Issue 2005-07: February 15, 2005
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.
Consumer Information
Review Quantifies Lives Saved on Canada's Roads in Last Twenty Years: MADD Canada
Mothers Against Drunk Driving has completed a review of impaired driving fatality statistics of the past 20 years and has projected that a total of 25,279 lives have been saved by anti-impaired driving measures in that time frame. Borrowing a formula developed by a traffic safety expert in the United States, MADD Canada used Transport Canada traffic fatality statistics to determine the number of Canadians who have had their lives spared as an impaired driving fatality.
Marketing and the Market Place
Two-Thirds Of Canadians Hope To Retire Early... But Many May Not Be Able To Do So: Ipsos-Reid (RBC Financial)
February 2, 2005 Toronto, ON – According to a recent study conducted by Ipsos-Reid on behalf of the RBC Financial Group, two-thirds (65%) of Canadians hope to retire before the age of 65. However, many Canadians may not be able to make this dream come true... The survey finds that eight in ten (79%) Canadians who are not yet retired do not have a formal written retirement plan and 68% have not determined the amount of money they would need to accumulate in savings or investments in order to have a comfortable retirement.
New Issue of "Health Indicators": Statistics Canada
This new issue of Health Indicators, an Internet-based data publication, features updated health region level data and maps based on the most recent vital and cancer statistics available. Updates include: life expectancy, infant mortality, low-birth weight, and mortality rates by selected causes.
Online Advertising: Looking Back and Ahead: eMarketer
February 04, 2005, USA -- Online advertising spending will comprise a larger part of total ad spending in 2005, according to eMarketer and other research firms. eMarketer's latest data for advertising spending finds that total media ad spending equaled $264.2 billion in 2004, with online ad spending comprising $9.5 million, or 3.6% of that total. In 2005, total media ad spending will rise to $278.5 billion, with the online segment accounting for $11.5 billion in spending, or 4.1% of the total.
CSIO Insurance Portal Status Update
Week ending Febuary 4, 2005:
- Echelon went live with Ontario auto last week; and
- the number of brokers integrated to the portal increased by one last week to 145 and the implementation backlog has increased to 73.
eBusiness and Technology
Aviva Canada extends contract with CGI
Toronto, Ontario – February 7, 2005 – Aviva Canada, a leading property and casualty insurance group, has extended its current information technology contract with CGI Group Inc. (CGI). The contract is valued at CDN$19 million and has been extended until the year 2011.
TowerGroup Forecasts Cautious, Controlled Technology Investment From U.S. Insurers in 2005
NEEDHAM, MA, February 7, 2005 New challenges in the US insurance industry are creating one of its most difficult operating environments in recent memory. In the context of such divergent issues as terrorist threats, state and federal regulatory activity, competition from other financial services players and tight global economic conditions, TowerGroup forecasts a cautious approach to technology spending by US insurers in 2005.
Claims
Accident Support Services Ltd. Receives Approval to Open a Collision Reporting Center in Partnership with the Cornwall Community Police Service
Thursday, February 10, 2005 - Accident Support Services Ltd., originators of Collision Reporting Centres, is proud to announce that on April 26, 2005 we will begin a 6-month pilot project with the Cornwall Community Police Service. The Cornwall Collision Reporting Centre will be located in the Cornwall Community Police Station at 340 Pitt Street, Cornwall, Ontario.
From Canadian Insurance ENEWS: Armada's 43r.ca Renews and Expands Agreement with ING.
43r.ca has renewed and expanded its agreement with ING Insurance Company of Canada for a further term of one year. The expanded agreement includes a pilot program of 43r.ca's total loss replacement service in the Province of Quebec with a tentative launch date of April 2005.
From Canadian Insurance ENEWS: Collision Repair Industry Moves to Better Communications with Insurers.
In a presentation to over 30 senior claims managers from Canadian insurers, collision industry representatives highlighted the efforts of the association in reducing abuse and providing support for new regulations to be introduced soon on deceptive practices.
Distribution
Independent P&C Producer Survey: Technology, Services, and Other Drivers of Carrier Choice: Celent
Repeating many of the themes they voiced a year ago, independent property/casualty producers in a new Celent survey stressed technology, underwriting relationships, field service, and speed as critical drivers of carrier choice.
Business of Insurance
Study: Compliance drives need for better performance management: SAS
CARY, N.C. (Jan. 26, 2005) – During a recent research study by CFO Research Services and SAS, senior finance executives from 10 leading U.S. companies make it crystal clear that they need better data about their organizations' operating activities and more forward-looking information about their customers, workers, and suppliers so they can comply with new regulatory demands that extend into nearly all aspects of business.
OSFI Opening Statement to Standing Senate Committee on Banking, Trade and Commerce
"I am pleased to be here today, as part of the Committee's study on consumer issues arising in the financial services sector. I want first to outline OSFI's role in regard to consumer protection – what our mandate from Parliament is and what it is not. I would also like to cover a few other key areas in which Committee members have expressed an interest." Nicholas Le Pan, Superintendent
Governance, Risk Management and Compliance: Significant Benefits Outweigh the Costs, According to PricewaterhouseCoopers' Eighth Annual Global CEO Survey
NEW YORK, 26 JAN 2005 – Building robust corporate governance systems and processes, managing risk on a global scale, and complying with an increasingly vast web of regulatory requirements is difficult, costly and time consuming work; however, according to PricewaterhouseCoopers' Eighth Annual Global CEO Survey, CEOs, worldwide, think it is well worth the effort.
Accenture Study Identifies Five Common Characteristics among Companies that Master Finance
NEW YORK; FEB. 3, 2005 – There are five common characteristics among companies that master the finance function to achieve enhanced business performance, according to a new study released today by Accenture. Of these characteristics, the creation of a value-centered culture is considered by CFOs to be the most critical element for success.
Insurers Embrace ERM Globally, But Tillinghast Study Shows It's a Work in Progress
STAMFORD, CT, FEBRUARY 8, 2005 Insurers around the globe are making progress quickly in some areas with using an integrated risk and capital management approach to drive business decisions, according to the third biennial survey of risk and capital management practices among insurers worldwide by the Tillinghast business of Towers Perrin.
Reference and Statistics
North American Canadian Economic Outlook February 2005: SwissRe
The outlook for the Canadian economy continues to weaken due to the strong Canadian dollar. Real Gross Domestic Product (GDP) is expected to rise by only 3.0% this year and 3.2% next year. As a consequence, the Bank of Canada is now expected to be on hold until the second half of 2005.
Insurance in the Community
Saint Patrick's Day Party for Mike Yang – March 10, 2005: by Blue Goose
On November 7, 2003, Mike Yang went to the doctor suffering with uncharacteristic severe headaches. He ended up in the hospital with a very high fever. The doctor's diagnosed him with a viral infection. Within a few days of entering the hospital, Mike slipped into a coma. His condition remained in this state until Christmas Day, 2003.
from Doug:
I hope you enjoyed the celebration of Valentine's Day yesterday. At least it provides a bit of colour, and maybe too much chocolate, in that long dreary run from New Year's to March Break or Easter. Both our boys will be home over the next two weeks for short, but different, stretches from University as they take a short "reading week" breather from studies.