Issue 2008-05 -- February 5, 2008
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
Saunders Moves Toward Paperless Commercial Operation with Policy Works.
Saunders Insurance has a substantial book of commercial business, with specialization, not surprisingly, in small oil sands and agriculture. But two years ago, Saunders Insurance was looking for a better way to market, process and bind business accounts.
[Editor's Note: Kevin Cambell of Policy Works will speak at the 2008 P&C Technology Conference. Visit Policy Works' display to learn more.]
You are invited to The French Group's Open House.
Please join The French Group on February 12th 2008 for our Open House at the Delta Meadowvale from 9:30 to 12:00pm and learn how you can increase your brokerage's profits. Bring your business card for a chance to win one of 3 exciting prizes. Our agenda includes Brenda French, President of the French Group speaking on Industry Trends and The P.R.O.F.I.T. Manager Program™.
Calling for Volunteers to Help with CSIO 2008 Forms Workgroup.
We are pleased to announce that the 2007 CSIO Forms Ballot has now been completed with 79% of our members responding. The CSIO Forms Workgroup is comprised of Brokers, Vendors and Insurance Company representatives that volunteer their time to work on our common goal: to enhance the workflow of the Independent Broker distribution channel. Last year the workgroup met five times during the year and completed the update or creation of 25 CSIO forms.
Maintaining a level Playing field for Small businesses: IBAC.
Comments from the Insurance Brokers Association of Canada Submission to: Canada's Competition Policy Review Panel January 2008
Marketing and the Market Place
"Culture, Infrastructure, and International Health Benefits Delivery" by Allen Koski, Regional Sales Manager, CIGNA [Originally Published in Benefits Quarterly, First Quarter of 2006.]
When selecting a health insurance carrier for international employees, it is advantageous to recognize that valid assumptions made when selecting domestic benefits simply do not apply in the international realm and can lead to costly errors.
eBusiness and Technology
NewLink Launches a French Version of the Vista™ Service Oriented Architecture – Enterprise Business Model.
NewLink Group announces the French version of its Vista™ Service Oriented Architecture - Enterprise Business Model for the wealth management, insurance and banking industries. NewLink has developed a French version of its Vista™ architecture model to better support its French client base during the provision of consulting services. Vista™ is the only bilungual insurance, wealth management and banking business architecture.
Gartner Says Most Organizations Are Not Prepared For a Business Outage Lasting Longer Than Seven Days.
STAMFORD, Conn., January 9, 2008 - Business continuity management (BCM) and disaster recovery (DR) programs are getting better, however, work still needs to be done to increase the quality and maturity of BCM/DR programs. According to a Gartner Inc. survey of 359 information security and risk management professionals from the U.S., U.K. and Canada, nearly 60 percent of organizations only plan for their longest outage to be seven days.
Education for Our People
Oliver's Releases General Insurance Exam Prep.
Oliver's Learning, a provider of educational materials and training to the financial services industry, has published a book of content highlights and exam calibre Q&A to help students prepare for the General Insurance exam in Ontario.
Managing Relationships and Customer Service
Guidewire Software Deploys Community Resource Center for Increased Customer Convenience.
SAN MATEO, CA, USA, January 24, 2008 - Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced the launch of its Community Resource Center customer portal, designed to facilitate the flow of best practices and product information between customers and Guidewire support staff.
Dalbar 2007 Mutual Fund and Direct Brokerage Rankings.
Tuesday, 15 January 2008 - Congratulations to all participants for your ongoing commitment to providing the best possible client experience! Here are the 2007 Mutual Fund and Direct Brokerage Rankings.
Business of Insurance
Conning Research : Life Industry Investments 2002-2006--Challenges Met; Challenges Ahead.
Hartford, CT, January 22, 2008 - The life insurance industry was challenged during the five year period from 2002-2006 to achieve adequate returns on long-term bonds, which represented over 80 percent of investable assets, according to a new study by Conning Research & Consulting, Inc.
Ernst & Young issues 2008 US Outlook for the Property/Casualty Insurance industry.
New York, 23 January 2008 - Margin compression and continued pricing erosion will put increasing pressure on the insurance industry to achieve top line objectives in 2008, according to Ernst & Young's Global Insurance Center. Companies need to make significant changes and seek alternative growth strategies if they are to remain competitive and survive in the challenging and complex business environment that lies ahead.
Claims
OCRA and NER Combat Equipment Theft in Mexico and Southern United States: ISO.
NEW YORK, N.Y. and MEXICO CITY, Mexico, January 31, 2008 - The Oficina Coordinadora De Riesgos Asegurados and National Equipment Register today announced a strategic alliance to combat the theft of construction and farm equipment and the cross-border movement of stolen equipment in the southern United States and Mexico.
Consumer Information
Insurance Bureau of Canada urges residents of P.E.I. to minimize damage and check their insurance coverage following ice storm.
The Insurance Bureau of Canada urges residents of Prince Edward Island to contact their insurance representatives and to take measures to protect themselves and minimize damage as a result of this week's ice storm.
Insurance Bureau of Canada calls for elimination of insurance tax in Newfoundland and Labrador: Unnecessary tax takes $80 million out of pockets of Newfoundlanders & Labradorians.
Insurance Bureau of Canada (IBC) recently reiterated its long-standing call to the government of Newfoundland and Labrador to remove taxes on insurance premiums.
Exporter confidence plummets amid high dollar and U.S. economic slowdown, says EDC survey.
(OTTAWA) -- January 24, 2008 -- Confidence levels among Canadian exporters have declined dramatically as the full weight of a significantly higher Canadian dollar and a slowing U.S. economy hit home, according to the semi-annual Trade Confidence Index (TCI) survey from Export Development Canada (EDC). The overall index declined to 67.4 from 72.9 per cent in June 2007, the lowest result since EDC began reporting on trade confidence in 2000.
Approvals for Ontario Auto Insurance Rates for the Fourth Quarter of 2007: FSCO.
January 2008, Toronto ON -- Rate applications approved during the fourth quarter of 2007 (October 1, 2007 to December 31, 2007) averaged +0.08%, based on the entire market.
from Doug:
The snow we experienced here in Toronto last Friday was of small consequence compared to the hardships that many throughout the country have experienced over the last while - bitter cold in the west, winter storms in the east, and lots of blowing snow and the like everywhere else. Although my body told me the snow shovelling was probably more than I am fit for, my eye told me it was beautiful. The temperature was near zero, no wind and the snow light, so that it built up several inches high on even the smallest of surfaces - quite spectular when one is in the right mindset.