Issue 2009-03 -- January 20, 2009
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.
eBusiness and Technology
La Capitale Financial Group agrees to acquire the Full Suite of Vista(TM) Suite of Insurance and Wealth Management Business Models and Methodologies: Newlink.
Toronto, January 12, 2009 - NewLink is pleased to announce that La Capitale Financial Group has agreed to acquire a license to all the components included in NewLink's Vista™ suite of insurance and wealth management business frameworks, reference models and methodologies.
Policy and Product Management
OneShield Dragon(r) and ImageRight Announce Availability of Integration.
WESTBOROUGH, Mass., Jan. 13, 2009 (GLOBE NEWSWIRE) -- OneShield, Inc., the developer of OneShield Dragon(r), an innovatively modern, rules-and tools-based, data-driven policy management suite for the property and casualty insurance market, announced today the availability of out- of-the box integration with the insurance industry's leading content management and workflow system, ImageRight. This alliance will have an immediate positive impact for mutual clients in terms of driving insurance automation.
Claims
Insurance Bureau of Canada issues preliminary report on costs of BC storms.
VANCOUVER, Jan. 9 2009 - Insurance Bureau of Canada's (IBC's) preliminary assessment of the claims costs of insurable losses related to recent winter storms is an estimated $39 million for the 4,300 claims received so far.
Revolutionary new Vaisala innovation brings significant improvements to lightning detection accuracy.
Tucson, AZ January 8, 2009 - Vaisala, a global leader in environmental and industrial measurement, has developed a revolutionary solution which will significantly improve lightning detection worldwide. Through the use of a Vaisala-patented location algorithm, the Total Lightning Processor™ improves the lightning detection location accuracy by a factor of two - improving the precision range from 500 meters to 250 meters or less.
Product Announcements
BCAA Insurance rewards customers for commuting car-free.
BURNABY, BC, Jan. 12 2009 - Using alternative forms of transportation is not only good for the environment, it's also good for your pocketbook, thanks to a new initiative from BCAA Insurance. The company's "Evenings and Weekends" Auto Insurance plan - the first in B.C. - rewards those who leave their car behind when commuting during the week by offering a 15 per cent discount on collision premiums. The "Evenings and Weekends" discount is available only on BCAA's Advantage Auto, member-exclusive optional auto insurance.
Consumer Information
Auto insurance rates decrease for first time in over a year thanks to discounts: Kanetix.
TORONTO, Jan. 13 2009 - Today, Kanetix(R) (www.kanetix.ca), Canada's shopping marketplace for insurance quotes and mortgage rates, released the results of its auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance in Ontario, identified a 2 per cent decrease in the average lowest rates quoted for auto insurance in Q4 2008 compared to Q4 2007.
Almost Three-Quarters (70%) of Online Canadians Have Visited a Healthcare Website in the Past Year: Ipsos Reid.
January 14, 2009 - Calgary, AB – A new study released by Ipsos Reid, Online Healthcare: Coming of Age, has found that almost three-quarters (70%) of online Canadians have visited a healthcare website in the past year. This figure is up slightly (+4%) from the last time the study was conducted in 2002. Study author Mark Laver noted that "this is another confirmation that the Internet has come of age as a meaningful resource tool for those online."
Ontario Government Offers A Few Tips For Snowmobile Riders.
Provincial Snowmobile Safety Week -
January 11 to 17 - is a great opportunity for Ontarians to check their riding skills and brush up on safe sledding know-how.
Distribution
Study Shows Big "I" Invest Program Key To The Future of Insurance Industry: IIABA.
(ALEXANDRIA, VA - Dec. 22, 2008) - Future One, a collaboration of the Independent Insurance Agents & Brokers of America (the Big "I") and leading independent agency companies, recently released key findings from their biennial "Agency Universe Study" which revealed the need for more young, female and minority professionals in the independent insurance agency system.
Business of Insurance
BMO Financial Group Announces Agreement to Purchase AIG's Canadian Life Insurance Business.
TORONTO, Jan. 13 2009 - BMO Financial Group today announced a definitive agreement with American International Group Inc. (AIG) to purchase AIG's Canadian life insurance business - AIG Life Insurance Company of Canada (AIG Life of Canada). The acquisition, valued at $375 million, subject to any change in book value at the time of closing, provides BMO's clients with a wider range of investment, financial planning and insurance solutions. The transaction will impact BMO's Tier 1 Capital by less than 15 basis points and is expected to be accretive to earnings within one year.
Unity Life completes acquisition of Forethought Financial Group's Canadian insurance business.
Mississauga, ON, January 9, 2009 - Unity Life of Canada, a Foresters company, announced today the completion of the agreement under which Unity Life has acquired the insurance business of Forethought's Canadian branch, Forethought Life Insurance Company.
Five Canadian Co-ops Become Member-Owners of The Co-operators.
GUELPH, ON, Jan. 9 2008 - The Co-operators Group Ltd. is pleased to announce an expansion of its membership as five co-operatives recently became member-owners of the organization. A total of 46 Canadian co-ops, credit union centrals and like-minded organizations now comprise the co-operative ownership group, following The Co-operators Board of Directors' approval of membership applications from Co-operative Auto Network, Farmers Co-operative Dairy Ltd., Granny's Poultry Cooperative Ltd., Organic Meadow Co-operative Inc., and United Community Services Co-op.
Business Process Outsourcing in North American Insurance: Report Published by Celent.
Recent economic events have brought cost containment to the top of the insurer agenda. The combination of unrelenting pressure on expenses, vast improvements in networking and communication technology, and an increased appreciation for highly flexible business models has caused virtually all insurance carriers to explore nontraditional options for running their businesses. Farming out core business processes to third parties-which was once unthinkable-is now considered a viable option. BPO providers quote 30% to 50% cost savings as well as significant process transformation benefits.
Growth in Scandinavia's multi-national workforce prompts CIGNA International to open new office in Stockholm.
January 31, 2008 - The trend for Scandinavia's multi-national companies to recruit a truly international workforce in support of increasingly global business initiatives has prompted CIGNA International Expatriate Benefits (CIEB) - the world's largest provider of employer-sponsored International Health Care Plans – to strengthen its service offering to clients in the region, by opening a new local office in Stockholm.
Marketing and the Market Place
Two Basic E-Mail Tactics: eMarketer.
JANUARY 14, 2009 - ANearly all online marketers use e-mail. Studies conducted in January 2009 by two companies also confirm that most behave similarly when it comes to basic tactical decisions.
from Doug:
As I finish this newsletter, a bright sun is shining in my office window. It is rather deceptive though, as it is quite cold here today. I guess global warming doesn't necessarily mean warmer, perhaps more variable and erratic weather? Last winter dumped the third most snow since records have been kept in Toronto; at this point we are fifty pecent ahead of last year. But with a farm upbringing, I realize that what the weather did last week in no way predicts what it will do next. Nothing much I can do about it, so I guess I will just sit back and enjoy the ride. Climate change - that's a different story.