Issue 2009-44 -- November 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.
Claims
How Real-Time Claims Communication Can Optimize Customer Experiences, Productivity and Profit: Whitepaper from PBBI.
U.S. insurance companies spent almost $2 billion in advertising dollars to burnish their image and support their brands in 2006 alone.1 But from the customer point of view, individual consumer and groups alike, the essential fact is this: You don't know the true character of your insurance company until you file a claim.
MSB Launches the Next Generation of Property Claims Estimating Solutions.
NEW BERLIN, WI (October 26, 2009) - MSB, a wholly-owned subsidiary of MacDonald, Dettwiler and Associates Ltd, and the leading worldwide provider of building cost data to the property insurance industry, announced today that it has launched IntegriClaim™ EyeQ® Edition, its next generation of property claims estimating solutions.
New System to Manage Group Employee Benefit Claim Operations at Mutual of Omaha - FINEOS.
Dublin, Ireland, October 28, 2009 - FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, today announced the successful go-live of its FINEOS Claims solution at Mutual of Omaha (MoO), a leading North America provider of full-service, multi-line insurance and financial services products. MoO will use the system to manage claims operations for its group employee benefits products, including short and long term disability products.
Distribution
IBAO and Brovada Formalize Partnership to Distribute Nexpedite.
October 7, 2009 (Toronto and Saint John, NB) - The Insurance Brokers Association of Ontario (IBAO) and Brovada, a leading provider of broker to insurer connectivity, are pleased to announce a partnership that will see the IBAO's member brokers receive preferred member pricing for the Brovada's Nexpedite solution through their association.. IBAO will distribute the Brovada product through their for profit corporation Independent Broker Resources Inc.
The Council of Insurance Agents & Brokers and LexisNexis Form Partnership to Build Insurance Exchange.
WASHINGTON, DC, October 12, 2009 - The Council of Insurance Agents & Brokers (The Council), representing the leading commercial insurance brokers and agents in the United States and abroad, and LexisNexis, a leading global provider of content-enabled workflow solutions, today announced the creation of an insurance exchange directed at improving the efficiency and transparency of the independent agent-based distribution system. The new exchange will combine both technology and information at each of the key workflow steps of the insurance transaction process to reduce redundant work and costs, as well as to enable agents and brokers to offer clients a broader choice of insurance products.
Bolton & Company Selects ProspX Platform to Boost Revenue and Productivity.
AUSTIN, Texas - October 27, 2009 - ProspX, Inc., developer of the first on-demand enterprise sales collaboration and automation solution for the commercial insurance industry, today announced that Bolton & Company, one of the nation's largest employee-owned insurance broker agencies, has selected ProspX to help boost sales productivity by enabling real-time collaboration and information sharing across its organization. Bolton will also participate in Assurex Global's XpertConnect™ initiative, which uses the ProspX platform to connect a vast network of broker, agency, and carrier partners.
Business of Insurance
Life and health insurance industry takes leadership role in promoting mental health in the workplace: CLHIA.
TORONTO, Oct. 27 2009 - Canada's life and health insurance industry has taken a leadership role by committing to a strategy to address the issue of mental health in the workplace. "The life and health insurance industry has clearly demonstrated its commitment to supporting the mental health of Canadian workers," said Frank Swedlove, President of the Canadian Life and Health Insurance Association.
Consumer Information
Insurance Bureau of Canada supports BC cellphone ban.
Vancouver, BC - October 22, 2009 - Insurance Bureau of Canada (IBC) today applauded the British Columbia government for taking action on the serious road safety issue of distracted driving. Proposed legislative changes will prevent the use of hand-held cellphones and portable electronic devices while driving.
2010 Winter Games around the corner: Insurance Bureau of Canada reminds BC homeowners accommodating guests to check their coverage.
Vancouver, BC - October 29, 2009 - The start of the Olympic Torch Relay on October 30 signals the fact that the 2010 Olympic and Paralympic Winter Games are fast approaching. Insurance Bureau of Canada (IBC) is reminding BC homeowners to make sure they are properly insured before renting out their property to visitors.
Genworth Study Reveals That Canadians Remain Passionate About Homeownership.
TORONTO, ON, (Oct. 22, 2009) - The desire for homeownership is alive and well in Canada, with many Canadians willing to go to great lengths for it. According to the Genworth Mortgage Insurance Company Canada ("Genworth Financial Canada") First-Time Homebuyer's Monitor released today, 68 per cent of renters said they would be willing to delay major purchases and more than half would give up vacations in order to own their own home.
Reference and Statistics
Ontario Auto Insurance Rates for the Third Quarter of 2009 [Bill 5]: FSCO.
Rate applications approved during the third quarter of 2009 (July 1, 2009 to September 30, 2009) averaged +2.13%, based on the entire market. In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted by market share.
Marketing and the Market Place
Opportunities, Doubts Abound in Social Media for Insurance, Aartrijk Brand Camp Survey Finds.
SPRINGFIELD, VA (October 23, 2009) - Insurance brand decision-makers are intrigued by increasing opportunities to use social networking, but they face internal pressure about these new rules of customer and prospect engagement, according to a recent survey conducted by leading industry branding firm Aartrijk.
Does Social Media Work for Small Biz? eMarketer.
OCTOBER 27, 2009 - Small businesses are not hitting it off with social media, according to an August 2009 study from Citibank. More than three-quarters of US small-business executives surveyed did not find social networks helpful for generating leads or expanding their business.
Internet Access in Canada Reaches All Time High: Ipsos Reid.
October 27, 2009 - Calgary, AB - A new study released by Ipsos Reid examining Online Trends and Activities has found that over eight in ten Canadians (82%) now have Internet access at home. This represents a 6% increase from Q2, 2008 and a 4% increase from Q4, 2008. "Even in difficult economic times, Canadians understand that having Internet access is essential in today's society," notes study author Mark Laver, Associate Vice President with Ipsos Reid.
e-Delivery Promotional Trends vs. Consumer Triggers of e-Adoption: Dalbar.
Boston, MA - September 2009) Paperless Delivery is, without a doubt, most providers' preferred method for delivery of investor communications. Unfortunately, adoption of e-Delivery has been painfully slow. Are providers missing the mark in their promotion of e-Delivery services?
eBusiness and Technology
Gartner Identifies the Top 10 Strategic Technologies for 2010.
ORLANDO, Fla., October 20, 2009 - Gartner, Inc. analysts today highlighted the top 10 technologies and trends that will be strategic for most organizations in 2010. The analysts presented their findings during Gartner Symposium/ITxpo, being held here through October 22.
from Doug:
For a number of reasons we decided a couple of years ago to move to a condo. The one we bought was then in the very earliest stage of construction - they were digging the hole over 75% of a city block. The construction journey since then has been fascinating, with two towers and a low rise area. Over the past two weeks, major milestones: the third of three construction cranes came down, the first people moved into the north tower first phase and the sales office and model suite have moved into two of the townhomes. It is great to finally see what the finished product will look like as we face our final six months of anticipation.