Issue 2009-14 -- April 7, 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.
Policy and Product Management
LOGiQ3 Increases Focus on Life Reinsurance BPO, Consulting and Audit.
12 March 2009, Toronto - Life reinsurance services and technology company LOGiQ3 Inc is placing an increased focus on growth of the Life Reinsurance Business Process Outsourcing (BPO), Consulting and Audit business. To enable that emphasis, Sara Murphy, currently the US Life Leader at GE Employers Reassurance will shortly join them as Vice President, Operations.
Sentry Insurance Launches Guidewire PolicyCenter to Improve New Business Application Processes.
STEVENS POINT, WI, and SAN MATEO, CA, March 31, 2009 - Sentry Insurance, a major property and casualty insurer, and Guidewire Software®, a leading global provider of technology solutions to property and casualty insurers, announced that Sentry has recently launched Guidewire PolicyCenter®.
Distribution
LOMBARD Provides Connectivity via Brovada Nexisys.
March 30, 2009 - Toronto, ON and Saint John, NB - LOMBARD announced today that Single Sign on and Inquiry has been made available to their brokers by interfacing with Brovada Nexisys.
J.D. Power and Associates USA Study:Breadth of Product Availability and Primary Contact-Not Compensation-Drive Insurance Agent Satisfaction with Insurance Companies.
WESTLAKE VILLAGE, Calif.: 25 March 2009 - Offering various types of insurance policies that meet diverse customer needs and ensuring that efficient, courteous and knowledgeable contacts are available have a particularly strong impact on overall agent satisfaction with insurance companies, according to the J.D. Power and Associates 2009 Insurance Agency Satisfaction StudySM released today.
Consumer Information
Genworth Financial Canada Expands Program to Help Canadians Keep Their Homes.
Toronto (March 23, 2009) - Genworth Financial Canada has expanded its Homeowner Assistance Program to help Canadians keep their homes when confronted with job loss or other life challenges that affect their ability to make mortgage payments.
ICBC to lower rates in 2009.
March 10, 2009 - ICBC is reducing optional rates by three percent and basic rates are expected to remain the same in 2009.
IIHS: Roof strength is focus of new rating system; 4 of 12 small SUVs evaluated earn top marks.
March 24, 2009 - ARLINGTON, VA - The Insurance Institute for Highway Safety is launching a new roof strength rating system to help consumers pick vehicles that will help protect them in rollover crashes. Twelve small SUVs are the first to be put to the test. Only 4 earn the top rating of good. The Volkswagen Tiguan has the strongest rated roof among the 2008-09 models evaluated.
The Co-operators Celebrates 10 Years of Car Seat Safety.
GUELPH, ON, April 1 2009 - After a decade of providing hands-on car seat education, The Co-operators has much to be proud of. And so much more to do! This year marks the 10th anniversary of The Co-operators award-winning Buckle Up Bears program. Over the past 10 years, The Co-operators held more than 600 car seat clinics across Canada correctly installing over 10,000 seats. The Co-operators also has distributed more than a million growth charts.
Claims
Leading Loss Adjuster to use FINEOS to support Claims Management Operations.
Dublin, Ireland, April 1, 2009 - FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, today announced that it has been selected by Thornton & Partners, the largest loss adjuster firm in Ireland and partner to global loss-adjuster firm Crawfords. FINEOS will become the new enterprise-wide software solution for Thornton's loss adjusting claims operations and provide major efficiency gains and an enhanced service to Thornton's insurance clients.
Product Announcements
York Fire & Casualty adds Surety Lines.
Mississauga, ON - April 2, 2009 - York Fire & Casualty (York) today announced its launch of a new Surety Lines department. Canadian owned and operated, York is uniquely positioned to provide Contract, Materials and Supply Bonds, Credit Insurance, Financial Solutions for Contractual Holdbacks, Project Monitoring & Cost Control Management and Warranty Programs.
Industrial Alliance and Industrial Alliance Pacific Innovate by Launching Hybrid Life and Critical Illness Insurance for Children.
QUEBEC CITY, March 30 2009 - Industrial Alliance Insurance and Financial Services Inc., jointly with its Vancouver-based subsidiary Industrial Alliance Pacific, announce the launch of the Child Life & Health Duo, a combination of whole life coverage and term critical illness coverage for children age 15 days to 20 years. This new hybrid coverage gives parents access to half of the life insurance face amount if their child is stricken with a critical illness, while the life insurance coverage remains in place.
Business of Insurance
Unity Life completes acquisition of Canadian insurance business of Washington National.
Toronto, ON, April 1, 2009 - Unity Life of Canada, a Foresters company, today announced the completion of the agreement under which Unity Life has acquired the business segment of GeniSys Management Systems that performs business process outsourcing (BPO) for the company. GeniSys is an international provider of insurance administration services, headquartered in Canada.
Global Insurance Industry Calls for Action from G20 Leaders: CLHIA.
OTTAWA, March 27 2009 - The Canadian Life and Health Insurance Association (CLHIA) and six other international insurance associations, which together represent the vast majority of the global insurance business, presented a unified statement yesterday to the G20 leaders in advance of their April 2nd Summit in London.
Electronic Filing for Regulatory Corporate Returns: OSFI.
OSFI is in the process of improving the way it receives information from Financial Institutions (FIs) in Canada. It has implemented a process that will enable FIs to upload the OSFI-57 and OSFI-513 and their amendments to a secure web portal in lieu of sending electronic media through the mail or courier. This change comes into effect immediately.
eBusiness and Technology
IDC Says Cloud Computing Is More Than Just Hype; Worldwide IT Spending On Cloud Services Expected To Reach US$42 Billion By 2012.
Singapore and Hong Kong, March 5, 2009 - According to IDC, worldwide IT spending on cloud services will grow almost threefold, reaching US$42 billion, by 2012. As the cloud computing model offers a much cheaper way for businesses to acquire and use IT, IDC expects its adoption to be amplified by the cost-cutting mantra of most organizations today.
Marketing and the Market Place
Canadians Juggle Their Online Lives: eMarketer.
MARCH 25, 2009 - Canada has some of the world's most committed Internet users. In 2009, more than 69% of the population is online-compared with less than 65% in the US. Moreover, four-fifths of Internet users in Canada spend at least an hour a day online for personal reasons, according to a 2009 survey by MSN Canada and Harris/Decima. Of those users, 45% spend 3 hours or more online each day.
Reference and Statistics
Aon launches the Airline Insurance Market Outlook 2009 report.
LONDON, 19 March 2009 - After five years of competitive market conditions, airlines around the world saw their lead hull and liability premium increase on average by 7% in 2008, according to Aon's Airline Insurance Market Outlook 2009. Following the 11% decline in 2007, this means that the market swung by 18% in the last two years and the tougher conditions are likely to continue in 2009.
from Doug:
In spite of the snowflakes flying today, I think Spring has come. Our first yellow crocusses are out in bud. But with Spring also comes that other dreaded season and yes, I did start my income taxes on the weekend - still a long way to go.
Our two boys will join us for an extended Easter weekend, and a visit with their four grandparents. We wish you and yours a Happy Easter.