Issue 2010-15 -- April 13, 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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Distribution
"The New Paradigm of Insurance Distribution" by Sanjay Nene and Arup Ghosh, Wipro Technologies.
Insurance distribution channels have historically evolved to respond to different forces, like catering to new markets or legislations, with the objective of maximizing growth and ensuring compliance. However the development of the channels have not always been based on a cohesive over-arching business plan but rather followed disparate strategies which were generally a tactical response to market situations.
Claims
Symbility Finalizes Three Year Contract with Groupe Promutuel.
TORONTO, ONTARIO--(Marketwire ? April 6, 2010)Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp. (TSX-V: AUT), is proud to announce the finalization of a three year contract with Groupe Promutuel, based in Québec City, Québec.
eBusiness and Technology
State Farm Earns ICTA Award for Mobile Technology.
State Farm Pocket Agent is a mobile application created specifically for the Apple iPhone. This technology allows State Farm customers access to their account information and to submit claims.
Gartner Outlines Top 10 Technologies to Impact Property and Casualty Insurance.
STAMFORD, Conn., April 5, 2010 - Gartner, Inc. has identified 10 technologies that will have the greatest impact for the property and casualty (P&C) insurance industry. These technologies will challenge existing business processes, support the emergence of new business models and allow companies to successfully differentiate themselves to drive revenue growth.
DALBAR Recognizes the Best Websites in Life Insurance & Annuities.
(Boston, MA. - March 2010) New York Life captured first place in DALBAR's Quarterly Ranking of consumer websites in the financial services industry, followed closely by AXA Equitable, Pacific Life, MassMutual and SunAmerica.
Policy and Product Management
A New Report From Aite Group - Automatic Underwriting for Life Insurance: Driving Scale for New Markets.
Boston, MA, March 30, 2010 - A new report from Aite Group, LLC provides an overview of automated underwriting platforms available in worldwide life insurance markets. Based on roughly 25 Aite Group conversations with solutions providers and their clients as well as other industry participants, the report also provides insight into the trends driving the adoption of automated underwriting platforms.
Reinsurance Rates Continue to Decline at April 1, 2010 Reinsurance Renewals, Guy Carpenter Finds in Annual Review.
New York, March 31, 2010 - Reinsurance rates across most lines of property catastrophe business around the world continued the decline experienced at January 1, 2010, according to Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, in its annual report released today on reinsurance market conditions at the April 1 renewals period.
Product Announcements
CIGNA International Introduces Health Assessments for Expatriates.
CLAYMONT, Del., March 03, 2010 - CIGNA International, a world leader in expatriate benefits, now offers employers an international health assessment for their globally mobile workforce. The health assessment is a preventive tool that helps identify expatriate employees' health risks early before they can lead to illness and potentially jeopardize an employee's assignment.
Managing Relationships and Customer Service
First Quarter 2010 USA Financial Services Industry Evaluation: Customer Respect Group.
The Customer Respect Group, an international research and consulting firm that focuses on how corporations treat and respect their online customers, today released findings from its first quarter 2010 financial services industry evaluation.
Marketing and the Market Place
Manulife Investor Sentiment Index rises sharply.
WATERLOO, ON, April 7 2010 - More Canadians say it's a good time to invest, in everything from their own homes to the stock market and investment funds, according to a national poll for Manulife Financial, Canada's leading insurance and wealth management company.
Employer attitudes towards voluntary benefits explored in Eastbridge's latest spotlight report, MarketVision™ - The Employer Viewpoint Update.
AVON, CONNECTICUT, USA (March 11, 2010) - As competition in the voluntary market continues, carriers wanting to gain or maintain market share in the market need an in-depth understanding of all their customers, from the distributor to the employee and employer. Eastbridge Consulting Group's latest study, MarketVision™-The Employer Viewpoint Updateã, focuses specifically on the employer customer group. The study results are based on quantitative interviews with plan administrators in accounts ranging from 10 to more than 5,000 employees. The topics covered include:
Retail E-Commerce Resumes Double-Digit Growth: eMarketer.
APRIL 1, 2010 - eMarketer forecasts that after two years of subpar growth, 2010 US retail e-commerce sales (excluding travel) will climb to more than $152 billion, up 12.7% year over year. This follows the US Census Bureau's release showing online sales in Q4 2009 grew by 14.6% over a year earlier?the biggest gain in eight quarters.
Business of Insurance
FSCO Statement of Priorities for 2010.
Section 11 of the FSCO Act requires FSCO to "deliver to the Minister of Finance and publish in The Ontario Gazette by June 30th of each year a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent."
Consumer Information
Most patients receiving care within recommended wait times for priority areas: CIHI.
March 24, 2010 - A new studyreleased today by the Canadian Institute for Health Information (CIHI) shows that there are variations between provinces in meeting wait time benchmarks and in reducing wait times for priority-area procedures. For example, the study found that as of December 2009, most patients (75%) in six provinces were getting hip replacement surgery within the recommended wait time, but at least one-quarter of patients in the remaining four provinces waited longer than the benchmark time.
Life and health insurance industry welcomes Ontario move to equal pricing for prescription drugs: CLHIA.
TORONTO, April 7 2010 - The Canadian life and health insurance industry welcomes the Ontario government's announcement today that they are moving toward providing the same prices for generic drugs to all Ontarians whether they are covered by public or private plans or paying out of their own pockets.
Motorcycles with antilock brakes have fewer fatal crashes and lower insurance losses than bikes without antilocks: IIHS.
ARLINGTON, VA - March 31, 2010 - Antilock brakes for motorcycles are working as designed to reduce the chances of crashing, removing some of the risk that comes with riding on 2 wheels. A new study by the Insurance Institute for Highway Safety indicates that motorcycles with antilocks versus without are 37 percent less likely to be in fatal crashes per 10,000 registered vehicle years. Bolstering this finding is a separate analysis by the affiliated Highway Loss Data Institute (HLDI) of insurance claims filed for damage to motorcycles. Bike models with antilocks have 22 percent fewer claims for damage per insured vehicle year (a vehicle year is 1 vehicle insured for 1 year, 2 insured for 6 months, etc.) than the same models without antilocks.
from Doug:
The neighbourhood is awash in Spring flowers - a beautiful magnolia across the street catches the eye of everyone passing by. We followed the Spring ritual of checking out some houses in the community - those up for sale with an open house. One lovely house - The Witch's House - is on the next street. Not sure why it has that nickname but wonderfully well appointed. After years of living here, it is interesting to see how the inside actually looks compared to the imagined furnishings.
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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