Issue 2009-18 -- May 5, 2009
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.
Policy and Product Management
CodeObjects Announces General Availability of CodeObjects Policy Enterprise.
Milpitas, CA, April 28, 2009 - The current economic downturn, combined with an increasingly complex and constantly changing business and regulatory environment, has left the insurance businesses more vulnerable than ever to business failures. Meanwhile, challenges around siloed communication channels, disparate systems, and inflexible legacy technologies have resulted in disjointed business processes fraught with operational redundancies and errors, missed business opportunities, and decreased customer and producer loyalty.
FBL Financial Group, Inc. Cuts Policy Production Time by 80% and Improves Speed-to-Market with Automated Document Management: Oracle Insurance.
FBL Financial Group, Inc., a West Des Moines, Iowa-based insurance holding company, faced the challenges of 20-year old document creation and publication technology that impeded the efficiency of business processes and slowed time-to-market for new policies and documentation. The company wanted to consolidate document creation and enable publishing in one enterprisewide, standardized system to drive policy production and meet regulatory requirements. FBL selected Oracle Documaker to ensure consistent branding and corporate look and feel of documents, position the company as Web-based and portable, and meet recovery time objectives for business continuity.
eBusiness and Technology
CITS Initiative Continues to Develop Guidelines for the Life Insurance Industry: CLIEDIS.
From the initial goal of developing standards for carriers to provide distributors with pending case electronic data feeds, CLIEDIS members have proceeded to develop additional standards for in force business and commissions data feeds. The Canadian Insurance Transaction Standardization (CITS) initiatives continue to be successful because distributors, carriers and vendors agree to work together, they limit the scope of the initiatives, and work to put the needs of the industry ahead of individual needs.
Consumer Information
HealthQuotes.ca announces availability of MultiNational Underwriters International Travel Insurance.
Toronto ON 30 April 2009 - HealthQuotes.ca Inc. now offers from MNU. MultiNational Underwriters®, underwritten by Lloyd's of London, has a variety of travel plans that are ideally suited for international travellers.
Almost three quarters of Canadians do not have a plan to cover the costs of care for aging parents: RBC Insurance Poll.
Mississauga, ON - April 30, 2009 - Despite large numbers of baby boomers facing retirement in the coming years, 71 per cent of Canadians do not have a plan to cover the costs of caring for parents when they get older, according to an RBC Insurance/Ipsos Reid poll.
Ontario Government's Distracted Driving Law To Take Effect This Fall.
TORONTO, April 22 2009 - Legislation to make the province's roads safer by prohibiting the use of hand-held devices to talk, text or e-mail while driving, today received third reading in the legislature. Drivers will be prohibited from using hand-held cell phones and other hand-held electronic entertainment or communications devices while driving. The use of hands-free devices would be permitted.
Canadian Fire Chiefs Urge Quick Passage of Canada Consumer Product Safety Act.
Ottawa, April 22, 2009 - The Canadian Association of Fire Chiefs (CAFC) today urged Parliament to give speedy approval to Bill C-6, the Canada Consumer Product Safety Act (CCPSA) which has just gone to Second Reading in the House of Commons.
Spending on drugs growing at a faster rate than other major health-spending categories: CIHI.
April 16, 2009 - Total drug spending in Canada is estimated to have reached $29.8 billion, or $897 per Canadian, in 2008, according to figures released today by the Canadian Institute for Health Information (CIHI). This represents an estimated annual growth rate of 8.3%, an increase that exceeds other major health-spending categories, such as hospitals and physicians. In 2008, spending on drugs accounted for 17.4% of total health spending—nearly doubling since 1985 (9.5%). Spending on prescribed drugs continues to grow faster (9.0%) than spending on non-prescribed drugs (4.6%). Prescribed drugs are estimated to have accounted for 84% of total drug spending in 2008.
Distribution
Desjardins General Insurance Enhances Its Online Service Offer With New Automobile and Motorcycle Quoters.
Lévis (Québec), April 24, 2009 - Desjardins General Insurance (DGI) has introduced new and improved online automobile and motorcycle insurance quoters. The auto insurance quoter has been completely redesigned and is now shorter, simpler and personalized for users. The new quoter makes it easy for Web users to get an accurate price quickly, compare DGI's different coverage packages and make an informed choice about the best coverage to suit their needs.
Online Insurance Sales in Europe: The Consumer Experience of Car Insurance Websites: Report Published by Celent.
Zurich, Switzerland - April 07, 2009 - In a new report, Online Insurance Sales in Europe: The Consumer Experience of Car Insurance Websites, Celent examines insurers providing the best online insurance purchase experience in the United Kingdom, the Netherlands, Germany, and Italy and identifies which aspects, of those that influence the online purchasing experience, insurers could improve to gain long-term competitive advantage.
Marketing and the Market Place
Sun Life Financial website provides roadmap to help Canadians navigate through today's economy.
TORONTO, April 29 2009 - Eight out of 10 Canadians are worried about the economy, with many people (38 per cent) more concerned about how the recession will impact others than themselves, according to a Leger Marketing survey conducted on behalf of Sun Life Financial. The unease around the economy also has many Canadians rethinking their spending habits with two-thirds of respondents indicating that they have reduced their spending in some way with 27 per cent ensuring that they are spending less.
US Online Sales Up: eMarketer.
APRIL 27, 2009 - Most US economic indicators were down in Q1 2009, but online sales were an exception. According to a survey by Forrester Research and Shop.org, US online retail sales rose an average of 11% in the first three months of 2009.
Managing Relationships and Customer Service
Manulife Financial partners with MediResource Inc. for health portal.
WATERLOO, ON, May 1 2009 - Manulife is launching major enhancements today to its Health eLinks(R) online health resource. The web portal is designed to provide group benefits plan members across Canada with access to an innovative online health library and a new health risk assessment, among other online tools. Advancements to the site were made under an agreement with MediResource, Inc.
Business of Insurance
Economic Slowdown, Regulatory Changes, Business Interruption Top Global Business Risks, Says Aon.
LONDON and CHICAGO, April 20 2009 -- Aon Corporation , the leading provider of global risk management and consulting services, today announced the findings of its 2009 Global Risk Management Survey. Respondents cited the current economic slowdown, regulatory and legislative changes, and business interruption as their top risks.
Reference and Statistics
USA Commercial Market Flat, But Kept Its Tread in First Quarter: CIAB.
Thursday, April 16, 2009 - For the second quarter in a row, commercial property/casualty market premiums continued to level off across small, medium and large accounts, according to The Council of Insurance Agents & Brokers' first quarter 2009 Commercial P/C Market Index Survey.
from Doug:
Spring is for planting. This evening I dug some Loyalist Roses, which others in our heritage group have requested. This rose, a wild rose, was brought from Scotland by the Cameron family, immigrants to the Mohawk Valley west of Albany, Province of NY in 1773. Chased out by their American rebel neighbours, the Camerons as refugees brought the rose bush to their next home in what was then Quebec, today eastern Ontario not far from the Quebec border. Seems we sometimes don't need to go far to dig up some history.