Issue 2010-17 -- April 27, 2010
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.
Distribution
Pembridge Earns Honourable Mention at ICTA Awards in the P&C Insurer category.
Pembridge’s Broker Connectivity project included the implementation and configuration of a solution for Pembridge that permits brokers to inquire against Pembridge’s existing back-end policy management system (PLUS).
Insurance Distribution On-The-Go!! Wipro Technologies.
Reduction in operational costs, increase in the number of remote, including mobile, workers and challenges in managing a centralized workforce are driving investments in the area of enterprise mobility. This is true for the Insurance industry as well where mobile workers, like the Sales Agent, play a crucial role because in terms of premium income, the Agency channel which comprises of exclusive and independent agents, still dominates the market. Who are mobile workers, how can they be categorized and how does enterprise mobility fit into insurance?
Managing Relationships and Customer Service
Pitney Bowes Business Insight Enhances CCM Suite Capabilities for High-Volume, Interactive and On-Demand Customer Communications.
Troy, New York, - April 01, 2010 - Pitney Bowes Business Insight, the leading global provider of location and communication intelligence offerings, today announced the newest versions of EngageOne™ Interactive and DOC1® software. The new versions enhance Pitney Bowes Business Insight?s comprehensive suite of high-volume, interactive and on-demand customer communication management (CCM) solutions. With new features designed to improve productivity, control and performance, EngageOne Interactive and DOC1 software enable organizations to more efficiently generate customized, multi-channel communications.
eBusiness and Technology
Reality-Checking the Evolution in Core Insurance Systems: Report Published by Celent.
A new report, Reality-Checking the Evolution in Core Insurance Systems, examines how insurers and vendors can best partner to effectively deal with these real-world constraints. A research panel of over 30 insurers and a facilitated workshop-style discussion with CIOs identified practical steps that can be taken to increase the value realized throughout the supply chain. A continuum is presented that outlines how the relationship between a provider and a client can vary between strategic and tactical, reactive and proactive.
IDC: Third Wave of Business Analytics on the Brink of Delivering Pervasiveness and Predictability.
09 Apr 2010 - Auckland, New Zealand and Sydney, Australia. Research from International Data Corporation (IDC) reveals that the competitive value of business analytics (a set of technologies and processes that encompasses data warehousing, Business Intelligence tools, and advanced analytics) is increasingly being recognised amongst Australian and New Zealand organisations.
Progressive Launches Industry's First Android App for Car Insurance.
MAYFIELD VILLAGE, Ohio - April 20, 2010 - Progressive car insurance now has an app for smart phones using the Google AndroidTM operating system. According to data from digital measurement company comScore, Inc., Android is the fastest growing smart phone platform on the market today.
Claims
The Economical Insurance Group and Crawford & Company (Canada) Inc. Announce Contractor ConnectionSM Launch.
TORONTO, April 14, 2010 - Crawford & Company (Canada) Inc. and The Economical Insurance Group (TEIG) are pleased to announce the launch of Crawford's Contractor ConnectionSM program in Canada. Contractor Connection provides insurers with an effective, high-quality managed repair network for residential and commercial property claims programs in the Canadian insurance marketplace.
ISO, NAIC and NICB Make Reporting Suspicious Insurance Claims Easier in the USA.
WASHINGTON, D.C., April 19, 2010 - ISO (Insurance Services Office), the National Association of Insurance Commissioners (NAIC) and the National Insurance Crime Bureau (NICB) today announce an initiative that streamlines the process of reporting possible fraud in a filed claim. Companies can now file a single report directly to multiple state insurance departments and the NICB/ISO. Reports filed with the NICB/ISO Fraud Bureau Reporting Program will now also be filed with the NAIC Online Fraud Reporting System (OFRS), eliminating duplicate filing in most states.
Marketing and the Market Place
kasina releases study of Top 5 Defined Contribution Participant and Sponsor Websites.
New York, (April 6, 2010) -- In its third DC Top 5 Plan Participant and Sponsor Web Sites report, kasina found that record-keepers have improved ease of use, offered better online educational and compliance support, and action-oriented tools to help plan participants and sponsors. The Top 5 participant sites help users enroll online, learn about and choose suitable options, and manage their accounts using interactive tools and rich educational material. On the sponsor front, top firms help ease the administrative and compliance burdens of record-keeping and provide top-flight analytics to help asset managers drive increased participation and contributions.
Business of Insurance
The Risks Associated With Success: by Superintendent Julie Dickson, OSFI.
April 22, 2010, Toronto - Canada has received a lot of international attention recently, in part due to the strong performance of our financial sector through the global economic crisis. As the world at large began to notice that Canada seemed to be avoiding some of the stresses being experienced in other countries, OSFI, as the federal regulator and supervisor of Canada?s financial institutions, began receiving a lot of enquiries from international news media, and the requests to speak at international financial conferences have more than quadrupled.
Reference and Statistics
Unyielding Soft Market Continues to Chisel Away at Insurance Premiums, According to RIMS Benchmark Survey™.
NEW YORK (April 15, 2010) - Now in its seventh year, the soft market shows few signs of loosening its grip on commercial insurance pricing, according to the RIMS Benchmark Survey™, administered by Advisen Ltd. Average premiums in every line tracked by the Survey fell in the first quarter. However, forecasts for an above-average hurricane season may signal rising premiums on the horizon.
Auto Insurance Rates for the First Quarter of 2010: FSCO.
The Government has passed regulations to enact automobile insurance reforms effective September 1, 2010. The reforms will provide consumers with more choice and flexibility to purchase coverage that best meets their protection needs and budgets. All auto insurance companies are required to file new rates with FSCO in April that take into account these reforms. The impact of these reforms will be reflected in upcoming rate approvals.
MIB Life Index Reports U.S. Life Insurance Activity Up 2.4% in March.
Braintree, MA. - (April 10, 2010) - U.S. application activity for individually underwritten life insurance increased +2.4% in March year-over-year all ages combined, according to the MIB Life Index. March's results heralded continued expansion for individual life insurance applications, a trend which started last July. Year-over-year growth in March is uncommon and has not been observed for six years. At the close of the first quarter, year-to-date activity is up +1.3% compared to the same period last year. March activity was off slightly -0.8% as compared to February 2010.
Consumer Information
Alberta introduces unique distracted driving legislation.
Edmonton, April 14, 2010... The Alberta government has introduced some of the most comprehensive distracted driving legislation in Canada. Bill 16, the Traffic Safety (Distracted Driving) Amendment Act, 2010, proposes a ban on the use of hand-held cell phones and activities like texting, reading, writing, personal grooming, and puts restrictions on using other electronic devices while driving.
Five Questions Retirees Should Ask Their Advisors: LIMRA.
WINDSOR, Conn., Apr. 12, 2010 - A recent study by LIMRA uncovered that most advisors don't always counsel their clients about some critical risks that could impact their financial security in retirement.
Our People
LOMA Launches Online Training Program to Help New Employees Understand the Insurance Industry.
ATLANTA - April 7, 2010 - To help insurance companies provide new employees with basic insurance knowledge, LOMA recently launched its Insurance Onboarding Series.
from Doug:
Spring, such an invigorating time. The flower display in our yard and in the community has been great and all the greenery is flourishing. Just to keep the enthusiasm in check, someone decreed that this shall also be tax time. The usual procrastination ensues, but we are getting there. Three out of four in our family have now filed; only one to go. I hope you too have managed to put it behind you, and are back to enjoying Spring.