Issue 2007-11: March 13, 2007
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information about the use of the Internet and related technologies in the industry, insurance products and the marketplace. Some is international, where we feel it is relevant to Canada.
If you think a fellow employee, or someone else involved in the insurance industry, would have some interest in the information, please tell them about this page. If they wish, they can subscribe from the "Subscribe" link on the page at http://www.insurance-canada.ca/newsletter/newsletter.php.
eBusiness and Technology
DMTI Spatial to Power OEEDC's Web Portal with Location Intelligence.
Markham and Ottawa ON, Canada – Feb 22, 2007. DMTI Spatial, a leading provider of location intelligence solutions, has been selected by McSweeney & Associates, to power the Ontario East Economic Development Commission’s (OEEDC) new web portal. The application of neighbourhood level postal geography and detailed demographic data is advancing the tools available to site selection consultants and streamlining economic development processes.
European Insurance CIO Pressures, Priorities, Projects, and Plans in 2007: Survey Results - Report Published by Celent.
London, United Kingdom, 22 February 2007 -- In a new report from Celent, European Insurance CIO Pressures, Priorities, Projects and Plans in 2007: Survey Results, Celent provides a deep information resource about behaviors, initiatives, challenges, and priorities for 2007 at European insurers.
China Property & Casualty Reinsurance Company signs on with eReinsure.
Salt Lake City, March 5, 2007 - eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, today announced that China Property & Casualty Reinsurance Company Ltd. (A Subsidiary of China Re Group) has contracted to use the company's web based reinsurance platform.
Xactware Releases 2006 Property Report.
Orem, Utah, March 7, 2007 - Xactware recently released its 2006 Property Report, which highlights and analyzes industry trends from the past year.
ING Insurance and Policy Works Exchange Commercial Lines Data Electronically.
Toronto, ON – March 5, 2007 - ING’s proprietary online web tool provides brokers with a single point of entry for commercial lines business. Policy Works automates the marketing of a broker’s commercial risks. Integrating the two systems enables brokers who do business with ING Insurance to upload commercial lines submissions from Policy Works directly into the ING web tool. This eliminates brokers having to enter the same information twice and provides them with quicker turnaround times on quotes.
Policy and Product Management
SunGard Addresses NAVA Straight-Through Processing Initiative.
BIRMINGHAM, AL - March 6, 2007 - SunGard announced today that it is offering a solution to assist in simplifying and improving the electronic annuity purchasing process in support of the Straight-through Processing (STP) initiative by NAVA, the Association for Insured Retirement Solutions.
Looking for Technology to Streamline Your Loss Control Operations?
Leverage the industry-leading solution for loss control inspection – WebWriter Inspection.
- WebWriter Inspection has been created to accommodate your specific inspection needs, increase productivity and assist in managing field inspectors.
- This web-based application combined with the powerful Tablet PC field software integrates data, recommendations, photos and diagrams into a standardized, accessible format.
- Intuitive report formats and data mining capabilities support better underwriting decisions.
For more information or to schedule a demonstration, contact Insurance Systems Inc. at 1-877-777-2231 or email@example.com, or online at www.insurancesystems.ca.
Patients Want More Online Info From Doctors: eMarketer.
MARCH 5, 2007 - The volume of online health information presented by pharmaceutical companies may partially be due to patients' perception that their physicians lack such data, according to a new Illuminas study sponsored by Cisco Systems. "Physician" was the source named most often by respondents when asked which source they would most likely use to find medical information or health management advice.
Business of Insurance
Standard Life welcomes Addenda Capital inc. to its Quality & Choice Investment Program.
MONTREAL, March 7, 2007 - Standard Life Canada announced today the addition of Addenda Capital inc. to its Quality & Choice Investment Program, which is the investment platform for its Group Savings and Retirement business. One of Addenda's successful Canadian Bond strategies is offered as a new investment option in the Quality & Choice program.
Ernst & Young Believes Insurance Industry Could Standardize on IFRS Reporting.
London, 22 February 2007 - Ernst & Young believes the global insurance industry could capitalize on its successful introduction of International Financial Reporting Standards (IFRS) by standardizing presentation and disclosure to improve the value of financial reporting."Insurance companies have clearly made a big investment to comply with IFRS standards.
Conning Announces its Enterprise Risk Management Initiative for Property-Casualty Insurers.
(Hartford, CT) March 7, 2007 - Conning today announced its initiative in Enterprise Risk Management (ERM) for property-casualty insurers, including the release of its AFFIRMTM Enterprise Risk Management software solution. "Conning has been working with property-casualty insurance clients to refine its enterprise risk management process, allowing for integration with the insurers' annual planning process," said Tom McIntyre, director at Conning Research & Consulting.
Guy Carpenter and MMC Securities Publish Fifth Annual Review of Catastrophe Bond Market.
New York, March 5, 2007-- Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), and MMC Securities Corp.*, an affiliate of Guy Carpenter, today announced the publication of The Catastrophe Bond Market at Year-End 2006: Ripples Into Waves. The report, their fifth annual joint study of natural catastrophe bond transaction activity, trends and market dynamics, found that the market momentum resulting from the record storm activity of 2004 and 2005 continued into 2006, with activity across virtually all measurable dimensions surpassing previous records by a large margin.
Gore Mutual Now Offers Commercial Identity Theft Protection.
CAMBRIDGE, ON, March 7, 2007 - Gore Mutual Insurance Company announced today that they have launched an identity theft product designed for business owners. Identity theft has become one of the fastest growing crimes, according to the Government of Canada. Every year, thousands of Canadians are victims of identity theft. The crime is becoming more and more popular as our personal information is easier to access due the increased storage and transfer of data electronically.
Manulife Investments hits $1 billion in sales for Canada's first Guaranteed Minimum Withdrawal Benefit product.
TORONTO, March 6, 2007 - Manulife Investments has broken through the one billion dollar sales milestone just 19 weeks after introducing Canada's first Guaranteed Minimum Withdrawal Benefit (GMWB) product. IncomePlus, launched in Canada, October 23, 2006 by Manulife Investments as a new retirement solution, provides guaranteed monthly payments independent of when an investor retires in the market cycle, as well as growth potential, flexibility and control.
Reference and Statistics
Airline insurance premiums continue to fall as new capacity enters the global market: AON Market Review.
LONDON, 1 March 2007 - The average lead premium in the airline insurance market has fallen at an accelerated rate over the last quarter of 2006 and it could still have further to fall according to the findings of Aon's Airline Insurance Market Review of 2006*. These premium reductions have resulted from additional capacity entering the market through a number of new aviation underwriters and because the loss record for the airline industry has continued to be impressive.
Managing Relationships and Customer Service
Manulife Mutual Funds ranks first in customer service for sixth consecutive year.
TORONTO, March 5, 2007 - For the sixth consecutive year, Manulife Mutual Funds, a division of Elliott & Page Limited, has been named the best in Canada for customer service among its competitors, according to an ongoing study by Environics Research Group. "Customer service is the essence of our business," says Guy Vaillant, Vice-President, Individual Wealth Management Operations, Manulife Financial.
It feels like Spring, warmer weather, some sunshine and day light saving time. I am ready. Son was home for a long weekend and we visited family in Guelph on Sunday. Hope you too are enjoying Spring, near-Spring and/or March Break.
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