Issue 2009-20 -- May 19, 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 Article
Intelligent solutions for insurers: SQLiaison
Business intelligence systems can help insurers lower expenses, by turning data into information.
Claims
New Claims Handling Platform from CDRG.
Ottawa, May 14th 2009 -- The Canadian Disaster Restoration Group, the country's largest independent network of high-quality disaster restoration experts, is now giving its loyal clients more power when it comes to getting their property claims handled. CDRG RUSHXPERT is a the newest business endeavor of CDRG and it caters to the client's response time.
Genworth Financial Deploys Guidewire ClaimCenter in Australia.
SYDNEY, NSW, Australia and SAN MATEO, Calif., U.S.A., May 12, 2009 - Genworth Financial (Genworth), a leading provider of Lenders Mortgage Insurance (LMI) in Australia and New Zealand, and Guidewire Software®, a leading global provider of solutions to general insurance companies, today announced that Genworth has successfully deployed the first release of its Loss Mitigation management Platform which includes Guidewire's industry-leading ClaimCenter system.
Distribution
North Waterloo Farmers Mutual completes first phase of broker automation: iter8.
May 12, 2009, Toronto: - iter8 Inc., an insurance solutions software developer, is pleased to announce North Waterloo Farmers Mutual Insurance Co. (North Waterloo Farmers Mutual) is now live with their broker download project for Automobile and Property lines, and has begun implementation of a modern connected portal.
Living benefits designates and students say knowledge is the key: Advocis.
May 11, 2009 - Toronto - In order to do some long-term planning, Advocis, The Financial Advisors Association of Canada, contacted more than a thousand financial advisors and planners with the Registered Health Underwriter (RHU) designation or who are currently enrolled in an RHU course. The outcome was an unequivocal need and support for living benefits education in Canada.
Policy and Product Management
MIB, Inc., to Introduce New Custom Filter at AHOU Conference; Will Help Members Attain Higher Straight Through Processing Ratios.
Braintree, Massachusetts - April 15, 2009 - MIB, Inc., the premier provider of fraud detection information for North American life and health insurance companies, will introduce its new "Custom Filter" at the eighth annual conference of the Association of Home Office Underwriters in New York City, April 19-22.
Business of Insurance
ING Canada becomes Intact Financial Corporation.
TORONTO, May 13 2009 - Shareholders of ING Canada (TSX : IIC) approved today at their annual and special meeting the change of the name of the company to Intact Financial Corporation. On Tuesday, May 19, the company's TSX symbol will be changed to "IFC".
Unity Life announces agreement to acquire insurance business of MetLife Canada.
Mississauga, ON, May 13, 2009 - Unity Life of Canada, a Foresters™ company, and MetLife Canada, a subsidiary of MetLife, Inc., today announced that they have entered into an agreement under which Unity Life will acquire substantially all of the insurance business of MetLife Canada.
Remarks by Superintendent Julie Dickson OSFI to the 2009 Financial Services Invitational Forum.
As some of you know, in my last two speeches at this Forum I have used television themes as a backdrop to my remarks. In spring 2007, I talked about sows ears (sub prime mortgages) being turned into silk purses (AAA securities), using the "Bewitched" theme.
Product Announcements
BCAA Insurance rewards customers for choosing vehicles equipped with Electronic Stability Control.
BURNABY, BC, May 8 2009 - Electronic Stability Control - or ESC - can help prevent a collision, and maybe even save your life. Now, for the first time in Canada, ESC can help reduce your auto insurance premiums, too. BCAA Insurance is introducing a five per cent discount on collision premiums for vehicles equipped with ESC - an innovative way of rewarding customers for choosing the added safety and peace of mind provided by ESC.
Group insurance coverage that goes where you go: Sun Life Financial.
TORONTO, May 12 2009 - Employees leaving a Sun Life Financial group benefits plan now have peace of mind when it comes to their group life insurance. Plan members can apply for the same amount of group life insurance coverage they had in place under their group benefits plan - up to a limit - at affordable group rates.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Flat in April.
Braintree, MA. – (May 7, 2009) North American application activity for individually underwritten life insurance was flat in April at -0.3% year-over-year, according to the MIB Life Indexsm. April's activity versus March shows overall application volume off -3.7%. Canada however continued a three month growth trend in application activity.
Insurance in the Community
illustrate inc: Actuarial Community Making a Real Difference!
Actuaries can make a difference in the world in many ways, and last Fall several actuaries decided to create a different world for children and families in Kamuda Uganda.
Consumer Information
Damages caused by high winds - Policyholder information from the IBC.
MONTREAL, May 14 2009 - The Insurance Bureau of Canada (IBC) would like to advise residents affected by the recent high winds that most home and automobile insurance policies cover property damage caused by this type of meteorological event.
ICBC's Top Five reasons why your vehicle could be a target for auto crime... and what you can do to protect yourself.
April 21, 2009 - April is Auto Crime Enforcement Month in British Columbia and it is important we all continue to help fight auto crime by properly protecting our vehicles. Here are ICBC's top five reasons why your vehicle could be targeted by auto thieves and some simple tips on what you can do to prevent this from happening:
Marketing and the Market Place
No Online Ad Recession, Yet: eMarketer.
MAY 7, 2009 - An article recently appeared in TechCrunch, headlined: "The Online Ad Recession Is Officially Here."
from Doug:
Spring, my favourite time of year. The green grass and tree foliage back again provide the background for the ongoing parade of spring flowers, flowering shrubs and fruit blossoms. Enjoy!