Issue 2001-19:   September 27, 2001

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.

Policy Management - extended

The company policy management functions reach increasingly out into the distribution space, with the P&C CSIO Insurance POrtal being a prime example. Sherwood International has announced that it has partnered with CSIO and will be one of the first vendors to provide guaranteed real-time quotes to the CSIO Insurance Portal. The Insurance Company for this implementation will be Markham General. In the coming weeks, Sherwood will announce it's Insurance Portal Bridge product, which can be used by carriers to integrate with their back end policy systems, or can be run as an outsourced ASP tool. Products and services to help realize the CSIO objective of straight through multi-party processing are starting to emerge. More at www.insurance-canada.ca/poladmin/announce/SherCSIO200109.php

I am pleased that TEC4 Systems Inc., and their Policy Works product, have become the third sponsor of our Policy Management section which is at www.insurance-canada.ca/poladmin/poladmin.php

Chubb Insurance Company of Canada has launched Innovator for Software, the organization's first product to be totally quoted, underwritten and issued on the web. Innovator for Software is a commercial insurance package targeting emerging software companies. The package provides insurance protection for the fledgling organization's office and computer property, R&D property, general liability, and employee dishonesty. Optional Errors or Omissions insurance is also available. Launched in mid September in Ontario with pilot broker Hunter Keilty Muntz & Beatty, Innovator for Software is the first product to be launched under Chubb's new Innovator insurance web platform. The new platform offers Chubb brokers a completely automated quoting, policy application, billing, and issuance process. More at www.insurance-canada.ca/distribution/canada/Chubb200109.php

eBusiness Opportunity ..... and Threat

The somewhat laggard entry of many insurers into "online" distribution of policies and services now may be exposing their customers, business partners and themselves to massive losses caused by breaches in security, according to a new study from Conning & Company. The Conning study, "Cyber-Security for Insurers: The Virtual Fortress?" explains that insurers themselves may be very attractive targets for attacks. More at www.insurance-canada.ca/ebusiness/other/Conning200109.php

Premises Liability

Commercial properties have come a long way in the past 20 years. So-called "intelligent" buildings and industrial sites that make use of advances in technologies and design approaches have helped risk managers and insurers alike. And yet progress has been slower in other "soft" security-related areas -- such as putting in place processes that will reduce liability issues related to inadequate security and help companies and their insurers defend premises liability lawsuits. This article, reprinted from CI Canadian Insurance Magazine, by Robert Figlio, outlines data and applications which are available to help both underwriters and risk managers understand the risk. More at www.insurance-canada.ca/poladmin/other/CAPIndex200109.php

Services and Customers

Andersen's Business Consulting practice ("Andersen") has just released "Today's eBusiness Mandate: Enhance Profitability Across the Enterprise," a study that evaluates the financial services industry's eBusiness effectiveness. Andersen surveyed nearly 150 asset management, banking, brokerage, insurance and lending firms between April and May 2001 to identify leading eBusiness practices and opportunities in the financial services industry. Andersen assessed each firm's eBusiness capabilities in four areas: sales and marketing, application taking, transaction processing and fulfillment, and ongoing customer service. More at www.insurance-canada.ca/ebusiness/other/Andersen200109.php with a link to an 11 page pdf.

In any customer relationship, the "value" correlates directly to the trust developed between the two parties. If you want to instill customer loyalty, first build trust. Employ some common sense approaches at your Web site. Ensure that your infrastructure is reliable, responsive, secure and effective. Visitors should feel welcome, not intimidated. The "easy-to-use, multichannel communications tools" you deploy at your site should operate as advertised. Five simple, but very powerful, things you can do to help prospective customers trust your Web site's marketing, from "Your Virtual Insurance" newsletter, issue 09-03-01 Published by SellingwithTechnology.com at www.insurance-canada.ca/market/other/VirtualTrust200109.php

Leveraging Relationships: New Technologies....New Opportunities one-day conference by Insurance-Canada.ca in Toronto, details at www.insurance-canada.ca/seminars/seminar20011101.php

from Doug:

We are all still feeling the emotional impact of the Sept. 11 WTC tragedy, but time is starting to heal, slowly. The other impacts are arriving daily, and we move on, but without normalcy, at least in the pre-Sept. 11 context. This weekend a break - 4 days with a bus group to explore our late 18th century United Empire Loyalist roots in the Mohawk Valley, above Albany in New York State. We will meet with several people from there who are SAR/DAR - all of us somewhat avid historians and genealogists. The damp dismal chilly weather of the last few days starts to turn; my spirits too I hope. I welcome the break - hope you enjoy your weekend.