Issue 2004-12:   March 23, 2004

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.

Product Development

CompuOffice Software Inc. Introduces Multi-Quoter™ Software for Use by Life Insurers in Product Development and Pricing.

CompuOffice Software Inc. has announced the introduction and release of the LifeGuide Multi-Quoter software module. This specialized module is designed for use by insurer head office marketing, product development and actuarial personnel to automatically run and produce multiple LifeGuide market surveys. Instead of the old labour intensive manual ways or the encumbrance of outsourcing the task to third parties at substantial costs, Multi-Quoter automates the process. The results data is virtually instantly available, ready for use in spreadsheets and other analysis utilities

CSIO Insurance Portal Status Update

Week ending March 19: Gore has signed off on their Ontario Auto Rates.
The alpha/beta test brokers continue with the pilot. Among them they are using Applied Systems, CIM-Data, Keal and Powerbroker broker management systems.

Distribution

Co-operators Life Acquisition of Trent Health Group Finalized.

Co-operators Life Insurance Company, is pleased to announce that regulatory approval for acquisition of the Trent Health group of companies (Trent) has been granted. Co-operators Life owns T.I.C. and recently acquired the remaining 50% ownership in Trent.

Unlocking Interoperability - Standards are the Key: CLIEDIS Seminar and Annual Meeting.

Interoperability is the latest buzz word in the industry, not only for transactions between business partners, but also within organizations themselves. For many companies, merger and acquisition activity has created interesting challenges; one being the inheritance of multiple legacy systems unable to communicate with each other. For others, the increasing costs of transactional exchanges between external business partners is becoming prohibitive. There is one thing that has almost universal acceptance - for the industry to thrive in the future, we must find a way to "Unlock Interoperability". The key is the use of standards.

New ACT Report Points to 'Real-Time Revolution'.

The Agents Council for Technology (ACT) has published The Real-Time Revolution: Redefining How We Work, a comprehensive report to help independent agents and brokers and carriers better use real-time technology to improve workflows, customer service and sales, and understand the broad reach technology is likely to have in the industry.

Statistics and Reference

IBC Perspective, March 2004: Turning the Tide.

As we look back, 2003 was a challenging year for property and casualty insurers. Governments in four provinces introduced premium rollbacks or rate freezes. During the summer, insurers helped Canadians through the fires that ravaged British Columbia, and Hurricane Juan in Atlantic Canada. Facility Association, the auto insurance residual market, reported a loss of $550 million - - the second most expensive insured loss ever experienced in Canada.

Human Resources and Careers

Last Impressions Count When Leaving a Position: Harvey Blake.

If you've ever left an insurance office you didn't like, you've probably been tempted, as the song says, to tell your boss to take this job and &. !! but before you tell the boss what you really think of him / her as you tap dance out the door for the last time, you may want to think twice about burning your bridges.

Marketing and the Market Place

The IBC and GAA launch English version of educational campaign "be sure about your insurance" for Quebec.

The Insurance Bureau of Canada (IBC) and the Groupement des assureurs automobiles (GAA) today launched the English version of their educational campaign to provide Quebec consumers with simple, concrete ways to gain a better understanding of auto and home insurance.

Effects of Poor Privacy Policies: eMarketer.

According to a survey of Internet users from The Customer Respect Group, over 26% of respondents say they if they are not happy with a site's privacy policy, they will leave that site.

Business of Insurance

Langdon and Economical Amalgamation Approved.

The Economical Insurance Group announced today that the Office of the Superintendent of Financial Institutions has approved the amalgamation of Langdon Insurance and Economical Insurance. The amalgamation is retroactive to January 1, 2004.

e-Business and Technology

Insurers Nearsighted on IT Decisions, According to Sapiens Survey.

Sapiens International Corporation today announced results of its survey of U.S.-based senior insurance executives on industry IT trends conducted at the ISOTech tradeshow in Anaheim, California, in late 2003. The survey uncovered an industry inclination toward short-term solutions and quick fixes that could harm companies downstream.

Insurance Data Mastery Solution Spectrum: Report Published by Celent.

Data mastery is a critical area that is yielding high returns for insurers. But the vendor space is crowded and confusing. Celent's new report helps insurers quickly understand and navigate this space.

from Doug:

Spring is officially here; perhaps Mother Nature will come onside soon. That said, there is one crocus bud showing purple in the garden, to stand alongside the snow drops, which have been in blossom for several weeks now. Hope you enjoy the change in seasons.
I am looking forward to hearing the speakers at our Claims seminar Thursday - always interesting to get different perspectives on evolving and new initiatives.