Insurance-Canada.ca Newsletter Archive
Issue 2003-18: May 06, 2003
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.
Business of Insurance
Introducing simple life insurance without surprises; National Life launches e-Guaranteed Universal Life.
Now there's a simpler way to take advantage of the benefits of universal life with National Life's e-Guaranteed Universal Life (eGUL) product. Universal life is an insurance policy that offers protection and investment options. "eGUL is ideal for the client who wants a simple, guaranteed life insurance plan without surprises," says Brian Wrixon, Vice-President, Individual Sales. More at http://www.insurance-canada.ca/business/announce/NatLifeeGUL200304.php
LCC Member Companies Complete Phase 2 Analysis; LCC Discontinued.
The LCC Phase 2 analysis due at the end of April 2003 has now been completed. The purpose of this phase was to understand the distributor and carrier readiness, obtain a more detailed understanding of the costs associated with LCC, understand the potential savings that could be realized with LCC, understand the commitment that would be necessary in terms of resources, and make a decision to proceed or to discontinue the initiative. Based on the results of the Phase 2 analysis, each member company agreed that we should discontinue this initiative. More at http://www.insurance-canada.ca/distribution/canada/LCC200305.php
Seamless Insurance Distribution in the P&C Broker Channel: By Doug Grant.
Both insurers and brokers, being members of our competitive and entrepreneurial culture, have always sought better tools to remain competitive or gain an edge. Computer applications represent a continually evolving array of functions. Insurance firms now depend on computerized data to run their business. Within firms, different business processes are being linked and extended to reduce the number of transaction hand-off's bringing fewer errors, improved transaction times, lower costs and higher customer satisfaction. Article at http://www.insurance-canada.ca/distribution/canada/DGrant200304.php
Manulife Bank introduces 'in-home' service for mortgage shoppers.
Manulife Bank of Canada has introduced a new 'in-home' service to help Canadian homeowners sort through various options around mortgage financing. More at http://www.insurance-canada.ca/distribution/canada/MLIBankMort200305.php
Eastbridge Consulting Group Inc. Identifies Key to Rapid Growth for Worksite Marketing Insurers.
Eastbridge studied five of the fastest growing worksite companies to identify common strategic characteristics underlying their rapid growth. Each company had at least $30 million in new business annualized premium and experienced at least 25 percent growth per year over each of the last few years (and not due to acquisition of another company's block of business). More at http://www.insurance-canada.ca/distribution/other/EastbridgeGrWS200304.php
CSIO Insurance Portal Status Update
Week ending April 24: The number of brokers connected remains at 28.
No other changes. CSIO is moving forward on a number of initiatives with specific companies to overcome the current hurdles.
IBAO has held a number of road-hows around Ontario recently, and the Portal has generated much interest and enthusiasm.
Marketing Insurance and the Market Place
Financial Services Firms In Fierce Competition For Retirement Savings: Conning.
As retiring Baby Boomers make complex choices about where to keep their nest-egg assets, fierce competition for a share of retirement savings assets may profoundly alter the market's leaders and the followers, according to a new study by Conning Research and Consulting, Inc. More at http://www.insurance-canada.ca/market/other/ConningRT200304.php
Customer Satisfaction is the Leading Factor Influencing Adoption of Online Government Services: Accenture.
Improving citizen satisfaction is the key factor driving the development of online government services, far more significant than the pressure to reduce costs, according to a study released today by Accenture. Canada Leads 22 Countries in Developing Electronic Government with Customer-Service Focus. More at http://www.insurance-canada.ca/market/canada/AccentureEG200304.php
Human Resources and Careers
Markel CEO Mark Ram Receives Canada's Top 40 Under 40™ Award.
Markel Insurance Company of Canada announced today that President and CEO Mark Ram has been recognized as one of Canada's Top 40 Under 40™. Names and details of the award winners were published in the Friday April 25th edition of The Globe and Mail, and are accessible at www.globeandmail.com. More at http://www.insurance-canada.ca/humanres/canada/MarlkelMRam40200305.php
AIM 2003 - Emerging Trends: IBC.
AIM 2003 will feature speakers and panel discussions that will stimulate thoughtful discussion and action among leaders in the automobile insurance and manufacturing industries. The theme of AIM 2003 is Emerging Trends. This one-day event Wednesday, May 14th provides key players in the insurance and automotive worlds with the opportunity to share valuable information and ideas on issues of common concern. More at http://www.insurance-canada.ca/claims/announce/AIM200304.php
Technology and e-Business
IT Spending in the US Securities Industry: Report by Celent.
For the second year in a row, total IT spending in the US securities industry is set to decline. This might not appear exceptional, since markets are broadly down. However, the decline in IT spending is dramatic for the simple reason that the securities industry has never before seen a year-on-year decline in its IT spending levels. More at http://www.insurance-canada.ca/ebusiness/other/CelentSec200305.php
A family birthday on the weekend; good to see folks I hadn't visited with for a while. Don't you forget Mother's Day!
For history buffs: My rail-buff son and I did a walking tour of downtown Toronto on Saturday. The first steam engine to depart Toronto left a wooden Union Station on May 16, 1853 for Aurora. The engine had been built about five blocks north on Yonge St., and it took five days to manhandle it down Yonge Street to the real rail-line. Rail was to the latter half of the nineteenth century as the Internet is to us today - a transformation technology.