Issue 2008-43 -- November 11, 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
"Strategic Planning 2009" Presented by The French Group.
Our global economy has been hit by a financial tsunami that is unlike anything in the past; it has shaken the world's economic system and we can expect to feel the aftershocks for some time to come. Because of this, 2009 will be a very different year than 2008 and many brokers are asking what impact this will have on their business.
Industrial Alliance To Acquire DundeeWealth's Quebec-Based Mutual Fund Dealer and Insurance Distribution Operations.
TORONTO, Nov. 3 2008 - Industrial Alliance Insurance and Financial Services Inc. ("IA" or "Industrial Alliance") today announced that it has entered into an agreement to acquire the financial planning, mutual fund dealer and life insurance sales operations of DundeeWealth Inc. ("DundeeWealth") in the Province of Quebec.
Despite Market Conditions, Asset Management and Insurance Companies Recognize Opportunity to Expand Distribution in 2009: kasina.
New York, (October 21, 2008) - Despite current market volatility, the coming year represents a significant opportunity for asset management and insurance companies that are not afraid to invest in their distribution team, according to kasina, a distribution consultant for the asset management and insurance industries. Recognizing this opportunity, 38% of asset management and insurance firms plan to increase their external wholesaling team next year, while only 8% of firms expect to decrease the size of their wholesaling force in 2009.
Claims
Symbility Solutions Signs Contract With Franklin Mutual Insurance Company.
TORONTO, ONTARIO--(Marketwire - Nov. 5, 2008) - Symbility Solutions Inc., a wholly-owned subsidiary of Automated Benefits Corp. (TSX VENTURE:AUT), is pleased to announce the formalization of a five year contract with Franklin Mutual Insurance Company, a division of the Franklin Mutual Insurance Group of Branchville, New Jersey.
Rosgosstrakh, Largest Russian Insurance Company Celebrates First Year in Production with Guidewire ClaimCenter.
LONDON, England, 05 November, 2008 - At the IEA & Marketforce Future of General Insurance 8th Annual Conference, Rosgosstrakh (RGS), Russia's largest insurance provider, and Guidewire Software®, a leading global provider of solutions to general insurance companies, today announced that RGS has been successfully in production with Guidewire's industry leading ClaimCenter system for over one year. RGS now relies on Guidewire ClaimCenter® to support the complete claims process for its Auto, Property, Personal Accident, Animals, and Life lines of business.
Consumer Information
Parents Should Get Student Travel Insurance For Children Going To School Overseas: TGF Global.
Oct 02, 2008 - Parents who are sending their children overseas this year have been reminded by David Tompkins, President of TFG Global Insurance Solutions Ltd., to purchase travel medical insurance to cover medical expenses that might arise while studying outside of the United States. Thousands of students have either left or are leaving shortly to study overseas in Europe, South America or Asia. Other students are taking a year off to travel.
World's Only Life Insurance Policy Registry is Now Free to the Public.
When a loved one passes away, many people don't know where to turn to locate their family member's life insurance policy. FindYourPolicy.com, the world's only life insurance registry, recently announced that policy holders and beneficiaries can now utilize the site free of charge to ensure their families' inheritance.
Private insurers urge British Columbians: secure your stuff.
VANCOUVER, Nov. 3 - Canada's private-sector home, car, and business insurers are pitching in to help British Columbians create safer communities. Today, as part of Crime Prevention Week, the industry announced a new contest that will see three lucky, and conscientious, B.C. families win free home alarm monitoring for a year.
Business of Insurance
Unity Life set to acquire Canadian insurance business of Forethought Financial Group.
MISSISSAUGA, ON, Oct. 31 2008 - Unity Life of Canada, a Foresters company, and Forethought Financial Group, Inc. today announced that they have entered into an agreement under which Unity Life will acquire the insurance business of Forethought's Canadian branch, Forethought Life Insurance Company. Forethought is a leading U.S. based provider of insurance and financial solutions related to retirement and end of life expenses.
Standard Life to offer group tax-free savings accounts.
MONTREAL, Nov. 4 2008 - The Standard Life Assurance Company of Canada today announced that it will offer group savings and retirement plan sponsors the opportunity to include the new tax-free savings accounts (TFSAs) as part of their programs, starting January 1, 2009. TFSAs were announced in the 2008 federal budget as the single most important personal savings vehicle since the introduction of registered retirement savings plans (RRSPs) in 1957.
Unity Life adds whole life insurance and deferred annuity.
Mississauga, ON, November 3, 2008 - Unity Life of Canada, a Foresters company, added Advantage Series Whole Life and Annuity Plus deferred annuity, both from ForestersTM, to its product line today. Both products provide financial security and complement Unity Life's existing competitive term and permanent products. Unity Life insurance products are available to Canadians nationwide through its extensive brokerage distribution network.
Towers Perrin Finds Companies Put Focus on Innovation But Fail to Implement Effectively.
Stamford, CT, October 29, 2008 - Companies are adept at generating innovative ideas, but far less effective at turning those ideas into reality, according to a recent survey by Towers Perrin. Given the importance of innovation in driving growth in a competitive global economy, the findings suggest that the next battleground for companies will be around innovation sustainability - building a "machine" to institutionalize and formalize innovation processes and outcomes in a more structured way.
eBusiness and Technology
ACORD Selects Progress Software to Support the New ACORD Standards Framework with Progress® DataXtend® Semantic.
PEARL RIVER, NY and BEDFORD, MA - October 14, 2008 - Insurance data standards association ACORD Corporation and Progress Software Corporation, a leading provider of application infrastructure software to develop, deploy, integrate and manage business applications, today announced that ACORD has selected Progress®DataXtend® Semantic Integrator (SI) as its mapping and schema generation development environment for the ACORD® Standards Framework.
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:
- Business Leadership With Real-Time Interface
Doug Johnston, Vice President Partner Relations & Product Innovation, Applied SystemsIt's Here, It's Live and It's Growing. Real-time transactions between brokers and companies have matured to the point that they are a competitive factor now. Doug will review some of the existing transactions - billing, claims and policy inquiry - and show others such as multi-carrier policy rating transactions. Carrier participants will also share their projects, challenges and successes. More details.
For early program information and event details, see the conference overview.
Insurance in the Community
Sun Life Financial's China operations recognized for exceptional corporate social responsibility by Canada China Business Council.
TORONTO, Nov. 6 2008 - Sun Life Financial and its joint venture partner in China, the China Everbright Group, have been honoured with the Exceptional Corporate Social Responsibility award by the Canada China Business Council. The inaugural award recognizes Sun Life Financial's philanthropic initiatives in China in the areas of education, health care, social services, environment and the insurance industry.
Marketing and the Market Place
Ontario's WSIB Launches New Workplace Safety Awareness Campaign.
TORONTO, October 20, 2008 - With today's launch of its newest social marketing campaign, the Workplace Safety and Insurance Board (WSIB) continues its efforts to build a societal belief that there really are no accidents, creating a national habit of safety on the Road to Zero.
Our People
RIMS and Ernst & Young Launch Risk Insights.
NEW YORK (October 28, 2008) - The Risk and Insurance Management Society (RIMS) and Ernst & Young present Risk Insights, a series of articles that provide insight into various risk management and insurance-related issues. The white paper series is available at no cost as a benefit to RIMS members.
from Doug:
The radio commentators on the Raptors basketball games noted that the poppies the Raptors players, coaches and staff have been wearing have raised questions among other players from other teams, all outside of Canada. November 11, Remembrance day for Canada and many of our allied countries, this day, when we remember those who gave their efforts, their youth, their lives so that we could have the freedom we so enjoy today. Take a moment, pause, remember, lest we forget.