Issue 2008-27 -- July 8, 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
Keal Technology and ING Insurance Introduce Commercial Integration.
TORONTO, Ontario, Canada — July 3, 2008 — Today, Keal Technology announce they have initiated the first phase of the integration project announced earlier this year. This phase of the integration is the first, in a series of committed projects, between Keal and ING.
Manulife Securities is new name across Canada for combined Manulife, Berkshire-TWC businesses.
TORONTO, July 2 2008 - Manulife Securities is the new trade name for a group of companies consisting of a mutual fund dealer, investment dealer and insurance agency operating across Canada, following Manulife's purchase of Berkshire-TWC Financial Group Inc.
J.D. Power and Associates Reports: The Role of Investment Advisors Becomes Increasingly Critical As Overall Satisfaction With Investment Institutions in Canada Declines Amid Volatile Market Conditions.
TORONTO: 25 June 2008 - As the investment market experiences increased turbulence amid economic uncertainties, the expertise and guidance of investment advisors is becoming more important in enhancing overall customer satisfaction, according to the J.D. Power and Associates 2008 Canadian Investor Satisfaction StudySM released today.
New kasina study shows: Firms Must Look Beyond Standard Metrics to Guide Strategy.
New York, (June 24, 2008) - Applying more rigorous tactics to measuring the impact of distribution can help asset managers efficiently allocate scarce resources, according to a new study by kasina, a leading asset management consultancy. The study, "Quantifying Distribution Strategies," examines the ways in which firms can refine their current measurement strategies to ensure that they remain competitive in a changing marketplace.
Managing Relationships and Customer Service
Standard Life introduces new online retirement planning and management tool.
MONTREAL, June 26 2008 - The Standard Life Assurance Company of Canada today introduced a new, leading-edge website to allow group savings and retirement plan members to take ownership of their plans. Offering an innovative "retirement dashboard", the site provides members with an overview of their planning activities, their contributions, account balances, asset allocations and projected retirement assets, every time they log on to the website. At the same time, Standard Life introduced a second website that it believes will change the way plan sponsors do business.
Business of Insurance
Remarks by Superintendent Julie Dickson, OSFI, to the Financial Services Institute.
Toronto, Ontario, Thursday, June 26, 2008 -- Today I want to talk about the two things that have struck me the most over the past year: the strength of Canada's regulatory and banking brand, and the understanding of OSFI's mandate.
Progressive prepares countrywide launch of MyRateSM, an optional behavior-based insurance program.
MAYFIELD VILLAGE, Ohio - June 27, 2008 - Are you the poster child for safe driving, always leaving plenty of space between you and the car ahead? Or a business traveler who parks your car at the airport or train station several days a week? Or maybe you have a car that you only take out for a spin on warm summer days. If so, your car is probably less likely to be involved in a crash, so shouldn't you pay less for car insurance? Progressive thinks so, and that's why it's introducing an optional car insurance program that offers lower rates on vehicles that are driven in less risky ways.
eBusiness and Technology
Gartner Identifies Three Steps to Encourage Corporate Investment in Virtual Worlds.
Egham, UK, June 23, 2008 - Many business leaders are skeptical of investing in virtual worlds because of the continuing lack of clarity regarding their proven benefits, but there are steps IT leaders can take to encourage corporate investment, according to Gartner, Inc.
Claims
IBC Survey: Violent storms on June 10, 2008: Damages estimated at $56 million.
MONTREAL, July 2, 2008 - According to a survey by the Insurance Bureau of Canada, insurers expect to pay out more than $56 million to customers for repairs to their homes and cars damaged during the violent storms that swept through several regions of Québec on June 10.
Consumer Information
J.D. Power and Associates Reports: Undeterred by Price Premiums, Consumers Show High Interest in Hybrid-Electric Automotive Powertrain Technology.
WESTLAKE VILLAGE, Calif.: 24 June 2008 - Hybrid-electric powertrain technology in vehicles garners particularly high interest among consumers both before and after the average market price ($5,000) is revealed, according to the J.D. Power and Associates 2008 U.S. Automotive Emerging Technologies StudySM released today.
1% overall decrease proposed for Autopac rates in 2009; declining thefts help Manitoba Public Insurance hold line on rates.
Manitoba, July 2 -- As auto theft continues to decline across the province, Manitoba Public Insurance is seeking a one-per-cent overall reduction in Autopac rates for the 2009/10 insurance year.
Ontario's WSIB Releases Preliminary Average Premium Rate for 2009.
TORONTO, June 12, 2008 - The Workplace Safety and Insurance Board (WSIB) has announced the 2009 preliminary average premium rate for Schedule 1 employers. The WSIB Board of Directors' decision to keep the 2009 average premium rate at $2.26 – unchanged from 2007 and 2008 – is based on careful financial analysis, and an expectation that improvements will occur in health and safety and return to work outcomes consistent with the WSIB's Road to Zero and Prevention Strategies.
Marketing and the Market Place
Internet Use in Canada Expands: eMarketer.
JULY 2, 2008 - In Canada, nearly three-quarters of those ages 16 and older went online for personal reasons during the 12 months prior to June 2008, according to Statistics Canada's "Canadian Internet Use Survey." That was up from just over two-thirds in 2005.
Worldwide Spending on Internet Advertising Will Soar Past $106 Billion in 2011, According to IDC.
FRAMINGHAM, Mass., June 25, 2008 - Worldwide spending on Internet advertising will total $65.2 billion in 2008, which represents nearly 10% of all ad spending across all media. With IDC's Digital Marketplace Model and Forecast projecting 15-20% annual growth throughout the forecast period, this share will reach 13.6% by 2011 as Internet ad spending grows to $106.6 billion worldwide.
Reference and Statistics
Towers Perrin Commercial Insurance Pricing Study Reports Ongoing Modest Price Decreases in First Quarter of 2008.
STAMFORD, CT, July 1, 2008 - Towers Perrin's quarterly survey of commercial lines insurance pricing and profitability (CLIPS) indicated that average prices for all lines of coverage combined continued to decrease during the first quarter of 2008, dropping about 6% compared with the same quarter a year ago.
New Swiss Re sigma study: World insurance in 2007: emerging markets leading the way.
24 Jun 2008 - Life insurance premiums increased 5.4%, which is above the previous ten year average. Non-life premium growth was robust in the emerging markets (+10%), but decreased in the industrialised countries (-0.3%). However, both the life and non-life industries are financially sound despite the challenging economic environment.
National tourism indicators for First quarter 2008: StatsCan Report.
Tourism spending in Canada rose 1.3% during the first three months of 2008, as spending by Canadians continued to advance, while that by international visitors declined. Tourism spending has increased in every quarter since the second quarter of 2003.
from Doug:
The annual conference of the heritage group I belong to begins Thursday. This year it is in Saint John, New Brunswick, and the branch there has organized a great event. Of course it is a pleasure to get together with friends from across the country whom we meet at the conference each year. Afterwards, we have planned a few extra days visiting friends and relatives in PEI and Nova Scotia.