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
Trillium Mutual Insurance Selects iter8 Market Leading Software to Automate Broker Connections.
Toronto , June 2007 iter8 is pleased to announce that Trillium Mutual Insurance (Trillium) has committed to move forward on the licensing and implementation of communic8, part of iter8's leading-edge Automated Exception-Based Underwriting (EBU) Solution. This is Phase I in a larger EBU project that will automate personal property and automotive underwriting activity.
Ranking the Vendors of Wealth Management Technology 2007: Portfolio Construction: Report Published by Celent
May 31, 2007 - Portfolio construction technology will reach a broader segment of the financial services market as interest in automating advisor portfolio construction features increases across the wealth management industry.
eBusiness and Technology
SunGard Ranked "Traction Index" Leader in Celent's Insurance Software Deal Trends Report.
Atlanta, GA, June 21, 2007 – SunGard ( http://www.sungard.com) today announced that in the latest edition of the Insurance Software Deal Trends report by research and advisory firm, Celent LLC, SunGard was ranked as a leader in Celent's "Traction Index." The Traction Index is a weighted score that measures the volume and type of deals that software companies made during 2005 and 2006.
How Secure Is Your Business IT Network? Ipsos-Reid Poll for CMS Consulting.
June 7, 2007 Toronto, ON - As information technology gains an ever-increasing role in business operations, a new Ipsos Reid poll conducted on behalf of CMS Consulting finds that nearly half (47%) of Canadian business managers and executives report that their companies have had at least one IT security breach or virus attack in the past five years. Further, a significant proportion of managers and executives maintain that their businesses are not 'very well-equipped to protect against security attacks' against their mobile devices (23%), wireless networks (20%), corporate IT infrastructure (14%), and desktop applications (13%).
Consumer Information
1st time IIHS tests convertibles: Saab & Volvo models are top performers; 3 are marginal in side impact test.
ARLINGTON, VA - The Saab 9-3 and Volvo C70 earn the Insurance Institute for Highway Safety's TOP SAFETY PICK award for superior crash protection in the first tests the Institute has conducted of 10 midsize convertible models. The Saab and Volvo earn the top rating of good for protection in front, side, and rear crashes, and both models include standard electronic stability control (ESC), which research shows can help drivers avoid crashes.
2007 Hurricane Season Predicted to Be Severe: The I.I.I. Offers Five Tips to Protect Yourself, Your Family and Your Property.
NEW YORK, May 23, 2007 - With the official start of hurricane season less than two weeks away, coastal residents need to make sure that they are properly prepared for the severe storms predicted for 2007, according to the Insurance Information Institute (I.I.I.).
Manitoba Public Insurance proposes to hold the line on rates: proposed $49 million rebate would provide average policyholder $90 next spring
In its general insurance rate application filed with the Public Utilities Board recently, the corporation is proposing no increase in premium revenue for the 2008/09 insurance year. It is also proposing a 7.5-per-cent rebate, which would be the fourth rebate it has provided in six years. The rebate for the average vehicle would be $90.
Marketing and the Market Place
Latest Eastbridge report examines today's voluntary product buyer.
AVON, CONNECTICUT, USA (June 13, 2007)-Carriers that want to succeed in the worksite market must consider the needs, wants, and expectations of brokers, employers and employees when developing their marketing plans and strategies. Eastbridge's MarketVisionT-The Employee Viewpoint Revisited study focuses specifically on one of these customer groups, the employee.
J.D. Power and Associates Reports: Implementing a Formal Financial Plan with an Investment Firm Results in Considerably Higher Levels of Overall Satisfaction among Canadian Investors
TORONTO: 18 June 2007-Investors who use financial planning services are much more satisfied in their relationship with their firm than those who do not, according to the J.D. Power and Associates 2007 Canadian Full Service Investor Satisfaction StudySM released today.
Policy and Product Management
Policy Administration Systems 2007: Life/Health/Annuity Vendors: Report Published by Celent
June 4, 2007 - Celent's new report, Policy Administration Systems 2007: Life/Health/Annuity Vendors provides the most comprehensive data available about the players in this market. The report is designed to help insurers dramatically cut the time required to create a short list of vendors appropriate for their needs, providing over 100 pages of independent research findings.
US Annuities: Market Trends and Key Technology Issues: Report Published by Celent
May 29, 2007 - Celent's latest report, US Annuities: Market Trends and Key Technology Issues, puts the spotlight on the technology challenges to participants in this rapidly growing market. The report looks at sales trends, industry concentration, regulatory pressures, examinations of specific technology challenges like legacy systems and supporting more demanding distributors, and survey data from a group of annuity super-producers who sell over US$500,000 worth of annuities per year.
Product Announcements
RBC Insurance Enhances Critical Illness Product.
Mississauga, ON – June 19, 2007 – RBC Insurance today announced the release of its enhanced Critical Illness Recovery Plan product. The plan offers clients improved and unique features, including an increased number of covered conditions and an industry-leading long term care insurance conversion option.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Level in May.
Westwood, MA. – (June 18, 2007) North American application activity for individually underwritten life insurance was essentially flat in May, off -0.4% year-over-year, according to the MIB Life Index .. The year-to-date (YTD) decline of -3.8% over January-May 2006, compares less favorably to a -2.1% decline seen during the first five months of last year, January-May 2006/2005. Month-over-month, May's application volume was down -4.9% from April 2007 levels.
New LIMRA Tracking Shows Rise in Deferred Annuity Net Flows.
Windsor, CT, June 6, 2007 - Total deferred annuity assets grew 1.2 percent during the first quarter of 2007, reaching nearly $1.97 trillion. The increase was reported in a new LIMRA analysis that will track industry deferred annuity net flows for variable, fixed-rate and indexed annuities each quarter.
Business of Insurance
Canadian Life and Health Insurance Association Elects 2007-08 Chairman and Board of Directors.
TORONTO, June 18, 2007 - At the Annual General Meeting of the Canadian Life and Health Insurance Association, Inc. held in Toronto today, Peter C. McCarthy, President and Chief Executive Officer, AIG Life Insurance Company of Canada, was elected Chairman of the Association for the year ahead.
Comments from Sun Life Financial's 2007 Investor Day.
TORONTO, June 20, 2007 - Sun Life Financial Inc. announced today that it exceeded the US$1 billion mark in U.S. variable annuity gross sales for the first five months of 2007, representing an increase of 66% over the comparable period in 2006. In the months of April and May, the company achieved aggregate variable annuity gross sales of US$529 million.
from Doug:
Life may be but a moment; the end of life brings a time when family and friends can collectively remember, grieve, celebrate. A favourite aunt, whom I visited as a child and youth more than any other relative, passed away this past week. She had Alzheimer's disease, so the end in a sense removes what was a long period of suffering and stress. On the other hand, it makes us wonder what might have been for one who had been so full of life and vitality.