Issue 2005-09: March 1, 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
If a tsunami hit, would you be covered?
If a tsunami were to hit your home, the damage would almost certainly not be covered under your homeowner policy. By Michael C. Maclean, F.I.I.C.
Centre for the Financial Services OmbudsNetwork issues Second Annual Report.
The Centre for the Financial Services OmbudsNetwork released its second annual report today, covering the period January 1 to December 31, 2004.
Canada's Insurers Urge Action from Prime Minister on Disaster Reduction.
TORONTO, Feb. 15, 2005 - The Institute for Catastrophic Loss Reduction is urging Prime Minister Martin to establish a comprehensive strategy to address climate change, including a plan to help Canadians adapt to the growing threat of extreme weather.
From Canadian Insurance ENEWS: Alberta Auto Insurance Rate Board to Review Insurance Premiums
Feb. 18, 2005 - In light of reports of strong profits, premiums for compulsory auto insurance will be reviewed by Alberta's Auto Insurance Rate Board to determine if further reductions for drivers are recommended, announced Finance Minister Shirley McClellan.
Distribution
CompuOffice Software Inc. announces introduction of LTCiScout.
Toronto: December 21, 2005 -- CompuOffice Software Inc., the leading producer of independent multiple company life insurance research and comparison software in Canada, is introducing LTCiScout. LTCiScout is Canada's first ever independently produced multiple company, multiple product Long Term Care Insurance research and information software for financial advisors and life insurance professionals.
Auto Insurance Gets Even Easier For Progressive Direct Customers Buying Online.
MAYFIELD VILLAGE, Ohio February 16, 2005 The Progressive Direct Group of Insurance Companies continues its commitment to making auto insurance easier by becoming one of the first auto insurers to enable customers to sign purchase documents electronically via computer – making the process of purchasing a policy online easier and faster. The electronic signature, or “e-signature,” is a technological leap forward because it can replace a “wet” signature, in which a customer has to physically sign a paper document.
New kasina Report Analyzes Most Effective Online Approaches to Meeting Needs of Financial Advisors.
NEW YORK, February 9, 2005 - kasina, a leading strategy consulting firm focusing on the financial services industry, released its list of the “Top Ten Web Sites for Financial Professionals” in a Whitepaper analyzing the most effective online strategies for meeting the information and marketing needs of financial advisors.
USA Independent Insurance Agents Can Use High-Speed Internet Connections to Retrieve Carrier Downloads: IVANS.
OLD GREENWICH, Conn. – February 8, 2005 – IVANS Inc., the leading provider of network and e-commerce solutions for the insurance industry, is launching AgentExpress, a program to encourage agents to use broadband connections to retrieve carrier downloads.
More help for brokers and underwriters to get contracts right first time: Lloyds.
Lloyd’s Head of Business Process Reform Iain Saville today announced two initiatives which give brokers and underwriters timely new information on the checks carried out by XIS. The new initiatives will reduce the risk of agreements and policies being rejected, and help to achieve contract certainty in the Lloyd’s market.
CSIO Insurance Portal Status Update
Week ending Febuary 25, 2005:
The number of brokers integrated to the portal increased by three last week to 153.
Claims
Fraudbox™ and the Canadian Health Care Anti-Fraud Association announce launch of 2004 Canadian Health Care Fraud Survey.
Fraudbox™ Inc. and the Canadian Health Care Anti-Fraud Association (CHCAA) today announced that they have partnered to launch and manage a groundbreaking research initiative on the issue of health care fraud. While estimates vary, it is generally accepted that from 5 to 15% of every health care dollar in North America is lost to fraud.
Business of Insurance
OSFI Consultative Paper on the Future Direction of Life Insurance Capital Rules.
24 Feb. 2005, Ottawa -- "Over the last year, OSFI has exchanged views with the life insurance industry on the general direction future life insurance capital rules should take. In light of issues raised and new international regulatory developments, OSFI has prepared this consultative paper summarizing our findings and making a proposal for further work. " Julie Dickson, Assistant Superintendent, Regulation Sector.
Marketing and the Market Place
Canadian Young Adults And Registered Retirement Savings Plans: Ipsos-Reid (RBC Financial).
February 10, 2005, Toronto, ON – According to a recent study conducted by Ipsos-Reid on behalf of the RBC Financial Group, half (53%) of young Canadian adults 18-34 years of age have an RRSP, up from 44% two years ago. Moreover, 51% have already contributed or plan to contribute to an RRSP for the 2004 tax year (up from 41% for the 2002 tax year).
Canada's Most Fuel-Efficient Vehicles for 2005 Announced: NRCan.
Canada's Most Fuel-Efficient Vehicles for 2005 Announced: NRCan OTTAWA, Nov. 26, 2005 - Shopping for a new vehicle that not only saves money on gas but also helps the environment just got easier. The Honourable R. John Efford, Minister of Natural Resources Canada (NRCan), today announced the release of the 2005 Fuel Consumption Guide and the 2005 EnerGuide winners for the most fuel-efficient new vehicles sold in Canada.
Needed: Financial Planning Services for Increasingly Affluent African-Americans: LIMRA.
Windsor, CT, January 31, 2005 Increasing income and buying power signals a growing need for financial planning services among the nearly 35 million African-Americans who account for about 12 percent of the U.S. population, according to LIMRA International.
Big "I" Praises President, Congress for USA Class Action Law.
WASHINGTON, D.C., Feb. 18, 2005 The Independent Insurance Agents & Brokers of America (the Big “I”) today commended President Bush for signing the Class Action Fairness Act (S.5) into law. The Association also again praised leaders in both houses of Congressincluding Senate Majority Leader Bill Frist (R-Tenn.), Sen. Charles Grassley (R-Iowa), Rep. Bob Goodlatte (R-Va.), Sen. Chris Dodd (D-Conn.) and their allies in this effortfor working hard this month to get the bill to the President’s desk.
eBusiness and Technology
InSystems Selected as a Leading Company in Knowledge Management Technology.
Toronto, ON, February 22, 2005 -- InSystems Corporation has been selected as one of KMWorld Magazine’s 100 Companies that Matter in Knowledge Management. The full list of companies appears in the March 2005 issue of KM World and can be accessed at http://www.kmworld.com/100.cfm.
Policy and Product Management
SOLCORP signs global exclusive rights and option agreement with Winsoft Software, Inc.
Feb 17, 2005 – TORONTO, ON – SOLCORP, a leading provider of software solutions to the life insurance and financial industries and a subsidiary of EDS, announced today the signing of an exclusive rights and option agreement with Winsoft Software. Winsoft develops the WealthServ – IDEX electronic data exchange service for insurance carriers and their distribution channels, and the WealthServ – RepVisor wealth management system.
Reference and Statistics
From Canadian Insurance ENEWS: December 26 Tsunami Provokes High Jump in Disaster Death Figures
Feb. 17, 2005 - More than 320,000 people perished last year in 366 natural disasters, according to figures announced today in Geneva by the Centre for Research on the Epidemiology of Disasters based in Brussels.
from Doug:
It was good to have the boys home for a few days. That said, the calmer environment after they have gone is also appreciated - I guess that indicates something about where I am at.
This weekend, the Heritage group of which I am currently President, has a Council meeting in Toronto with people coming in from across the country. Needless to say, the preparations have been occupying much of my time.
Finally, Nature has decided to bless us with another dump of the white stuff - at this point I must say I am ready for Spring!