Issue 2009-37 -- September 15, 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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Thanks to Markel Insurance Company for renewing their Professional Section Logo Ad and Listing in:
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Claims
Zurich in Canada Selects Guidewire for a New Claims Handling System.
TORONTO September 9, 2009 - Zurich Insurance Company Ltd (Zurich, Canada), a leading insurance-based financial services provider of property and commercial coverage in Canada, announced today that it will install a new end-to-end claims management solution, provided by Guidewire Software, to increase efficiency.
Disaster Kleenup Canada Ltd. Expands into another New Location – 17th Since Oct. 2008.
Mississauga, ON - July 22, 2009 - Disaster Kleenup Canada Ltd. has expanded its national network to serve even more communities across Canada. Since October 2008 Disaster Kleenup Canada has aggressively grown with the addition of 17 new locations. The addition of yet another new member reinforces the organization’s position as the country’s leading network of restoration professionals.
Distribution
Western Financial Group Announces Acquisition of Manitoba's Largest Insurance Broker.
High River, Alberta - September 8, 2009 (TSX – WES). Western Financial Group ("the Company" or "Western") announced today that it has agreed to acquire all issued and outstanding shares of Winnipeg based Hayhurst Elias Dudek Inc. ("HED") and its subsidiaries, including Securican General Insurance Company ("Securican"). The transaction has been approved by all applicable regulatory bodies and is scheduled to close on or before September 30, 2009. The Company, which currently owns 49% of HED, had been a minority shareholder for almost 3 years.
Broker attitudes towards voluntary sales for 2009 are upbeat, according to Eastbridge's mid-year 2009 survey.
AVON, CONNECTICUT, USA (August 26, 2009) - The latest results of Eastbridge Consulting Group's Voluntary Industry Confidence Index survey show that confidence in the future of the voluntary industry has rebounded overall, but leading that rebound are brokers.
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Policy and Product Management
Getting the Value from Life Policy Administration Systems: The European Insurer Perspective: Report Published by Celent.
Life insurance companies have different perspectives in terms of policy administration systems. Expectations vary, and IT vendors must adapt to insurers’ needs if they want to be successful in the long run, not only in a dedicated market but also on a larger European scale.
Q&A: What's Hot and What's Not: North American P/C Policy Administration Systems: Report Published by Celent.
In August 2009, Donald Light and Jeff Goldberg, senior analysts with Celent's insurance practice, presented a webinar titled "Property/Casualty Policy Administration Systems in North America: What's Hot and What's Not." The webinar itself was based on three recent Celent reports, Policy Administration Systems for Commercial Lines P/C Insurers US 2009, June 2009, Policy Administration Systems for Personal Lines P/C Insurers US 2009, June 2009, and Trends and Predictions for P/C Policy Administration Systems 2009, July 2009.
Managing Relationships and Customer Service
Need to Raise the Bar in Segregated Fund Statements! - Dalbar.
Wednesday, 02 September 2009 - Throughout this study, DALBAR found that overall, segregated fund providers have made improvements to their statements. However, they are still failing in many cases to display personal rates of return, account fees, guarantee amounts, reset options and death benefit guarantee amounts.
Reference and Statistics
MIB Life Index Reports North American Life Insurance Activity Up Slightly in August.
Braintree, MA. – (September 10, 2009) North American application activity for individually underwritten life insurance increased +0.9% in August versus same month last year, according to the MIB Life Indexsm.. Stable application volumes over the past three months suggest a flattening out for the industry in light of last December’s and January’s nearly -9% and -5% decline in volumes from the economic crisis. Year-to-date (YTD), North American activity is off -1.1% compared to the same eight months last year – a half point improvement of where the industry stood August 2008 / 2007 YTD (-1.6%).
SURVEY
Last Call! Survey of 2010 IT Planning for Insurance Companies in Canada
Will IT spending by Insurance Companies in Canada increase, decrease or remain the same?
Insurer IT and business executives are invited to complete the very brief (5 question) survey and receive a free copy of the results. For others, a special price of $500.
Take the survey today at 2010 Insurer IT Planning.
Insurance companies only, please - closes Sept 18.
Survey by Novarica and Insurance-Canada.ca.
Business of Insurance
Manulife Financial receives gold Quality award from National Quality Institute.
WATERLOO, ON, Sept. 8 2009 - Manulife Financial's Canadian Individual Wealth Management Operations has been recognized by the National Quality Institute (NQI) for outstanding achievement in Quality.
Ignoring risk management is risky business: Ernst & Young.
(Toronto, 2 September 2009) Corporate fraud, data theft, financial reporting risk—and a host of others—can cost organizations dearly, says Ernst & Young in a new survey. That’s why it’s so important for today’s businesses to get their risk management strategies right. Doing so protects organizations’ valuable assets, and can also create a competitive advantage.
USA Property-Casualty Forecast & Analysis by Line of Insurance, 2009-2011: Conning Research.
(Hartford, CT) July 13, 2009 - Results for the property-casualty industry over the next few years will be driven by the 2009 recession, mixed insurance premium pricing momentum, and modestly deteriorating underwriting results, according to the most recent Property-Casualty Forecast & Analysis by Conning Research and Consulting.
The Council's P/C Survey: No Hard Market in Sight: CIAB.
WASHINGTON, D.C., July 22, 2009 - Rates for commercial property/casualty premiums idled during the second quarter of the year, according to The Council of Insurance Agents & Brokers' quarterly Commercial P/C Market Index Survey.
Capital Returning to Reinsurance Market, According to Guy Carpenter Update.
New York, August 24, 2009 - A briefing published today by Guy Carpenter & Company, LLC finds that gains in underwriting and a return of calm to the global financial markets have helped some reinsurers regain half or more of the capital they lost as a result of the 2008 financial crisis and windstorms.
Consumer Information
AXA Assistance Canada launches H1N1 pandemic assistance hotline for the business community.
MONTREAL, Sept. 10 2009 - AXA Assistance Canada launches a H1N1 pandemic assistance hotline for management and human resources to support companies with their business continuity plan and reduce disruption in day-to-day activities.
Insurance Bureau of Canada urges Parliament to finish its work on auto theft.
TORONTO, Sept. 10 2009 - Insurance Bureau of Canada (IBC) today strongly urged parliamentarians to work together to ensure that Bill C-26, a sweeping piece of legislation targeting motor vehicle theft, is passed by the Senate as quickly as possible upon Parliament's return on September 14.
from Doug:
Each September our Toronto Cabbagetown community has a Festival, beginning Friday and running through Sunday evening. As there are crowds of people, many residents have lawn or garage sales, or make the space available to others. We have used this opportunity these last two years to reduce our household effects - all those things which had accummulated for years because we just didn't decide to part with them then, and because space was available. The weather was great, the crowds not as large as in past years, but we did unload most of the things. A success - less to clean, less to dump later. One more step down life's journey.
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