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
FINEOS Extends Relationship in Claims Management with IBM by enabling System z.
Dublin, Ireland, August 3, 2007 – FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and social insurance, has extended its relationship with IBM to enable the FINEOS Claims solution to now run on IBM System z.
Automated Benefits Corp.: Symbility Solution Inc.'s mobile claims™ Technology Surpasses 7,000 Users.
WATERLOO, ONTARIO--(July 31, 2007) - Symbility Solutions Inc., a wholly owned subsidiary of Automated Benefits Corp., is pleased to announce a new milestone in the adoption of its mobile claims processing solution, as this week it exceeded 7,000 registered users.
Insurance Carriers Searching for Balance Between People and Technology in Property & Casualty Claims Processing: TowerGroup.
NEEDHAM, MA, July 24, 2007 - Leaders in claims operations are beginning to break away from traditional processes and seek technology to assist them in managing a complex business process that has to date been extremely people intensive. Claims departments have been historically reluctant to adopt technology solutions, perceiving technology as incapable of duplicating the decisioning process of an experienced claims adjuster.
Consumer Information
Don't leave "windows of opportunity" open for thieves this summer, warns BCAA Insurance.
According to BCAA Insurance, summer is the peak time for burglaries and theft-related claims. Homeowners are urged to protect against intruders taking advantage of vacant homes, and windows being left open on warm days.
Ontario Government Launches New Strategy To Support Living Donors.
August 3, 2007 TORONTO - Premier Dalton McGuinty today announced the Ontario government is investing $4 million in a comprehensive new plan to boost organ donations and save lives.
Number of low birth weight babies rising in Canada, reports CIHI.
July 25, 2007-In 2005-2006, about one in 16 babies (6.1%) born in Canadian hospitals was underweight, weighing less than 2,500 grams (or 5.5 pounds), according to new analysis from the Canadian Institute for Health Information (CIHI). This represents a steady increase in the rate of low birth weight babies over the past five years.
WSIB (Ontario) Releases Final Premium Rates for 2008.
TORONTO, July 27, 2007 – The WSIB has announced 2008 premium rates for Schedule 1 employers. It will maintain the average premium rate for 2008 at $2.26 per $100 of insurable earnings. This is unchanged from the 2007 and 2006 average premium rates. The WSIB Board of Directors' decision to not increase the 2008 average premium rate is based on an expectation that health and safety and return-to-work outcomes in Ontario workplaces will continue to improve.
Governments of Canada, Ontario and Quebec to Develop the Ontario-Quebec Continental Gateway and Trade Corridor.
July 30, 2007 MONTREAL - The Honourable Lawrence Cannon, Minister of Transport, Infrastructure and Communities, the Honourable Donna Cansfield, Ontario Minister of Transportation, and Ms. Julie Boulet, Quebec Minister of Transportation, today announced the signing of a Memorandum of Understanding (MOU) on the development of the Ontario-Quebec Continental Gateway and Trade Corridor.
Distribution
Western Financial Group Announces Additional Acquisitions in British Columbia and Alberta.
HIGH RIVER, AB, Aug. 7, 2007 Western Financial Group Inc. announced today that it has completed the acquisition of Blonde & Blonde in Kelowna, BC; Baxter Agencies, formerly a Trans West Insurance office in Lac La Biche, AB; and Nielsen & Wolfe Agencies in Morrin, AB.
Dalbar Canada Advisory Board Meeting - A Resounding Success!
Monday, 30 July 2007, Toronto ON - The Advisory Board forum held on May 25, 2007 at Royal Woodbine Golf Club brought together a group of highly respected financial advisors who offered candid feedback on their online experiences, needs, and expectations that will help financial services firms shape their E-business strategies. Committed to raising the standards of excellence in the industry, the focus of Dalbar's Advisory Board was to measure the impact financial services Web sites play in helping to manage and build an advisor's practice.
Conning Research: Personal Auto Insurers Need Better Understanding of Distribution Channels to Compete in Softening Market.
Hartford, CT, July 30, 2007 - The economics of distribution channels in personal auto insurance can be difficult to understand, and this can present both opportunities and challenges in a softening rate market, according to a new study by Conning Research and Consulting.
Marketing and the Market Place
The Millennials, Financial Services, and the Web: Report Published by Celent.
San Francisco, CA, USA - July 12, 2007 - The college-bound "Millennial" generation born between 1982 and 2000 will represent the next mass affluent group. Financial institutions will need new marketing approaches.
Insurers Use TV, Web for One-Two Punch: eMarketer.
AUGUST 8, 2007 -- Insurers accounted for 28% of the $2.54 billion that the financial services industry spent online in 2006, according to eMarketer estimates. That level of spending on Internet advertising makes the financial services industry second only to retail.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Off 2.2% in June.
Westwood, MA. - (July 31, 2007) North American application activity for individually underwritten life insurance declined -2.2% in June year-over-year, according to the MIB Life Index. Second quarter activity trailed that of Q2 2006 by -1.3%, the smallest year-over-year decline for second quarter activity in the last three years.
eBusiness and Technology
Security risks and organizational culture greatest barriers to Web 2.0 workplace adoption, says KPMG.
(Tuesday July 31, 2007) - The advent of new Web 2.0 technologies such as social networking sites, blogs, wikis and mashups, have created both new opportunities and challenges as organizations grapple with how to maximize the potential benefits of these new media tools, while mitigating their risks.
Gartner Says Traditional Investment Services Firms Must Respond to New Web 2.0 Brokers' Innovation.
STAMFORD, Conn., August 1, 2007 - The new generation of Internet brokerages is creating a revolutionary approach to serving retail investors via the Web, and investment services firms must begin finding ways to adapt to this new marketplace, according to Gartner, Inc.
from Doug:
Another chance last weekend to see relatives and a number of old friends and acquaintances whom I had not see for a while. I took my Mum and Dad to Straftord area for a reception in celebration of Dad's little sister's 60th wedding anniversary. Good visits all round, including with Mum and Dad too.