Issue 2008-40 -- October 21, 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.
Claims
SPECS Adds 4 New Office Locations!!!.
It is with great excitement that Specialized Property Evaluation Control Services Ltd. (SPECS) announces the addition of four new offices in Red Deer, Kitchener, Ottawa and Halifax to help serve the insurance community better!
CDRG members are passionate about high standards.
Objectively speaking it's impossible to be an absolute expert in everything, therefore it's in knowing what we don't know that we actually find our expertise. Ultimately, we set out to be best in our field, and to do so continuing education is the key to enhance the quality of our service to our customers.
Xactware's Network Processes its 15 Millionth Estimate.
OREM, Utah-October 10, 2008 - Insurance professionals and repair experts hard at work in the aftermath of Hurricane Ike helped complete a surge of estimates that recently pushed the XactAnalysis claims management network over the 15 million estimate milestone. "One measure of the excellent service our customers give policyholders is the immediate surge of assignments and completed estimates that began to flow through the XactAnalysis network soon after Ike came ashore," said Jim Loveland, Xactware's president and CEO.
Symbility Solutions Launches in the UK.
TORONTO, ONTARIO--(Marketwire - Oct. 14, 2008) - Symbility Solutions Inc., a wholly-owned subsidiary of Automated Benefits Corp. (TSX VENTURE:AUT), is pleased to announce its latest software release, version 3.2, and its immediate adoption by the subsidence management services division of the Innovation Group (LSE:TIG), headquartered in the United Kingdom. The release of version 3.2 is the realization of adapting the mobile claims platform to the UK market and leveraging the intellectual property of the Innovation Group.
Auto Club of Southern California Deploys Guidewire ClaimCenter.
LOS ANGELES, CA and SAN MATEO, CA, October 15, 2008 - The Automobile Club of Southern California (Auto Club), the largest member of the AAA federation of motor clubs and Guidewire Software®, a leading global provider of solutions to property and casualty insurers, today announced that the Auto Club's insurance company has completed it's initial deployment of Guidewire ClaimCenter.
eBusiness and Technology
LOGiQ3 Ranks Highly on the PROFIT HOT 50.
After only two full years in operation, life reinsurance services and technology company LOGiQ3 Inc has been ranked 16th by PROFIT magazine in its prestigious 9th annual PROFIT HOT 50 ranking, making it the first company from the life reinsurance industry to be recognised since the nominations began.
Co-operators General Insurance Company Renews IT Contract with CGI for Seven Years.
Montreal, Quebec, October 8, 2008 - CGI Group Inc. (TSX: GIB.A; NYSE: GIB), a leading provider of information technology services, announced today that Co-operators General Insurance Company, part of The Co-operators group of financial services companies, has extended its contract with CGI until 2015. The seven-year contract is valued at approximately $110 million.
Bad News on the Street: Insurance IT Strategy and the Financial Crisis Report Published by Celent.
Boston, MA, USA - October 9, 2008 - A tidal wave of bad news has swept Wall Street and Main Street, and debris is coming ashore across the globe. This crisis is sure to affect insurers the world over for years to come. Celent believes that the unprecedented breadth and intensity of issues currently facing the insurance industry will severely constrain future growth but also provide an opportunity for carriers that position themselves correctly.
Gartner Highlights the Nine Most Contentious IT Issues for the Next Two Years.
STAMFORD, Conn., October 13, 2008 - During the next two years, IT's greatest opportunity to significantly improve overall enterprise operational performance will unfold from resolving the nine most contentious issues, according to Gartner, Inc.
Business of Insurance
IBM Global Study: Majority of Organizational Change Projects Fail.
ARMONK, NY - 14 Oct 2008: IBM (NYSE: IBM) today announced the results of a study of more than 1,500 change management executives from 15 countries, which reveals that nearly 60 percent of projects aimed at achieving business change do not fully meet their objectives.
Empire Life introduces Class Plus now with a Guaranteed Minimum Withdrawal Benefit.
(Kingston, ON - October 16, 2008) - The Empire Life Insurance Company (Empire Life) today announced the launch of "Class Plus" the newest enhancement to its Empire Class Segregated Funds product now with a Guaranteed Minimum Withdrawal Benefit. Class Plus will be available for sale starting October 20, 2008.
Our People
Insurance job opportunities on the rise as markets fall: DGA Careers.
TORONTO, October 17, 2008: In the midst of an increasingly bleak economic forecast for world business, DGA Careers, Canada's largest insurance specialty recruiter, revealed a growing need for top talent in the insurance sector. In a Tuesday October 7 breakfast seminar event entitled "Profit by Recruiting Exceptional Talent" DGA management and other industry professionals addressed the rising number of opportunities in insurance leadership and jobs for qualified candidates to a room of leading insurance and human resources professionals.
Distribution
IIAA Releases 2008 Best Practices Study Update.
(ALEXANDRIA, VA, Oct. 8, 2008) - The Independent Insurance Agents & Brokers of America (the Big "I") announced today the release of its annual Best Practices Study. The independent study includes the "Rule of 20" statistic which provides a quick means of calculating whether or not an agency creates value for its shareholders.
Consumer Information
Auto insurance premiums in Ontario increase almost 1%, according to kanetix.ca.
TORONTO, Oct. 15 - kanetix, Canada's insurance shopping marketplace, released the results of its quarterly auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance, identified that Ontario, in Q3, saw a minimal increase in the average of the lowest premium
quoted of 0.8 per cent year-over-year.
Product Announcements
CIGNA International Releases New Transactional Web Portal; Medical Translations, Online Weight Management Offered.
Claymont, Del. - October 9, 2008 - CIGNA International Expatriate Benefits (CIEB) today released a new transactional web portal, CIGNA Envoy, for individual and employer customers, brokers, doctors and physicians.
Marketing and the Market Place
Conning Research: Challenges Looming for Homeowners Insurance.
(Hartford, CT) October 1, 2008 - The period 2003-2007 was very favorable for the homeowners insurance line after the bleak 20-year period that preceded it. While returns relative to risk still do not compare favorably with other major lines, this five-year period did represent a marked improvement in financial performance for the line, according to a new study by Conning Research and Consulting. Yet, the immediate future may not be as favorable.
Policy and Product Management
The next twelve months will see product development activity for most voluntary carriers according to recent Eastbridge survey.
AVON, CONNECTICUT, USA (September 23, 2008) - Almost eight in ten voluntary carriers plan to introduce at least one voluntary product over the next year or so. This was a finding from the recent study, Voluntary Product Trends. The study is conducted every other year by Eastbridge Consulting Group, Inc.
from Doug:
A much cooler but still sunny post-Thanksgiving weekend. I took my camera while I did an extended (for me) bike ride. The Fall colours were just about at their peak and I took about 65 pictures - digital pictures are cheap, but now I have to manage them.
As a boy growing up on a farm, a bike was a rite of passage - the way to get to school and to visit neighbours. It had its limits though - once you reached high school, bikes were simply not in, everything was the car. I could never have imagined myself in my sixties in a big city riding a bike for exercise and pleasure - how things change.