Issue 2005-43: October 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.
Distribution
Applied Systems announce Canada's first real-time property insurance transactions powered by WARP.
Mississauga, ONTARIO--October 17, 2005--Applied Systems Canada, Inc. announced that ING Insurance brokers in British Columbia now have direct access to a true point-of-sale system for property insurance. The Savers system allows brokers to quote and issue new business for Personal Property in BC.
Drive Insurance From Progressive Zooms Past Internet Milestone.
MAYFIELD VILLAGE, Ohio - September 29, 2005 - More than one million consumers have heeded the call of the Drive® Insurance from Progressive marketing campaign and visited driveinsurance.com to find out more about the benefits of buying auto insurance through an independent agent or broker, including personal service and advice, competitive rates, and choice. The Web site was introduced in December 2004 as part of the launch of the Drive brand, which promotes the more than 30,000 independent agencies that sell Drive Insurance products across the country.
Policy and Product Management
Full MS/B Valuation Capability Soon Available in Compu-Quote Raters.
Toronto, Ontario - October 19, 2005 - Today at the IBAO Annual Conference Marshall & Swift / Boeckh (MS/B) and Compu-Quote, Inc announce a joint initiative. Compu-Quote's RCT EvaluRater will be enhanced to enable full functionality of MS/B's Residential Component Technology(TM) (RCT) home valuation application. RCT is used by brokers, insurers and inspection firms across Canada as a stand-alone application or when integrated into Compu-Quote's comparative PropertyRater application and a number of broker management systems.
Life Insurance Premium Rates to Continue Downward Trend, Reports I.I.I.
NEW YORK, October 12, 2005 - Premium rates for individual life insurance - both term life and "permanent" insurance - are expected to drop by three percent in 2006, driven largely by significant mortality improvements and increased competition, according to the Insurance Information Institute (I.I.I.).
eBusiness and Technology
Setting Priorities on Projects (Part 1 of 2), by Peter Symons, Managing Partner, OARBIC.
If you accept the basic premise that you cannot (and probably should not) deliver every Project that gets put on your plate, the question arises, how do you set appropriate priorities on one project vs. another? One answer can be found in Portfolio Management. Portfolio Management is the technique of ensuring that those Projects that best support your corporation's strategic direction get executed first.
Noridian Administrative Services wins 'Innovative Business User of Technology' award for company-wide workflow technology initiative: Hyland Software Inc.
Fargo, ND - October 10, 2005 - Noridian Administrative Services (NAS), a subsidiary of Noridian Mutual Insurance Company headquartered in Fargo, N. D., has been named the Innovative Business User of Technology in North Dakota for its company-wide implementation of workflow and document management technology to streamline its Medicare business processes. NAS serves 13 states as a Medicare contractor, and currently handles over 15 million documents using document management and workflow technologies.
ACORD, eEG7 and CSIO Announce Release of Harmonized Data Dictionary for Global Insurance Industry.
PEARL RIVER, NY - October 11, 2005 - The public release of a harmonized data dictionary for the insurance industry was jointly announced today by ACORD (www.acord.org), eEG7 (www.eeg7.org) and CSIO (www.csio.com). This marks the completion of efforts by this international coalition of standards bodies to harmonize their existing data dictionaries as part of a United Nations initiative.
Linux Enters the Mainstream: eMarketer.
October 12, 2005 - A few short years ago, Linux believers thought the free and open software system would topple the Microsoft Goliath like a modern-day David. That didn't happen. But neither was Linux crushed underfoot.
Claims
Aerial Imagery of Katrina-affected Areas available from MS/B, MDA.
LOS ANGELES October 17, 2005 - Marshall and Swift / Boeckh (MS/B), and MDA Federal, Inc. (MDA Federal), both divisions of MacDonald Dettwiler and Associates Ltd. (MDA), now offer aerial imagery for over 50,000 square miles in areas affected by Hurricane Katrina. The imagery, which is accessed via Internet browser, covers large segments of Louisiana, Mississippi, and Alabama and displays the areas before Katrina made landfall and after the hurricane had passed through. This extensive collection of images is a valuable resource to help identify heavily damaged areas, prepare risk analyses, and estimate claim severity.
Insurance in the Community
High Schools Across Canada Participate in National Students Against Impaired Driving Day 2005.
OTTAWA, Oct. 18, 2005 - High school students from coast to coast are coming together to raise awareness among their peers and their communities to put an end to impaired driving. Hundreds of thousands of Canadian students are taking part in the seventh annual National Students Against Impaired Driving (NSAID) Day today. Groups in more than 600 schools have organized a variety of events including assemblies, demonstrations, games and presentations - all aimed at promoting safe and sober driving.
Consumer Information
Ontario government targets aggressive drivers.
Ontario is getting tough on aggressive drivers. The McGuinty government has introduced the Transit and Road Safety Bill (Bill 169), which has received second reading in the Legislature.
CSIO Insurance Portal Status Update
October 17, 2005:
The CSIO Portal has now been enhanced with a new feature to copy existing quote information into new quotes. This is meant to reduce key strokes and save time. The new copy function allows a user to copy existing quote information into a new quote of the same line of business, or a different line of business.
Marketing and the Market Place
Canadians show strongest investing confidence in four years: Manulife Investor Sentiment Index.
WATERLOO, ON, Oct. 13, 2005 - Despite rising gas prices and other economic pressures, Canadians pushed investor sentiment to its highest level in more than four years, according to a recent national poll for Manulife Financial, Canada's leading insurance and wealth management company.
It's time for businesses to take Risk on Board - New research published today by Lloyd's and the Economist Intelligence Unit.
05 October, 2005 - Despite spending more time on risk management, board directors at global businesses are failing to identify and manage emerging risks effectively, new research published by Lloyd's today reveals.
Canadians lose money by spreading around debts and savings: Manulife Bank research study.
WATERLOO, ON, Oct. 20, 2005 - Nearly two-thirds of Canadian homeowners with household debt surveyed last month say they have never consolidated what they owe, in contrast to a new research study for Manulife Bank of Canada that confirms they could save borrowing costs by combining their debts and short-term assets.
Managing Relationships and Customer Service
MIB to Assist Next of Kin from Hurricanes Katrina and Rita Locate Lost Life Insurance Policies.
Westwood, MA. (October 3, 2005) - MIB Group, Inc. today announced a program whereby the next of kin of victims from Hurricanes Katrina and Rita can use their Policy Locator Service without charge to search for life insurance application activity that may help locate in-force policies, where the victim's records were destroyed by these storms. MIB, a century-old industry trade association that represents nearly 500 U.S. and Canadian insurance carriers, maintains the largest database of information on individuals who have applied for life insurance, which is used by underwriters to detect and deter fraud on policy applications.
from Doug:
Wilma strikes. Alpha is on its way. Are you ready for Hallowe'en?
Under my heritage hat, we had a group of thirty from across Canada for our Fall meeting all day Saturday. It is really quite amazing how much people with a common interest can accomplish. Although we are improving, I often wish we could find ways to celebrate better the components and characteristics of our country. We do have a lot to treasure.