Issue 2010-44 -- November 2, 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.
Distribution
The Economical Insurance Group Advances Integration for Individually Rated Commercial Auto Business.
Waterloo, ON - The Economical Insurance Group® (TEIG®) is pleased to announce the implementation of daily download and full quoting functionality for Individually Rated Commercial Auto (IRCA) business. Brokers using Power Broker (Zycomp Systems Limited) or The Broker's Workstation (Customer Software Solutions Inc.) will soon see policy data automatically updated in their BMS using CSIOnet download.
Aite Group - Global Wealth Management Technology: Trends in Advice-Led Selling.
Boston, October 18, 2010 - A new report from Aite Group discusses trends in the advice-led selling of wealth management products; specifically, it examines the technology in which firms can expect to invest with regard to financial planning solutions and related professional services.
Eastbridge Releases the Evolution of the Worksite Broker Study.
AVON, CONNECTICUT, USA (October 21, 2010) - According to the 2009 version of Eastbridge Consulting Group's annual U.S. Worksite Sales Report, the Benefit Broker segment continues to claim the largest percentage (52 percent) of voluntary/worksite sales of any other producer segment. However, two other segments - Classic Worksite Brokers and Worksite Specialists - are continuing to close the gap and increase their share of the market.
Our People
Insurance Brokers Association of Canada and Laurentian University Launch the First Online MBA and H.B.Com Programs for Insurance Brokers in Canada.
Toronto, October 2010 - The Insurance Brokers Association of Canada (IBAC) and its member associations are pleased to announce the launch of an online Master of Business Administration (MBA) program, and an online Honours Bachelor of Commerce (H.B.Com) program. The degree programs are available to insurance brokers across Canada, through an exclusive arrangement with Laurentian University and its Faculty of Management.
Claims
ISO's PICAS Short-Listed for BCS Consumer IT Innovation of the Year.
London, U.K., 25 October 2010 - ISO's Personal Injury Claims Assessment Service (PICAS®) has been short-listed for the Consumer IT Innovation of the Year in the BCS UK IT Industry Awards 2010. The UK IT Industry Awards are dedicated to recognising the contribution of individuals, projects, and organisations that have excelled in the use, development, and innovative deployment of IT in the past 12 months. PICAS is the insurance industry's first solution to entirely digitise the claims process for personal injuries and is already showing dramatic improvements in reducing processing time for claimants.
eBusiness and Technology
Gartner Identifies Seven Major CEO Concerns CIOs Should Address.
STAMFORD, Conn., October 20, 2010 - With the increased reliance on IT from business leaders, it's important for CIOs to understand the concerns of CEOs and the implications they may have on IT, according to Gartner, Inc. Gartner analysts have outlined the seven major concerns from CEOs that CIOs should address.
IBM Acquires Clarity Systems.
ARMONK, NY, October 21, 2010 - IBM (NYSE: IBM) today acquired Clarity Systems, a privately-held company based in Toronto, Canada. Financial terms were not disclosed. Clarity Systems delivers financial governance software that enables organizations to automate the process of collecting, preparing, certifying and controlling financial statements for electronic filing, in support of mandates by the SEC and other financial regulatory agencies.
IDC Finds Demand for Business Analytics Software and Solutions Growing As End Users Become More Aware of the Technology's Benefits.
FRAMINGHAM, Mass., October 7, 2010 - A new report published by International Data Corporation (IDC) reveals how the market for business analytics software and solutions will grow as end users become more familiar with how the technology and related business practices can be used to improve competitiveness.
Business of Insurance
Sun Life sells reinsurance business to Berkshire Hathaway.
TORONTO, Oct. 27, 2010 -Sun Life Financial Inc. (TSX/NYSE: SLF) announced today that Sun Life Assurance Company of Canada (Sun Life) has entered into an agreement to sell its life reinsurance business to Berkshire Hathaway Life Co. of Nebraska. The transaction is subject to regulatory approval and is expected to close December 31, 2010.
OSFI-Changing Times: The Regulatory Future and Canada's Banking Sector, by Julie Dickson.
October 27, 2010 -- The past few years have seen an incredible amount of focus on not only Canada?s financial system, but the global financial system as well. These were times of significant disruption, the depths of which we may only truly understand with the passage of time, and subsequent reflection.
Celent Report - Solvency II Quantitative & Strategic Impact: The Tide is Going Out.
London, United Kingdom, Oct. 14, 2010 - As the Solvency II deadline moves closer, and the framework itself becomes clearer, strategic implications for the industry come to the forefront. Solvency II will act as a catalyst for significant change with profound strategic impacts, as laid out in Oliver Wyman and Morgan Stanley's latest research report, Solvency II Quantitative & Strategic Impact: The Tide is Going Out. .
Marketing and the Market Place
Desjardins Financial Security recognized for outstanding achievement in communications by Insurance and Financial Communicators Association.
Toronto, October 19, 2010 - Desjardins Financial Security (DFS) hit it big again this year at the annual Insurance and Financial Communicators Association (IFCA) awards gala, which recognizes excellence in advertising, public relations, corporate communications and sales promotion in the field of insurance and financial services.
eMarketer: Consumers Demand Convenience in Financial Management.
October 25, 2010 - Ten years ago, according to financial services technology provider Fiserv, 61% of US online households paid their bills by check, a proportion that had tumbled to 25% by January 2010 as online bill pay at financial institution sites (24%) and biller sites (21%) gained larger slices of the pie.
Reference and Statistics
CIAB's Third Quarter Commercial PC Market Survey Shows Soft Market Persists.
WASHINGTON, D.C., October 21, 2010 - The soft market continued unabated in the third quarter, fueled by strong competition and sufficient capacity, according to The Council of Insurance Agents & Brokers' third quarter Commercial P/C Market Index Survey.
Consumer Information
ICBC's spooktacular safety tips for Halloween.
October 26, 2010 - With Halloween parties and trick-or-treaters coming up this weekend, ICBC is calling on parents and drivers to plan ahead and make smart decisions for a safe weekend of festivities. According to the five-year average (2005-2009), on Halloween night, between 3 pm and midnight, there are approximately 440 crashes resulting in 150 injured victims on B.C. roads.
from Doug:
Following a couple of months hiatus from organizing the contents in our new condo while we attended to family things, we have made a tentative second start at tackling the outstanding items. Today we found a few minutes to mount a hand towel ring in the bathroom. Hopefully we can extend this single step into a slow but steady march - will let you know.