The Chronicle: Issue 2011-15, April 12, 2011
Business of Insurance
LOMA: What Will the Life Insurance Industry Look Like in 2020? -- Industry Leaders Share Their Views on The Future and How Insurers Will Thrive.
ATLANTA, Ga., March 9, 2011-By the year 2020, the industry will bifurcate into large conglomerates, serving a broad and increasingly international market and niche carriers, which will differentiate themselves by leveraging deep expertise and customized product features for their targeted audiences or products.
Distribution
Accenture Point of View -- Holism: Enabling High Performance Insurance Distribution.
The world of insurance distribution has changed dramatically in recent years. The traditional distribution model-with the agent or broker reaching out to "sell" the customer, supported by brand advertising via mass media-worked well enough in its day. Over the last few years, however, major trends have altered the distribution landscape dramatically and permanently, and insurers face significant challenges in adapting to these new realities.
Ontario Brokers Association Announces Results of Recent Brokers Choice Survey.
(Toronto, Ontario), April 7, 2011. Today, the Insurance Brokers Association of Ontario (IBAO) released the results of the 2010 Brokers Choice survey. Brokers Choice provides IBAO broker members with an opportunity to rate the performance of the insurance companies they work with. Every two years, IBAO asks its membership for feedback on their ongoing relationship with insurance company partners which they use to develop a statistically accurate ranking process that combines broker views of the existing partnership, future partnership and insurance company performance.
Moore-McLean Insurance Group Launches Mobile Website.
April 1, 2011 - The Moore-McLean Insurance Group is pleased to announce the launch of a new mobile website to better serve the needs of busy people on the go, and capitalize on the predicted growth of smart phone users. Interactive mobile websites and applications are predicted to become a way of life for many, and this marks the next step in Moore-McLean?s desire to adapt to the needs of consumers, improve accessibility and project the company into the next generation of technology.
Hub International Acquires Redcliffe Financial Group .
Chicago April 5, 2011 - Hub International Limited (Hub) announced today that it has acquired Redcliffe Financial Group (Redcliffe), a Vancouver, British Columbia-based employee benefits and life insurance brokerage firm. Terms of the acquisition were not disclosed. Redcliffe will become part of the Hub International Insurance Brokers (Hub TOS) operation, and the employees of Redcliffe will move into Hub's existing offices in Burnaby, British Columbia.
Insurance.com Launches New Tool to Help Drivers Save Money.
Foster City, CA - March 29, 2011 - Insurance.com has launched a new "What Insurance Do Drivers Like You Buy?" tool to help consumers make smart choices when purchasing or adjusting car insurance. The tool shows consumers how their insurance choices compare to similar drivers. The accompanying article analyzes how net worth, demographics and car type affect the degree of coverage required and explains why individuals benefit from comparing their coverage to similar drivers.
Our People
InsuranceWorks.ca: 30,000 Jobseekers and Growing Strong!
April 2011 -- InsuranceWorks.ca is excited to announce yet another milestone! Its jobseeker community has surpassed the 30,000 mark, giving its Employers and Recruiters even greater access to the best insurance talent across Canada. Since 1998, InsuranceWorks.ca has remained the premier jobsite for the Canadian Insurance Industry.
What's Going Through The Intersection, an Insurance-Canada.ca Blog.
- The Future of Insurance: If Not Technology, Then What?
Is the insurance industry really immune from the impact of technology? Or will the collaborative nature of Web 2.0 and Social Media force a new reality on the community? - New Uses For Data Standards: The Future Ain't What It Used To Be
We recently posted on the continuing discussion on (versus implementation of) data standards within the independent broker/agent – carrier community. It may be that at the end of the day, we will realize that the development of data standards failed to meet the original stated purpose in a timely fashion, but turned out to be more valuable than originally suggested.
Managing Relationships and Customer Service
Great-West Life offers enhanced interactive online resource to help plan members achieve retirement savings goals and increase financial literacy.
LONDON, ON, April 6, 2011 - In its ongoing commitment to provide group retirement and savings plan members with innovative services and tools, Great-West Life has introduced a dynamic and customizable new member home page for GRS Access, the company's secure, transactional website.
kasina's latest study encourages firms to tie social media efforts to business results.
New York, (March 28, 2011) - Despite the fact that 61% of firms acknowledge significant client demand for more social media participation, many asset management and insurance firms continue to drag their feet. kasina's newest study, Harnessing Social Media to Drive Business Results finds that most asset managers and insurers are making progress on the social media front, but still lack management commitment, budget, and resources for these efforts.
Policy and Product Management
Guidewire Selected by Universal Group for Underwriting, Policy Administration, Billing and Claims Management.
SAN JUAN, Puerto Rico and SAN MATEO, California, April 7, 2011 - Universal Group, Inc. (Universal), a Commercial and Personal lines carrier with operations in Puerto Rico and the United States, and Guidewire Software, today announced that Universal has selected Guidewire InsuranceSuite™ to support transforming its core operations including underwriting, policy administration, rating, billing, and claims management.
Marketing and the Market Place
LIMRA June Conference: New Socio-Economic Realities Prompt Canadian Insurers to Re-think How They Do Business.
WINDSOR, Conn., Mar. 15, 2011 - Today, LIMRA and LOMA announced it will host its inaugural Canadian conference, "Boomers, BlackBerrys and Beyond: Adapting to New Socio-Economic Realities," in Toronto on June 28, 2011. Targeted towards industry leaders responsible for developing strategy, driving profitability, and building shareholder value, the one-day conference focuses on the need for change in order to mitigate risks and maximize rewards in an era of more frequent economic upheaval.
Claims
Munich Re estimates claims burden from earthquake in Japan at around €1.5bn .
22 March 2011 - This initial loss estimate is based solely on modelling. Owing to the extent of the destruction, further possible aftershocks and difficult clearing-up operations, it will be many weeks before the losses are assessed and all the claims notifications from Japanese primary insurers have come in.
ISO Announces New USA Casualty Index.
JERSEY CITY, N.J., March 29, 2011 - ISO announces the launch of the ISO Casualty IndexTM (the "Index"), a new service providing loss ratio and loss development trends for select lines of casualty insurance. Using advanced technologies to collect, analyze, develop, and deliver information, ISO provides data, analytics, and decision-support services that help its customers evaluate and manage risk.
Reference and Statistics
kanetix: Auto insurance rates are on the rise in Ontario, Quebec and Alberta.
TORONTO, April 8 2011 - Kanetix® announced today the Ontario, Quebec and Alberta results of its quarterly year-over-year review of auto insurance rates and trends for Q1 2011 compared to Q1 2010. When rates are rising, shopping for insurance is more important than ever. As an online auto insurance quote comparison service that provides real-time quotes from many well-known competing insurers, Kanetix is in a unique position to empower car insurance consumers with choices.
eBusiness and Technology
SunGard Acquires Stratix Consulting.
New York, NY - April 7, 2011 - SunGard has acquired Toronto-based Stratix Consulting, a leading provider of IT consulting services to Canada's financial services companies. Specializing in capital markets, wealth and investment management, and insurance, Stratix Consulting has delivered IT management consulting and implementation services for customers since 1996.
Consumer Information
SGI CANADA: Protect your home from the spring thaw.
April 2011 - Though it may seem hard to believe, with snow everywhere you look, spring is on its way. But before we can enjoy the warmer weather, there?s the spring thaw to deal with. As a homeowner, it?s your responsibility to make sure your home is protected when all the snow melts.
Manitoba Public Insurance: Thirty percent of Manitoba road deaths linked to not wearing a seatbelt.
March 16, 2011 - While Transport Canada's most recent study on seatbelt use reported more Manitobans are buckling up, an alarming number of people in the province continue to be killed because they fail to use their seatbelt. On average, 31 people are killed yearly in Manitoba because they did not use their seatbelt, according to police reported data which encompassed the years 2005 to 2009. In total, 156 people were killed and another 325 seriously injured over the five-year span.
from Doug:
A beautiful unseasonably warm Spring weekend here - we seem to get one of those most years before May 24. Somehow my life planning leaves something to be desired as my things-required-to-be-done-on-the-weekend list precluded much time to enjoy the weather or to visit with our son who was here (and still is for another day - although his objective is to get his taxes filed before Wed noon). My wife and I are scheduled on a three-week trip starting Easter Sunday, and with only twelve days remaining, I am starting to feel the crunch of too many things to be done.