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Issue 2008-32 -- August 26, 2008
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 /newsletter/newsletter.php.
Participants and Sponsors:
Welcome to MSB with a Professional Section annual advertising program of:
- Logo Ads and Listings in:
Thanks to Car Insurance Brokers of Ontario for renewing their Consumer Section annual advertising program with:
eBusiness and Technology
Gartner Says Companies Should Implement Information Access Technologies, Rather Than Buying More Storage, to Manage Old Corporate Data.
STAMFORD, Conn., August 7, 2008 - Organizations that keep all their information because of the threat of litigation and regulatory action, and the fear of losing something that might eventually prove valuable will significantly overspend on storage, according to Gartner Inc. Many CIOs are justifying this approach on the basis that storage is cheap and getting cheaper, but Gartner analysts said CIOs should consider other approaches.
Industrial Alliance and IBM and the "Neurons in Action" project in Quebec City.
This year, all eyes are turned to Québec City, a UNESCO World Heritage site. It all started in 1608 for the French-speaking people of the Americas when Samuel de Champlain decided to settle in “Kébec”. Four centuries later, Québec City is celebrating all that it has become after years of change and encounters between Europe and North America, the First Nations and settlers, and France and England. These are but a few of the many groups that have influenced the evolution of Quebec City; they brought new and innovative ideas that helped shape this beautiful city.
Business of Insurance
Guy Carpenter Publishes Briefing on Carrier Investment Gains and Profitability.
New York, August 7, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today announced the publication of Bag Profits Early: Investment Gains under Pressure, a briefing on the relationship between insurance carrier investment gains and profitability. According to the briefing, asset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains.
Conning Research: Property-Casualty Forecast Through 2010 Released.
(Hartford, CT) July 14, 2008 - The financial condition of the property-casualty industry is strong; and, it should be able to withstand the current price deterioration, according to a new Property-Casualty Industry Forecast by Conning Research and Consulting.
The CIAB Joins Industry in Urging New Program to Share the Costs of Coastal Wind Coverage.
WASHINGTON - July 15, 2008 - The Council of Insurance Agents & Brokers today joined with two major insurers and another agent/broker association in urging enactment of a four-pronged approach to the availability and affordability crisis for coastal wind coverage that would spread the burden among all affected coastal property owners from Texas to Maine.
Policy and Product Management
Celent: Will Your Policy Administration System Support Your Future Growth? Measuring Scalability and Performance (North American Life/Health Edition).
When preparing for a major software acquisition, insurers must not only review requirements and functionality but also guarantee that a vendor’s system will grow with the business and remain valuable over a period of many years.
TransUnion Launches Dynamic Monitoring.
TORONTO, Aug. 19 2008 -- Focusing on more predictive risk management solutions and up-to-date and actionable data, TransUnion today announced the launch of Dynamic Monitoring to pinpoint risks and assist in predicting credit behaviour for the Canadian marketplace. In today's dynamic market and challenging economic climate, this new solution provides greater clarity in managing potential fraud, maximizing marketing efforts and credit and collections portfolios.
Claims
Earthquake Commission of New Zealand Partners with IBM in Successful Deployment of Guidewire ClaimCenter.
SAN MATEO, CA, USA, August 6, 2008 - The Earthquake Commission of New Zealand (EQC), IBM®, and Guidewire Software®, today announced that EQC, in an IBM led implementation, have successfully deployed Guidewire ClaimCenter® to swiftly assess and manage natural disaster claim demands.
Distribution
Despite more caution, most carriers still expect voluntary sales to increase, according to Eastbridge's Industry Confidence Survey.
AVON, CONNECTICUT, USA (July 31, 2008) - The latest results of Eastbridge Consulting Group’s Voluntary Industry Confidence Index survey show that the majority of those in the industry continue to be positive about voluntary sales despite an overall decline in the Confidence Index.
Consumer Information
Insurance Brokers Association of Ontario (IBAO) urges Ontarians to take rain storm precautions.
TORONTO, Aug. 20 - In the name of safety and prevention, and in the wake of recent downpours throughout the province, the Insurance Brokers Association of Ontario (IBAO) reminds Ontario residents to take precautions to reduce the potential damage caused by severe summer rain storms.
Ontario Auto Insurance Rate Approvals for the Second Quarter of 2008: FSCO.
August 2008 - Rate applications approved during the second quarter of 2008 (April 1, 2008 to June 30, 2008) averaged +1.10%, based on the entire market.August 2008 - Rate applications approved during the second quarter of 2008 (April 1, 2008 to June 30, 2008) averaged +1.10%, based on the entire market.
I.I.I. Offers Tips for Insuring College Students' Possessions.
NEW YORK, August 19, 2008 - High gas prices and a weak economy are forcing many families to tighten their belts and make do with less. The expensive array of personal possessions that many students take with them to college would be difficult to replace if damaged in a fire or other disaster, making it more critical than ever for students to have adequate insurance protection, according to the Insurance Information Institute (I.I.I.).
J.D. Power and Associates Reports: Deterioration in Vehicle Quality During the First Three Years of Ownership Has a Major Impact on Customer Satisfaction and Advocacy.
WESTLAKE VILLAGE, Calif.: 7 August 2008 - Deterioration in vehicle quality during the first three years of ownership—determined by comparing long-term dependability rates to initial quality problem rates—strongly affects overall customer satisfaction as well as customer willingness to recommend their vehicle model, according to the J.D. Power and Associates 2008 Vehicle Dependability StudySM (VDS) released today.
IIHS: New crash test results: 4 small SUVs earn Top Safety Pick; good ratings for hybrids, but the Jeep Wrangler is poor in side test.
ARLINGTON, VA - Automakers are improving the crashworthiness of their vehicles and quickly installing side airbags and electronic stability control, an important crash avoidance feature, on more models. The Insurance Institute for Highway Safety recently completed front, side, and rear crash test evaluations of 8 small SUV models. For the first time, every model the Institute tested comes equipped with electronic stability control as standard equipment.
Canadians On Energy Conservation: Ipsos Reid
August 5, 2008 -- Vancouver, BC - Ipsos Reid, in partnership with Municipal World magazine, conducted a survey on Canadians' attitudes towards the energy conservation efforts and responsibilities of the different levels of government (federal, provincial, and municipal). The findings of this research, featured in the August 2008 issue of Municipal World, reveal that few Canadians believe their municipal government is doing a good job when it comes to energy conservation. Only three-in-ten (30%) say their municipal/local government is doing a good job promoting energy conservation among citizens, compared to half (51%) saying their municipal government is doing a poor job in this regard.
Marketing and the Market Place
Social Networks Get Down to Business: eMarketer.
AUGUST 18, 2008 - Do business and socializing mix? Apparently so. As the number of business users of social networks continues to increase, advertising expenditures will rise, too. In the US this year, advertisers will spend $40 million to reach a business audience on online social networks, and that is just the beginning. According to eMarketer projections, that ad spending will reach $210 million in 2012.
from Doug:
We had our heritage group's annual day bus trip on Saturday and explored some of the towns and historical sites in the Niagara Peninsula, the part which is close to Lake Ontario, but west of Niagar-on-the-Lake area which we had visited previously. I find it so fascinating that as soon as you get off the busy thoroughfares and visit the smaller places, the history is so rich. These are the little places one could almost see from one of our busier highways (which I have travelled many times) but which I had never previously taken the time to explore.
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