Issue 2009-33 -- August 18, 2009
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.
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Participants and Sponsors:
Welcome to CAA South Central Ontario with a Consumer Section Advertising Program with Tile ads, Logo ads and Listings in:
Business of Insurance
Webinar: Gaining Clarity by Integrating Business Intelligence with Planning and Consolidation for Insurance – by Deloitte and SAP.
Insurance companies are seeking an integrated view of compliance, risk, and financial information that delivers one version of the truth. Many are also realizing that their planning, budgeting, and forecasting processes need to be redesigned, with Finance and line of business executives now looking for systems to support these new processes.
Manulife signs agreement with AIC Limited to acquire AIC Canadian retail investment funds.
TORONTO, Aug. 12 2009 - Manulife Financial and AIC Limited announced today that Manulife has signed an agreement to acquire AIC's Canadian retail investment fund business. Under the agreement, Manulife Mutual Funds would manage all AIC funds in Canada and AIC would continue to act as a fund sub-advisor for Manulife Mutual Funds.
Distribution
New Policy Works Brings Single Sign-On to Carriers' Commercial Portals.
August 10, 2009 - Calgary, Alberta - Policy Works Inc. is proud to announce the release of the newest version of Policy Works, its industry leading Commercial Management System (CMS). The focus of this release is improving the workflow for brokers using Policy Works’ eMarketing to exchange data electronically with participating carriers.
Agent Portal Quality Helps Drive Carrier Choice for Small Commercial Agents, says New Report from Novarica.
11 August 2009 - NEW YORK - In a wide-ranging survey, research and advisory firm Novarica documents the relationship between key e-business functionalities delivered through portals and agency management system integration, and agent wallet-share.
Claims
RSA Signs Innovation SymbilitySymbility Solution in the UK.
TORONTO, ONTARIO – June 23, 2009 - Symbility Solutions, a wholly-owned subsidiary of Automated Benefits Corp. (TSX-V:AUT), and its UK partner the Innovation Group (LSE: TIG.L) are pleased to announce the adoption of Innovation Symbility, a mobile and desktop claims triage and scoping tool, by RSA Insurance Group plc (RSA) for use throughout the United Kingdom.
ISO Announces NMVTIS Reporting Service for Automotive Recycling Industry.
JERSEY CITY, N.J., August 11, 2009 - ISO announced the launch of a new service to help automobile recyclers, dismantlers, shredders, and junk yards meet the new U.S. Department of Justice requirement to report salvage vehicles to the National Motor Vehicle Title Information System (NMVTIS).
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Policy and Product Management
Novarica Report: Variable Annuity Writers Must Streamline to Thrive.
NEW YORK - 04 August 2009 - Variable annuity writers need to focus on streamlining products and distribution in order to take advantage of changes in the market that make their products more appealing than ever, says two new reports by Novarica, a research and advisory firm serving insurers and wealth management companies. The report results will be presented in a webinar on August 26th at 2 PM ET.
RMS Unveils New Models for Evaluating Earthquake Risk in North America.
Newark, Calif - August 6, 2009 - Risk Management Solutions (RMS) has unveiled its next-generation models for North America earthquake risks, covering the U.S. and Alaska, Canada, and Mexico, delivering them to several hundred insurers and reinsurers globally on Monday. The new models are likely to lead to a reduction in U.S. earthquake insured loss estimates of 10 to 25 percent for the average insurer across all lines of business, with more modest changes in loss estimates for commercial business lines and larger reductions for residential lines.
Reference and Statistics
Recession Keeps Commercial Insurance Premiums Under Pressure, According to RIMS Benchmark Survey™.
NEW YORK (July 28, 2009) - Despite poor financial results, insurance companies continued to compete vigorously for business in the second quarter, according to RIMS Benchmark Survey™, the industry's leading survey of policy renewal prices as reported by North American corporate risk managers. General liability and workers' compensation policies both posted average decreases in renewal premiums. Directors and officers liability (D&O) policies renewed at higher premiums on average, but the increase was due to financial sector companies, a segment that has been bloodied by the subprime mortgage meltdown and credit crisis. Property policies renewed at essentially no change.
MIB Life Index Reports North American Life Insurance Activity Stable in July.
Braintree, MA. - (August 11, 2009) North American application activity for individually underwritten life insurance remained flat in July (0%) compared to the same month last year, according to the MIB Life Index. Flat activity across both June and July 2009 is consistent with activity levels observed for these two summer months since 2007. Year-to-date (YTD), U.S. and Canadian application activity is off -1.4%. July’s activity declined -4.2% versus June 2009.
Managing Relationships and Customer Service
Are You Deceived by Your E-Mail Delivery Rate? eMarketer.
AUGUST 7, 2009 - E-mail marketers are used to seeing reported delivery rates around 95%. However, data from Return Path, an e-mail services company, indicates they may be missing the hard truth. Hard bounces, which are admittedly rare, are not the only reason for nondelivery of e-mail. ISP and corporate filtering systems quietly weed out messages without informing the sender. Some messages end up in bulk or spam folders, while others are, according to Return Path, "completely missing."
What's all That Twitter About – A Lot About Nothing?: Ipsos Reid Study.
June 11, 2009 Calgary, AB - A new study from Ipsos Reid shows that only 26% of online Canadians are aware of Twitter. Of those, 6% reported using the social networking tool. This only equates to 1.45% of the Internet population, or about one percent of the population as a whole. These are some of the findings from "Social Networking: 2009", a new study conducted and released by Ipsos Reid. Study author Mark Laver noted that while "Twitter gets a lot of press, and usage figures show impressive growth, when you look at its awareness and use among mainstream online Canadians, you get a completely different picture."
Consumer Information
RSA stresses need for proper insurance as high number look to rent cottages this summer.
TORONTO, ON July 16, 2009 - With the cottage rental industry experiencing one of its busiest seasons in decades, it’s become even more important for cottage owners to ensure they are properly protected from risks, says leading home, auto and business insurer RSA.
SGI a partner in Heads Up initiative.
July 27, 2009 - Saskatoon Emergency Service (EMS) providers and other organizations concerned about the number of vehicle/pedestrian collisions occuring on Saskatoon streets each year came together today to launch "Heads Up", an awareness campaign to remind Saskatoon residents they need to pay more attention to traffic safety rules. The campaign was officially launched by Saskatoon Mayor Don Atchison and the campaign partners and supporters.
The future's electric for auto industry but barriers may short circuit the sparks, says PricewaterhouseCoopers.
27 July 2009 - The growing potential of electric vehicles is clear from the introductions to the market by both new and established manufacturers, as well as the heavy investment in battery technology. The depth and speed at which electric vehicles will be able to penetrate the market will rely on several factors, but there remains little doubt that this technology will have a significant impact on the automotive industry moving forward. PricewaterhouseCoopers estimates that by 2020, pure electric vehicles (PEVs) could represent between two and five percent of the total output of light vehicles.
from Doug:
Finally, summer in Toronto. I believe our first 30C days, but right along with it the smog alerts. At least it is comfortable taking my bike ride before 8:00 in the morning. The shorter days mean the sun rises later and on part of the ride I now have the sun square in my eyes - a small price to pay for the wonderful riding trails.
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