Issue 2009-11 -- March 17, 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.
eBusiness and Technology
Aligning ITO & BPO - A Holistic approach: Case study from Cognizant Technology Solutions.
Outsourcing has evolved to become a key component of strategy of insurance companies globally. Insurers have started viewing outsourcing more as a way to increase the value of their businesses, rather than just cost reductions and are seeking tangible results from both IT investments and improved business processes. Firms are moving toward the integration of business and technology and assessing IT's value not only in reducing costs but also in enabling productivity and innovation. In this context it has been observed that IT delivers business value and assists in transforming business processes.
Off-site Receptionist/Scheduling Assistant, by Bernadette Wong, CEO, K&MSS.
Off-site Receptionist/Scheduling and Follow-up Calling is the second article in this monthly series; the first outlined client calling for financial advisors to assist them with their orphan accounts. Virtual Assistants also offer phone assistance for such functions as scheduling/calendaring activities, follow-up calls with clients, and acting as a receptionist, all the while being in a different location from the client being helped.
Distribution
National Bank Insurance joins the Kanetix car insurance quote comparison service.
MONTREAL - February 19, 2009 - National Bank Insurance is pleased to join the Kanetix® auto insurance quote comparison service, available online at kanetix.ca. National Bank Insurance products will be identified under the name InnovAssur.
Marketing and the Market Place
DMTI Spatial Enhances Customer Acquisition and Marketing Campaign Effectiveness with Customer Intelligence Location Content Cartridge (LCC).
Markham, ON Canada - February 20, 2009 - DMTI Spatial (DMTI), Canada's leading provider of Location Intelligence solutions, has introduced the third of its six innovative Location Content Cartridges (LCC) designed to address specific vertical industry business needs. The Customer Intelligence LCC is a comprehensive solution providing next generation content for the analysis and identification of new revenue generating opportunities, the development of differentiated product offerings and the gathering and analysis of competitive intelligence.
Claims
Symbility Solutions Signs Contract with Chubb.
TORONTO, ONTARIO -- March 12, 2009 - Symbility Solutions Inc., a wholly-owned subsidiary of Automated Benefits Corp. (TSX-V:AUT), has signed a five year contract with the Chubb Group of Insurance Companies of Warren, New Jersey.
Munich Re Geo Risks Research: Storm surge major loss driver in 2008.
The very high natural catastrophe losses incurred in 2008 again show the crucial importance of risk research for the insurance industry. In its annual review published today, "Topics Geo – Natural catastrophes 2008", Munich Re's geo risks experts take an in-depth look at Hurricane Ike – with losses of US$ 15bn, the industry's most expensive natural catastrophe in 2008.
Business of Insurance
OSFI Issues Final Revised Guideline B-10 on Outsourcing of Business Activities, Functions and Processes.
March 11, 2009, Ottawa - OSFI has released a final revised version of Guideline B-10, Outsourcing of Business Activities, Functions and Processes, which sets out OSFI's expectations for federally regulated entities (FREs) that outsource one or more of their business activities to a service provider.
Reference and Statistics
LIMRA Reports Sharp Quarterly Drop in Individual Life Insurance Sales.
WINDSOR, Conn., Feb. 24, 2008 - New annualized premium for individual life insurance dropped 14 percent in the fourth quarter of 2008, ending the year with an overall seven percent decline, according to LIMRA's quarterly sales survey.
MIB Life Index Reports North American Life Insurance Activity up 1.1% in February.
Braintree, MA. - (March 10, 2009) - North American application activity for individually underwritten life insurance was up +1.1% in February, year-over-year, according to the MIB Life Indexsm. Application activity from January to February 2009 was up +12.9%. Year-to-date (YTD), North American activity is off -1.7% compared to the same two months last year. Percent changes in February's Life Index may be attributable to the Life Index methodology rather than a change in underlying industry trends*.
Managing Relationships and Customer Service
Satisfaction with Lloyd's grows year on year.
04/03/2009 - Overall customer satisfaction with Lloyd's, the world's leading specialist insurance market, has improved year on year, with its 2008 Customer Satisfaction Survey revealing the highest results for its front end processes, such as speed and accuracy of quotations and contracts.
Our People
New Edition of LOMA Customer Service Text Available.
ATLANTA, GEORGIA, UNITED STATES - February 23, 2009 - LOMA announces the release of the second edition of Foundations of Customer Service. The textbook provides a comprehensive introduction to the knowledge, skills, and perspective every person in a financial services company needs to know to work effectively with internal and external customers. The text incorporates input from industry experts to reflect current industry practices and standards for the customer service activities of insurance companies, banks, investment companies, securities brokerages, finance companies, and other financial institutions. The second edition updates the text, expands the customer service technology information, and adds information on customer privacy issues.
Insurance in the Community
ThinkFirst Canada Kicks Off Aviva Brain Day Across Canada.
TORONTO, March 12 2009 - March hosts International Brain Awareness Week and ThinkFirst Canada is leading the charge in educating Canadians on how to prevent brain and spinal cord injuries. With traumatic brain injury as a leading cause of death for children in Canada, the national not-for-profit injury prevention organization is addressing this issue directly by teaching elementary students across the country how to prevent injury by using their brains to protect their bodies.
Consumer Information
Insurance Brokers Urge Ontarians to Take Precautions While Away this Spring Break: IBAO.
TORONTO, March 9 2009 - In the name of safety and prevention, the Insurance Brokers Association of Ontario (IBAO) would like to remind Ontario residents to take precautions to keep their homes safe while away for an extended period of time this spring break.
Ontario Government Says Stay Alert, Slow Down And Arrive Safely.
TORONTO, March 6 - The brilliant sunshine of a winter day can actually make driving more
dangerous. Rapidly melting snow and freezing temperatures create slippery roads, increasing braking time and the potential for losing control of your vehicle.
J.D. Power and Associates Reports: Online Commentary Points to Higher Risk of Identity Theft for Younger Consumers, Despite Their Lower Levels of Concern.
WESTLAKE VILLAGE, Calif.: 4 March 2009 - Younger consumers-those included in Generation Y-tend to be at higher risk for identity theft, but are less concerned with the threat than are consumers in the Generation X and Baby Boomer demographics, according to the J.D. Power and Associates Identity Theft Report.SM
from Doug:
We enjoyed a wonderfully relaxing weekend visiting friends north of the Muskokas at their home/cottage on a small lake. The Spring weather was as good as one could dream about. The river into and out of the lake is open, and when we spotted three ATV's on the far end of the lake, our hostess questioned their bravado. An auger revealed 18 inch thickness in the little bay in front of their house, but the river current would flow under the ATV's, not through the little bay. Only on our return and in the morning paper did we find that a mother and daughter not twenty km away had plunged through the ice. The challenge is trying to be on the correct side of the scales when balancing the risk-reward of any activity, sports or otherwise.