Issue 2009-16 -- April 21, 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.
Featured Articles
ORBiT Launches: Improving The Broker Distribution Channel Through Better Workflows.
Ontario Real Time Brokers in Transition. The name is a bit of misnomer, because ORBiT is actually an industry committee focused on Real Time workflows. What is unique, is that this committee is made up of all the stakeholders in the broker distribution channel, who recognize that for brokers to remain viable, we have got to do things differently.
Preventative Equipment Restoration: Preserving Your Options, by Andrew Spetter LWG Consulting.
An ominous cloud of smoke continues to billow as the sprinklers rain water throughout the facility. The production manager's mechanical and electrical equipment is rapidly deteriorating, and within hours, the previously pristine equipment normally used to manufacture precision circuit boards will have a thin coating of flash rust with further damage forthcoming.
Helping to Avert Catastrophe Whitepaper: How Real-Time Location Intelligence Can Mitigate Exposure and Better Manage Risk: PBBI.
While the golden rule for real estate agents has always been 'Location, location, location', property and casualty insurers have their own mantra to adhere to in mitigating exposure and optimizing risk management – 'Location intelligence, intelligence, intelligence.'
Distribution
iter8 software solutions help Peel Mutual launch their new broker portal and underwriter desktop.
April 8, 2009 Toronto - iter8 Inc., an insurance solutions software developer, is pleased to announce Peel Mutual Insurance Company (Peel Mutual) has rolled out the first Phase in their new portal.
Grey Power car insurance quotes now available through Kanetix.ca's quote comparison service.
TORONTO, April 15 2009 - Kanetix(R) announced today the addition of Grey Power(R), a leading provider of auto and home insurance products for mature Canadians, to its online car insurance quote service.
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.
Policy Locator Service from MIB Solutions Helps Attorneys Find Missing Life Insurance Policies: MIB Solutions.
Braintree, MA. (March 24, 2009) - A lost or missing life insurance policy can create major headaches when handling a decedent's affairs. For estate, probate and trust attorneys, it can be a matter of meeting their fiduciary responsibilities to identify all such policies as they help settle an estate.
Another Year, Another Record: Tornado Threat Keeps Escalating: A.M. Best Report.
OLDWICK, N.J., APRIL 13, 2009 - The U.S. property/casualty industry suffered record insured losses in 2008 from tornadoes and severe thunderstorms. As the frequency and severity of these events have risen in recent years, P/C insurers face the prospect of another tornado season in which single devastating thunderstorms and tornado outbreaks result in losses of $1 billion or more.
Business of Insurance
BMO Bolsters BMO Life With New Products and New Distribution.
TORONTO, April 1, 2009 - BMO Financial Group today announced that it has completed the acquisition of AIG Life Insurance Company of Canada (AIG Life of Canada). The acquisition, which was announced January 13, 2009, is an all-cash transaction valued at approximately C$329.5 million.
Munich Re concludes purchase of Hartford Steam Boiler.
1 April 2009 - Munich Re had announced last December that it would acquire all the shares in US specialty insurer HSB Group. The transaction was formally completed on 31 March 2009. The purchase price in cash was financed by Munich Re from internal resources. All the requisite approvals have now been obtained from the relevant authorities.
Consumer Information
Buckle Up For Safety - Ontario Government Launches Annual Spring Seatbelt Campaign.
TORONTO, April 15 2009 - Less than 35 per cent of children between four and eight are properly secured in motor vehicles, making them four times more likely to suffer a head injury in a crash.
Managing Relationships and Customer Service
Sun Life Financial announces dynamic new service for salary continuance programs.
TORONTO, April 13 2009 - Sun Life Financial is pleased to introduce EarlyRETURNS, an innovative suite of absence management services for plan sponsors with salary continuance plans. EarlyRETURNS offers a unique and flexible approach to absence management that combines Sun Life's industry-leading case management with advisory services, a robust service provider network, and absence prevention strategies.
Marketing and the Market Place
Manulife Financial Survey shows Canadians aren't confident they have enough insurance.
WATERLOO, ON, April 15 2009 - According to a recent survey by Manulife Financial, no matter how much life insurance Canadians own, half of us aren't confident we bought the right amount. In addition, more than half (54 per cent) underestimated the amount of insurance they need. Only 26 per cent knew that 10 times' your annual income is the recommended benchmark.(1)
Online Advertising Pushes Through: eMarketer.
APRIL 8, 2009 - As strange as it may sound, the economic downturn may speed up the transition to digital advertising for many marketers. The Internet's share of total media ad spending is rising by at least 1 percentage point every year. Simply put: Marketers are spending more on Internet ads, while spending less on advertising in other media, such as newspapers, radio and magazines.
Our People
LOMA: Going Global with New Edition of LOMA 371 Text.
ATLANTA, GEORGIA, UNITED STATES - April 7, 2009 - LOMA, the worldwide leader in learning and professional development within the insurance and financial services industry, has released Risk Management and Product Design for Insurance Companies (2008). Insurance companies manage their financial flexibility and overall financial success through close attention to managing risk.
eBusiness and Technology
CSC To Support Development of Insurance Industry Standards.
FALLS CHURCH, Va., April 14, 2009 --- CSC (NYSE: CSC) today announced that ACORD, a global standards development organization serving the insurance industry, has selected CSC and a leading North American life insurer to co-chair a new working group formed to develop more comprehensive standards for insurance illustrations tools. These software applications help insurers explain complex policy information to prospects through hypothetical scenarios.
from Doug:
Two or three beautifully warm sunny days began our weekend and rain on Monday ended it, but between the two of them Spring is in full force now with daffodils, forsythia, hyacinthe all out and early tulips in bud. It has been dry here, and as the rain fell, one could almost watch the garden leaves grow.
We enjoyed the visit by our boys over Easter with an extended stay, but all too quickly the work routine has returned. Now to squeeze in those taxes too - will be good to have them done.