Issue 2008-42 -- November 4, 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
Symbility Solutions Surpasses 10,000 Users of Its Mobile Claims Application.
TORONTO, ONTARIO--(Oct. 28, 2008) - Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., proudly announces the addition of its 10,000th user of its mobile claims processing solution. Along with this achievement comes the added distinction of having over 900 companies as customers including insurance companies, restoration contractors and independent adjusting firms.
Buyer Beware! - Watch for Long Term Commitments: Warning from Code Evolution.
If you are new to the market or exploring software options for the first time, choosing the right claims management system can easily become overwhelming. After a long process of reviewing various feature sets, online support options, data security and infrastructure you think you have found the perfect solution that suits your business requirements. Think again... there's one final task left: reviewing the "fine print" in the agreement terms.
Mendota Insurance selects Innovation Auto for Body Shop Network Management solution.
Newton, MA - October 29, 2008 - Innovation Group's Innovation Auto™ division, the global leader in accident management services for the Property and Casualty industry, announced the addition of Mendota Insurance to its client roster. Mendota joins Innovation Auto's growing client base of 40+ carriers, TPA-s, Farm Bureaus and Fortune 1000 fleet organizations.
USA Insurers to Pay $11.5 Billion in Third-Quarter Catastrophe Claims, Says ISO's Property Claim Services Unit.
JERSEY CITY, N.J., October 27, 2008 - U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $11.5 billion for third-quarter property losses resulting from a total of 11 catastrophes in 22 states - the fourth-largest insured property loss in a third quarter since 1998, according to preliminary analysis by ISO's Property Claim Services (PCS) unit.
Product Announcements
RBC Insurance Launches Innovative Conversion Option for disability insurance product.
Mississauga, ON - October 29, 2008 - RBC Insurance recently announced the release of its enhanced disability insurance product. The product features a new long term care conversion option for individual disability income protection plans. The unique design is structured so that new disability income clients can conveniently convert their disability insurance coverage to a long-term care insurance policy between the ages of 55 and 65.
Business of Insurance
Swiss Re's new sigma study highlights innovative ways of financing retirement.
21 Oct 2008 - The study discusses solutions including annuities, long-term care insurance and reverse mortgages. It also addresses the outsourcing of pension plan risks and the transfer of existing pension liabilities to (re-)insurers. The study notes how reinsurance and capital market capabilities help companies and insurers provide these solutions. Innovative solutions can benefit individuals, businesses and governments, whose citizens will be better prepared to cope with the uncertain costs of retirement.
Reference and Statistics
Third Quarter RIMS Benchmark Survey™ Shows Relentless Softening Despite Hurricanes and Financial Calamity.
NEW YORK (October 23, 2008) - Two major hurricanes and a global credit crunch were not enough to derail the relentless soft commercial insurance market in the third quarter, according to RIMS Benchmark Survey™, the industry's leading survey of policy renewal prices as reported by North American corporate risk managers. However, lower insurance industry net income may signal a coming turn in the insurance pricing cycle.
Consumer Information
Insurance Bureau of Canada supports cellphone ban: IBC employees across Canada to comply immediately.
TORONTO, Oct. 31 - Insurance Bureau of Canada (IBC) commends the Ontario government for taking action on the serious road safety issue of distracted driving. Don Forgeron, Vice-President, Ontario, IBC, says: "IBC agrees with Transportation Minister Jim Bradley on the total ban on the use of all hand-held communications devices while driving."
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:
- 6 Ways Modern Claims Technology Can Bring Value to Your Bottom Line
Michael D. Mahoney, Product Marketing Manager, Guidewire SoftwareMuch has been written about the positive impact that modern claims software can have on the key metrics of Property and Casualty Insurer claims success. This session will explore examples of the specific successes being realized - the how's, when's and what's of achievement - as reported by carriers who have successfully deployed modern claims technologies. More details.
For early program information and event details, see the conference overview.
Distribution
kasina Releases 10th Annual Top 10 Study for Intermediary Sites.
New York, (September 23, 2008) -- Top firms in the intermediary channel now increasingly incorporate advanced Web technology to simplify and enhance user experience, according to kasina, an asset management consultant.
Marketing and the Market Place
J.D. Power and Associates Reports: Among Auto and Home Insurance Policyholders in Canada, Customer Service Outweighs Price As the Most Important Driver of Satisfaction.
TORONTO: 16 October 2008 - Despite a high level of public scrutiny and industry focus on premiums, customer service overshadows price as the most important driver of satisfaction among auto and home insurance policyholders in Canada, according to the J.D. Power and Associates 2008 Canadian Home and Auto Insurance Customer Satisfaction StudySM released today.
Canadians looking for stability: Manulife Investor Sentiment Index.
WATERLOO, ON, Oct. 24 2008 - Cash and fixed income investments are narrowing the gap on Canadians' own homes as the most popular havens to put money these days, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company.
LIMRA Survey Shows Consumer Pessimism but no Panic.
WINDSOR, Conn., Oct. 27, 2008 - Despite a sharp increase in pessimism about the U.S. economy, most consumers are sitting tight when it comes to their investments, savings, banking or insurance arrangements as a result of the financial crisis, according to a LIMRA survey.
Pitney Bowes MapInfo Report - Momentum-Demographic Insights Uncovers Trends among Sources of Immigrants to Canada's Metro Markets.
Toronto, Canada-October 22, 2008 - Pitney Bowes MapInfo, the leading global provider of location intelligence, today announced research findings relating to Canadian immigration trends. The findings appear in the company's inaugural issue of Momentum: Demographic Insights™, a quarterly research report focusing on Canadian demographic trends and forecasts important to Canadian business leaders. Utilizing Statistics Canada's Census 2001 and Census 2006 data as the basis for analysis, Pitney Bowes MapInfo identified Canadian cities that are attracting the most immigrants, as well as the countries the majority of immigrants are coming from.
Generational Divide: Small Business Owners Differ on Attitudes Towards Technology in their Businesses: Ipsos Reid Poll for Hewlett Packard.
October 3, 2008 Toronto, ON - A new Ipsos Reid poll of small business owners in Canada, conducted on behalf of Hewlett Packard, has uncovered a generational divide that exists among small business owners and their attitudes towards technology in the workplace. From the types of technology they purchase, to the level of their comfort using various forms of technology, attitudes towards technology in their business vary greatly depending on the age of the entrepreneur.
Our People
LOMA to Offer Online Education to Members of Independent Financial Brokers.
Atlanta, GA, October 16, 2008 -- LOMA, a leading global provider of insurance and financial services education, today announced a partnership with Independent Financial Brokers (IFB) to offer online continuing education to members. IFB provides continuing education to Canada's financial services professionals through its Summit Education program.
Managing Relationships and Customer Service
Progressive Celebrates 10th Anniversary of Groundbreaking Web Site by Making Online Customer Self-Service Even Easier.
MAYFIELD VILLAGE, Ohio - October 13, 2008 - When Progressive became the first auto insurer to let customers access their policies online back in 1998, it revolutionized the way customers could interact with their insurance providers. Today, functionality that lets customers do everything from make policy changes to pay bills online has become the industry norm.
from Doug:
I suspect that most of us have succumbed to some degree to American election fever and today is the big day. My wife returned Sunday from a four-day opera tour visit to Chicago - the operas were wonderful. She did mention that a large tent city was under construction for an end-of-election party. On Sunday evening our son from Carleton U. in Ottawa phoned from a van in Virginia to report that he was skipping school for a few days to get into the middle of it. They had just been in Fairfax VA and attended a rally featuring Hillary. Front and centre in the throng, a post-rally group picture with Hillary was a high-light. Plans for the next day were a rally in Manassas VA with Barack. Then election day celebrations and a long trip home on Wednesday.