Issue 2007-09: February 27, 2007
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.
Update on "Business Intelligence" Conference on March 5.
Last chance to catch our only Technology in Insurance Conference this year - register today!
Don't miss the great topics and top-notch speakers, including James Barber, North American Insurance Sales Manager, Information Builders Inc. who in his topic "Accelerating P&C Agility Through Effective Information: A Case Study:" will address:
- business drivers,
- how they delivered prompt business results within an enterprise architecture,
- how they addressed project risk & rework along with lessons learned, impact, and next steps.
For registration and more information on the Business Intelligence conference.
eBusiness and Technology
DMTI Spatial launches the Location Hub™ using a SaaS delivery model for enabling Location Intelligence in the Enterprise.
MARKHAM, ON – Feb 5, 2007 – DMTI Spatial™ (DMTI), a leading provider of location intelligence solutions launches the Location Hub™ using the Software as a Service (SaaS) delivery model. This new market offering represents a more practical and strategic approach to enabling location intelligence in the Enterprise.
Gartner EXP Survey of More than 1,400 CIOs Shows CIOs Must Create Leverage to Remain Relevant to the Business.
STAMFORD, Conn., February 14, 2007 - Two out of three enterprises want to grow faster than the market in 2007 making competitiveness a key goal for CEOs. CIOs are aware of the business priorities in 2007 and the need to improve processes, workforce performance and attract new customers. However, CIO near-term priorities remain internally focused on IT services, according to a worldwide survey of more than 1,400 CIOs by Gartner Executive Programs (EXP). Gartner analysts warn that this disconnect will place CIOs and IT at risk.
Policy and Product Management
SunGard iWORKS Launches Assumed Reinsurance Solution.
Atlanta, GA – February 22, 2007 – SunGard today announced the availability of SunGard iWORKS ProSume, an assumed reinsurance administration solution supporting professional organizations with assumed reinsurance business. SunGard iWORKS reinsurance solutions support the assumed and ceded reinsurance process for general insurance carriers and professional reinsurers. These global solutions are designed to meet the demands of the reinsurance professional regardless of geography and complexity.
SunGard Acquires Maxim Insurance Software Corporation.
Atlanta, GA – February 13, 2007 – SunGard announced today that it has acquired Maxim Insurance Software Corporation (Maximsoft), a leading provider of premium billing systems for the property and casualty industry. Maximsoft will become part of SunGard's iWORKS product family. The transaction, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results.
Industry's Ability to Predict Loss Drives Auto Insurance Rates Lower: I.I.I.
TALLAHASSEE, FL, February 9, 2007 - Florida's auto insurance market is highly competitive because insurers have the ability to incorporate into their pricing decisions a broad range of actuarially sound underwriting factors, including a policyholder's occupation and education, according to the Insurance Information Institute (I.I.I.).
ASCnet Announces 2007 Educational Program.
ALTAMONTE SPRINGS, Fla. (Feb. 22, 2007)The Applied Systems Client Network (ASCnet), the user group for Applied Systems agency management technology, is announcing a power-packed educational program for 2007 that will be punctuated by regional meetings and culminate with the 22nd Annual Technology, Education & Networking Conference (TENCon) in October.
Keal Technology founders receive Ernst & Young, Entrepreneur of the Year Award.
CONCORD, February 2007: The finalists for Ernst & Young Entrepreneur of the Year Awards, Atlantic Canada were on hand October 5, 2006 at the Marriott Harbour Front Hotel in Halifax for an evening gala celebrating the entrepreneurial spirit of Atlantic Canadians. Pat and Lily Durepos captured the Entrepreneur of the Year award in the Service category.
Business of Insurance
Conning Research: Potential for Antiselection and Arbitrage in the Life Industry is on the Rise.
Hartford, CT, January 22, 2007 - The life insurance industry is facing a change in the way investors, agents and individuals respond to the increasing availability of financial and medical information, according to a new study by Conning Research & Consulting, Inc. New advances in medical technology and the availability of medical, genetic, and lifestyle information increase the threats of antiselection and arbitrage in life insurance, but also present opportunities for insurance companies.
Wealth Management in North America: Clients, Products, and Providers: Report Published by Celent.
New York, NY, USA - January 22, 2007 - In the report, Wealth Management in North America: Clients, Products, and Providers, Celent takes a snapshot of the wealth management industry at the start of 2007. According to the report, there are three different major client segments to be considered by wealth management providers.
Ontario's First Safer Living Home Completed: ICLR and Insurance Industry.
SUDBURY, ON, Feb. 19, 2007 - Confronting the challenges of increasingly destructive weather-related catastrophes will require new ways of doing things. And that's exactly what the Designed...for safer living program is all about. Today the program celebrated a milestone as Ontario's first safer living home, designed to withstand winds of 200 km/hour, was completed in Sudbury.
Aviva lowers automobile insurance rates in Nova Scotia.
The owners of 47,000 vehicles insured through the Aviva Canada group in Nova Scotia started paying lower automobile insurance rates as of February.
SGI provides rebate and applies to reduce rates.
Thanks in part to safer driving, SGI is returning $100 million to its customers through a rebate on their 2006 auto insurance premiums. In addition, SGI has applied to the Saskatchewan Rate Review Panel for a general rate reduction of five per cent with rate rebalancing, which would mean more than half of SGI customers will be paying less for their auto insurance.
Marketing and the Market Place
Industrial Alliance Auto and Home Insurance becomes an AIR MILES(R) Sponsor.
QUEBEC CITY, Feb. 19, 2007 - The President of Industrial Alliance Auto and Home Insurance, Michel Laurin, is delighted to announce that Industrial Alliance Auto and Home Insurance is now an official AIR MILES(R) Sponsor. This four-year partnership between the two parties will officially take flight on February 19.
Insurance discounts for motorcycle and ATV enthusiasts - La Capitale General Insurance partners with Motodirect and Quadnet.
QUEBEC CITY, Feb. 21, 2007 - La Capitale General Insurance is proud to announce their new partnership with two major players in the recreational vehicles' sector, Motodirect and Quadnet. La Capitale offers to all members of these two communities, a 10% premium discount on their motorcycle and ATV insurance.
Latest spotlight report from Eastbridge Consulting Group gives insight into what benefit managers are looking at when choosing a voluntary carrier.
AVON, CONNECTICUT, USA (February 20, 2007)-Competition has been intense in the worksite market for a number of years and it shows no signs of letting up. To stay ahead of the game, it is important that carriers really understand all of their customers-including the employer/benefit manager.
Canadians Aged 55+ Have Not Integrated The Internet Into Their Daily Lives: Ipsos Reid.
February 15, 2007 Vancouver, BC - A new study released by Ipsos Reid, Older Canadians and the Internet1, has found that older Canadians lag significantly behind those in other age groups when it comes to their online usage and proficiency, showing that 'digital' divide is still alive and well in Canada.
Landslides with Peter Bobrowsky: Friday Forum, March 23, 2007, by ICLR.
The Institute for Catastrophic Loss Reduction is pleased to invite you to participate in a workshop with Peter Bobrowsky, Senior Research Scientist with the Geological Survey of Canada. In the last 150 years, landslides have killed more individuals in Canada than all other natural hazards combined. Direct and indirect economic losses resulting from landslides are estimated to be in the range of $200-$400 million per year.
The Spring meeting of the heritage group I am actively involved with meets this weekend. Our Insurance Canada BI Conference follows on Monday. Needless to say it is already a hectic week. If you are attending the conference next Monday, I look forward to seeing you there.