Issue 2008-34 -- September 9, 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.
Business of Insurance
Transamerica Life and Roy Elliott O'Connor announce next steps in settlement of management fee overcharge class action against Transamerica Life Canada.
TORONTO, Sept. 2 2008 - Transamerica Life Canada ("Transamerica") and Roy Elliott O'Connor LLP ("REO"), as counsel for the proposed representative plaintiff Joseph Fantl, confirmed today that the parties have reached an agreement in principle to settle the excess management fee claim in the proposed national class action commenced against Transamerica in 2003. The parties also announced today the next steps in the settlement process.
Aon Consulting , FEI Canada and CFERF Release Pensions Study Results Reveal pension regulation out-of-step with Canada's evolving labour market.
Toronto, ON, September 4, 2008 - More than two-thirds of Canadian pension plan sponsors are dissatisfied with the current pension regulatory environment, citing rules of fragmentation across the country, inconsistent governance procedures and uncertainty regarding legal risk exposures, according to a study released today by Aon Consulting, and the Canadian Financial Executives Research Foundation (CFERF), the research institute of FEI Canada.
Claims
IRC Research Documents Higher Injury Claim Costs With Lighter Weight Vehicles - Implications of Rising Gas Prices Considered.
MALVERN, Pa. - The cost of auto injury claims involving lighter-weight vehicles tends to be higher than the cost of claims involving heavy vehicles, according to new research from the Insurance Research Council (IRC). These findings may have important implications for those seeking to understand how higher gas prices will affect auto insurance costs.
Consumer Information
With High Gas Prices and a Faltering Economy, Today's College Students Must Master Personal Finance 101, says the I.I.I.
NEW YORK, August 26, 2008 - Heading off to college during the worst economic times in 30 years means students will be forced to learn some very tough lessons about living on a budget. Now more than ever, students must avoid the temptation to use their credit cards to make up for the lack of cash in their wallets, says the Insurance Information Institute (I.I.I.)
Ontario's WSIB Releases Average Premium Rate for 2009.
TORONTO, August 14, 2008 – The Workplace Safety and Insurance Board (WSIB) has announced the 2009 premium rates for Schedule 1 employers. The decision to keep the 2009 average premium rate at $2.26 – unchanged from 2007 and 2008 – is based on careful financial analysis, and an expectation that improvements will occur in health and safety and return to work outcomes consistent with the WSIB's Road to Zero and Prevention Strategies.
Manulife Financial launches Workplace Solutions for Mental Health.
WATERLOO, ON, Sept. 5 2008 - Manulife Financial has launched Workplace Solutions for Mental Health, an innovative, practical solution that works with an employer's existing disability and absence management programs to proactively manage mental health in the workplace.
eBusiness and Technology
Gartner Says Organizations Should Not Prevent Participation in Social Applications for Fear of Bad Behavior.
STAMFORD, Conn., August 6, 2008 - Organizations should not shun Web participation for a fear of bad behavior, but instead they should anticipate it as part of the social experience and formulate a multilevel approach to policies for effective governance, according to Gartner Inc.
Distribution
IBAC: Economical Insurance Group and Optimum General maintain their investment and Optimum General joins as a Full Partner of the Broker Identity Program.
Toronto, August, 2008 - The Insurance Brokers Association of Canada (IBAC) is pleased that Economical Insurance Group and Optimum General have agreed to maintain their investment at the Full Partner level and is pleased to welcome Canadian Northern Shield as a new Full Partner of the Broker Identity Program for 2008.
Our People
RHU Program: Responding to the Ever-Changing Marketplace by Advocis.
August 18, 2008 Toronto - Because of the critical importance of timely information about living benefits options for clients, the Registered Health Underwriter (RHU) program offered by Advocis, The Financial Advisors Association of Canada, has been updated.
Marketing and the Market Place
Search Marketing: Online Canadians Overwhelmingly Satisfied With Internet Search Results, Yet Skeptical of Online Advertising: Ipsos Reid.
September 2, 2007 Calgary, AB - A new study released by Ipsos Reid entitled "Search Marketing in Canada" has found that online Canadians are overwhelmingly satisfied with their Internet search results from search engines such as Google, Yahoo!, and Microsoft's Live Search. Eight in ten (80%) online Canadians agree that they are getting the best results from their primary search engine. In addition, two-thirds (66%) agree that their search results are objective. Furthermore, three-quarters of online Canadians indicate they can usually find what they are looking for on the first page of search results. In the multi-billion dollar search marketing business these are important factors for online marketers.
Characteristics of international travellers: First quarter 2008 (preliminary): StatsCan. August 27, 2008 - Canadian travel to the United States and overseas countries increased in the first quarter. Travel from overseas countries to Canada also increased, while travel from the United States declined.
Reference and Statistics
Second Quarter RIMS Benchmark Survey™ Shows Soft Market Slogs On Despite Lower Industry Earnings.
NEW YORK, N.Y., August 5, 2008--As insurance company earnings begin to show the strain of eroding rate levels, average premiums fell for all major commercial line insurance in the second quarter of 2008, according to RIMS Benchmark Survey™, the industry's leading survey of policy renewal prices as reported by North American corporate risk managers.
Managing Relationships and Customer Service
Information Builders Selected as Business Intelligence Leader in 2008 CRM Market Awards.
New York, NY - August 21, 2008 - Information Builders, the independent leader in operational business intelligence (BI ) systems, today announced it has been recognized by CRM magazine, the industry's leading customer relationship management (CRM) publication, as a 2008 CRM Market Leader in the Business Intelligence category of the 2008 CRM Market Awards.
SAS honored with Business Intelligence Market Leader award from CRM magazine.
CARY, NC (Aug. 27, 2008) - For the sixth year running, CRM magazine has recognized SAS for its industry-leading business solutions. SAS was announced the winner in the business intelligence category of the CRM Market Awards and a CRM Market Leader for marketing automation.
Sun Life Financial to offer TFSA investment solutions for individuals and employers.
TORONTO, Sept. 4 2008 - Sun Life Financial today announced plans to offer its customers and group plan sponsors a number of opportunities to take full advantage of the new Tax-Free Savings Account (TFSA), available January 1, 2009. Sun Life Financial will offer the TFSA investment option to retail clients through accumulation annuities and GICs, and through its SunWise Elite suite of segregated funds. Employers with Sun Life Financial group plans can also choose to make TFSA options available to their employees.
from Doug:
Our community has had an annual festival on the weekend following Labour Day for some thirty years. As you would expect, there are lots of arts and crafts, clothing, antique and other displays. Many residents also take the opportunity to sell "extra" items. We too took advantage this past weekend to reduce the clutter. It was almost hilarious to see the antique pickers vying for better items as soon as we opened the garage door Saturday morning. In spite of showers that morning and light rain most of Sunday, we were successful, although I think we will do a follow-on garage sale in the next week or two for the remaining "junk".