Issue 2002-21:   May 28, 2002

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.

Reference and Statistics

Insurers across Canada are working to re-establish healthy earnings. There have been price increases and tighter underwriting terms. Although results have improved somewhat, earnings are still very weak for the country's property and casualty insurers, according to data contained in the latest edition of Perspective - the Insurance Bureau of Canada's (IBC) quarterly analysis of the financial performance of the P&C insurance industry. More at www.insurance-canada.ca/refstat/canada/IBCQuarter200205.php

eBusiness & Technology

Clarica, Sun Life Financial Sell Investment Funds Groups to CI Fund Management; Buy Major Stake in CI. Clarica Life Insurance announced today that it has entered into a definitive agreement to sell its mutual fund subsidiary, Clarica Diversico Ltd. to CI Fund Management Inc., Toronto. Sun Life Financial Services of Canada Inc, announced the sale of its subsidiary Spectrum Investment Management Ltd. to CI. In addition, both Clarica and Sun Life Financial will be transferring the management and administration of their retail segregated funds to CI. The transactions also include a strategic distribution agreement giving preferred access to CI products to more than 4,000 Clarica agents/managers. Under the terms of the agreements, Clarica and Sun Life will jointly obtain a 30 per cent interest in CI Fund Management, becoming its largest shareholder. Releases at www.insurance-canada.ca/ebusiness/canada/Clarica200205.php

Distribution

Standard Life's Performa Gains Membership in the MFDA Performa Financial Group Limited (Performa)announced that beginning June 1, 2002, it will become a full-fledged member of the Mutual Fund Dealers Association of Canada (MFDA). The Board of Directors accepted Performa's membership request during their last meeting earlier in May. Announcement at www.insurance-canada.ca/distribution/canada/Performa200205.php

Marketing

Most Canadians support tougher safety regulations for commercial operators and vehicles: TIRF Although only 41% of Canadians view the number of trucks on the road as a hazard, 70% believe that truck drivers who are tired as a result of long hours of driving are a serious problem. Seventy percent are also concerned about trucks not being maintained in a safe operating condition. More at www.insurance-canada.ca/market/canada/TIRF200205.php

Managing Relationships

Using Your Own Customer Interactions To Improve Your Marketing, Your Virtual Insurance, May 22 A majority of your customer and prospect contacts originate in the Service Channel via email, the Web, or customer forums and chat rooms. For many companies, the Service Channel is only seen as a cost or operational center and is often viewed in less than positive terms. Like oil and water, Service Operations generally do not mix with the Sales and Marketing sides of the business. More at www.insurance-canada.ca/ebusiness/other/VICust200205.php

Skills and Careers

Recruiting Agencies A Job Search Tool, by Michelle Straka, DGA Careers Using a recruiter is somewhat different than conducting your own job search because you are allowing another party to manage the process. It can be difficult to leave your search in the hands of another. There are certain protocols that make the search process much smoother for both you and your recruiter. Article at www.insurance-canada.ca/humanres/canada/Jobs200205.php

Claims

Accenture has been selected to implement its Web-based Claim Components software application at Kemper Insurance Companies, a leading provider of commercial casualty and specialty insurance services, and has licensed the software to Kemper. The system will be integrated with Kemper’s current claims application, enabling Kemper's staff to administer claims more easily and efficiently. More at www.insurance-canada.ca/claims/other/AccentureCL200205.php

Policy Management

CSC Delivers Two New Property and Casualty Insurance Software Releases; iSolutions Tools and S3+ Billing Offer New Capabilities. Both applications meet CSC's service-oriented architecture requirements, enabling rapid integration and implementation with clients' existing systems. The service-oriented architecture, which uses ACORD's standard XML interfaces, is the backbone of CSC's P&C, life insurance, annuity and banking solutions. More at www.insurance-canada.ca/poladmin/other/CSC200205.php

from Doug:

Maybe, at last, spring is really here. Spending a bit of time in the garden, planting a few flowers. Enjoying those that are already there. Remember to take a few moments to chuckle, hug someone, smell the roses.