Insurance-Canada.ca Newsletter: Issue 2002-38; September 24, 2002

Issue 2002-38: September 24, 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.

Distribution

Optimism surrounding CAIFA/CAFP Merger Runs High During Inaugural Chapter Advisory Council Session.

Delegates voiced great enthusiasm and spoke of tremendous potential for improved services for their members during the first official meeting of the CAIFA/CAFP Chapter Advisory Council last week. The Council will play an important role in the new organization if the September 28 vote to merge the Canadian Association of Insurance and Financial Advisors (CAIFA) and the Canadian Association of Financial Planners (CAFP) is successful. More at http://www.insurance-canada.ca/distribution/canada/CAIFAopt200209.php

Tillinghast Calls for Industry-wide Adoption of Improved Financial Planning Techniques.

'Blind optimism' hampers investment decisions.

London, England – Tillinghast, the management and actuarial consultant, is calling for more insightful techniques to be adopted by advisers and product providers in the process of financial planning. Tillinghast believes that there is evidence of an attitude of 'blind optimism' amongst consumers when it comes to long-term financial planning and that current industry-standard investment projections can fuel a sense of false security. More at http://www.insurance-canada.ca/distribution/other/Tillinghast200209.php

CSIO Insurance Portal Status Update

Week ending September 20: The first part of the production environment is now live - the administrative function. A small number of brokers have been registered. Economical is set as well. A number of companies have completed User Acceptance Testing of their Ontario Auto Rates on the Portal Rating engine, and CGU has signed off, with others right behind. French user interfaces for the transactions are in CSIO Quality Assurance testing now.

Claims

Quarterly Review and Financial Highlights: Boomerang.

During this first quarter of fiscal 2003, the Company realized record new activations for a three-month period. Revenues from service contracts hit an all-time high of $2.86 million for the first quarter, representing a 56% increase over the preceding year for the same period. The Company continued to build on strategic initiatives set forth in the preceding quarters while remaining focused on maintaining and developing strong ties with key strategic alliances. More at http://www.insurance-canada.ca/claims/announce/BoomerangQR200209.php

Standard Life adds new features to its Participant's Life Insurance.

Standard Life has added several enhancements to its Participant's Life Insurance product in the Group Life and Health business line. Effective today, psycho-social intervention as well as financial and legal services will be available, free of charge, to all named beneficiaries for a period of 12 months following an employee's death. More at http://www.insurance-canada.ca/claims/canada/StandardLife200209.php

Technology and e-Business

Canadian Internet Use Continues to Grow: eMarketer.

eMarketer predicts Canada will post double-digit compound annual growth in Internet users through 2004. Electronic banking has shown the greatest surge in popularity among on-line activities. According to recently released government data from Statistics Canada, more than 5.8 million Canadian households, representing 49% of the nation’s households, had at least one person regularly using the Internet from home in 2001. This represented a 23% jump from 2000. More at http://www.insurance-canada.ca/ebusiness/canada/EmktrCanada200209.php

Managing Relationships and Customer Service

Manulife Financial offers Canadians leading-edge Group Benefits e-services.

Manulife Financial Group Benefits unveiled an enhanced on-line group benefits Web site today, positioning them as the premier group benefits provider of on-line services in Canada. As a leader in the group benefits industry, Manulife Financial delivers simple, powerful and convenient on-line benefits services to client companies and their more than four million employees and dependants across the country. More at http://www.insurance-canada.ca/ebusiness/canada/ManulifeGrp200209.php

Policy Management

LAWPRO(R) expands coverage, reduces premiums for 2003.

Ontario lawyers will pay $200 less - Base premium reduced by $200 to $2,500 per lawyer - for expanded insurance coverage next year, Lawyers' Professional Indemnity Company (LAWPRO) announced today. More at http://www.insurance-canada.ca/poladmin/canada/Lawpro200209.php

Marketing

New USA Survey Shows Workers are Paying More and Getting Less for their Health Coverage: Kaiser Family Foundation

Largest Increase in Employer Health Insurance Premiums in 12 Years—12.7% Number of Companies Limiting Prescription Drug Coverage and Retiree Benefits is Growing and Employers Predict Further Cut-Backs to Come Sharply rising health care costs and the downturn in the economy have resulted in higher premium contributions and cost-sharing requirements for workers, and cutbacks in the scope of health benefits offered by firms, according to a new survey. The annual survey of employer health benefit plans released today by the Kaiser Family Foundation and the Health Research and Educational Trust was conducted between January and May of this year, and surveyed 3,262 randomly selected public and private firms ranging in size from three to more than 300,000 employees. More at http://www.insurance-canada.ca/market/other/Kaiser200209.php

from Doug:

It seems to be always true that it is good to be home after a time away. All twenty-two of us had a good time and most everyone found tid-bits of information to add to the family tree, and added to their knowledge of the pre-American Revolutionary times in the Mohawk and Hudson Valleys.

Great speakers at our Life Distribution seminar on Sept 13 deserved high marks from the audience, which they received on the evaluations, and thanks to our sponsor GeniSystems.ca Services. Our next seminar will focus on the use of technology in support of the Insurance Marketing function, Friday Oct. 18, sponsored by SAS - more details will be available later this week.