The Chronicle: Issue 2011-29, July 19, 2011
Distribution
Applied Systems Canada brings insurance customer self-service to independent brokers.
Mississauga, Ontario - July 12, 2011 - Independent insurance brokers who use Applied Systems TAM® broker management system can now incorporate a technology that offers personal and commercial insurance customers secure access to their own policy information as well as self-service options that include obtaining certificates of insurance.
Sun Life Financial's SunVision Investment Application - easy-to-use, efficient, and environmentally friendly.
TORONTO, July 12, 2011 - Sun Life Financial advisors are using a new industry-leading web-based tool, SunVision Investment Application, to help clients purchase the appropriate market-based investments for their financial plans. The new electronic application helps confirm whether mutual funds and segregated funds match clients' personal situations, financial objectives, investment time horizons, and tolerance for risk.
Business of Insurance
OSFI - Remarks to the Canadian Institute of Actuaries by Julie Dickson.
Ottawa, Ontario - June 30, 2011 - I recently read an article that Micheline Dionne penned, called "The Actuary - Technician or Professional". Among other things she noted that professionals go beyond the numbers and make their views known on overall risks, especially if they suspect that their employers or clients do not appreciate the full extent of the risks they are taking. The article drove home the point to me that the actuarial profession is looking at the right questions when it considers its future.
FSCO - Insurance Agents and Adjusters from other Provinces Getting Licenced in Ontario.
Effective July 1, 2011, changes to the Agreement on Internal Trade (AIT) and the Ontario Labour Mobility Act, 2009 make it easier for an individual who is licensed outside Ontario to apply for and receive a licence in Ontario for the same occupation. The AIT is an intergovernmental agreement signed by Canada's Premiers and came into force in 1995.
What's Going Through The Intersection of Insurance and Technology, an Insurance-Canada.ca Blog.
- Modern Claims Techonology Benefits Run Deep and Long
There is increasing evidence that investments in modern claims technology may be one of the best strategic decisions insurers can make. - US Independent Agent Strategies Strive to Retake Personal Lines Business
There has been an erosion in personal line market share market share by independent agents and brokers in the US and Canada. We commented recently on recommendations that the IBAO provided on the use of technology to reverse the trend. The Independent Insurance Agents and Brokers of America (IIABA) has launched its own information campaign on the same track.
eBusiness and Technology
Gartner Survey Shows Spending on Business Process Management to Grow Significantly in 2011.
Sydney, Australia, July 8, 2011 - Spending on business process management (BPM) projects will increase significantly in 2011, according to a global survey by Gartner, Inc. Overall, respondents were optimistic about spending plans, with 54 percent planning a spending increase of 5 percent or more and almost 20 percent planning an increase of more than 10 percent during 2011.
IBM Scientists Demonstrate Computer Memory Breakthrough.
Zurich, Switzerland - 30 Jun 2011: For the first time, scientists at IBM Research (NYSE: IBM) have demonstrated that a relatively new memory technology, known as phase-change memory (PCM), can reliably store multiple data bits per cell over extended periods of time. This significant improvement advances the development of low-cost, faster and more durable memory applications for consumer devices, including mobile phones and cloud storage, as well as high-performance applications, such as enterprise data storage.
Social Business
Ipsos-Reid: Canada's Love Affair with Online Social Networking Continues.
Thursday, July 14, 2011 - Vancouver, BC - If you want to learn how Canadians are communicating and interacting online, look no further than social networking sites. According to Ipsos' most recent Canadian Interactive Reid Report special feature on Social Networking, one-half of all Canadians (50%) and the majority of online Canadians (60%) now have a social networking profile.
Proskauer Rose Survey - Social Networks in the Workplace around the World.
The business world is witnessing an ongoing and rapid proliferation in the use of social networks. Although this has many benefits, hardly a week goes by without yet another new story of a business finding its reputation in tatters from its own employee's viral tweet or Facebook posting, or finding itself in hot water over its own attempts to monitor its employees' use of social media or to use social media to vet employees and applicants.
Our People
InsuranceWorks.ca - Big Job Posting Savings of up to $120.
For the month of July, we are offering Big Savings for our 2 and 3 Job Posting Packages!! - Up to $120 off!!
Claims
Lloyds pays out 40 per cent faster during CLAIMS pilot.
Tue 12 Jul 2011 - Claims transaction times at Lloyd's have been cut by 40 per cent from 25 to 15 days, during the pilot phase of the Claims Transformation Programme (CTP), exceeding expectations and targets. The CTP's objective is to enhance Lloyd's reputation for fast and fair claims handling and deliver more transparent, efficient and effective claims processes.
Reference and Statistics
Swiss Re: New sigma study "World insurance in 2010" reveals growth in global premium volume and capital.
Zurich, 06 July 2011 - According to Swiss Re's latest "World insurance in 2010" sigma study, world insurance premium volume increased 2.7% on an inflation-adjusted basis. Life premiums rose by 3.2%, non-life by 2.1%. Premium growth in emerging markets accelerated. The industry's capital and solvency improved, while low interest rates weighed on investment income.
MIB Life Index Reports U.S. Life Insurance Activity Flat in June.
Braintree, MA. - (July 14, 2011) U.S. application activity for individually underwritten life insurance was flat in June at +0.1% year-over-year all ages combined, according to the MIB Life Indexsm. Second-quarter application activity was off slightly at -0.5% year-over-year, demonstrating that declines have eased somewhat over historical levels - 2010/2009 Q2 off -1.8%, 2009/2008 Q2 off -1.5%. Year-to date, life insurance application activity is down less than one percent at -0.7%. June application volume was up +1.4% over May, a solid gain over the prior year's -1.4% loss for the same time period.
Marketing and the Market Place
eMarketer: Consumers trust friends' opinions and access them on the go while shopping.
JULY 11, 2011 - As more consumers access social media via mobile devices, it changes the way they research and shop for products and services offline. Knowledge Networks and MediaPost Communications surveyed teen and adult social media users for "The Faces of Social Media" study and found that, in May 2011, 40% of respondents accessed social media via their mobile phones. This was an increase from 28% who reported doing the same in September 2010.
Consumer Information
ICBC's top five pedestrian safety tips for parents.
July 5, 2011 - Now that school's out for summer break, it's an exciting time for kids and road safety won't be their number one priority. Unfortunately, in 2010 alone, 64 child pedestrians (age 5 to 12) were injured in 63 incidents. This means most child pedestrian-related incidents result in a child being injured.
from Doug:
The summer heat has arrived in the Toronto area, but so far it has not been an issue to us. Our condo with home office seems to stay quite reasonable all on its own. I do my biking exercise early in the morning, often down by the waterfront where runners, joggers and other cyclists can notice the rowers in the channels and harbour.
This is also birthday season – starting Thursday – for our family of four; all fall in a period of just 23 days.