Issue 2005-30: July 26, 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.
eBusiness and Technology
Information Builders' WebFOCUS Delivers Lloyd's of London a Cost-Effective, Reliable Way to Transfer Critical Business Information.
New York, NY - July 19, 2005 - Information Builders, the enterprise business intelligence (BI) standard of choice for organizations around the world, today announced that Lloyd's of London, recently chose WebFOCUS based on the software's proven ability to integrate seamlessly with the company's operating platform, making processes five times quicker and guaranteeing timely, controlled processing in an easy-to-use, cost-effective package.
NewLink Group Inc. announces a partnership with Flying in Formation Inc. to offer Business Process Excellence services to the Insurance and Wealth Management industry.
July 18, 2005 Toronto -- Together, NewLink Group and Flying in Formation can help your organization transform the way you do business by doing what we do best inspiring organizations and their people to envision the future through process thinking, and apply the strategies, skills, tools, and technology to get there.
Consumption of Web Services Will Greatly Increase Through 2009, IDC Finds.
FRAMINGHAM, Mass., July 14, 2005 - According to a recently released IDC study, the vendor community has shifted its primary attention from Web services creation to that of more robust consumption, with security, management, messaging and event processing, and the assembly of services into composite solutions as key focal points. Leading adopters are evolving proof-of-concept implementations into more robust deployments.
Consumer Information
Cell Phone Use While Driving.. Does It Increase The Likelihood Of an Accident?: Insurers Financial Group.
THE PROBLEM: The National Safety Council in the United States and a British study conducted by the Transport Research Laboratory found cell phone use while driving significantly reduces driving performance—even hands free. The latter study went further to elude that the study groups with cell phones had worse results than impaired drivers.
Allstate Canada homeowner policy can provide resources to help recover stolen identity.
For a flat fee of $35 on their homeowner policy, Allstate Insurance Company of Canada policyholders can access legal and other resources that help deal with the trouble and stress a stolen identity can create, up to $15,000 of coverage per year.
Premiums down in Ontario: Consumers finding the best rates, says Insurance Bureau of Canada.
Insurance Bureau of Canada has announced that auto insurance premiums in Ontario are down 15% since November 2003.
IIHS - 1st Evidence of Effects of Cell Phone Use on Injury Crashes: Crash risk is Four Times Higher When Driver is Using a Hand-Held Cell.
July 12, 2005 - ARLINGTON, VA - Common sense as well as experience tell us that handling and dialing cell phones while driving compromise safety, and evidence is accumulating that phone conversations also increase crash risk. New Institute research quantifies the added risk - drivers using phones are four times as likely to get into crashes serious enough to injure themselves.
Business of Insurance
Financial Services Commission of Ontario Statement of Priorities - June 2005.
June 2005, Toronto - This is FSCO's eighth Statement of Priorities. It identifies key challenges facing FSCO, outlines proposed strategic priorities, highlights initiatives, and notes recent progress on significant projects.
Manulife Indonesia celebrates 20th anniversary with Manulife Financial President and CEO.
JAKARTA, Indonesia, July 18, 2005 - President and Chief Executive Officer of Manulife Financial Corporation, Dominic D'Alessandro, arrived from the Company's global headquarters in Toronto, Canada to celebrate Manulife Indonesia's 20th anniversary in a ceremony today marking its success as Indonesia's leading life insurer.
Conning Research: In Personal Lines, Intense but Disciplined Competition Prevails.
(Hartford, CT) July 5, 2005 - Automobile and Homeowners market leaders insurance are employing a new mix of tactics as they compete for growth, according to two new publications by Conning Research and Consulting, Inc.
Claims
Annual Toronto Insurance Fraud Conference - Tuesday, September 27, 2005.
The Annual Toronto Insurance Fraud Conference is scheduled for Sept 27 this year. It is organized by the Canadian Association of Special Investigation Units - Trillium Chapter - and Association of Certified Fraud Examiners - Toronto Chapter. It will feature an agenda of great topics and experienced speakers.
Distribution
Hub International Establishes Building and Design Risk Division Targeting Architects and Engineers.
NEW YORK -- July 6, 2005 -- Hub International Limited (NYSE:HBG)(TSX:HBG), one of North America's largest insurance brokers, today announced the creation of a Building and Design Risk Division based at its New York subsidiary, Hub International Northeast Limited (HUB Northeast).
Product Announcements
Standard Life Mutual Funds launches two new funds and a brand new F-Series.
MONTREAL, July 18, 2005 - Standard Life Mutual Funds Ltd. has expanded its product offering by launching two new funds, the Standard Life Diversified Income Fund and the Standard Life Canadian Equity Focus Fund, as well as a new F-Series.
Reference and Statistics
North American Life Insurance Activity Off 3.1% in June: MIB.
Westwood, Mass. - July 18, 2005: North American application activity for individually underwritten life insurance declined -3.1% in June, year-over-year, according to the MIB Life Index. It was the Index's fifth consecutive monthly drop this year.
Managing Relationships and Customer Service
A Fresh Start To Customer-Centricity: Report Published by Celent.
Celent estimates that IT spending on customer relationship strategy by North American banks will reach US$1.9 billion in 2005. This figure will rise to US$2.2 billion in 2007 as banks pursue their journey to becoming customer-centric.
The Principal Financial Group Web Sites Win Dalbar Seal of Excellence For Communications.
July 5, 2005 - Dalbar, Inc. announced today that The Principal Financial Group®, www.principal.com, has been awarded the Dalbar Seal of Excellence for their defined contribution (DC) plan participant and plan sponsor web sites. The Seal is awarded to outstanding web sites that effectively and efficiently meet the needs of plan participants and plan sponsors.
from Doug:
Such small incidents but such inconvenience. Apparently a small storm took out an electrical facility in downtown Toronto mid-morning Tuesday, just as I was working on this newsletter. Although we had power in 45 minute periods three or four times since, full power is now finally restored. Needless to say the newsletter is now a day late and my to-do list looks dramatically different than it would have. I have to pinch myself to keep such "minor inconvenience" in proper perspective, given the "major problems" that so many have experienced through all parts of the country this year. I hope your week goes well, and remember to keep a positive mental outlook. I must go and see if the ice cream became liquid cream.