Issue 2002-12: March 26, 2002
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.
Claims
After eighteen months of development, Allianz Canada is ready to launch electronic claims reporting using web-based software. On February 19th, under a pilot project, the first Allianz customer transmitted their motor vehicle accident report electronically from North York Accident Support Services Ltd., one of Toronto's three Collision Reporting Centres (CRCs), directly to Allianz Canada's Toronto claims office. More at www.insurance-canada.ca/claims/canada/Allianz200203.php
CSIO Insurance Portal
Bill Wallace indicates that Full Quotes for both Auto and Property were moved into the internal testing environment and integrated with Quick Quotes for both Auto and Property as well as all the admin functions (broker, company and CSIO). With the better part of a week of testing completed, the group is pleased with how well this integration has come together.
The Centre for the Study of Insurance Operations' portal is well on its way to implementation, says Klaas Westera, at a recent Insurance Brokers of Toronto Region meeting. Various insurers are indicating when they will be connected. From Canadian InsurancE-NEWS, posted at www.insurance-canada.ca/distribution/canada/ENEWS20020320.php
Distribution
Applied Systems Canada Inc. and Tec4 Systems Inc. announced a strategic integration partnership that will enhance commercial policy management within The Agency Manager (R) product. The integration will allow brokers to transfer data from The Agency Manager (R) (TAM) product to underwrite commercial lines of business within the Policy Works (R) Broker Edition product. More at www.insurance-canada.ca/distribution/announce/TAMTEC4200203.php
RBC Insurance announces the opening of five new business development offices for its life insurance division. The offices, located in Vancouver, Regina, Mississauga, Ottawa and Halifax, were opened to increase the customized support available to clients across the country. "Our expansion will give us the opportunity to help our business partners reach more of our target audience." said John W. Hamilton. More at www.insurance-canada.ca/distribution/canada/RBCOff200203.php
The Canadian Association of Insurance and Financial Advisors (CAIFA) and the Canadian Association of Financial Planners (CAFP) released a discussion document to their respective membership groups that proposes the formation of a new single professional organization, the Canadian Association of Financial Planners and Advisors (CAFPA). Details at www.insurance-canada.ca/distribution/canada/CAFPA200203.php
Statistics and Reference
Consumer applications for life insurance in the U.S. and Canada registered their fifth consecutive month of increased activity, according to The MIB Life Index for February 2002. This is the longest period of continuous growth since October 1999, when there was a sustained increase attributable to Regulation XXX. More at www.insurance-canada.ca/refstat/canada/MIB200203.php
Automobile insurance rates in Newfoundland and Labrador have more than doubled since 1990 primarily due to claim payments for pain and suffering awards involving minor injuries: IBC. More at www.insurance-canada.ca/refstat/canada/NFAuto200203.php
The Canadian Council of Insurance Regulators (CCIR) has completed development of a nationally accepted set of standard insurance classes that will make it easier for insurance companies to develop and introduce new products into the marketplace. Details at www.insurance-canada.ca/refstat/canada/CCIR200203.php
Marketing
Stickiness and viral elements are the most important aspects of marketing your online business, arguably even more so than branding and advertising. If you spend millions promoting a site that isn't sticky or viral, your average customer acquisition cost will probably be too high to make profit possible, and you're likely to lose visitors, and may not even make a sale during the short period in which they're actually on your site. So start now: make your site sticky and viral! Article by David Gikandi, from Your Virtual Insurance, Mar 21 2002. More at www.insurance-canada.ca/market/other/VISticky200203.php
Managing Relationships
KANA announced results of a recent study of consumer behavior that revealed that capturing and leveraging knowledge across all customer communication channels is vital to providing extraordinary customer experiences. Nearly half of consumers polled find that repeating their orders, questions, mailing address, and payment method are the most negative aspects in dealing with a business and are frustrated by an enterprise's lack of knowledge of their history with the organization. More at www.insurance-canada.ca/ebusiness/other/KANA200203.php
Executives of stock life insurance companies in North America still have some way to go before achieving greater focus on the management of shareholder value, according to a Tillinghast – Towers Perrin study of shareholder value management practices in the life insurance industry. "While this study points out some of the challenges to companies trying to manage their business based on shareholder value, it also shows how the industry can realize that goal over the next three years," says Alastair Longley-Cook of Tillinghast – Towers Perrin's Hartford office and co-leader of its shareholder value initiative. More at www.insurance-canada.ca/ebusiness/canada/Towers200203.php
from Doug:
The spring flowers seem to have grown a bit more - foolish things. The snow is trying to bury them again today.
Don't forget to register for our P-C Broker-Company linkages seminar. Harry Binks, known to many from his involvement in this space will provide a broker's perspective. We are deep into planning for the Life Straight Through Processing seminar on May 10 - more details shortly. May you have a thoughtful Easter.