Issue 2005-51: December 20, 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
SunGard Announces Formation of Enterprise Solutions Group.
Wayne, PA - December 1, 2005 - SunGard today announced the formation of an Enterprise Solutions Group within its Financial Systems business that will focus on bringing greater value to its global accounts. The Enterprise Solutions Group will bring together SunGard's Global Account Management, Product Management, Off-Shore Services and Consulting Services. The Enterprise Solutions Group is headed by Ron Lang who reports to Michael Muratore, executive vice president of SunGard's Software & Processing business.
What Explains the Canada-US Technology Investment Intensity Gap? - Centre for the Study of Living Standards.
12 December 2005, Ottawa - This report, prepared by the Centre for the Study of Living Standards for the Information Technology Association of Canada, attempts to answer the question of why Canadian firms invest less in ICT, defined to include computers, communications, and software, than their US counterparts. Given the disappearance of labour productivity growth in the business sector in Canada in 2003 and 2004 and the large gap in labour productivity levels between Canada and the United States, lagging ICT investment has been identified as a possible cause of both this weak growth and large gap.
Three Futures for Technology and Insurance: Report Published by Celent.
San Francisco, CA, USA November 28, 2005 - In a new report, "Three Futures for Technology and Insurance," Celent predicts how new technologies are impacting the future of the insurance industry. According to the report, there are three scenarios: Utopian Vision, Nightmare Scenario, and Probable Future. In the "Probable Future,"
Claims
Automated Benefits Corp.: Symbility Solutions Signs Up 1,000th User For Its Mobile Claims System.
November 14, 2005. WATERLOO - Demonstrating the rapid acceptance of its mobile claims processing solution by the property insurance industry, Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., announced that it has signed the 1000th user to its Symbility.NET software platform for mobile claims processing.
The Dominion Of Canada General Insurance Company Selects Guidewire ClaimCente.
TORONTO, Ontario, Canada, and SAN MATEO, California, Dec. 14, 2005 - The Dominion of Canada General Insurance Company ("The Dominion"), property and casualty insurer of cars, homes, and businesses across Canada; and Guidewire Software®, a leading provider of solutions to property and casualty and workers' compensation insurers, today announced that The Dominion has selected Guidewire ClaimCenter® as its next-generation claims processing system.
Consumer Information
Making The Right Call Before Last Call: Insurers Financial Group.
The Employer's Liability for Hosting Social Events It's that time of year, and with office Christmas party preparations in full swing, making the right decisions now and up to last call will go a long way in fulfilling your social and legal obligations.
MIB Group's Policy Locator Service(TM) helps consumers find missing life insurance policies.
The Policy Locator Service, provided by e-Services Corporation, a wholly-owned subsidiary of the MIB Group, Inc., may help the surviving spouse, next of kin, or the decedent's legal representative track down unknown or lost life insurance policies.
Health care spending to reach $142 billion this year: CIHI.
December 7, 2005-Canada's health care spending is expected to reach $142.0 billion in 2005, a 7.7% increase over last year. This represents a real increase of 5.0%, after the numbers are adjusted to account for inflation. These figures were released today in the Canadian Institute for Health Information (CIHI) annual report on health care spending in Canada, National Health Expenditure Trends 1975-2005.
CSIO Insurance Portal Status Update
CSIO Portal Project To Wind Down.
Toronto, December 13, 2005 - The CSIO Portal was designed some 6 or more years ago in response to the electronic needs of brokers at that time. Since then, technology and standards have evolved such that there are more choices today for brokers to improve the efficiency of work flow between their offices and the insurers.
Distribution
Hub International to Acquire Impact Insurance Services.
CHICAGO-Dec. 8, 2005 -- Hub International Limited announced today the acquisition of the assets of Impact Insurance Services and the consolidation of those operations with Hub International Midwest's financial institutions business. Kirby Jordan and Scott Eckerty, principals of Impact Insurance, will join Hub International Midwest (HUB Midwest) as managers of the expanded business unit. Details of the transaction were not disclosed.
Business of Insurance
New Swiss Re sigma study: Growing insurance industry in emerging markets - great potential for well-designed liability insurance products.
2 Dec. 2005 - In an environment of strong insurance growth in the emerging markets, liability insurance outperformed overall non-life business: while overall non-life insurance premiums grew by 5% per year between 1999 and 2003, liability premiums increased at an annual average of 13%. Swiss Re's new sigma report analyses the recent trend and the opportunities and threats it poses for insurers, particularly in Asia, Latin America and Eastern Europe.
Marketing and the Market Place
Business confidence rebounds in fourth quarter: CFIB.
14 December 2005, Toronto - The latest Quarterly Business Barometer, by the Canadian Federation of Independent Business (CFIB), shows confidence returning to the small and mid-size business sector. The CFIB Quarterly Business Barometer Index now stands at 106.2 (1988=100), or three points above its September level.
Statistics Canada: 2004 Survey of Household Spending.
December 12, 2005 - Growing demand for communication services and electronics such as cell phones, high-speed Internet, and DVDs drove changes in the spending patterns of Canadian households in 2004. Households also spent more on mortgages, energy, and health care, but less on regular phone service and automobiles
Product Announcements
Wellpoint Health Servicesannounces partnership with Hub International Ontario.
TORONTO, Dec. 13,2005 - Wellpoint Health Services in partnership with Hub International Limited, announced today the launch of an innovative healthcare program that empowers individuals to take control of their health through comprehensive multi-disciplinary screening programs that enable them to live longer, healthier lives. This unique partnership will enable HUB to offer unparalleled wellness care solutions and services to its corporate and private clients.
Managing Relationships and Customer Service
It's personal now: Sun Life Financial Canada launches "my money".
TORONTO, Ontario - - December 5, 2005 -- Sun Life Financial Canada has launched an "industry first" approach that will help members of company pension and savings plans assume a more active role in managing their investments. The approach will emphasize the distribution of personal communications relevant to individual employees; a stark contrast from the standard practice of distributing generic information to all employees within a group plan.
Reference and Statistics
Canadian Economic Outlook, December 2005: SwissRe.
Canada's economy is expected to grow over 3% next year. Output, corporate profits, investment and hiring were all strong in Q3. Consumer demand was tentative, but recent job and wage gains are likely to turn that around. Housing activity is softening, but still at an elevated level.
from Doug:
Our newsletter will not publish on December 27, but will return with the first issue for 2006 on Tuesday January 3.
An industry which is there to help in time of loss; thank you for making Insurance a great place to work. We here at Insurance-Canada.ca - Gina, Marlene, Mette, Sally, Sophie, Doreen, Pat, John, Dave and me - wish you and yours a most festive, and safe, Christmas season, and the best in 2006......doug