Issue 2008-39 -- October 14, 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
Gore Mutual 'Closes The Loop', Offering Both Upload And Download Integration With Policy Works.
Gore Mutual continues to lead the industry with broker management system integration solutions. Gore Mutual participated in the launch of Policy Works' data exchange program last spring, offering integration and single sign-on upload capability for Policy Works users. But the company was not prepared to stop there and began aggressively designing download capability for their brokers. They have now closed the loop and provide both upload and download functionality between Policy Works and Gore Mutual's GoBroker™ portal.
York Fire presented with two awards at Applied Systems' annual TENCon Conference in Anaheim, California.
MISSISSAUGA, October 8, 2008 - York Fire & Casualty Insurance Company ("York") has recently been recognized by awards from Applied Systems and ASCnet. These awards were presented at the 2008 TENCon (Technical, Education, Networking Conference) in Anaheim, California.
The first of these awards, the 2008 Interface Leadership and Innovation Award is the highest achievement recognized by Applied Systems. The award was conferred based on York's interface achievements during the past year and their ongoing support and promotion of real-time transactions.
Policy and Product Management
MSB ReAlign Reduces Valuation Uncertainties for Reinsurers.
NEW BERLIN, WI - October 3, 2008 - In a market already stressed by large numbers of catastrophic losses and compounded by a significant loss of investment capital through the banking debacle, the long-term effects of insuring undervalued books of property business and the associated premium deficiencies are points of concern for reinsurance companies. Unless reinsurers have a full understanding of the exposure, reinsurance contracts can be devastating for reinsurers and the reinsurance market as a whole.
Claims
Principal Financial Group extends FINEOS Claims® to Group Disability Insurance.
Dublin, Ireland, October 08, 2008 - FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that the Principal Financial Group® has recently implemented FINEOS Claims to manage its group disability insurance (DI) and group life insurance claims and payment processes. The Principal® has been using FINEOS Claims since 2005 to manage individual DI claims and this additional implementation brings the number of live users at The Principal to 300.
Shumka Group unveils new names and brand identities: SCM Adjusters Canada Ltd.
September 22, 2008 - TORONTO, ON - At the CRIMS insurance industry conference today, The Shumka Group unveiled new corporate identities for itself and its three operating companies, SCM Adjusters Canada Ltd., Forensic Investigations Canada (FIC), and Risk Management Services (RMS), to reflect its position as Canada's leading provider of insurance claims management services.
eBusiness and Technology
SunGard Wins Special Recognition for SOA Achievements.
New York, NY - Oct 06, 2008 - SunGard has been recognized by the SOA Consortium and CIO Magazine for having successfully delivered business value through its Common Services Architecture (CSA), a vendor-agnostic service oriented architecture (SOA) based on mainstream open standards. The SOA Case Study Competition determined that SunGard's CSA has helped to enhance customer satisfaction by facilitating a higher volume of software solutions delivered, greater efficiencies in delivering those solutions, and increased compatibility for integrating with customers' SOA environments.
SOA Consortium and CIO Magazine Announce Winners of SOA Case Study Competition.
Needham & Framingham MA, USA - September 24, 2008 - The SOA Consortium™ and CIO magazine are proud to announce the winners of the Service Oriented Architecture (SOA) Case Study Competition. The overall winner is Synovus Financial, with special recognition going to organizations in the Insurance, Transportation, Government, Technology and Healthcare Industries. All of the winners have successfully delivered business or mission value using an SOA approach.
Aon eSolutions Launches iVOSc Carrier Edition, a Version of iVOS for Insurance Companies.
SAN RAMON, Calif., Oct. 1 2008 -- Aon eSolutions, the client technology arm of Aon Corporation (NYSE: AOC) and a leading provider of global risk and insurance solutions, today announced the launch of the iVOSc Carrier Edition, a version of iVOS specifically designed for property & casualty insurance companies. iVOS is Aon eSolutions' browser-based insurance system that incorporates claims administration, medical bill review, event management, document imaging, policy underwriting and case management capabilities into one integrated solution.
Managing Relationships and Customer Service
J.D. Power and Associates Reports: Customer Satisfaction with Homeowners Insurance Remains Flat, While Satisfaction with Auto Insurance Continues an Upward Climb.
WESTLAKE VILLAGE, Calif.: 6 October 2008-The gap in customer satisfaction between homeowners and auto insurance providers has steadily widened since 2004, with homeowners insurance customer satisfaction remaining essentially flat during the past five years, according to the J.D. Power and Associates 2008 Homeowners Insurance StudySM released today.
Marketing and the Market Place
Mobile Location-Based Services on the Move: eMarketer.
OCTOBER 6, 2008 - Consumer mobile location-based services first became available two to three years ago as the performance and cost of mobile handsets-especially smartphones-made it feasible to launch mobile information services that used location data. The iPhone, and all the clones that sprang up after its introduction, accelerated adoption.
Consumer Information
ICBC: Smart driving saves money, helps the earth.
VANCOUVER, October 6 - ICBC has launched a campaign to help drivers save money, protect the environment, and be smarter on the road. "Driving smart is about changing how we drive to save money on gas and reduce our vehicle carbon emissions," says Jeff Schulz, vice president of Strategic Marketing.
Business of Insurance
SSQ Investment & Retirement set to launch ASTRA Guaranteed Income.
QUEBEC CITY, Oct. 2 2008 - SSQ Investment and Retirement is set to launch its new minimum guaranteed income product: ASTRA Guaranteed Income. ASTRA Guaranteed Income offers all the security of annuity products, while offering the flexibility and growth potential of variable investments.
Sun Life Financial announces the sale of its 37% interest in CI Financial.
TORONTO, Oct. 6 2008 - Sun Life Financial Inc. (TSX/NYSE: SLF) today announced the sale of its 37% interest in CI Financial Income Fund for $2.3 billion to Scotiabank in an all cash, private transaction.
Sun Life Financial Group Benefits strengthens its HealthyRETURNS program by investing in leading wellness provider, Buffett & Company.
TORONTO, Oct. 7 2008 - Sun Life Financial Group Benefits announced today that it has made an investment in Buffett & Company Worksite Wellness Inc. (Buffett & Company), one of Canada's leading providers of worksite wellness programs. Buffett & Company will continue to operate as a stand-alone company, headed by Ed Buffett, with Sun Life Financial holding a minority interest.
Risk Management Trumps Return When Managing Canada's Pension Assets: Towers Perrin.
TORONTO, September 17, 2008 - Market volatility and stringent regulatory issues are reshaping how North America's pension portfolios are being managed. More than 75% of senior finance executives across Canada and the United States said they plan to focus on reducing risk in their defined benefit (DB) pension portfolios, rather than seek greater return on assets, according to the second CFO Research Services study conducted in conjunction with professional services firm Towers Perrin.
Senate Security Report Underlines Need For Government Action: Canadian Association of Fire Chiefs.
WHITEHORSE, YUKON, September 24, 2008 - Canada's Fire Chiefs called for all political parties to act on an emergency preparedness report on the state of Canada's readiness. The report was recently released by the Senate Committee on National Security and Defence.
from Doug:
The weather was great here in the Toronto area, the best Thanksgiving in a long while, with sunshine every day and record-setting temperatures on Monday. My son and I cycled two days and quite enjoyed the Fall colours. The family gathering and visits underlined the meaning of Thanksgiving. I hope you too enjoyed the special weekend with family and friends.