Issue 2010-16 -- April 20, 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 PAL Insurance Brokers for renewing their annual advertising program with a Logo Ads and Listings in:
Policy and Product Management
Mutual Fire Insurance Company of British Columbia Implements WebWriter Enterprise: ISI.
Toronto, ON and Langley, BC - April 13, 2010 - Insurance Systems Inc. (ISI), a leading provider of web-based enterprise solutions for the property/casualty insurance industry, is pleased to announce The Mutual Fire Insurance of British Columbia (MFI) has successfully implemented ISI's WebWriter Enterprise policy administration suite as their core processing solution.
Distribution
Peace Hills Insurance Selects Custom Software Solutions I-Company Solution.
April 2010, Edmonton, AB and Virden, MB - Custom Software Solutions Inc. (CSSI) and Peace Hills Insurance are pleased to announce that Peace Hills Insurance has selected CSSI's I-Company solution. I-Company includes CSSI's industry leading I-Biz product, I-Broker portal product and CSIO download modules which provides Peace Hills Insurance with a complete integrated solution to interact with their brokers.
ORBiT Education Days for Ontario Brokerage Principals, CSRs and Producers.
ORBiT (Organization of Real time Brokers Implementing Technology) is pleased to present a series of
education days to facilitate the advancement of Real Time transactions following industry standards
throughout Canada?s insurance industry, to improve efficiencies and customer satisfaction.
The ability to conduct seamless real time transactions is critical to the continued viability and competitiveness of the broker distribution channel. We need to be able to deliver the level of service our customers expect. ORBiT is focused on developing a real time, single workflow to make us more competitive.
More than Half of Consumers are Considering Switching Insurance Providers Next Time they Purchase a Policy, Accenture Survey Finds.
LONDON; April 13, 2010 - More than half (53 percent) of consumers are considering switching to a new insurance provider over the next 12 months and a rapidly growing number plan to buy insurance online, according to findings of an Accenture survey. Survey participants included more than 3,500 consumers in Brazil, France, Germany, Italy, Spain and the United Kingdom.
eBusiness and Technology
Guidewire Earns ICTA Award as a Technology Provider – Insurer Solutions category
Currently in Canada, The Co-operators, the Dominion of Canada General Insurance Company and another unnamed insurer are in production with Guidewire ClaimCenter, while Wawanesa Mutual Insurance and Zurich in Canada are currently implementing the application.
Gartner Sees Shift in CEO Priorities as Organizations Focus on Customer Retention.
STAMFORD, Conn., March 29, 2010 - There has been a major shift in CEO priorities from early in 2009 with top priorities switching from cutting costs to retaining customers and enhancing existing relationships, according to Gartner, Inc. Through 2015, a recession-era mentality among CEOs will ensure a policy of paying for future investments from the cost savings obtained from existing IT operations.
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Managing Relationships and Customer Service
Foresters Launches Financial Helpline for Members.
TORONTO, ON, March 15, 2010 - In response to the challenges posed by the economic downturn, ForestersTM, a life insurance provider committed to the well-being of families, has added Everyday Money, a new toll-free confidential phone-based financial helpline, to its complimentary benefits for members.
Reference and Statistics
A look at car insurance rates in Alberta, Ontario and Quebec: Kanetix.
TORONTO, April 13 2010 - Today, Kanetix(R), Canada's online marketplace for insurance quotes and mortgage rates, released the results of its quarterly review of auto insurance in Alberta, Ontario and Quebec. Rates quoted dropped slightly in Alberta and Quebec but increased by almost 12 per cent in Ontario in Q1 2010 compared to Q1 2009.
USA Property/Casualty Insurance Industry's Full-Year 2009 Results Show Strong but Incomplete Recovery From Recession and Financial Crisis : I.I.I.
JERSEY CITY, N.J., April 15, 2010 - Private U.S. property/casualty insurers' net income after taxes rose to $28.3 billion in 2009 from $3 billion the year before. Insurers' overall profitability as measured by their rate of return on average policyholders' surplus (or statutory net worth) increased to 5.8 percent last year from 0.6 percent in 2008. But insurers' recovery from the recession and financial crisis remained incomplete, with their $28.3 billion in net income for 2009 being less than half of their $62.5 billion in net income for 2007. Similarly, insurers' 5.8 percent overall rate of return for last year was less than half of their 12.4 percent rate of return for 2007.
Business of Insurance
CTA Launches Study on Roots and Solutions to Cargo Crime Problem.
April 8, 2010 - (Ottawa, ON) - The Canadian Trucking Alliance (CTA) working with the provincial trucking associations, law enforcement and representatives from the insurance industry announced today the launch of a study to examine cargo crime activity in Canada and explore solutions to tackle this problem.
Marketing and the Market Place
Sun Life declared "Most Trusted Life Insurance Company".
WATERLOO, ON, April 15 2010 - Canadians have voted Sun Life Assurance Company of Canada as the "Most Trusted Life Insurance Company" in the country based on a Harris/Decima poll commissioned by Reader's Digest for its 2010 Trusted Brand awards program.
B2B and B2C E-Mail Tactics: eMarketer.
APRIL 14, 2010 - Business-to-business (B2B) and business-to-consumer (B2C) e-mail marketers have different targets, but the goals they share mean they agree on the effectiveness of several tactics. According to a Silverpop poll, both groups consider identifying the best time to send messages the most effective e-mail marketing tactic. They also agree on the importance of including marketing promotions in transactional messages and using surveys to gather information about their recipients.
Consumer Information
Unlocking the door: National Homeownership Education Week designed to educate the first-time homebuyer - Genworth.
Toronto (April 6, 2010) - The second week in April historically marks the single busiest time of the year for mortgage applications in Canada as the Spring home buying season gets into full swing. However, this can be a daunting prospect for many buying their first home. Research conducted by Genworth Financial Mortgage Insurance Company Canada ("Genworth Financial Canada") shows that both women and men found the home buying process stressful.
10 questions to ask yourself when renewing an automobile or home insurance policy: ChAD.
MONTREAL, April 13 2010 - Did you do a major renovation of your kitchen last year? Have you recently transformed your basement into a home theatre or had a new hot tub installed in the backyard? Does your new job require you to use your car on a daily basis? Has anyone new moved into your home? A consumer's residential and transportation needs may change frequently and these needs will certainly evolve over the years.
Tour of Victoria, B.C. community health centre retrofitted against earthquake: ICLR.
TORONTO, Feb 4, 2010 - The Institute for Catastrophic Loss Reduction (ICLR) conducted a non-structural retrofit of a community health centre in Victoria, British Columbia to reduce the impact of a potential earthquake. ICLR and James Bay Community Project staff was onsite to provide a tour of the facility and answer questions:
Lightning Sparks Concern For USA Insurance Industry; Homeowners Claims Rise Sharply Over Last Five Years: I.I.I.
NEW YORK, March 31, 2010 - They say that lightning never strikes in the same place twice, but for insurers it strikes hundreds of thousands of times annually, causing millions of dollars in damages. In fact, the average cost of homeowners claims for damage due to lightning strikes has increased significantly over the last five years, according to the Insurance Information Institute (I.I.I.).
from Doug:
The green vibrancy of Spring takes on a different tone when bad news arrives. A family member has been dealing wiht health issues for a month. More tests late last week pointed to a nore dire prognosis than any of us had anticipated. Further tests may brighten the picture somewhat, but the Spring colours are slightly more sombre for us this week.
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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