Issue 2005-42: October 18, 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.
Distribution
Applied Systems Canada and PowerSoft to Integrate TAM and PowerQuote.
Mississauga, ON, and Sooke, BC, Canada (September 30, 2005)--PowerSoft and Applied Systems Canada are pleased to announce the integration of PowerSoft's PowerQuote ™ rate comparison and sales tool with Applied Systems' agency management systems, The Agency Manager (TAM) and TAMOnline™.
New Study Finds Most Voluntary Carriers Track Sales and Premium Data Only: Report by Eastbridge.
AVON, CONNECTICUT, USA (September 22, 2005) - In a new Frontline Report by Eastbridge Consulting Group, Inc. entitled, Measures Used by Worksite/Voluntary Carriers, respondents were asked to identify the worksite measures they most commonly use to track their voluntary/worksite business (among a list of 37 different measures). Not surprisingly, most carriers (between 80-90 percent) track sales and inforce premiums at least quarterly. However, only a few carriers regularly track persistency, loss ratios, and profitability of their voluntary/worksite business.
ACORD Adds More Life & Annuity Forms, Provides Them Online.
PEARL RIVER, NY - September 27, 2005 - ACORD (www.acord.org) announced the release of 105 standardized Life and Annuity forms available via the internet. All the forms are downloadable PDFs and specified by carrier and/or state for use.
eBusiness and Technology
InSystems Writer Lets Insurers Simplify Creating State-Compliant Policies.
Markham, Ontario - October 11, 2005 -- InSystems Writer, software that lets insurers create state-specific filing documents and policy-issuance templates faster, easier and with less compliance risk, has been introduced by InSystems, the specialists in complex document and compliance automation for insurance and financial services organizations.
Thirty Years of Customer Interaction Provides Insight on Implementation and BI-Lifecycle Challenges and Opportunities to Adapt to Customers' Evolving Business Needs: Information Builders.
New York, NY - October 11, 2005 - Information Builders, the enterprise business intelligence (BI) standard of choice for organizations around the world, today announced that the key principles for enterprise reporting success, rooted in 30 years of customer feedback and hands-on experience, are now also available to customers through an even more expansive best practices program.
Upgrading Call Center Technology at Allianz Life: Report Published by Celent.
San Francisco, CA, September 27, 2005 - In a new report, "Upgrading Call Center Technology at Allianz Life," Celent describes the financial and operational benefits a major life insurance company, Allianz Life, has realized by upgrading its call center's network infrastructure and application portfolio. Insurance call centers' underlying network technology has remained fairly static over time.
Consumer Information
Aviva Canada Introduces Premiere Healthcare Program to Provide Drivers With More Timely Services After an Automobile Collision.
October 6, 2005, TORONTO, ON - Aviva Canada Inc., one of Canada's largest Property & Casualty insurance groups, announced today an innovative program in Ontario designed to make it easier for customers with soft tissue injuries to receive quality healthcare services immediately following an automobile collision. The services, based on the latest healthcare research, enable customers to receive treatment immediately after a collision by accessing one of several pre-approved clinics.
BC Drivers challenged to make October Zero Crash Month - Big prizes for individuals and registered communities: ICBC.
September 26, 2005 - Vancouver BC - ICBC, the provincial government and local police forces have designated October as Zero Crash Month and are challenging communities and individuals to make every effort to help reduce motor vehicle crashes.
Ontarians urged to beware of auto insurance fraud ring: IBAO.
TORONTO, Oct. 11, 2005 - The Insurance Brokers Association of Ontario (IBAO) wishes to warn all Ontarians of an insurance fraud ring across the province.
Wide Variation in Public/Private Funding of Health Care Services: CIHI Report.
September 28, 2005 - Countries with a large percentage of public-sector health care funding often differ in the types of coverage they offer, according to a new report released today by the Canadian Institute for Health Information (CIHI), entitled Exploring the 70/30 Split: How Canada's Health System Is Financed. For instance, Canada funds hospital and physician services almost entirely through taxes. The public-sector share of spending for these services was 93% and 98%, respectively, in 2003. Other countries commonly apply copayments for these services.
Ontario WSIB Announces Final Premium Rates For 2006.
TORONTO, ONTARIO -- Sept. 20, 2005 - The Board of Directors of Ontario's Workplace Safety and Insurance Board (WSIB) has approved the final average premium rate for 2006. The 2006 average rate will be $2.26 for every $100 of insurable earnings - a three per cent increase compared with the current rate of $2.19. This is only the second time in the last 10 years that the WSIB has raised the average premium rate. For the 10-year period from 1995 to 2004, the average rate paid by Ontario's employers declined 27 per cent, from $3.00 to $2.19.
Product Announcements
Empire launches Optimax(tm), permanent participating life insurance.
October 11, 2005 - Kingston, Ontario - Empire Financial Group (Empire) today announced the addition of an improved permanent participating life insurance product, Optimax, to its roster of financial security solutions. Optimax replaces Empire's Optimax IIItm and has been redesigned to offer more choice. Its death benefit values, dividends and cash values are improved.
Business of Insurance
Insurance Information Institute: Record First-Half Profits and Surplus Boost Property/Casualty Insurers' Ability to Cover Hurricane Claims.
JERSEY CITY, N.J., Oct. 5 - The U.S. property/casualty insurance industry's net income after taxes rose 29.1 percent to a record $30.9 billion in first-half 2005 from $23.9 billion in first-half 2004. Reflecting the industry's income, its consolidated surplus, or statutory net worth, increased 4.7 percent to $412.5 billion at June 30 from $393.8 billion at year-end 2004, according to ISO and the Property Casualty Insurers Association of America (PCI).
Claims
ISO and Injury Sciences Announce Alliance to Offer Electronic Data Recorder Information Thrugh ISO's All-Claims Database.
JERSEY CITY, N.J., Oct. 5 - ISO and Injury Sciences LLC have entered into an alliance to provide insurers with objective information about automobile accidents retrieved from vehicles' electronic data recorders (EDR) via ISO ClaimSearch®, ISO's all-claims database platform
Reference and Statistics
Financial Insights Asia/Pacific Envisage Insurance Premium Expansions in Excess of 20% in China and India.
SINGAPORE, Oct 7, 2005 - A recent publication by global independent research and advisory firm Financial Insights profiles the growth potential for the insurance sector in the emerging markets of China and India. The report, entitled Asia/Pacific Insurance - Attractive Dynamics in China and India, comments that the acceleration in economic momentum and nascent insurance industries, coupled with increased consumer risk awareness, pave the way for spectacular expansion going forth
from Doug:
We drove to the Eastern Townships on Friday, returned Monday, to visit two branches of the heritage organization I belong to. It is really amazing to see what people undertake and accomplish when they have a keen interest, from fund raising to building restoration to grave site research. We had a great visit. There were several guests from a distance, the furthest being Florida. A military history buff from Albany brought a fellow historian. We could have revelled in their stories all day.
Rains lasted all weekend, but didn't seem to dampen the enthusiasm, only the brightness of what would have been a great Fall colours display.