Issue 2008-31 -- August 19, 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.
Managing Relationships and Customer Service
Guidewire Software Announces Billing Market Survey Results.
SAN MATEO, CA, July 30, 2008 - Guidewire Software®, a leading global provider of solutions to property casualty insurers, today announced the results of its Billing Market Survey. While billing has traditionally been viewed as a back office function, in recent years billing has taken a more prominent role in the front office as carriers have recognized the role billing plays in customer service. Since periodic bills are the only regular form of communication between carriers and insureds and the majority of customer service calls a carrier receives are billing-related; billing offers a unique opportunity to build satisfaction and loyalty by providing flexibility, accuracy, and prompt resolution of discrepancies.
Distribution
Keal Technology and Canadian Signassure/sigXP User Group Form Education Partnership.
TORONTO, Ontario, Canada - June 17, 2008 - Industry leading, Keal Technology and Canadian Signassure/sigXP User group (CSU) announce they have entered into a partnership to jointly deliver educational offerings to their mutual clients. The partnership will see Keal and CSU come together to offer educational conferences to Keal clients starting September 25 and 26, 2008 in Toronto.
Firstbrook Cassie & Anderson Limited Announces Membership in the Wells Fargo Global Broker Network.
Ontario, Canada - July 14, 2008 - Wells Fargo Insurance Services, a subsidiary of Wells Fargo & Company (NYSE: WFC), recently announced that it has become the exclusive manager of the HLA Global Network, which has been reintroduced to the international community as the Well Fargo Global Broker Network.
Critical Illness Tops Voluntary Industry's List of Growth Products Again According to Eastbridge Study.
AVON, CONNECTICUT, USA (August 6, 2008) - Once again, the critical illness product was selected by carriers as likely to be one of their company's (and the industry's) top three growth products over the next few years. The study, Voluntary Product Trends, is conducted every other year by Eastbridge Consulting Group, Inc.
Claims
ISO's Xactware Property-Valuation Solutions Reach 20 Million Estimates.
OREM, Utah, and BOSTON, Aug. 5, 2008 - ISO's property-valuation solutions have reached the significant milestone of calculating 20 million replacement-cost estimates. Embedded in the underwriting workflow of many U.S. insurance companies, ISO's property-valuation solutions are used to calculate tens of thousands of valuations each business day. The companies include four of the top ten homeowners insurers as ranked by A.M. Best.
Aviva Canada to Expand its Premiere Auto Network.
18 July, 2008 - Aviva Canada is pleased to announce the expansion of its Premiere Auto Network through the addition of preferred part and paint partnerships. The Premiere Auto Network is a group of Aviva Canada approved auto collision centres that provide top-tier service to Aviva customers. The addition of the part and paint partnerships will allow the network to further improve the timeliness and quality of service to consumers.
Policy and Product Management
MSB ReAlign Solution Available for Treaty Business
Analytics Solution Seen as Independent Verification for Cat Models.
Newark, CA - August 14, 2008 - Risk Management Solutions (RMS) has enhanced its suite of catastrophe risk models for the U.S. and Canada by launching innovative new Winterstorm and Severe Convective Storm models. Built to satisfy the needs of both underwriters and risk managers, the models provide the insurance industry with a more complete view of risk and increase RMS' coverage of natural catastrophe risk in North America to as much as 90%.
Tuesday's Earthquake In Los Angeles Was Expected: ICLR.
TORONTO - Kristy Tiampo was not surprised when a major earthquake struck on Tuesday near Los Angeles. Almost ten years ago, Professor Tiampo co-authored a scientific paper identifying earthquake hotspots in California. Hotspots are locations her research identified as the most likely to experience a strong earthquake over the next ten years. Since that time 23 of the 25 largest earthquakes that have struck were in locations she identified, including Tuesday's earthquake near Los Angeles.
Celent: Will Your Policy Administration System Support Your Future Growth?
When preparing for a major software acquisition, insurers must not only review requirements and functionality but also guarantee that a vendor's system will grow with the business and remain valuable over a period of many years.
RMS Launches Unique Winterstorm Model and Severe Convective Storm Model for U.S. and Canada.
Newark, CA - August 14, 2008 - Risk Management Solutions (RMS) has enhanced its suite of catastrophe risk models for the U.S. and Canada by launching innovative new Winterstorm and Severe Convective Storm models. Built to satisfy the needs of both underwriters and risk managers, the models provide the insurance industry with a more complete view of risk and increase RMS' coverage of natural catastrophe risk in North America to as much as 90%.
Marketing and the Market Place
The Dominion of Canada is taking Canadian curling to another level.
TORONTO, Aug. 1 2008 - The Dominion of Canada General Insurance Company (The Dominion) is taking Canadian curling to another level with the launch of a national curling event, "The Dominion Curling Club Championship", set to benefit Canadian club curlers and charities.
Standard Life adds two IFCA awards in 2008.
MONTREAL, Aug. 5 2008 - The Standard Life Assurance Company of Canada, part of Standard Life plc's group of companies, today announced that it has won two awards in the 2008 Insurance and Financial Communicators Association (IFCA) annual competition. Each year, the IFCA recognizes excellence in marketing and communications work from insurance and financial organizations throughout the United States and Canada. Standard Life was granted an Award of Excellence in the category Community Service Materials and Campaigns for its annual fund raising campaign "Step Up for the Children with Standard Life".
College Students Work Without a Wire: eMarketer.
AUGUST 11, 2008 - Today's collegians are becoming road warriors, ditching their desktop PCs for laptops and mobile phones. Seven out of 10 US college students surveyed in August 2008 owned a laptop, while student desktop PC ownership dropped from more than 90% to just over 50% in five years, according to an Alloy Media + Marketing-sponsored study conducted by Harris Interactive.
Business of Insurance
Ontario Transit Systems seek exemption from no-fault insurance.
TORONTO, Aug. 1 2008 - The Canadian Urban Transit Association (CUTA) and the Ontario Public Transit Association (OPTA) have submitted proposals to the Ontario Auto Insurance Five Year Review calling for the exemption of public transit from the provisions of the Statutory Accident Benefit Schedule (the "no-fault" regime) and returning public transit in Ontario to a pure tort regime for bodily injury claims.
TowerGroup: SEC Proposal to Reclassify Annuities as Securities Products has Far-Reaching Implications for Industry and Consumers.
NEEDHAM, MA, July 30, 2008 - In June 2008, the U.S. Securities and Exchange Commission released a proposal to reclassify the annuity products referred to as fixed indexed annuities or equity indexed annuities (indexed annuities) as securities. New research from TowerGroup finds that this proposal has far-reaching implications for the insurance companies and agents selling the products as well as for consumers, whom the proposal is primarily intended to protect.
Consumer Information
Auto insurance rates quote increase for fourth consecutive quarter according to kanetix.
TORONTO, Aug. 11 - kanetix Canadian insurance shopping marketplace has released the results of its quarterly auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance, identified a 3.5-per-cent increase in the average of the lowest premiums quoted for auto insurance in Q2 2008 compared to the same in Q2 2007.
from Doug:
The rains in Toronto continued through last week so it was good to have a break from them Sunday when our son and I took a short bike ride through part of my usual riding area - good to see it again after a six-week hiatus. Now to start my exercise regimen once more.
Picked up some fresh fruit and vegetables at a market on the weekend - what a treat. We are savouring it while our son visits and enjoys a few days vacation.