Issue 2010-24 -- June 15, 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
Consumer Shopping for Auto Insurance Grows Online: ACT.
ComScore's latest assessment of the online auto insurance landscape reflects continued growth in quoting and purchasing auto insurance online (2010 comScore Online Auto Insurance Report). Most consumers still buy off line, however, and want to deal with a person. Independent agents can continue to succeed in this new environment if they build their own online presence with an engaging website, use social media to develop "fans", incorporate online consumer quoting coupled with rapid follow up and demonstrate they add value to the process.
Auto insurance quotes now available on your mobile device at Kanetix.ca.
TORONTO, June 10 2010 - Kanetix(R) today announced the launch of its mobile auto insurance quote comparison service. Offering greater flexibility and choice to Kanetix.ca auto insurance shoppers, the mobile site is compatible with most new smartphones. Currently available to drivers seeking Ontario auto insurance quotes, Kanetix is ready to not only help those sitting at computers get quotes, but also help those standing in front of the new car they're considering purchasing.
Claims
Plotting the Course to Effective Workers' Compensation Claims Management: FINEOS.
The U.S. based National Council on Compensation Insurance (NCCI) recently released its updated State of the Line statistics and, not surprisingly, reported that the workers' compensation industry in the US is experiencing the same type of pain that can be felt by insurers in Canada and elsewhere across the globe. Overall financial results are suffering severely due to rising claims costs.
Managing Relationships and Customer Service
Guidewire Software Announces Billing Market Survey Results.
Grapevine, Texas, June 7, 2010 - At the Insurance and Accounting Systems Association (IASA) conference, Guidewire Software®, a leading provider of flexible core systems to property/casualty insurers, today announced the results of its latest Billing Market Survey. A follow-up to Guidewire's July 2008 Billing Marketing Survey, these latest results find that property/casualty carriers surveyed overwhelmingly believe that billing impacts customer retention.
Policy and Product Management
LOGiQ3 placed 37th in definitive Canadian company ranking.
2nd June, 2010: Life reinsurance services and technology company LOGiQ3 Inc has been ranked 37th in the 22nd annual PROFIT 100, making it one of Canada's fastest growing companies based on revenue growth over the past five years. Chris Murumets, Chief Executive Officer of LOGiQ3, who founded the company in 2006 with Simon Bell, said he was delighted that their achievements should be acknowledged in this well respected annual grading.
RiskMeter.com Integrates RMS Data & Analytics into its Real-Time Natural Hazard Risk Report Service.
Boston, MA - May, 2010 - RiskMeter Online, a leader in online hazard mapping, today announced it has formed a partnership with catastrophe modeling firm Risk Management Solutions, Inc (RMS). This alliance will enable RiskMeter users to obtain Average Annual Loss (AAL) and Probable Maximum Loss (PML) metrics for single locations and give them the ability to run RMS® natural hazard reports through RiskMeter.com.
MIB Solutions and Hooper Holmes Team Up to Provide Risk Management Solutions for the Life Insurance Industry.
Braintree, MA (June 2, 2010) - MIB Solutions, Inc. and Hooper Holmes, two companies
embedded in the workflow of every North American life insurer, have formed a strategic
alliance to help insurers better evaluate excess mortality risk in their book of new business using MIB Solution's Audit Focus and lab data from Heritage Labs, a division of Hooper Holmes.
Business of Insurance
New Sun Life Financial life insurance products help Canadians plan, protect, and prosper.
WATERLOO, ON, June 7, 2010 - Sun Life Financial today announced that two new participating, permanent life insurance products, Sun Par Protector and Sun Par Accumulator, will be added to its broad and innovative suite of life and health insurance and wealth management products available to Canadians.
Life Insurance CFOs Expect to Change How They Determine Capital Requirements, According to Towers Watson Survey.
NEW YORK, May 19, 2010 - While they haven't significantly altered their approach to determining required capital as a result of the financial crisis, most North American life insurance chief financial officers (CFOs) said they are planning to adjust their strategies over the next 12 months, according to data from Evolving Capital Management Practices, the latest survey from global professional services company Towers Watson (NYSE, NASDAQ: TW).
Consumer Information
Allstate launches campaign against distracted driving.
TORONTO, June 8 2010 - Allstate Insurance Company of Canada has launched its Action Against Distraction campaign and is working with schools and communities across the GTA to explain to teens that even the simplest distraction - texting, applying makeup, changing a CD, adjusting a GPS unit or even chatting with friends instead of watching the road - can lead to a fatal collision.
Save a Buck campaign targets motorists: SGI.
June 2, 2010 - The Saskatchewan Wildlife Federation (SWF), with support from Saskatchewan Government Insurance (SGI) and The Saskatchewan Transportation Company (STC), is launching its 14th annual public safety awareness campaign to alert motorists to be on the lookout for wildlife on the roads.
Insurance Bureau of Canada deploys Community Assistance Mobile Pavilion (CAMP) to tornado-stricken Leamington, Ontario.
TORONTO, June 7, 2010 - In response to yesterday's tornado touchdown in Leamington, ON, Insurance Bureau of Canada (IBC) has deployed its Community Assistance Mobile Pavilion (CAMP) to help distressed residents. CAMP is one of a number of initiatives introduced by Canada's home, car and business insurers to help Canadians prepare for, and cope with, disasters. The national program provides disaster victims with on-site, quick-response, insurance-related information.
Burglaries Heat-Up in the Summer Months: Aviva.
June 9, 2010 - (Toronto, ON) - Every year, Canadians eagerly await the first signs of summer but, along with warmer weather, homeowners should also be mindful for increased incidents of residential break-ins. Aviva Canada Inc., one of the country's leading providers of home, auto, leisure and business insurance, is reminding homeowners to be on alert this summer and take the necessary steps to safeguard their homes from summer burglaries.
USA PCI Provides Steps To Take Before And After Hurricanes.
June 1, 2010 - CHICAGO - As hurricane season officially begins today, the Property Casualty Insurers Association of America is offering home and business owners an important and useful list of steps to take immediately prior to and following a hurricane. PCI wants to help residents in hurricane-prone states make preparations for the threat of devastating storms.
Ipsos-Reid: Can Technology Reduce Hospital and Doctor Wait Times?
Tuesday, June 08, 2010 - Calgary, AB - Over one-quarter (28%) of online Canadians agree that they would prefer to have their first visit with their doctor via email, text messaging or webcam according to a recent Ipsos Interactive Reid report. Eight percent strongly agree that they would prefer to use one of these communications mediums, while 20% somewhat agree.
Reference and Statistics
MIB Life Index Reports U.S. Life Insurance Activity Flat at 0.2% in May.
Braintree, MA. - (June 8, 2010) U.S. application activity for individually underwritten life insurance was flat this past May at +0.2% year-over-year all ages combined, according to the MIB Life Indexsm. Strength in the fourth quarter of 2009 in the U.S. Life Index, has given way to fluctuating gains and losses exhibited in the first five months of 2010. May's application activity was off -4.9% from that of April -- consistent with seasonal norms. Year-to-date, individual application activity for the industry remains positive at +0.6%.
from Doug:
We are now into the serious part of our move to a new home, with a few carloads of little items already moved. With more than two months of overlap, we can move leisurely but the big issue will be ridding ourselves of enough of the accumulation of 34 years; either that or be buried in things in a much smaller new dwelling.
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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