Issue 2010-39 -- September 28, 2010
This newsletter is for members of the Canadian Insurance Industry and those who serve it. The newsletter is published weekly, and notes information about the use of the Internet and related technologies in the industry, insurance products and the marketplace. Some is international, where we feel it is relevant to Canada.
Featured Article
Mobile Technology Paves the Way for the Growth of MicroInsurance: By Kevin Day, President, Riskebiz.
Amidst the recent turmoil and uncertainty in the global markets as a result of the ongoing financial crisis, microfinance has continued to generate positive returns, both social and financial for microentrepreneurs and investors (albeit at a slower pace versus pre-crisis levels).
Claims
Gore Mutual Launches New OnLine Claims Portal.
September 21, 2010 - Gore Mutual Insurance Company recently launched an online claims portal that provides an enhanced claims communication process. The new portal offers brokers quick access to claim status updates and instant reports.
Great-West Life signs agreement with Evolution Benefits(R) to offer the first Visa(R) payment card for healthcare spending accounts in Canada.
WINNIPEG, Sept. 23, 2010 - Great-West Life, a leading group benefits provider in Canada, announced today that the company has signed an agreement with U.S.-based Evolution Benefits(R), Inc. to develop Health SolutionsPlus, a Visa(R) payment card for healthcare spending accounts (HCSAs) - the first in Canada.
9/11, Katrina, H1N1 top insurer's list of "Top Ten Mega Disasters" from past decade: Zurich.
Schaumburg, Ill., September 20, 2010 - Terrorist attacks, hurricanes, and pandemic risks top the list of "Top Ten Mega Disasters" of the past decade, released today by Zurich, one of the largest property and casualty insurers globally and in North America. The mega disasters, which were selected by Zurich based on loss of lives, overall business impact, and the geographic scope and duration of the crises.
Distribution
Novarica Reports Profile 18 Agent Portal Solutions.
September 21, 2010 (NEW YORK) - According to Novarica, a research and advisory services firm focused on markets, operations, and technology for insurers, the Internet has become the primary channel that insurers use to communicate with their agents. Agent portals are now common in the industry and portal projects continue to be a top priority for CIOs, as insurers seek to become easier to do business with and grab agent wallet-share.
XN Financial Announces Launch of XN Special Risks.
TORONTO, Sept. 22 2010 - XN Financial today announced the launch of XN Special Risks, a virtual storefront providing insurance agents and brokers online access to a broad range of domestic and international specialty product lines. XN Special Risks' online systems enable agents and brokers to submit insurance applications in a one-step, real-time process, expediting the paperless management of insurance programs.
eBusiness and Technology
ISO Equips Fleet with Telematics Devices to Develop Analytic Methods for Personal and Commercial Auto Insurance.
JERSEY CITY, N.J., September 21, 2010 - ISO announced today that it will equip more than 600 ISO company vehicles with telematics devices to monitor and record data about driving behavior. Information will include Global Positioning System (GPS) and On-Board Diagnostic (OBD-II) data for vehicle information and 3-axis accelerometer data for driving maneuvers. Telematics data can provide predictive value to insurers through various methods.
Business of Insurance
Foresters to acquire New York-based First Investors Consolidated Corporation.
Toronto ON, September 21, 2010 - ForestersTM, a life insurance provider committed to the well-being of families, and First Investors Consolidated Corporation (FICC) today announced that they have entered in to a definitive agreement under which Foresters will acquire a 100% ownership interest in FICC and its U.S. asset management and life insurance operations.
SSQ General Insurance, a subsidiary of SSQ Financial Group, sets up business in Greater Montreal area.
QUEBEC CITY, Sept. 22 2010 - SSQ General Insurance, a significant player in Quebec's general insurance industry, is set to open its doors for business in Longueuil next January. In a move designed to support its current growth in business, the company this fall will be creating several dozen new jobs with the opening of its new Customer Relations Centre to be located within walking distance of the Longueuil Metro Station.
Reference and Statistics
Commercial Insurance Prices Remain Level for Sixth Straight Quarter, According to Towers Watson Survey.
NEW YORK, September 14, 2010 -- While commercial insurance prices continue to remain relatively flat for the sixth consecutive quarter, insurers that utilize predictive modeling in their pricing and risk selection process reported that they were better able to hold price levels, according to global professional services company Towers Watson's (NYSE, NASDAQ: TW) most recent Commercial Lines Insurance Pricing Survey (CLIPS).
Marketing and the Market Place
J.D. Power and Associates Reports: Overall Customer Satisfaction with Home Insurance Providers Decreases Slightly, Largely Due to Higher Premiums and Less Communication with Customers.
TORONTO: 16 September 2010 - A combination of premium increases and less-frequent communication with customers has led to a slight decline in customer satisfaction with home insurance providers, according to the J.D. Power and Associates 2010 Canadian Home Insurance Customer Satisfaction StudySM released today.
Standard Life gives 10,000 good reasons to get Canadians involved in planning their retirement.
MONTREAL, Sept. 22 2010 - As a leading provider of long-term savings and investment solutions, Standard Life is launching Multiply Your Chances, a new web contest to get Canadians involved in their personal finances and to take charge of their retirement planning.
Using Transactional Emails as High-Value Marketing Vehicles: eMarketer.
September 20, 2010 - Retailers looking to up the value of their email communications and get more messages opened and clicked on should look to their transactional mailings as a vital marketing tool, based on data in Experian Marketing Services' "The Transactional Email Report."
Three Teams Awarded Share of $10 Million Purse in Progressive Insurance Automotive X PRIZE for Super Fuel-Efficient Vehicles.
MAYFIELD VILLAGE, Ohio - September 16, 2010 - The X PRIZE Foundation, an educational nonprofit prize organization, and Progressive Insurance, the country's fourth largest auto insurance group, today, at the Historical Society of Washington, D.C., awarded $10 million to three teams who successfully completed the rigorous Progressive Insurance Automotive X PRIZE.
Consumer Information
Allstate Canada's 10 Tips to Protect Your Cottage This Winter.
As the air becomes crisper and leaves start to change colour it is hard to ignore the fact that fall is coming. For many Canadians this time of year also means it's time to close the cottage for the season. According to Allstate Canada data, the top two cottage insurance claims are due to damage caused by water and wind during the winter and early spring.
IIHS New booster ratings: 21 Best Bets and 7 Good Bets; 8 out of 72 seats evaluated aren't recommended.
ARLINGTON, VA - Boosters are better than they used to be at fitting lap and shoulder belts on 4 to 8-year-old kids to restrain them in a crash. So parents don't have to search as hard for a good fit for their child and vehicle. Most belt-positioning boosters, though, don't offer consistently good fit in all vehicles. This is the bottom line in the Insurance Institute for Highway Safety's third round of booster evaluations.
from Doug:
As a break from other things, I attended a heritage presentation on Sunday. David Moore UE, a very active reenactor and great speaker, provided an answer to the question "Who won the War of 1812?" Quite a fitting question given that we are coming up to the bicentennial of that war in a couple of years. Unlike many wars where the answer is quite clear, in this case both sides claim victory, but remain friends in spite of it all. David did a great job of describing the rationale for both sides of the coin. In the end, he notes that the only clear decision out of that War was that the First Nations lost. Not wanting to participate, they were finally enticed into it with the hopes that they could establish what would be their own separate nation too. It was not to be.