Issue 2004-30: Aug 17, 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
Accident Support Services International announces Collision Reporting and Occurrence Management System II
Accident Support Services International Ltd. (ASSI) www.accsupport.com, the company that created, and have been managing Collision Reporting Centres across the Province of Ontario for the past ten years, have just unveiled a program that will change the way Insurance Companies and Brokers receive and manage the transfer of post collision information. It is called the 'Collision Reporting and Occurrence Management System' or CROMS II.
Distribution
Brokers Corner Now Launched! -- HealthQuotes.ca.
HealthQuotes.ca has now launched Brokers Corner, a sub-site that lets their broker affiliates view their sales and commissions online in a safe and secure manner.
Eastbridge Reports Another Year of Growth in the Worksite Market for 2003.
Worksite carriers recorded another year of growth, according to a recent study by Eastbridge Consulting Group, Inc. New worksite sales (U.S.) for 2003 totaled an estimated $4.321 billion, a seven percent increase over 2002 results. This represented the first year since 1997 that the industry did not realize double-digit growth.
Markel International first major new insurer to join Kinnect in 2004.
Markel International, the specialty property and casualty insurer, has become the first major insurer to sign up to the Kinnect Platform since the initial launch group was formed last year. Markel has also made arrangements with Marsh and Willis to allow all of their US North American property business with the two brokers to be handled through the Kinnect Platform.
Announcement
GeniSys is pleased to announce Mr. Ross Morton as the new Chairman of the Board.
Mr. Morton has 36 years of global life insurance and reinsurance experience with an emphasis on risk management and leadership. He operates his own consulting practice as well as assisting one of the world's leading reinsurers internationally with risk management reviews, education and administrative benchmarking exercises.
Insurance Product
RBC Insurance Waives Policy Fee on Term Life Product.
RBC Insurance today announced it has waived the policy fee on its Preferred Term 10 insurance product. The change, which was based on feedback from the company's distribution network, is intended to provide a more competitive term life insurance option for clients.
Managing Relationships and Customer Service
Worldwide Customer Relationship Management Applications Market Expected to Surpass $11 Billion by 2008, According to IDC.
According to IDC, the worldwide customer relationship management (CRM) applications market will reach $11.4 billion in revenues by 2008, experiencing a compound annual growth rate (CAGR) of 8.9% over the 2004-2008 forecast period. Siebel continues to maintain its leadership position in the worldwide CRM applications market, although down from market shares previously achieved in 2002 and 2001. SAP has effectively established itself in this market and solidly occupies the number 2 position.
Business of Insurance
InSystems Tracker 6.1 Offers First and Only Direct Automated End-to-End State Filing.
InSystems, a specialist in complex document and compliance automation for insurance and financial services organizations announces InSystems Tracker 6.1, the only compliance automation software solution that automates and accelerates the product development and regulatory compliance filing processes.
eBusiness and Technology
Offshoring in Financial Services: A Detour Along the Automation Highway: Celent.
Almost one third of the world's top financial institutions have sent work to facilities in countries other than where the work is currently taking place. These institutions are expected to significantly increase their reliance on offshoring over the next decade, and new institutions are incorporating offshoring into their business plans.
New Reporting and Compliance Rules Challenge Systems At Most Large U.S. Companies, PricewaterhouseCoopers Find.
Compliance with the Sarbanes-Oxley Act and other new corporate reporting requirements are a "major challenge" for most U.S. multinational companies. More than half are considering purchasing new technologies over the next 12 months to improve their current reporting infrastructure, according to PricewaterhouseCoopers Management Barometer.
Consumer Information
Nova Scotia WCB to increase 2005 average assessment rate.
The Workers' Compensation Board (WCB) of Nova Scotia will raise the average assessment rate for the second time in 10 years in 2005. The three per cent increase from $2.57 per hundred dollars of payroll to $2.65 will help to reduce the budget deficit in 2005 and provide funding for new benefits.
from Doug:
I hope these pleasant summer days and the thrill of the Olympics are providing you with a good summer. The CNE opens this Friday and that leads to Labour Day, already.