide back-office services including complete policy administration, billing and accounting, claims administration, statistical reporting, and statutory accounting services.
Claims
Xactware and Loss Technology Services Announce New Compatibility to Streamline the Water Loss Claims Cycle.
Orem, UT and Jacksonville, FL - May 6, 2008 - Xactware Solutions, Inc. and Loss Technology Services, Inc. announced a new compatibility between Xactware tools and Loss Technology Services' water mitigation modeling program. The combined tools provide an important new water-mitigation solution for insurance repair and restoration professionals.
eBusiness and Technology
Innovation Group Joins IBM Insurance ISV Ecosystem.
Newton, MA - Tuesday, April 8, 2008 - Innovation Group, a global provider of technology-enabled outsourcing and software solutions for the property and casualty insurance industry, has been selected as a component services provider for IBM's Insurance ISV ecosystem and insurance industry solutions.
Gartner Says Use of Open Source Will Be Key Enabler for SaaS Development Platform Adoption.
STAMFORD, Conn., April 14, 2008 - By 2010, 90 percent of software as a service (SaaS) providers will have some open-source component in their technology infrastructure stacks (that is, operating system, application server and database) to reduce software acquisition expenses, according to Gartner, Inc. User communities are expanding around application-platform-as-a-service providers and will leverage open-source practices for sharing software applications.
Distribution
Distribution Must Carve Out a Larger Role for the Web: kasina study.
New York, (April 21, 2008) – The mounting importance of the Web requires a larger, more comprehensive role for e-Business, according to a new study by kasina, a leading asset management consultancy. Though distribution executives acknowledge the importance of the Web in the near future, most don't have a clear idea of the exact role it will play.
Industrial Alliance To Acquire Money Concepts and AEGON Dealer Services Canada.
TORONTO, May 9, 2008 - Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "IA") and AEGON Canada Inc. are pleased to announce that they have entered an agreement for IA to acquire 100% of the shares of National Financial Corporation ("NFC"), the parent company of AEGON Dealer Services Canada Inc., Money Concepts (Canada) Limited and National Financial Insurance Agency Inc.
The Standard to Acquire Four Canada Brokerlink Offices in Northwestern Ontario.
CALGARY, May 6, 2008 - The Standard Insurance Brokers Ltd. and Canada Brokerlink today announced that they have entered into a Letter of Intent whereby The Standard will acquire Canada Brokerlink's Northwestern Ontario offices in Kenora, Sioux Lookout and Red Lake, as well as the office in Dryden operating as Skillen-Squire.
Benfield Transacts its Brit Insurance, Catlin and Kiln Japanese Renewal Business Electronically.
22 April 2008 - Benfield, the world's leading independent reinsurance and risk intermediary, today announced that for the first time it has transacted its Brit Insurance, Catlin (London and Bermuda) and Kiln 1 April Japanese renewal business electronically.
Reference and Statistics
The Council's Survey Shows USA Soft Market Even Softer in First Quarter 2008.
WASHINGTON - The soft cycle for commercial property/casualty insurance got even softer in the first quarter of 2008, according to the latest Commercial Market Index Survey by The Council of Insurance Agents & Brokers, with three-fourths of the agents and brokers reporting that renewal premiums for their small and medium accounts were down 1-20 percent compared with fourth quarter 2007.
Business of Insurance
Insurance Bureau of Canada declares long-awaited modernization of Insurance Acts a step in the right direction.
TORONTO, May 2, 2008 - As a long-time advocate for insurance modernization and harmonization in Canada, IBC is pleased the governments of Alberta and British Columbia are proposing positive changes to their Insurance Acts. Last Wednesday, both governments jointly introduced harmonized amendments to their insurance Acts.
First Quarter RIMS Benchmark Survey(TM) Results Show Soft Market Gaining Momentum.
NEW YORK, N.Y., April 4, 2008--Commercial lines insurance premiums experienced the largest quarterly drop since 2005 during the first quarter of 2008, according to the RIMS Benchmark SurveyT, the industry's leading survey of policy renewal prices as reported by corporate risk managers.
Consumer Information
ACE Life introduces additional resources for cancer patients to its group critical illness plan.
TORONTO, May 5, 2008 - ACE Life, an operating division of the ACE Group of Companies, today announced the introduction of CAREpath's Navigation System to be an additional feature offered by SPECTRUM, its group critical illness plan. The System is a network of cancer specialists, including world-renowned oncology physicians and highly trained oncology nurses. Additionally, the System provides individuals who have been recently diagnosed with cancer with one-on-one telephonic counseling, guidance and support through the stages of treatment.
NL eliminates insurance premiums tax.
The province of Newfoundland and Labrador has eliminated the 15% retail sales tax on insurance premiums in this year's budget.
Drivers 50 to 64 lead the pack for vehicle maintenance, Be Car Care Aware Survey finds.
May 1st, 2008, Ottawa, Ontario - When it comes to getting exceptional performance and value from their vehicles, younger drivers would do well to adopt the maintenance habits of their elders.
New Federal Emergency Preparedness Funding Shows "Important Progress": Canadian Association of Fire Chiefs.
OTTAWA, May 5, 2008 - A new eight million dollar injection of funds into the federal government's Joint Emergency Preparedness Program (JEPP) is important progress in ensuring that provinces, territories and municipalities have comparable capacity to respond to local emergencies, the Canadian Association of Fire Chiefs (CAFC) stated today.
Children make more than one million visits a year to Ontario emergency departments: CIHI.
April 24, 2008 - In 2005-2006, 1 in 4 emergency department visits in Ontario were made by children (newborn to 17 years). This represents more than one million visits made by about 685,000 children, according to a new analysis by the Canadian Institute for Health Information (CIHI).
from Doug:
This is driving week, in spite of the high price of gasoline. Our Ottawa student son has only two months left on his G2 driver's licence, and summer classes begin next week. Having not driven for a year or more, we are searching out reasons to go to particular places, and hopefully regain the level of driving comfort attained at driving school two years ago. I hope it works; on Friday we will know.