Issue 2003-15:   April 15, 2003

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.

Newsletter Update!

Subscriptions to our newsletter this week surpassed 2,000. We certainly welcome more subscribers, so please do pass the newsletter along to others who you think might be interested. Points you may find of interest:

• we receive back 30 to 40 out-of-office replies
• about 25 to 30 additional error messages indicate name not found, mailbox full, delivery time expired etc.
• about ten people subscribe each week while one requests cancellation and about three are deleted as we cannot reach them following error messages.

If your target audience is the Insurance Professional, our newsletter is a good mechanism to get your advertising message to your market.

Customer Service and Relationships

Canada Life Software Makes Managing Savings Easier.

The Canada Life Assurance Company launched a new interactive software learning package designed to help members of defined contribution plans manage their retirement savings. More than 700,000 members of group savings plans supported by Canada Life have access to the software through the companies and organizations they work for. More at http://www.insurance-canada.ca/ebusiness/canada/CLifeSavings200304.php

Technology and e-Business

SAS launches new insurance industry solutions.

SAS, the leader in business intelligence, today announced the release of SAS® Insurance Intelligence Solutions, a new industry-specific solution offering. SAS Insurance Intelligence Solutions are the third in a series of industry-specific packaged applications from SAS that address critical business issues. More at http://www.insurance-canada.ca/ebusiness/announce/SASInsSol200304.php

Policy and Product Management

iter8, Compu-Quote Provide End-to-End Portal Solution.

A new offering from two leading information technology services providers gives property and casualty insurers the ability to implement a fully functional insurance portal. collabor8 is a joint development from Compu-Quote and iter8 that allows insurance carriers to perform policy change and write new business real-time in a Web-based environment. More at http://www.insurance-canada.ca/poladmin/announce/iter8CQ200304.php

Fireman’s Fund to use eReinsure(tm) Platform for Facultative Reinsurance.

eReinsure.com, Inc., today announced an agreement with Fireman’s Fund Insurance Company that will result in the insurer moving to eReinsure’s technology platform for the purchase of its facultative reinsurance. This agreement followed pilot testing at ten Fireman’s Fund branches that indicated significant improvements over existing processes for reinsurance procurement. More at http://www.insurance-canada.ca/poladmin/other/ereinsureFF200304.php

Leading Asian Reinsurers Prepare to Write Business Online: inreon.

inreon, the reinsurance industry's online marketplace, has announced a further expansion of its operations in Asia with two of the region's leading reinsurers agreeing to write business via the platform. Both Korean Re and China International Re have signed membership agreements in order to begin trading. More at http://www.insurance-canada.ca/poladmin/other/inreon200304.php

Marketing Insurance

RBC Insurance Launches New Features on Web Site.

RBC Insurance is pleased to announce new features on its Web site, www.rbcinsurance.com, that make it easier and faster for clients to find all the information available for them to make informed insurance decisions. More at http://www.insurance-canada.ca/market/canada/RBCSite200304.php

More than One-Third of Companies Are Not Prepared To Recover From a Disruption to Their Top Revenue Source: FM Global Study.

More than one-third of the world’s leading companies report they are not sufficiently prepared to protect top revenue sources and have room for improvement, according to the 2003 Protecting Value Study. In addition, one hundred percent of the companies surveyed report a major disruption to a top revenue source would have a negative impact on earnings, with 28 percent stating such an event would threaten business continuity. More at http://www.insurance-canada.ca/market/other/FMGlobal200304.php

Claims

We’ll Take Care Of Everything: New Progressive Auto Claim.

If you’ve ever had an auto accident and filed a claim, you know what it’s like—some insurance companies ask you to get your own repair estimates from auto body shops, find your own rental car and inspect the repair. At best the process is time consuming and inconvenient. At worst it forces you into unfamiliar territory and leaves you feeling unsure. Progressive is first auto insurer to handle the entire claims/repair process from soup to nuts, provide one-stop convenience and peace of mind. More at http://www.insurance-canada.ca/claims/other/ProgressiveCC200304.php

Distribution

kasina to Publish Asset Management Industry’s First Comprehensive Study of Financial Intermediary Segmentation Initiatives.

kasina, a management consulting firm for the financial services industry, is conducting an innovative study of the evolution of distribution practices in the asset management industry, the company announced today. The final results of this research will be published in kasina’s Intelligent DistributionSM whitepaper in April. More at http://www.insurance-canada.ca/distribution/canada/kasinaIS200304.php

CSC Licenses Product Profiler Software to The Phoenix Companies.

Computer Sciences Corporation today announced that The Phoenix Companies Inc. has licensed CSC's Product Profiler, the first product definition software based on a new industry standard that integrates with annuity systems. CSC's Product Profiler software supports rapid distribution of annuity products in accordance with the new ACORD XMLife standard Product Profile for Annuities (PPfA). More at http://www.insurance-canada.ca/distribution/announce/CSCPP200304.php

CSIO Insurance Portal Status Update

Week ending April 11: The number of brokers connected remains at 28. No other changes. Marshall Lee indicates that several companies are testing Ontario Property diligently, finding some quirks and attempting to resolve. Both CSIO and the companies are committed to getting property live as soon as possible.

from Doug:

We are working on a number of minor improvements to our Web site, and a new section to come soon. We are experiencing more site visitors to complement the increased number of newsletter subscribers. The second arrival of spring (would you believe 28 degrees today!) combined with our services success brings a certain sense of enthusiasm and satisfaction.

A good time to spend a few moments thinking about and celebrating the real meaning of Easter. At the same time, don't eat too much ham or chocolate.