Issue 2010-27 -- July 6, 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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eBusiness and Technology
Through 2014 Public IT Cloud Services Will Grow at More Than Five Times the Rate of Traditional IT Products, New IDC Research Finds.
FRAMINGHAM, Mass., June 23, 2010 - Worldwide revenue from public IT cloud services were significant in 2009 and are forecast to grow at a rate (CAGR) of 27.4% trhough 2014, a newly published International Data Corporation (IDC) document finds. This rapid growth rate is over five times the projected rate of growth for traditional IT products (5%). This research further illustrates that public IT cloud services are crossing the chasm with modest revenue, but very fast growth.
Lloyd's of London Joins Retail Agent E&S Initiative: ACORD.
ALEXANDRIA, Va., June 8, 2010 - The Retail Agent E&S Initiative (a collaboration of the Independent Agents & Brokers of America's Agents Council for Technology (ACT), the American Association of Managing General Agents (AAMGA), the National Association of Professional Surplus Lines Offices (NAPSLO) and the Association for Cooperative Operations Research and Development (ACORD)) today announced that Lloyd's of London has joined the group.
Claims
Novarica Updated Report on P&C Claims IT Systems Profiles More than 20 Vendors.
June 28, 2010 (NEW YORK) - With the insurance industry facing the slowest growth rate since the 1930's, P&C carriers are looking for ways to improve operational effectiveness and to drive growth, and claims is one of the key areas they're investing in. In fact, over 30% of carriers surveyed by IT strategy and research firm Novarica say that claims is one of the top three projects they're focusing on for 2010. And while Novarica estimates that 30-40 new claims systems were purchased by US insurers in the last 12 months, P&C insurers have more than 20 active solutions to choose from.
Automated Benefits Releases Adjudicare Version 4.0.
TORONTO, ONTARIO - (June 28, 2010) - Automated Benefits Inc., a wholly-owned
subsidiary of Automated Benefits Corp., is proud to announce the release of version 4.0 of the Adjudicare software, transitioning the Adjudicare software from a computer-based platform to a web-based application.
Policy and Product Management
Triple Recognition for Guidewire in Celent's Insurance Software Deal Trends Report.
SAN MATEO, CA, June 30, 2010 - Guidewire SoftwareŽ, a leading provider of flexible core systems to property/casualty insurers, today announced that it has earned high marks in Celent's recent 2010 Insurance Software Deal Trends report. In addition to ranking among the top ten Traction Leaders, Guidewire was also recognized as a Leading Vendor in both Billing and Claims.
Business of Insurance
Intact Financial Corporation and University of Waterloo join forces in helping Canada to adapt to climate change.
WATERLOO, Ont. June 17, 2010 - Intact Financial Corporation and the University of Waterloo are launching an innovative research project that will identify the most appropriate initiatives and action plans that governments, businesses and civil society could undertake to better adapt to the potential impacts and consequences of climate change on Canada's ecological systems, its social fabric and the economy.
Distribution
SGI CANADA sells shares in Cooke Insurance.
June 28, 2010 - SGI CANADA has sold its shares in the Charlie Cooke Insurance Agency (CCIA), effective June 1, 2010. The shares were purchased by SGI CANADA in 2002 through its subsidiary, SGI CANADA Insurance Services Ltd. (SCISL).
J.D. Power and Associates Reports: Despite an Increase in Overall Satisfaction, Canadian Investors Have Diversified Their Portfolio Among More Firms.
TORONTO, June 15 2010 - Investor satisfaction has increased considerably from 2009 as the market recovers, but investors are taking a more cautious approach by diversifying their portfolios among more investment firms, according to the J.D. Power and Associates 2010 Canadian Full Service Investor Satisfaction StudySM released today.
Optimizing the Role of e-Business: kasina.
New York, (June 15, 2010) - After an average of nine years of tenure, the majority of e-Business teams at asset management firms still have huge opportunities available to drive the bottom line, according to kasina's latest report, Optimizing the Role of e-Business. Only 39% of teams develop business plans, and 35% measure whether they meet revenue or cost targets. When asked to categorize planned initiatives for 2010, firms indicated that only 31% contain a direct link to the firm's bottom line.
Consumer Information
School's out - ICBC's top tips for keeping kids safe.
As the end of the school year approaches, ICBC is reminding drivers and parents about the importance of keeping kids safe during the last week of school and throughout the summer months. Kids will be excited and may not be thinking about their personal safety so drivers need to be extra cautious in looking for child pedestrians during the summer. Parents should take the opportunity to remind their children about staying safe on the roads.
TIRF Poll: Public interested in large truck safety.
OTTAWA, June 28, 2010 - In a poll conducted by the Traffic Injury Research Foundation (TIRF), many Canadian drivers do not believe driver training programs for passenger vehicles provide adequate education about sharing the road with large trucks. The survey conducted in September and October of 2009 found that 62.4% of respondents did not believe training is adequate. Another 20.2% of respondents simply answered they did not know whether training is adequate or not.
Marketing and the Market Place
eMarketer: What Makes Up a Social Marketing Strategy?
JUNE 24, 2010 - It's quickly becoming common wisdom among marketers that a strategy is needed to use social media effectively. Of course, that doesn't mean a majority of those involved in the space have gotten on board yet and created such a well-thought-out approach. According to a May 2010 study by Digital Brand Expressions, 52% of social marketers are operating "without a game plan," similar to the 50% found in April 2010 by R2integrated.
Online Canadians Report a Large 35% Decline in the Amount of Email Received: Ipsos Reid.
Tuesday, June 29, 2010 -- Calgary, AB - Online Canadians have reported a significant decline in the number of weekly emails received, according to the latest Ipsos Interactive Reid Report. The average number of email received in the past week (including spam) has declined by 35% from 198 in late 2008 to 129 today.
LIMRA Study Finds African Americans Place More Value on Life Insurance Protection Compared to Total Population.
WINDSOR, Conn., June 16, 2010?African Americans place greater emphasis on the goal of having adequate life insurance and are twice as likely to consider purchasing life insurance for themselves or for someone else in the household compared to the total U.S. population, according to a new LIMRA study.
Our People
Clark sets out to SMARTEN UP financial industry: SUI.
VANCOUVER, June 28 2010 - "The name sure captures attention," says Smarten Up Institute founder and CEO Laurie Clark, "and that was our intention, right from the start." Clark, a 20 year veteran and advocate of the finance and investment industry, opens the doors to Smarten Up Institute, headquartered in Vancouver, on June 30.
from Doug:
As heritage and history buffs, we enjoyed the visit of the Queen over the past week. On Sunday we managed tickets to the Church Service at St. James cathedral here in Toronto. It was a thrill to hear the cheers for her from the large crowds assembled outdoors before and after the service. Although there were several points of interest, one was the Queen's gift of new "bells" - and a short piece was played using them - to the two First Nations Royal Chapels here. This commemorated the 300th anniversary of the diplomatic mission by three Mohawk and one Mahican Chiefs of the Iroquoian Confederacy from the Mohawk Valley NY in 2710 to London. They requested various assistance from Queen Anne, partly fulfilled by a chapel built at Fort Hunter near present day Johnstown, New York in 1711, along with a gift of a silver Communion set. History unfolds a day at a time, but it is great to have such continuity respected.
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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