Issue 2003-30:   July 29, 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.

Claims

Castek Announces New Features For ClaimsPath.

Castek's innovative claims collaboration and communications solution, ClaimsPath, continues to grow. Today we are pleased to announce the availability of new product features and increased usage of the solution by P&C insurance carriers. Our continued investment in ClaimsPath increases the already proven bottom-line business benefits that can be delivered to P&C carriers and claims service providers, including both cost reductions and enhanced end customer satisfaction.

National Claims Services Announces The Opening Of A New Northern Ontario Claims Office.

National Claim Services' announces a new Northern Ontario Office located in Huntsville. This office gives National a new reach south to Barrie, West to Parry Sound, east to Pembroke and North to North Bay.

IBC Introduces Web Claims Submission System in Battle Against Insurance Crime.

An innovative tool has been introduced by Insurance Bureau of Canada (IBC) that makes it faster and easier for people working in the insurance industry to submit claims information, particularly on suspicious claims. This tool will ultimately contribute to the detection and prevention of insurance crime at its early stages. The bilingual Web Claims Submission system provides a fast and easy way of submitting valuable claims information directly into an existing IBC database, assisting members of the insurance industry, and IBCs crime analysts and investigators in identifying organized insurance fraud.

Chubb Launches New Web-Based Claim Application for Agents and Brokers.

The Chubb Group of Insurance Companies has introduced a new Web-based application called ClaimVista to brokers and agents. ClaimVista allows agents and brokers to offer prompt customer service by providing them with real-time information about their customers' insurance claims. "We expect that ClaimVista will be a fundamental vehicle to help us provide the type of information our agents and brokers need to better manage their customers' accounts."

Is It "Really" Hail Damage? Investigative Engineers Association

Hail damage is an occurrence which can create work for both roofers and adjusters, but may mean a loss of revenue to insurers. Roofers love hail damage because they know they have the potential to convince a homeowner into a full roof replacement. Some adjusters dislike dealing with hail damage claims because if they dont provide money for a new roof to the homeowner, they are viewed as the "bad guys." That is where the experts come in. An investigative engineer will do roof inspections to evaluate the cause of damage.

Reference and Statistics

Canadian Economic Outlook, July 2003: SwissRe.

The past month has been full of pleasant surprises. The economic indicators for June were expected to be weak due to the second Severe Acute Respiratory Syndrome (SARS) outbreak and the ban on Canadian exports of ruminant animal products because of a case of Bovine Spongiform Encephalopathy (BSE). Instead, most indicators have been surprisingly strong. The Ivey Purchasing Managers' Index (PMI) for June rose to 67.4 from 50.6, while a drop of 1 point was expected. Employment in June rose by 48,800, instead of falling by 10,000 as expected.

Distribution

Hughes Trustco offers Canada's Only On-line Life Insurance Purchasing Program.

In an age when everything from groceries to cars can be purchased completely on-line it would only make sense that consumers would welcome the availability of purchasing life insurance in this private, no-hassle manner as well. The Hughes Trustco Group Ltd is offering its clients all across Canada, a wide range of term life insurance products with a full-disclosure approach allowing the consumer to make educated choices based on all of the information.

Markel Opens its Innovative Online Trucking System to the Competition.

In an unprecedented move, Markel Insurance Company of Canada has opened its unique online quote submission service, I-QUOTE to the entire industry. This new initiative makes it possible for brokers to use one comprehensive system to submit trucking business to multiple insurance companies at once - a first for the Canadian property and casualty insurance industry.

CSIO Insurance Portal Status Update

Week ending July 25: Nothing new to report this week

Business of Insurance

Fidelity National Financial, Inc. Announces Acquistion of LandCanada Financial Services; Forms FNF Canada.

Fidelity National Financial, Inc. a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced that it has entered into a definitive agreement to acquire the assets of LandCanada Financial Services Limited, the largest independently owned title and transaction management services company in Canada. LandCanada's business will be renamed FNF Canada Company. The transaction is expected to close in the third quarter, subject to regulatory and other customary closing conditions.

New Insurance Consumer Information

New Brunswick consumers deserve rate reductions: Insurers want to comply: IBC.

To date, companies that insure almost half the motoring public in New Brunswick have filed rate reductions with the province's Public Utilities Board (PUB) and still more have rate reductions ready to be submitted and implemented. Nothing can happen to make these new and lower rates a reality for consumers until the PUB has concluded additional hearings on the reductions.

CIAB Survey Finds Property/Casualty Premiums Flattening, Brokers Worrying about Insurer Insolvency.

According to the latest Commercial Market Index Survey by The Council of Insurance Agents & Brokers, there are signs that an appetite for new business is returning to the insurance marketplace after two years of tough underwriting and meteoric rate increases following the Sept. 11 terrorist attacks.

Policy Management

ACORD and Lloyd's Market Association Unveil New Risk Exposure Standards.

The addition of Lloyd's Market Associations' (LMA) data elements and guidelines for the Commercial Property, Household, Onshore Energy and Fine Art business to ACORD's global data standards was announced today by the insurance standards association. As part of the ACORD standards process, these requirements have been validated by London brokers and company underwriters and were formally voted on and approved, by ACORD members earlier this month.

Technology and eBusiness

GartnerG2 Survey Shows Motor Carrier Fleets Have Strong Interest in Telematics-Based Solutions

Consumer demand for telematics has been slow to develop, so telematics vendors have shifted their focus to the commercial market for in-vehicle information and communication technologies, according to GartnerG2, a research service of Gartner, Inc. (NYSE: IT and ITB). "Commercial telematics will show the fastest market growth among all telematics segments and reach substantial penetration in six years," said Thilo Koslowski, vice president and director of automotive research for GartnerG2.

from Doug:

Our August 12 seminar "Brokers Harnessing Technology" is coming together well, with one or two more speakers to announce yet - it should be a good day. For the Life side we will post our description shortly for our Sept 12 seminar "Life Distribution Evolves with Technology".
These are the comfortable days of summer - I hope you are taking good advantage to make good memories - maybe catch Mick and the Boys. Enjoy!