Insurance-Canada.ca Newsletter Archive
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Issue 2005-04: January 25, 2005 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. Please forward this newsletter to a fellow employee, or someone else involved in the insurance industry, if you think they would have some interest in the information. For subscribe/unsubscribe details, see the bottom of this note. Claims Ontario’s Collision Reporting CentresCelebrating 10th Anniversary And the Renewal of their Operational Contract: Accident Support Services. Collision Reporting Centres are celebrating ten years of serving the Ontario Public, Insurance Industry and Police, as well as the renewal of their operational agreement with the Toronto Police Services, on Tuesday February 1st, 2005. WebWriter Inspection – Industry-leading Loss Control Application Insurance Systems Inc. offers the most comprehensive web-based inspection application on the market for insurers – find out more about WebWriter Inspection here. From Canadian Insurance ENEWS: CASIU Puts Case for Corporate Insurer Membership The Canadian Association of Special Investigation Units (CASIU) is now making a drive for corporate membership. It has recently hired an executive director, and is adopting a protocol for sharing personal information, similar to the banks and the IBC, for all SIU's. More.... Policy Management Regulators and Industry Champion Speed to Market Imperative: InSystems. Insurers and regulators must act with a sense of urgency in modernizing state filing processes, according to regulatory thought leaders who addressed more than 100 insurance carrier registrants attending a Speed to Market seminar in Chicago on January 19, 2005. Policy Administration Systems Overview: 2005 - Report Published by Celent. Between 2004 and 2008, Celent anticipates that North American insurance carriers will have spent more than US$1.4 billion on policy administration systems (PAS), a large increase from previous years. In a new report, Policy Administration Systems Overview: 2005, Celent examines the North American PAS market. It looks at the market trends for administration systems and integrated admin suites today and tomorrow, predicting a surge in growth over the next few years, especially for property/casualty systems. Our People 10 Interview Cliches to Avoid, By Michelle Straka, Insuranceworks.ca. This article is simple and succinct. Avoid these clichés when interviewing for a job. Consumer Information Ontario auto insurance premium reductions to save consumers $900 million this year: Shop around, Insurance Bureau of Canada says. Insurance Bureau of Canada today announced that Ontario auto insurance consumers will save an estimated $900 million this year. Newfoundland Government encourages public participation in insurance hearings. Government Services Minister Dianne Whalen is encouraging everyone to make their views known during the upcoming public hearings that will provide the future direction of insurance in this province. The Public Utilities Board is preparing to begin the public hearings that government directed be undertaken as part of its comprehensive review of insurance. Primary Safety Belt Laws Would Save 700 Lives Per Year in USA: IIHS. Safety belt use laws in only 21 states and the District of Columbia are primary, meaning police may stop vehicles solely for belt law violations. But in most states belt use law enforcement is secondary, so police cannot stop vehicles for this infraction alone (New Hampshire is the only state without a belt use law.) In a new study the Insurance Institute for Highway Safety found that when states strengthen their laws from secondary enforcement to primary, driver death rates decline by an estimated 7 percent. Distribution CSIO Insurance Portal Status Update CSIO Portal status and project information at http://www.insurance-canada.ca/csioip/csioip.php Week ending January 21 : Aviva will guarantee its rates on the portal beginning March 1, and will move to connect directly to the portal in 2005; CSIO announces Kingsway General Insurance Company has joined the industry Portal solution. The CSIO is pleased to welcome Kingsway General Insurance Company in joining the industry Portal solution. They join the 29 other companies currently working with the Portal. Independent Agents Can Bolster Sales with Culture Shift and Technology: Agents Council for Technology. The Agents Council for Technology (ACT) announced it has published a multi-part report on the ACT Web site to help independent agents and brokers build a sales-driven agency culture and implement disciplined sales processes using available technology tools. Reference and Statistics December's North American Life Insurance Activity Off 8.7%: MIB. Applications for life insurance in North America were off -8.7% in December, year-over-year, marking 2004’s sharpest decline and the ninth month of declining activity for the year. North American applications for 2004 were off -2.3% compared to 2003. Canadian application activity finished 2004 slightly behind that of 2003, by -0.6%. Business of Insurance Manulife-Sinochem receives license to enter Group Life and Health and Pension business in China. Manulife-Sinochem Life Insurance Co. Ltd., a subsidiary of Canadian-based Manulife Financial, yesterday was the first Canadian insurer to receive approval from the China Insurance Regulatory Commission (CIRC) to expand its China operating license to include Group Life and Health and non-tax benefit Pension business. What is the International Advisory Group and what does it do: OSFI. In 2001, the Office of the Superintendent of Financial Institutions, Canada (OSFI) created the International Advisory Group (IAG) to assist selected emerging market economies in enhancing their supervisory systems. Our commitment represents a practical and effective means of contributing to international financial stability. Conning Research: Life Industry Increasingly Favors Multinational Platform. The convergence of regulatory environments for the financial markets and the banking industry have created a friendlier climate for multinational life insurers, according to a new study by Conning Research and Consulting, Inc. Swiss Re sigma study: introduction of IFRS will have a significant impact on how insurers manage their business. From the beginning of 2005, all listed insurers in the European Union (EU) will be required to comply with International Financial Reporting Standards (IFRS). The latest Swiss Re sigma study, “The impact of IFRS on the insurance industry”, finds that while the standards will increase transparency, they may also bring higher earnings and capital volatility. From Canadian Insurance ENEWS: Willis Issues International Liability Market Review Willis says there are significant geographical variations in pricing and risk appetite in the insurance markets. Asia, for example, has remained more competitive over the cycle for local risks as compared to Europe. More.... Marketing and the Market Place Manulife Investments poll finds most Canadians expect to reach retirement goals, plan strong RRSP contributions for 2004 tax year. More Canadians are gaining confidence that they'll reach their retirement goals, as an overwhelming majority plan to boost or match their previous contributions to Registered Retirement Savings Plans, according to a survey for Manulife Investments, the wealth management arm of one of Canada's leading financial services companies. Product Announcements ISO Introduces Cyber Risk Program to Help Cover $7 Trillion E-Commerce market in USA ISO has introduced a new line of insurance to cover cyber risk, a growing threat to the world's nearly $7 trillion in electronic commerce. The new insurance program, including policy contract forms, underwriting rules, loss costs (projections of future claims) and an advisory application supplemented by an advisory underwriting guide, has been filed in 54 jurisdictions and has already been cleared for carriers' use in 15 jurisdictions. eBusiness and Technology American National Insurance: A Business Process Management Case Study - Report Published by Celent. Business process management (BPM) is a tool with immense promise for insurance carriers because it can help address product and legacy system complexity. This report outlines American National’s BPM strategies from 1998 through today, including its choice of Pegasystems as a BPM vendor. Efforts in the company’s Health Client Service Center and Independent Marketing Organization Field Service Center are described in detail to illustrate how the work was organized and the specific results obtained. from Doug: Certainly most of us have gained a better appreciation of what winter can be over the last week, from torrential rains and mud-slides on the west cost to a triple blizzard in Nova Scotia. I hope you have managed through it. With luck maybe we can get back to "normal" winter now, if there is such a thing. Advertising For information about advertising in our newsletter, visit www.insurance-canada.ca/advertise/adnewsletter.php or contact me. NOTES/Subscribe/Unsubscribe: You are being sent this note as a newsletter subscriber, a former attendee at one of our seminars, a person I thought would be interested, or someone who represents a firm with a presence on the Insurance-Canada.ca Web site at www.insurance-canada.ca If you know someone else who might be interested in this information, please forward this note. Send a note to me if you wish to be added to, removed from, or have your address changed for this e-mail list, or if you have any problems with this message. 
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