Issue 2004-21: June 1, 2004
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
Recovery of Caterpillar D5 leads to $500,000 in other seized equipment: Boomerang Tracking.
A York region contractor became the victim of theft when his Caterpillar D5 loader disappeared from his worksite. Luckily the Caterpillar was equipped with a Boomerang tracking device and the theft was immediately reported to Boomerang Tracking Inc.
Exploring the Involvement of Organized Crime in Motor Vehicle Theft: Statistics Canada.
While thieves steal the majority of motor vehicles for thrill-seeking or transportation, about one in five thefts in 2002 were believed to have been committed by organized groups, according to a new report. About 161,000 motor vehicles were stolen in Canada in 2002, down 5% from the previous year.
U.S. Spending on Claims Process Outsourcing Grew to More Than $10 Billion in 2003, IDC Reveals.
A new IDC study shows that U.S. spending on claims process outsourcing services totaled $10.1 billion in 2003, a 6.8% growth over 2002. IDC projects that the market (comprised of the commercial healthcare, government healthcare, and insurance industries) will increase to $15.7 billion in 2008. The study also finds that the claims process outsourcing value proposition is gradually being accepted in the market, but growth is slow, owing to risk-aversion, difficulty quantifying the benefits, and the continued tactical evaluation of the outsourcing proposition.
Americans Believe Insurance Fraud Occurs Because People Think They Can Get Away With It, Accenture Survey Finds.
The majority of Americans say insurance fraud occurs because people believe they can get away with it, according to results of a survey released today by Accenture. In this year's survey, 56 percent of respondents said they believe insurance fraud occurs because people believe they can get away with it, up from 49 percent in last year's survey.
Managing Client Relationships
Manulife Financial introduces industry-first for defined contribution pension plans.
Manulife Financial will significantly change the way plan members of defined contribution (DC) group savings plans view their retirement income - making it much easier for them to understand and prepare for their retirement.
Product Management
Camilion Solutions Announces Enhanced Enterprise Product Management Offering.
Camilion Solutions, the leading provider of Enterprise Product Management (EPM)software for Insurance, today announced the release of Product Innovator V4.0, the newest version of its EPM offering. The new power and functionality of Product Innovator will be unveiled at the annual ACORD/Loma Insurance Systems Forum being held this week in Las Vegas.
Business of Insurance
Western Financial Group Acquires Federated Life Insurance Company Of Canada.
Western Financial Group ("Western Financial Group" or "the Company") is pleased to announce it has agreed to acquire all of the outstanding common shares of Federated Life Insurance Company of Canada ("Federated Life"), from Federated Holdings of Canada Ltd. ("Federated Holdings"), a wholly owned subsidiary of Northbridge Financial Corporation ("Northbridge").
Advocis launches Advocis Protective Association.
Advocis, Canada's largest professional membership association of financial advisors, today announced the launch of the new Advocis Protective Association (APA) for the purpose of developing and managing an industry leading, member-only errors and omissions insurance (E&O) plan.
Distribution
Over 1,100 Professional Financial Advisors Gathered in Calgary at Advocis National Conference.
Over 1,100 professional financial advisors have descended in Calgary to kick off the three-day Advocis national conference and annual general meeting. The annual event, with this year's theme of "Drilling Down Shifting Investors' Confidence," will incorporate more than 35 educational sessions and a number of networking events designed to provide Advocis' professional members with the specialized and practical knowledge they need to ensure that their clients continue to work towards achieving their financial goals.
CSIO Insurance Portal Status Update
Week ending May 28: Auto rates for Ontario are being loaded by ISI for Germania Mutual, Grenville Mutual, North Waterloo Mutual and Peel Mutual. The team continues to add brokers to the portal.
e-Business and Technology
InSystems Calligo Enterprise 5.1 Announced.
InSystems, a specialist in complex document and compliance automation for insurance and financial services organizations announces InSystems Calligo Enterprise 5.1, a suite of integrated document capabilities that enable organizations to create, manage and distribute high volume, highly personalized, complex, error-free documents while streamlining document workflow and collaboration processes.
Exigen Study Finds 'Corporate Cholesterol' Costs Insurance Industry More Than $2 Billion.
Insurance organizations are wasting as much as $10 on every policy because of inefficient business processes, a study by Exigen Group has revealed. Duplications, bottlenecks and over-reliance on paper can block corporate effectiveness by causing insurers to spend up to 30% more on processing claims, policies or customer inquiries than necessary.
Wireless Technology for P/C Carriers: Ready for Prime Time? Celent.
In a new report, Wireless Technology for P/C Carriers: Ready for Prime Time?, Celent examines the current and potential uses and impacts of wireless technologies on property/casualty carriers' bottom lines.
Marketing and the Market Place
Small Businesses Keen on Big Net:eMarketer.
Small businesses in the US are embracing the Web as a marketing tool, using it to a greater degree than more traditional advertising methods.
from Doug:
How quickly things change with the unusual dryness of early spring giving way to undue rains. The weather tumail is only matched by that of the auto insurance situation in some provinces. What challenges we all face. At least the wonderful sunny weekend we just experienced, and visits with family and friends, somewhat made up for the wet long weekend prior. Attended the Ont. Genealogical Society annual conference banquet on Saturday evening - what a tremendous pastime the hobby of family research has become. A few years ago, genealogy represented one of the largest non-businesses users of the Internet, and given the current interest, it probably still is.