Issue 2009-25 -- June 23, 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
Intact to optimize its operations using SQLiaison business intelligence solutions.
MONTREAL, June 17 2009 - SQLiaison, the Canadian leader in business intelligence solutions, has signed an agreement with Intact Financial Corporation, the country's largest provider of property and casualty (P&C) insurance. In addition to purchasing a licence to use the FellowDSS(TM) suite of analytic applications for the insurance industry, Intact Financial Corporation will be able to tap into SQLiaison's expertise in Enterprise Information System (EIS).
ACORD ACE Designation Program Marks Milestone.
PEARL RIVER, NY and LAKE BUENA VISTA, FL - May 17, 2009 - Today, ACORD held its first ACORD Certified Expert (ACE) exam during the 2009 ACORD LOMA Insurance Systems Forum. This first exam focused on ACORD Standards, development, and processes.
Insurance Software Deal Trends 2009 - Life/Health Edition: Report Published by Celent.
Boston, MA, USA - June 05, 2009 - In a new report, Insurance Software Deal Trends 2009, Celent analyzes deal data provided by software vendors active in insurance. A close look at 2007 and 2008 deals that fall in each metacategory and subcategory shows that insurers are still investing in solutions, despite the market turmoil.
Insurance Software Deal Trends 2009 - Property/Casualty Edition: Report Published by Celent.
Boston, MA, USA - June 05, 2009 - In a new report, Insurance Software Deal Trends 2009, Celent analyzes deal data provided by software vendors active in insurance. A close look at 2007 and 2008 deals that fall in each metacategory and subcategory shows that insurers are still investing in solutions, despite the market turmoil.
Marketing and the Market Place
The Ontario Federation of Snowmobile Clubs Endorses York Fire & Casualty's Snowmobile Insurance Program.
MISSISSAUGA, June 11, 2009 - York Fire & Casualty Insurance Company (York) is proud to announce its full-scale entry into the Ontario snowmobile insurance market. York and the Ontario Federation of Snowmobile Clubs (OFSC) have entered into a five-year agreement, beginning September 1st, 2009, whereby York will provide the OFSC membership a snowmobile insurance program specifically designed to meet their needs.
Dramatic 17% Increase in the Percentage of Online Canadians with a Social Network Profile in the Last 18 Months: Ipsos Reid Study.
June 19, 2009 - Calgary, AB - A new study from Ipsos Reid shows a dramatic increase in the number of online Canadians who have a profile on an online social network. In 18 months the percentage with a profile has increased from 39% to 56%. These are some of the findings from "Social Networking: 2009", a new study conducted and released by Ipsos Reid. Study author Mark Laver notes, "Social networks get a lot of press and rightfully so, they are becoming the communications tool of the 21st century. The increasing concentrations of people at these types of websites make them very attractive to online marketers and businesses."
Policy and Product Management
MSB: Degree of Home Undervaluation Shifts in 2008.
NEW BERLIN, WI - June 15, 2009 - MSB, the leading worldwide provider of building cost data and estimating technology to the property insurance industry, and a MacDonald, Dettwiler and Associates (MDA) company, releases its findings for its current Insurance-to-Value Quality Index™. The ITV Property Index is MSB's proprietary benchmark for assessing the degree of adequacy for homeowners insurance coverage across the United States on a year over year basis. MSB's research reveals an estimated 64 percent of U.S. homes are undervalued for the purpose of insurance by an average of 19 percent.
Distribution
Providence Mutual Fire Insurance chooses iter8.
June 7, 2009: (Toronto) - iter8 Inc., an insurance solutions software developer, is pleased to announce that The Providence Mutual Fire Insurance Company (Providence Mutual) has selected iter8 to implement a new modern, connected agent portal.
Sun Life Financial provides brighter options for small business owners.
TORONTO, June 17 2009 - Sun Life Financial announced today it has extended its agreement with the Canadian Federation of Independent Business (CFIB) to offer group insurance coverage to its members nationally. The plan will be available exclusively to all CFIB members regardless of size. Sun Life Financial first announced the agreement in November when the plan was offered to CFIB members in Atlantic Canada.
Managing Relationships and Customer Service
Green contracts: La Capitale General Insurance contracts sent via the Internet to minimize environmental impact.
QUEBEC CITY, June 11 2009 - Once again, La Capitale General Insurance is putting the environment first. Since the beginning of the year, La Capitale has been sending clients individual insurance contracts via its CAP Direct client access website in an initiative to save paper and trees.
Product Announcements
ACE Canada(R) Launches Comprehensive Digital Risk Insurance Program, Specifically Designed for the Technology Sector; Covers technology errors & omissions and privacy liability.
TORONTO, June 15 2009 - ACE Canada, the Canadian-based operating division of the ACE Group, today announced the launch of ACE DigiTech(SM), a robust errors and omissions product designed for the Canadian technology market. The newly-launched ACE DigiTech digital technology and professional liability insurance program offers up to $20 million in limits and provides comprehensive technology-based professional liability coverage, and related state-of-the art network security, privacy protection, and cyber extortion coverage.
Business of Insurance
Sun Life Financial acquires UK business of Lincoln National.
TORONTO, June 15 2009 - Sun Life Financial Inc. announced today it is acquiring the United Kingdom operations of Lincoln National Corporation. The value of the transaction is approximately (pnds stlg)195 million (CDN$359 million). The transaction, which is anticipated to be completed in the third quarter of 2009, is subject to regulatory approvals and to purchase price adjustments related to market and business performance between signing and closing.
Reference and Statistics
Commercial Property & Casualty Insurance Prices Experience Smallest Decline in Four Years, According to Towers Perrin Survey.
STAMFORD, CT, June 15, 2009 - The smallest decline in commercial property & casualty (P&C) insurance prices in four years - less than 1% - provides increasing evidence that the soft market is reaching its end, according to Towers Perrin's most recent commercial lines insurance pricing and profitability trends survey (CLIPS).
Our People
A legacy of learning: Another summer of Advocis schools
June 15, 2009 - Toronto - For more than 50 years, Advocis schools have been offering current, relevant and practical educational opportunities for advisors and planners. The planning for this summer's schools is well underway with agenda's focussing on the challenges facing today's financial services practitioners.
Insurance in the Community
Volunteer recruitment campaign by Big Brothers Big Sisters of Canada and Standard Life focuses on fountain of youth at the heart of mentoring.
MONTREAL, June 16 2009 - The Standard Life Assurance Company of Canada has released a national survey that suggests that the fountain of youth for adults lies in mentoring children and teenagers.
from Doug:
Another heritage celebration on Friday June 19 - Loyalist Day in Ontario and a couple of other provinces. History Quiz: Did you know that the British after the Seven Years War ended in 1763 banned European settlement west of Montreal? The British Privy Council rescinded the ban in 1783, so that the many thousands of refugees from the American Revolution but quartered in refugee camps in what is now Quebec - Sorel, Machiche etc. - would have a place to start afresh. That 1784 migration and settlement ultimately gave birth to Ontario. Incidentally, the same ban on settlement in the Appalachians and west prevented the thirteen colonies which later rebelled from expanding westward, and was one of the causes of that same war which was really the first American Civil War.