Issue 2008-46 -- December 2, 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
Accident Support Services Ltd., opens a Collision Reporting Centre in partnership with the Thunder Bay Police Service.
Thunder Bay, November 26, 2008 - Accident Support Services Ltd., Facilitators of collision reporting to the Insurance Industry, are pleased to announce that today we will open a Collision Reporting Centre in partnership with the Thunder Bay Police Service.
CDRG announces a new member in Windsor - Preferred Restoration Services.
CDRG is ever expanding its network of qualified and quality-based restoration contractors. The latest addition to our group is a perfect example of exactly that type of company. Preferred Restoration Services in Windsor specializes in water, fire, smoke, and wind.
Plans for the re-introduction of the HCAI system have been approved by the IBC Board of Directors and continue to move forward.
November 25, 2008 - In order to ensure that HCAI is re-introduced only under the highest standards of quality control, third-party audits will be performed at several points as part of the remediation process, and the system will undergo stringent stress testing prior to re-launch.
Fraud and Buildup Add 13 to 18 Percent in Excess Payments to Auto Injury Claims: IRC.
MALVERN, Pa.- A new study by the Insurance Research Council (IRC) estimates that claim fraud and buildup added between $4.8 billion and $6.8 billion in excess payments to auto injury insurance claims closed with payment in 2007. The excess payments amount to between 13 percent and 18 percent of total payments under the five main private passenger auto injury coverages. Excess payments have increased from 2002, when they were estimated at between $4.3 billion and $5.8 billion, or between 11 and 15 percent of total payments.
Distribution
Univeris offers turnkey module to manage TFSAs immediately solving back and front office problems.
Toronto, ON - November 21, 2008 - "The new Tax Free Savings Account (TFSA) is an exciting new financial product for investors that differs significantly from existing plan types like RRSPs and will require financial institutions to develop new systems and processes to support it," said Simon Keogh, Vice President Product Management at Univeris. "Our solution allows these financial institutions to be up-and-running on January 1st, 2009 so that their advisors are able to be industry-competitive and work with their clients right away. This TFSA solution is being made available to all Univeris clients representing over 16,000 advisors."
IVANS and Progressive Insurance Take Real-Time Technology One Step Further To Make it Easier for Agents to do Business.
Stamford, CONN. - November 3, 2008 - IVANS, the leading provider of corporate connectivity solutions and services, worked with Progressive (NYSE: PGR) to implement an agent-enabled single sign-on technology through IVANS Transformation Station that makes it easier for agents to quote and service their policies, and streamline their workflow. Once Progressive's agents update their real-time account via their agency management system, and register at Progressive's website, ForAgentsOnly.com (FAO), they will no longer have to enter their user ID and password when bridging over to the FAO website.
Managing Relationships and Customer Service
Win for Standard Life recognizing its innovative communication efforts to group savings and retirement plan members.
MONTREAL, Nov. 24 2008 - At the 2nd Annual Benefits Canada Awards Gala in Toronto, The Standard Life Assurance Company of Canada received top honours in the Plan Member Communications category recognizing its innovative, clear and effective strategies for the communication of group pension plans to members. Earlier this year, Standard Life launched a member website which includes a personalized "retirement dashboard".
eBusiness and Technology
Gartner Says Master Data Management Is One of the Fastest-Growing Software Segments in 2008.
Egham, UK, November 17, 2008 - Worldwide master data management (MDM) software revenue is on pace to total $1.3 billion in 2008, a 24.1 percent increase from 2007 revenue of $1 billion, making the market for MDM one of the fastest-growing software segments, according to Gartner, Inc. The market will experience steady growth through 2012 when revenue will total $2.8 billion.
2009 P&C Insurance Technology Conference: "Leadership: The Business-IT Imperative"
The seventh annual Insurance-Canada.ca P&C Technology Conference Monday 23 February 2009 in Toronto.
Speakers and Topics include:
- Claims Leadership: Asking The Tough Questions
Denise Garth, Vice President - Global Industry Affairs, Innovation Group
Carriers emerging as market leaders are leveraging human resources with technology capabilities to create real value for customers. Becoming a leader requires innovative thinking. More details.
For program information, event details and all sponsors, see the conference overview.
Business of Insurance
RBC Insurance Enhances Segregated Funds Product.
Mississauga, ON - November 20, 2008 - RBC Insurance announced several enhancements to its segregated funds product. These changes, which took effect on October 1, 2008, offer clients improved and unique features, including two new fund options and a change to the underlying investments of the RBC Guaranteed Investment Portfolios.
OSFI Annual Report 2007-2008: Navigating through Global Currents.
Financial institutions operate globally, and products and markets are increasingly complex. This makes the job of regulating far more challenging. The theme of this annual report Navigating through Global Currents reflects the importance OSFI and other regulators place on taking a domestic and global perspective in the financial services sector.
Three of four provinces with government auto insurance monopolies have highest rates in Canada: The Fraser Institute.
November 18, 2008 - TORONTO, ON - Government-run auto insurance monopolies in British Columbia, Saskatchewan and Manitoba are charging some of the highest average premiums in Canada, concludes a new report released today by the independent research organization the Fraser Institute.
Consumer Information
Ontario Government proposes new rules for novice drivers.
TORONTO, Nov. 25 - Ontario is proposing tough new legislation that would, if passed, make the province's roads safer for all drivers. Proposed changes to Ontario's Graduated Licensing System would mean it would take a new driver up to 36 months to get a driver's licence, giving them better skills and experience to drive safely.
IIHS: 72 winners of 2009 Top Safety Pick awards; almost every category from minicar to large pickup has a winner.
ARLINGTON, VA - Seventy-two vehicles earn the Insurance Institute for Highway Safety's Top Safety Pick award for 2009. This is more than double the number of 2008 recipients and more than 3 times the number of 2007 winners. Top Safety Pick recognizes vehicles that do the best job of protecting people in front, side, and rear crashes based on good ratings in Institute tests. Winners also have to have electronic stability control (ESC), which research shows significantly reduces crash risk.
Renters Insurance Remains a Cost-Effective Purchase, Even in Tough Times: I.I.I..
NEW YORK, November 24, 2008 — Most renters can acquire thousands of dollars worth of property and liability insurance coverage for less than $20 a month. Yet fewer than half of those renting either a home or an apartment have a renters insurance policy, according to the Insurance Information Institute (I.I.I.).
New Survey Finds Holiday Travelers Don't Know Travel Insurance Needs Or Coverage: IIABA.
(Alexandria, VA - Nov. 25, 2008) -As millions of Americans hit the roads and log in flight miles at hundreds of airports to criss-cross the globe for the holiday, an alarming percentage don't fully understand key aspects of their insurance coverage, according to a new national survey on travel insurance issues by Trusted Choice® and the Independent Insurance Agents & Brokers of America (the Big "I").
Marketing and the Market Place
Year Over Year Online Spending Drops 13% in Q3 2008: Ipsos Reid.
Calgary, AB – November 20, 2008- Ipsos Reid's long standing Interactive Reid study has found that year over year online spending dropped 13% among online Canadians in Q3, 2008. The study, which tracks consumer activities on the Internet, also found spending from Q2 to Q3 had dropped by 15%.
from Doug:
I had been hoping for a federal government with some degree of decorum and a whole lot of leadership to help take us through these economic troubling times and rebuild our confidence. Instead Parliamentary shenanigans have taken over centre stage. But what a show, and the tickets are free .... if you don't count the $10/person the last election cost us. Has anyone started a pool yet on the date of the next election?