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.
Claims
Automated Benefits and Symbility Solutions Inc. Redefine Insurance Claims Management With the Delivery of Mobile Claims 2.8.
WATERLOO, ONTARIO-- Feb. 21, 2007 - Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., redefines Insurance Claims Management with the Delivery of mobile claims 2.8. Symbility has taken insurance claims management to the next level with the release of version 2.8. Symbility's industry-leading value proposition is further strengthened by allowing customers to expeditiously address exterior damage, while continuing to improve on the speed of claims settlement.
Investigating Fires involving Electrical Power Distribution Systems: CAFI Seminar.
CANADIAN ASSOCIATION OF FIRE INVESTIGATORS CHAPTER #006 announces a seminar "Investigating Fires involving Electrical Power Distribution Systems" to be held on 25 April 2007 at Royal SunAlliance Insurance. This seminar will detail the arrangement and function of various electrical system components including switchboard, distribution bus, transformers, panels and wiring, and discuss common failures in these systems and causes of fires.
eBusiness and Technology
NewLink launches the VistaT insurance, wealth management and banking enterprise business framework on the Microsoft VisioT platform
NewLink Group Inc. announces the launch of the VistaT insurance, wealth management and banking enterprise business framework on the Microsoft VisioT platform. NewLink has documented more than 500 business functions in VisioT, ready to be used by organizations during process definition, process improvement or business requirement projects.
ACORD Launches Testing and Certification Facility in London.
LONDON, UK & PEARL RIVER, NY - 22 February 2007 - ACORD launched it's new Testing and Certification Facility (TCF) within the London insurance market, making it easier than ever for ACORD members to test implementations and certify messages for ACORD Document Repository Interface (DRI) standard adoption.
Whitehill Technologies releases IStream Publisher 4.1.
MONCTON, NB, Canada - March 1, 2007 - Whitehill Technologies today announced the release of IStream Publisher 4.1, a major new product release designed to help insurers write new business more quickly.
Consumer Information
2007 Insurance Scam-ademy Awards.
To recognize the worst performances by scam artists in 2006, Insurance Bureau of Canada (IBC) presents the first-annual Scam-ademy Awards.
Allstate reduces auto insurance rates for policyholders in Nova Scotia.
Allstate Insurance Company of Canada will reduce auto insurance rates in
Nova Scotia on average by 12 percent in 2007.
Theft threat grows for owners of most-at-risk vehicles in Manitoba, says MPI.
The odds of a "most-at-risk" vehicle without an immobilizer being stolen have nearly doubled over the past year, warns Manitoba Public Insurance.
CEOs Take on Wellness as Corporate Strategy; Rising Costs of Chronic Diseases Hurting Corporate Profits and Productivity, Finds PricewaterhouseCoopers.
Washington DC, 5 FEB, 2007 – As work becomes more sedentary, the global workforce is becoming fatter, sicker and less productive due to chronic conditions such as heart disease and diabetes, according to a new report prepared by PricewaterhouseCoopers Health Research Institute in conjunction with the World Economic Forum.
Consumers See Electronic Health Records as Important Factor when Choosing a Physician and Are Willing to Pay for the Service, Accenture Research Finds.
NEW YORK; Feb. 26, 2007 - The majority of consumers place some importance on whether a physician has electronic health records when choosing a physician and would be willing to pay for the service, according to research results released today by Accenture.
Business of Insurance
Sovereign Announces Strategic Alliance with U.S.-based Insurer.
CALGARY/BOSTON, Feb. 27, 2007 - The Sovereign General Insurance Company and OneBeacon Insurance Company are pleased to announce the signing of a Strategic Alliance Agreement. The two companies have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.
Finding a Permanent Solution to Terrorism Risk Insurance is a Matter of National Economic Security - Says Willis Group Executive.
WASHINGTON, Feb. 28, 2007 -- Urging renewal of the government's terrorism insurance backstop, Don Bailey, CEO of Willis North America, a subsidiary of Willis Group Holdings, told Congress today that the federal program has stabilized the market and made affordable terrorism coverage available to businesses across the country and in most major industrial sectors.
Swiss Re non-life renewals up 14% benefiting from attractive market conditions and successful retention of Insurance Solutions business.
13 Feb 2007 CET -- Swiss Re has grown its non-life reinsurance portfolio by CHF 1.3 billion or 14%, which reflects successful renewals of business acquired through the acquisition of Insurance Solutions combined with Swiss Re's continued focus on underwriting quality.
Distribution
Hub International Limited Agrees to Be Acquired by Funds Advised by Apax Partners and Morgan Stanley.
CHICAGO, February 26, 2007 - Hub International Limited, one of the leading insurance brokers in North America, announced today that it has entered into an agreement to be acquired by funds advised by Apax Partners ("Apax") together with Morgan Stanley Principal Investments, through an Arrangement Agreement and related Plan of Arrangement.
Marketing and the Market Place
Online Advertising Spending Growth to Level Off: eMarketer.
FEBRUARY 26, 2007 -- Online ad spending may have to settle for heroic, rather than superheroic, growth. Having grown by more than 30% for each of the last three years, online ad spending in the US will rise by less than 19% in 2007, according to new eMarketer estimates. Lower annual growth rates are inevitable for any growing market; as total spending increases, each new dollar represents a smaller percentage of the total.
Progressive Repositions Name in Products It Sells Through Agents to Allow Them to Capitalize on the Strength of the Progressive Brand.
MAYFIELD VILLAGE, Ohio - Feb. 22, 2007 - The Progressive Group of Insurance Companies today announced it is putting the Progressive name first in the names of all of the products it sells to allow independent agents and brokers to capitalize on the power of the Progressive name. This move to a one-brand strategy means the products will be called Progressive Commercial, Progressive Motorcycle, Progressive Boat, etc., and more of the company's branding initiatives will focus on the benefits of insuring a vehicle with a Progressive company regardless of what or how a consumer chooses to buy.
Reference and Statistics
Canada's International travel account deficit soars: StatsCan.
Feb 26, 2007 - Canada's international travel deficit soared to an all-time high in 2006, as spending by Canadians in both the United States and overseas countries climbed to record levels. The deficit, the difference between spending by Canadians abroad and spending by foreigners in Canada, jumped $1.4 billion to an estimated $7.2 billion in 2006. The travel deficit has increased every year since 2002, and in that span, has more than quadrupled.
from Doug:
It was one of those hectic, but hectic good, weekends. Towards the end of last week, winter gave us a major blast. Some cleanup from that - fallen tree limbs - took me away from preparatory tasks. Nonetheless, those flying from across the country made it to our Friday evening gathering. Weekend meetings went well.
Our conference Monday looked to be off to a good start, until flying ice-bombs off the CN Tower and other tall buildings caused road and street closures after 7:00 am. Most attendees arrived on time, but a few were delayed enough to miss the opening speaker or two. The speakers were good and the topics detailed. Attendees and sponsors seemed pleased, and we hope most attendees took away some nuggets of information to help them progress further along the Business Intelligence journey.