Issue 2009-12 -- March 24, 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.
Distribution
Keal Technology and Lombard Canada Ltd: First to Deliver Download of
Commercial Renewals.
TORONTO, Ontario, Canada - March 17, 2009 - Industry leaders, Keal Technology and Lombard Canada Ltd. announce they have successfully completed a commercial integration project; the first of its kind in Canada. Using Commercial LINCQ®, brokers can now download Lombard's Business Choice®, renewal policy directly into Keal's commercial management system (CMS), comXPTM.
Bay of Quinte Mutual Insurance Rolls out New Commercial Lines Portal for Underwriters and Brokers: iter8.
March 19, 2009: (Toronto) - iter8 Inc., an insurance solutions software developer, is pleased to announce that Bay of Quinte Mutual Insurance (Bay of Quinte) has launched a new broker portal, using iter8's market leading software. The new portal will provide a single point of entry to the Bay of Quinte for their suite of commercial packages.
Univeris Launches First Online Compliance Watchdog.
Toronto, ON - March 20, 2009 - Univeris announced today that it has developed Supervision+, an online compliance supervision system for investment dealers that helps streamline processes for branch and headquarters compliance managers by taking the industry from a manual process to online automation, available 24/7. Because Supervision+ is integrated into the dealer's book-of-record, it provides access to a client's full investing profile in one location, as well as a full audit trail of all transactions, time and date stamped, that cannot be altered.
LIMRA / McKinsey Study Reveals How Life Insurers Can Optimize Advisor Performance.
Windsor, Conn. and New York, N.Y. ; March 3, 2009 - A multi-faceted approach is the best way to enhance advisor performance, according to a major new study of distribution in the life insurance industry recently released by LIMRA and McKinsey & Company.
Insurance Distribution in France: Five Predictions - Report Published by Celent.
Zurich, Switzerland - 26 February 2009 - In a new report, Insurance Distribution in France: Five Predictions, Celent discusses the drivers of change in the French insurance distribution landscape, such as the soft market, the need to generate insurance products profitably, the need to build relationship with the 18-to-25 generation, and the technological advances, as well as the customers' changing attitudes toward financial services and how insurance companies will play an important role in the French distribution mutation.
Policy and Product Management
State Auto Fuels 70% Growth in New Business Quotes and Drives Expansion into Web Channels with a Single Rating Engine: Oracle Insurance.
In 2003, State Auto set out to improve its market position and become a leading internet-based insurer. To achieve its goal, the company required the ability to provide quick and accurate rates to its agents via the AgentSite component of the State Auto Web site. State Auto deployed Oracle Insurance Insbridge Rating and Underwriting-part of Oracle Insurance's comprehensive suite of offerings-to provide the rating component of its AgentSite Web portal.
Claims
CDRG Announces Newest Québec Member: Nettoyage Simco.
Nettoyage Simco, based out of Matane, Québec, was founded in 1980 and began their operation specializing in commercial cleaning. Thanks to the quality of their service, Simco was soon able to expand the range of their services into the construction field.
New Swiss Re sigma study: 2008 one of the worst years for catastrophe losses.
17 Mar 2009 - 2008 was exceptional in terms of fatalities and losses. Statistics confirm a trend towards an increase in the number and costs of natural catastrophes and man-made disasters. According to Swiss Re's latest sigma study, "Natural catastrophes and man-made disasters in 2008", 137 natural catastrophes and 174 man-made disasters occurred in 2008. Asia suffered the most in terms of the number of lives lost, while the US was worst hit in regard to insured property losses. Europe was less impacted with only minor losses compared to last year.
Business and Technology
ACORD Announces New Designation Program: The ACE
Enrollment Open for First Class, Graduation Set for May 2010.
PEARL RIVER, NY - March 10, 2009 - ACORD announced the creation of a new designation program for standards implementers and the opening of enrollment for its first examination. The designation is called the ACE, for ACORD Certified Expert, and the program's goal is to create and maintain a large pool of experts who know, understand, and can implement ACORD standards to support the industry.
Reference and Statistics
Towers Perrin Commercial Insurance Pricing Study Reports Smallest Decline in Two Years.
STAMFORD, CT, March 16, 2009 - Commercial insurance prices saw a slight decline of 3% during the fourth quarter of 2008 compared to the same quarter a year ago - representing the smallest reduction in the past eight quarters - according to Towers Perrin's most recent commercial lines insurance pricing and profitability trends survey (CLIPS).
Business of Insurance
Banana Skins poll pinpoints key crisis concerns for insurance sector: PricewaterhouseCoopers.
London, 23 FEB 2009 -- The ability to turn in a strong investment performance is seen as the key challenge facing the insurance industry as it manages its way through the financial downturn. The CSFI's latest Insurance Banana Skins survey shows that without the stable investment returns they have depended upon, insurance companies are facing an uncertain future in what is proving to be the worst business crisis in decades.
Marketing and the Market Place
New Progressive Car Insurance Podcasts Give Drivers Info to Go.
MAYFIELD VILLAGE, Ohio - February 16, 2009 - Car insurance consumers now have a new source for information on road trips and the latest in car technology. A new podcast feature has been added to progressive.com's "Articles & Blogs" section. The first podcast in Auto Tech, the section with articles on the latest car gadgets, is about how green cars were front and center at the North American International Auto Show in Detroit. The Driving Destinations section has information drivers need to plan the perfect road trip; its first podcast, "Top Tips for Traveling with your Pet," is all about road trips with dogs.
Canadian Mobile Advertising Upside: eMarketer.
MARCH 13, 2009 - Mobile advertising in Canada is emerging. According to the Interactive Advertising Bureau of Canada (IAB), mobile ad spending grew by 143% in 2007 with revenues reaching C$2.66 million ($2.06 million).
Consumer Information
Government of Canada endorses life-saving technology for canadian vehicles.
OTTAWA, March 13 2009 - A new safety regulation is being proposed, requiring that Electronic Stability Control (ESC) be installed as standard equipment on all light-duty vehicles for sale in Canada, beginning September 1, 2011.
SGI introduces new driver education funding for immigrants.
March 13, 2009 - SGI is providing immigrants to Saskatchewan with a helping hand in obtaining their driver's licence with the introduction of the Immigrant Driver Education Grant Program. SGI is making $125,000 available for refugees and immigrants who have taken up permanent residency in Saskatchewan and who legally require driver education to obtain a Saskatchewan Class 5 driver's licence.
Canada's First Occupational Cancer Research Centre Launched: WSIB.
TORONTO (March 5th, 2009) - Today health and workplace safety organizations, businesses, and labour groups joined forces with a common goal of reducing workplace cancer, and officially launched Canada's first centre dedicated solely to research in occupational cancers. The Occupational Cancer Research Centre will be charged with improving knowledge and evidence to help identify, prevent and ultimately eliminate exposures to cancer-causing substances in the workplace.
from Doug:
With a painter coming to spruce up the inside of our house after many years of benign neglect, I took the opportunity to explore that back corner of the basement, yo