Issue 2010-13 -- March 30, 2010
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information about the use of the Internet and related technologies in the industry, insurance products and the marketplace. Some is international, where we feel it is relevant to Canada.
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Participants and Sponsors:
Thanks to Illustrate Inc. for renewing their annual Professional Section advertising program with a Logo Ad and Listing in:
Thanks to Newlink Group for renewing their annual Professional Section advertising program with a Listing in:
eBusiness and Technology
Delivering Value out of a P&C Business Intelligence Program: SQLiaison.
Business Intelligence is a collection of Technologies and Processes that strive to deliver information with maximum value out of the vast amount of data that an Insurance company collects as it goes about its daily business.
Best Practices in Fraud Detection and Prevention Using Business Intelligence Prevention Using Business Intelligenc & Predictive Analysis by Girish Joshi Designation: Domain Consultant, Insurance Consulting Group, Wipro Technologies.
Fraud is becoming a growing challenge for every insurer and it costs every honest policyholder in the form of higher premiums by up to 5% in markets like UK or 13-18% in some of lines of business in the US. Fraud accounts for approximately 10 percent of the property/casualty insurance industry?s incurred losses and loss adjustment expenses. Insurance fraud in the P&C area is estimated to be more than $30 billion per year.
Mobile Increasingly Important for Small Biz: eMarketer.
MARCH 23, 2010 - Mobile and wireless technologies such as smartphones, Wi-Fi hotspots and laptop data cards are becoming more important for small-business owners, according to the "Small Business Technology Poll" from AT&T.
Policy and Product Management
Co-operators General Insurance Company of Barbados chooses Integrated Technology Solution from Tritech.
March 9, 2010 Bridgetown, Barbados. Co-operators General Insurance Company of Barbados and Tritech Financial Systems Inc. of Toronto signed agreements this day for Tritech's GIMS, a leading-edge P&C solution.
Society Insurance Goes Live with ISI's WebWriter Inspection for Risk Control Operations.
Toronto, Canada and Fond du Lac, Wisconsin - March 16, 2010 - Insurance Systems Inc. (ISI), a leading provider of web-based enterprise solutions for the property/casualty insurance industry, is pleased to announce Society Insurance (Society) has successfully implemented ISI?s risk control software, WebWriter Inspection.
Claims
Symbility Debuts New First Notice of Loss Estimating Technology.
TORONTO, ONTARIO--(March 22, 2010)Symbility Solutions, Inc., a wholly-owned subsidiary of Automated Benefits Corp., is proud to announce the launch of its newest claims software solution, Symbility Inside Adjuster. Symbility Inside Adjuster will aid insurers in quickly estimating the scope of a loss during the first notice of loss (FNOL) without necessarily requiring escalation to field adjusting.
Accident Support Services International Ltd. Open Kingston Collision Reporting Centre in Partnership with the Kingston Police.
Kingston, March 29, 2010 - The Kingston Police and Accident Support Services International Ltd. (ASSI), facilitators of Collision Reporting to the Insurance Industry, are pleased to announce the opening of the Kingston Collision Reporting Centre (CRC) on Monday, March 29, located in the new Police Station at 705 Division Street. The CRC will be open Monday through Friday from 10 AM to 6 PM, and Saturdays from 10 AM to 4 PM.
CDRG is Proud to Welcome CK Kleaning and Restoration.
Ottawa, March 18th 2010 - CK Kleaning & Restoration has been serving Prince Edward Island in the restoration business since 1993. Founded by Deryk Mallett and his son Jeff, CK Kleaning quickly grew their client base by providing exceptional customer service. They are a full-service restoration company specializing in:
MSB and Vertafore Partner to Create Once and Done Homeowners Transactions.
NEW BERLIN, WI - March 25, 2010 - MSB, the leading worldwide provider of building cost data and estimating technology to the property insurance industry and Vertafore, a leading provider of software to the insurance industry, have entered into a partnership agreement to provide Vertafore's PL Rating™ clients with seamless integration of pre-filled property data using MSB's Residential Component Technology ("RCT"). The system now enables real-time, once and done, Insurance To Value ("ITV") processing by accessing multiple carrier sites simultaneously where the agent is licensed by the carrier(s). This improves speed and workflow efficiencies for agents.
Swiss Re's new sigma study reveals that natural catastrophes and man-made disasters in 2009 cost insurers USD 26 billion and society USD 62 billion overall.
15 Mar 2010 - According to Swiss Re's latest sigma study, natural catastrophes and man-made disasters claimed approximately 15 000 lives and cost insurers USD 26 billion in 2009. The overall cost to society was USD 62 billion. Insured losses were below average due to a calm US hurricane season.
Distribution
The Economical Insurance Group and Custom Software Solutions Announce Real-Time Inquiry Integration Project.
March 2010, Waterloo, ON and Virden, MB - The Economical Insurance Group® (TEIG®) and Custom Software Solutions Inc. (CSSI) are excited to announce that The Broker's Workstation (TBW) and standalone rating and underwriting tool, Intelliquote (IQ) - both systems from CSSI - will soon integrate in real time with TEIG Rogo™.
Advocis: CSTO proceed with caution.
March 18, 2010 - Toronto - With the Canadian Securities Transition Office (CSTO) in the process of drafting the legislation around a national securities regulator, Advocis, The Financial Advisors Association of Canada, has provided the office with the benefit of input of those that will be impacted by the outcome - Canada?s financial advisors.
Sun Life Financial and National Bank give Canadians an integrated solution to simplify their banking.
WATERLOO, ON, March 24 2010 - Effective March 31, Sun Life Financial advisors are able to refer clients to National Bank to discuss their options around the National Bank All-In-One account, which allows consumers to run all of their banking - mortgage, savings, loans, and any other debt - through one account.
SunGard Identifies Ten Trends for 2010 in Wealth Management.
Lombard, IL - March 22, 2010 - Blaine Maxfield, chief operating officer of SunGard's wealth management business said, "Firms are focused on adapting and evolving their business models to meet the changing needs of their clients, as well as effectively aligning their internal operations to improve efficiencies and workflows throughout the organization. As a result, firms will continue to emphasize asset growth strategies, while reducing costs through advisor productivity and self-service technologies. Increased communication with investors will also help wealth managers to increase transparency and solidify their role as a trusted advisor."
Managing Relationships and Customer Service
Using smartphones to help save for retirement: New online calculator shows group retirement savings plan members how a small increase in contributions builds income in retirement - Great-West Life.
LONDON, ON, March 22, 2010 - The Great-West Life Assurance Company today launched an innovative online calculator to help group retirement savings plan members see how even a small increase in their contribution to their employer-sponsored group retirement savings plan can increase their annual income in retirement.
Consumer Information
Risk of flooding in Manitoba: Insurance Bureau of Canada offers Manitoba residents tips to prevent water damage in their homes.
VANCOUVER, March 22 2010 - Spring has officially arrived, along with expectations of flooding in the Red River Valley. Insurance Bureau of Canada (IBC) reminds homeowners in Manitoba that while overland flooding is not covered by insurance, there are steps they can take to protect their belongings from water damage.
IBAC: Insurance Brokers and the Canadian Ski Patrol Encourage Safety and Fun when hitting the Slopes.
(OTTAWA) March 23rd, 2010 - Even with the warm weather approaching, the Canadian Ski Patrol System (CSPS) and the Insurance Brokers Association of Canada (IBAC) were on Parliament Hill today with a message urging Canadians to have fun and be safe when skiing and riding.
from Doug:
Spring is my favourite time and after a few cold days this past week, the warming trend will take us to 20C or more later this week. Leaves budding out on some bushes, a hint of yellow from the forsythia, more crocus in bloom, leaves of early tulips up about fifteen cm - makes me feel good. May I wish you and yours a Happy Easter.
The Chronicle is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly by Insurance-Canada.ca Inc., and notes information about the use of the Internet and related
technologies in the industry, insurance products and the marketplace. Some is international, where we feel it is relevant to Canada.
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