Issue 2009-09 -- March 3, 2009
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.
Featured Article
Business Success Through Insurance Data Mastery: A Whitepaper from Information Builders.
There's an old military dictum that says, "Amateurs talk tactics, but professionals talk logistics. That's true for insurance companies, too – even though the logistical efforts and supply chain are mostly informational. You still have to collect information, consolidate it, manage its quality, process it, and distribute it. Your data processes are among the most critical in your company, because every important activity – managing the business at high and low levels, setting strategy, and governance, among others – depends on data as its foundation. It's not enough to work with your data. To be competitive, you must master it.
Business of Insurance
An SAP Webcast: Achieving Financial Excellence in a Down Economy.
Date:Tuesday, March 10, 2009. Time: 1:00 p.m. EST, 2:00 p.m. CST, 10:00 a.m. PST . Complimentary, one-hour Webcast. More than ever before, insurance companies are facing pressures from industry consolidation, new non-traditional competitors, and an uncertain economy. You're tasked to do more with less and must acquire, retain, and grow profitable customers while running several sets of books, decreasing claims expenses, and addressing a changing regulatory environment.
Canada's Largest Home, Auto and Business Insurance Company Becomes Intact Insurance: ING Canada.
TORONTO, Feb. 23 2009 - ING Canada (TSX : IIC) announced today that ING Insurance Company of Canada, the country's largest home, auto and business insurer will become Intact Insurance Company and will operate under the Intact Insurance brand name.
Group RRSPs holding strong in the face of economic turmoil: Desjardins.
Montreal, February 25, 2009 - The 2009 RRSP season is almost over and many group retirement savings plan members are getting ready to make their final contribution for the 2008 taxation year. Despite the hard economic times, Desjardins Financial Security's January 2009 RRSP campaign indicators show that Desjardins Financial Security plan members contributed slightly more to their RRSPs than a year earlier and that the anticipated rush toward safer investment vehicles, like guaranteed investment certificates (GICs), is not going to happen.
Guy Carpenter Briefing Finds Catastrophe Bond Market Resilient in Face of Financial, Property Catastrophes.
New York, February 4, 2009 - Catastrophe bonds withstood the impact of onerous market forces in 2008, brought on by turmoil in the global capital markets, according to a new briefing on catastrophe bond market activity published by Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, and GC Securities, a division of MMC Securities Corp*. Available at www.GCCapitalIdeas.com, the cat bond market update found that as a whole, in terms of issuance volume, 2008 was the market's third most active year since catastrophe bonds were introduced in 1997, accounting for 11 percent of all issuances.
Conning Research: Life Industry Faces Challenge of Implementing Upcoming Accounting and Regulatory Changes.
(Hartford, CT) February 5, 2009 - Upcoming accounting and regulatory changes will present an operational risk and add to an already significant number of challenges the life insurance industry faces, according to a new study by Conning Research and Consulting. The U.S. and European Union accounting regimes are converging and moving to a principles-based structure. At the same time, insurance regulations-including capital solvency testing-are becoming more risk-focused and will include sophisticated stochastic modeling.
Claims
Antrim Construction in Alberta joins CDRG Network.
Ottawa, February 26th 2009 - Antrim Construction was founded in 1984 by owner Kieran Kelly and has grown to become the largest and best equipped "Disaster Restoration" firm in Alberta. Highly recognized by the Insurance community as a leader in this specialty industry Antrim offers a complete range of restoration services to major insurance companies and their policy holders.
FINEOS announces New Deal with Swedish Life Assurer.
Dublin, Ireland, February 23, 2009 - FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that it has been selected as the claims management solution for life and income protection (disability) claims at SalusAnsvar, one of Sweden's leading life assurance companies. FINEOS Claims will replace the existing solution and the project will commence immediately.
eBusiness and Technology
Harcase signs North American partnership with Octello to sell and implement its' RapidSure Enterprise Insurance Solutions.
Mississauga, ON Canada, February 23, 2009 - Octello Inc, an enterprise software and professional services provider to North American insurance companies, has entered a North American reseller agreement with Harcase Software Ltd., a leading technology firm delivering insurance point of sale and policy administration portal solutions. Under the terms of the agreement, Octello will resell and implement Harcase's RapidSure suite of enterprise insurance solutions in North America.
Trends in European Insurance for 2009: Report Published by Celent.
London, United Kingdom - 9 February 2009 - In a new report, Trends in European Insurance for 2009, Celent delves into trends in general and life insurance in Europe and explores how they might influence IT investments.
Managing Relationships and Customer Service
Pioneer State Mutual Insurance Selects Guidewire BillingCenter.
FLINT, Michigan and SAN MATEO, California, February 26, 2009 - Pioneer State Mutual Insurance Company (Pioneer State Mutual), a multi-line property/casualty carrier serving individuals and businesses in the state of Michigan, and Guidewire Software®, a leading global provider of solutions to property/casualty insurers, today announced that Pioneer State Mutual has selected Guidewire BillingCenter® as its new billing system. BillingCenter will be deployed for both direct and agency bill functionality and will replace Pioneer State Mutual's existing billing capabilities currently provided by the company's policy administration system.
Consumer Information
Meaning of Home Contest Winner Believes A Helping Hand Makes Anything Possible: Genworth Financial.
Toronto (February 9, 2009) – It was the childhood experience of his mother that helped Jackson Topo, define the meaning of home and turn the dream of homeownership into reality for a deserving family. Jackson, a Grade 6 student from Mississauga, Ontario, won the grand prize in the second annual "Meaning of Home" national writing contest sponsored by Genworth Financial Canada in support of Habitat for Humanity Canada.
Distribution
Agency Management System Integration Increases in Importance; Vendor Market Matures, as Documented in New Novarica Report.
February 24, 2009 (New York) - As a recent study by GetRealTime.org shows, agents are increasingly demanding that insurers support integration with agency management systems to improve ease-of-doing business and facilitate information exchange. Novarica's new report, Novarica Market Navigator(TM): US Property/Casualty Agency Connectivity Solutions 2009(Q1) helps insurers navigate the solution provider marketplace for systems that enable this functionality.
Marketing and the Market Place
Sun Life Financial surveys find Canadians more optimistic than Americans about their retirement prospects.
TORONTO, Feb. 23 2009 - Canadian workers are feeling more confident than their American neighbours about the economy, personal finances, health, employer and government benefits according to findings recently released from Sun Life Financial's Canadian and American Unretirement(TM) Index surveys.
New name for Regina multi-sport and event complex: The Co-operators.
REGINA, Feb. 26 2009 - Evraz Place, one of Canada's largest and most influential event complexes, is pleased to welcome The Co-operators as our newest corporate partner. Effective today, the multi-purpose arena complex currently under construction will be known as "The Co-operators Centre".
Reference and Statistics
P/C Market Pricing Shows Signs of Bottoming Out in Fourth Quarter 2008: CIAB.
Thursday, Jan. 22, 2009 - Commercial property/casualty market premiums showed definite signs of leveling off in the fourth quarter of 2008 across small, medium and large accounts and for most major lines of commercial business, according to The Council of Insurance Agents & Brokers' Commercial P/C Market Index Survey.
from Doug:
A little of the pressure is off following the Conference last week - interesting how many things come out of the woodwork, from where I hid them, when a little time becomes available. A little touch of family the last few days - have spoken with both sons and visited my parents. This week is a heritage week for me, in my spare time, and I look forward to visiting with friends from across the country this weekend at our Spring Council.