Issue 2008-37 -- September 30, 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.
Feature Article: Technology Planning
Younger Consumers' Demands Push Insurers to Break the Traditional Business Model Molds - By Richard Daukant, SAP Canada.
For decades, the insurance industry used tried and true business models to meet customer needs, make profits, expand business, reduce risk, and satisfy regulatory requirements – all while remaining one step ahead of the competition. But now, rapid and shifting changes in the global marketplace have forced insurance carriers to abandon the traditional ways of doing business.
Our People
Profit By Recruiting Exceptional Talent – Insurance Speaking Series, Presented by DGA Careers & InsuranceWorks.ca.
Come join us for breakfast on October 7th, and you will learn about one of the most critical and pressing issues facing the insurance industry. Our knowledgeable speakers will discuss challenges surrounding recruiting the best talent possible and share strategies to combat talent shortages and re-vitalize your business.
Distribution
Gore Mutual and Keal Technology Deliver System Integration Solution to comXP Brokers.
Gore Mutual and Keal Technology are excited to announce the latest milestone in their quest to deliver integration solutions to brokers. A beta program has been launched for upload integration with comXP, Keal's commercial management system (CMS).
CSIOnet makes the switch to enhanced service on November 21.
TORONTO, September 24, 2008 - The Centre of the Study of Insurance Operations (CSIO) will switch service providers for its upload/download system, CSIOnet, on Friday, November 21, 2008 to enhance its service capability. Every insurance broker, company and vendor who uses the network must change their IP address settings on that date to ensure business continues uninterrupted. The change will improve service for about 1,800 broker offices located across Canada.
Strengthening relationships with consumers; New Allstate Insurance Agency open for business in Sherbrooke.
SHERBROOKE, QC, Sept. 23 2008 - Christianne Dostie, Vice President for Allstate Insurance Company, was on hand today to celebrate the grand opening of the new Allstate Insurance Agency in Sherbrooke.
Consumer Information
Many Canadians do not know that they can get Canadian health insurance after leaving their employer: TFG Global - Healthcover.ca.
Sep 22, 2008 - Healthcover.ca offers the Manulife FollowMe health and dental insurance plan that is designed to offer uninterrupted health and dental coverage for you and your family, when your employment and group insurance benefits end. If you apply within 60 days of your loss of group health and dental benefits, you can qualify without having to complete a medical questionnaire. This is a substantial benefit to people who have pre-existing medical conditions which would make it difficult or impossible to get individual Canada health insurance plan.
IIHS: Most small cars aren't economical for crash repairs: Ford Focus performs the best; Rabbit & Prius are the worst in bumper tests.
ARLINGTON, VA - September 4, 2008 - Low-speed collisions happen every day in commuter traffic and parking lots. These "fender benders" end up costing car owners a lot of money and aggravation because the bumpers on many cars aren't designed to handle what should be a no-damage event.
88% of retirees rate their financial health to be "good", "very good" or "excellent": Russell Investments.
TORONTO, Sept. 23 2008 - With the markets as volatile as they've been of late, now is a good time as ever to think about plans for a secure retirement. "It doesn't have to be a daunting process. Just taking the time to check a few key points should help you put your retirement plan on a steady course," says Irshaad Ahmad, President and Managing Director of Russell Investments Canada Limited.
Policy and Product Management
360ValueT Collaboration Enables Insurers to Efficiently and Reliably Capture Building Characteristics from Property Owners: Xactware.
OREM, Utah, and BOSTON, Sept. 24, 2008 - ISO subsidiaries Xactware and AIR Worldwide announce 360Value™ Collaboration, a unique capability that allows insurers to provide property owners the ability to confirm and edit property information used to estimate replacement costs. 360Value Collaboration is available only through 360Value, which provides replacement-cost estimates for residential, commercial, and agricultural properties.
In a challenging business environment, Swiss Re will continue to focus on disciplined underwriting.
The (re)insurance industry is facing a more challenging business environment characterised by continued soft (re)insurance markets, stock market turbulence and an active hurricane season. Elevated inflation in many countries poses an additional risk to the insurance industry's capital base and aggravates the problem of underinsurance. The industry has to take inflation into account when considering the amount of cover and its pricing. Ahead of the upcoming January 2009 renewals, Swiss Re will continue to focus on disciplined underwriting.
Claims
RMS: Hurricane Ike Insured Losses Estimated at $7 Billion to $12 Billion.
Newark, CA - September 17, 2008 - Risk Management Solutions (RMS), the world's leading catastrophe risk experts, today announced that it has refined its estimate for U.S. onshore and offshore insured losses from Hurricane Ike to $7 to $12 billion from its original estimate of $6 to $16 billion. This estimate includes both onshore and offshore losses resulting from strong winds and storm surge but does not include losses covered under flood policies issued by the National Flood Insurance Program, or loss of oil and gas production due to pipeline supply interruptions.
2009 P&C Insurance Technology Conference: "Leadership: The Business-IT Imperative"
The seventh annual Insurance-Canada.ca P&C Technology Conference Monday 23 February 2009 in Toronto.
Speakers and Topics include:
- Claims Leadership: Asking The Tough Questions
Denise Garth, Vice President - Global Industry Affairs, Innovation GroupFor early program information and event details, see the conference overview.
eBusiness and Technology
ACORD Launches Reinsurance & Large Commercial Blog.
LONDON, UK and PEARL RIVER, NY - 3 September 2008 - What's happening with ACORD Standards in London and around the globe? What's new with ACORD Reinsurance & Large Commercial Standards? The new place to go and find out is the ACORD London Office blog.
Reference and Statistics
Mid-Year Individual Life Premium Stagnant Except Universal Life, Says LIMRA.
WINDSOR, Conn., Sept. 3, 2008 - Universal life (UL) was the only individual life insurance product to produce more new premium in the first half of 2008 compared with first half 2007, according to LIMRA's Individual Life insurance Sales Report.
With Other Countries, Travel both to and from Canada declined in July compared with June: StatsCan.
July 2008 - Overall, travel both to and from Canada declined in July compared with June. Visitors made a total of 2.2 million trips to Canada in July, down 1.8% from the previous month. Travel from the United States declined 2.1% from June, continuing the downward trend observed over the last nine years.
Business of Insurance
Manulife Investments enhances Canada's first Guaranteed Minimum Withdrawal Benefit product.
TORONTO, Sept. 22 2008 - Manulife will offer an unlimited income bonus period to investors in its industry-leading IncomePlus product, plus other changes announced today, to provide more flexibility for younger and older Canadians saving for their retirement.
A Strategic Approach to Reinsurance is the Key to Lowering Capital Costs - Programme Optimisation is the Answer, says Towers Perrin.
LONDON, September 8, 2008 - Towers Perrin, a global professional services firm, announced today that the insurance industry needs to take a strategic approach to reinsurance buying to drive down rising capital costs. Programme optimisation, the firm said, is the key to ensuring that reinsurance creates maximum value, and has the most significant impact on capital requirements.
from Doug:
It is wonderful to have good theatre within driving distance. We really enjoyed Stratford's performance of Hamlet on Sunday - well acted and well staged. As my father's family comes from that area, we also took the opportunity to visit some aunts, uncles (two of them over 90) and cousins. A good day.
Now if I could only figure out how to prevent dozen's of new email messages in my in-basket begging for a response after a one day hiatus, my world would be a better place.