Issue 2002-41:   October 15, 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.

Last call for our Seminar "Marketing Insurance: A Technology Boost" this Friday Oct 18, Toronto.

Planning and budgeting for next year? Wondering how to add something more to your marketing efforts? More effective cross-selling, better customer loyalty, generate more leads, improve lead management.....

We are all using the Internet and other technologies to support our marketing and sales activities in various ways. Our expert speakers represent a wealth of in-depth experience. Invest this half day to uncover some new ideas, or validate the programs you are working on now. Join us. Details at http://www.insurance-canada.ca/seminars/seminar20021018.php Don't miss it - register today.

Claims

Co-operators General Insurance signs with 43r.ca division of CCC.

Internet Solutions Inc. announces that after a highly successful beta test, CCC's Insurance Solutions division, 43r.ca has signed a Master Vendor Agreement with The Co-operators General Insurance Company of Canada. The term of the contract is for 1 year and is renewable for a further term of 1 year. More at http://www.insurance-canada.ca/claims/announce/43rcaCoop200210.php

Technology and e-Business

Canadian CEOs Acknowledge Own Networks At Risk But Say Preventing Against Threat Not A Priority: IBM Survey.

According to a new Ipsos-Reid survey conducted on behalf of IBM Canada, protecting their corporate data and computer networks from a malicious attack is a secondary consideration for the CEOs of most mid-sized Canadian companies, even though only one in three (30%) feel their security measures are "very effective." More at http://www.insurance-canada.ca/ebusiness/canada/IBMSec200210.php

Consumer Information

Study finds thieves more likely to target older cars - study results: IBC.

Thieves are more likely to target older vehicles than newer models, according to a new study released by IBC. In fact, vehicles aged eight years and older have become Canada's most frequently stolen vehicles. "Auto theft is a serious problem that seems to be growing in this country," says Rick Dubin, vice president of investigations for IBC. More at http://www.insurance-canada.ca/consinfoauto/OldAutoTheft200210.php

Distribution

CAIFA/CAFP Supports Revamp of Securities Regulation.

Canada's largest association of insurance and financial advisors is offering its support to Harold MacKay, recently appointed special representative of Finance Minister John Manley, in his goal of determining the securities regulatory system best suited to Canada's needs. More at http://www.insurance-canada.ca/distribution/canada/CAIFAHM200210.php

CSIO Insurance Portal Status Update

Week ending October 11: The non-technical issues are still being resolved. These companies have now signed off on their Ontario auto rates on the portal: CGU including Traders, Royal & SunAlliance and Dominion including Chieftan. CSIO anticipates that these companies' rates will be live sometime during this coming week. Meanwhile several companies' Ontario Property rates and rules have arrived at ISI and the first company's are being loaded. System testing will be followed by Company testing.

Marketing

Tillinghast Report Gives In-Depth Analysis of Variable Life Market Conditions and Forecasts Future Growth.

While insurers in the variable life market face an estimated 2002 year-end sales decline of 35% (from year 2000 levels), the market still holds long-term potential, according to Tillinghast – Towers Perrin's (Tillinghast) report The Variable Life Market: Insights and Outlook. More at http://www.insurance-canada.ca/market/canada/Tillinghast200210.php

Canadian Online Retailers Missing out on Sales: Study by NFO CFgroup.

Although Canadians spent $2 billion at retail Web sites in the first half of this year, an NFO CFgroup study suggests that they would have spent more if their online shopping experiences had been better. More at http://www.insurance-canada.ca/market/canada/NFO200210.php

Policy Management

Conning Research: Life Insurers May Need to Break from Traditional Underwriting Process to Create Competitive Advantage.

It is now clear that, as convergence and competition accelerate in the insurance industry, life insurers are at a competitive disadvantage as they seek to attract and retain customers interested primarily in simplicity, value and ease of purchase in their dealings with insurers. For life insurers, the root of this competitive disadvantage may be the traditional life insurance underwriting process, according to a new study from Conning Research. More at http://www.insurance-canada.ca/poladmin/canada/ConningUW200210.php

inreon Provides Exclusive Access to Leading Reinsurance Capacity and adds Facultative Liability Product Range.

Leading reinsurers will once again be using the inreon reinsurance platform to offer access to top-rated property catastrophe capacity during the upcoming renewal season. As well as New Re many other members of inreon's blue chip panel of reinsurers will also be offering catastrophe capacity through the platform. These include Converium, Gothaer Re, MAP Syndicate at Lloyd's, Munich Re, Partner Re, Renaissance Re, SCOR and Swiss Re.

Also, inreon has responded to the industry crisis in liability insurance by launching a new online product to help buyers obtain the cover they need. More at http://www.insurance-canada.ca/poladmin/other/inreon200210.php

Skills and Careers and Insurance Community

Pitching in for Drought Relief: The Co-operators.

Founded by prairie farmers, owned by Canadian co-operatives, and an insurer for over 46,000 Canadian farming operations, Co-operators General Insurance Company and Calgary-based Sovereign General -- a wholly owned subsidiary of The Co-operators -- will donate $30,000 to support the Say Hay benefit concerts in Edmonton on October 13 and Calgary on Oct. 14. More at http://www.insurance-canada.ca/humanres/community/CoopHay200210.php

Managing Relationships and Customer Service

Latest Bank Web site Enhancements More Than Screen Deep: Gomez Banker Scorecard.

Beyond ordinary cosmetic changes, major banks are rolling out enhanced electronic document delivery and robust alerting while aggressively promoting bill payment services, Gómez's Q3 Internet Banker Scorecard reveals. More at http://www.insurance-canada.ca/ebusiness/other/Gomezbank200210.php

from Doug:

The turkey was good. A pleasant relaxing weekend without a lot to do, other than offer a little Thanks. And my Thanks to all of you for your interest in our newsletter, and the insurance industry and related matters we bring to you. As you think about this week's activities, or plan for the rest of the month, the fall or even next year - there must be many among us who do "long range" planning - please consider our Insurance-Canada.ca services as a tool to take your message to a new audience, or reinforce it with an existing group. And have a good Fall season too!