Issue 2010-05 -- February 2, 2010
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.
eBusiness and Technology
Endsleigh Insurance Case Study: PBBI.
Endsleigh Insurance is a retail based independent insurance intermediary which was founded in 1965. While the original business was focused on student insurance including motor, travel and possessions, the emphasis is now on the provision of insurance and financial products for career people.
Nomination Deadline Approaching for CSIO's 3rd Annual Achievement Award.
January 14, 2010 - March 29, 2010 is the nomination period for the Centre for Study of Insurance Operations (CSIO) 3rd Annual Achievement Award which recognizes the most innovative use of CSIO Standards for the Benefit of the Broker Distribution Channel.
Big Boost Is Forecast for App Stores: eMarketer.
JANUARY 25, 2010 - Most smartphone owners use mobile apps, and they constitute a thriving market that will lead to explosive growth in application store revenues, according to Gartner. More than 4.5 billion mobile applications will be downloaded worldwide in 2010, bringing in some $6.8 billion to app stores. More than eight in 10 applications downloaded this year, however, will be free.
Claims
Guidewire Software Announces ClaimCenter 6.0.
SAN MATEO, California, January 27, 2010 - Guidewire Software®, a leading provider of flexible core systems to property/casualty insurers, today announced the availability of Guidewire ClaimCenter® 6.0, the latest version of its market-leading claims system for property/casualty insurers. ClaimCenter is an end-to-end claims system that manages the entire claim lifecycle from first notice of loss through settlement, litigation, and recovery.
SPECS Limited Opens New Branch Office in Sudbury ON.
Edmonton, AB - January 20, 2010 - SPECS Limited, the country's leading provider of independent property damage valuations and cost control services has opened a new office in Sudbury, ON. The strategic location and the placement of Bill Goulding, Branch Manager, whose extensive knowledge of the construction and restoration markets will allow the company to better serve its insurance clients in the Sudbury market.
Beazley Launches Guidewire ClaimCenter, Ensuring Faster, More Scalable Claims Service.
London, January 20, 2010 - Beazley has completed implementation of Guidewire ClaimCenter® as its new claims handling system. The web-based system will help ensure that superior claims service remains a key differentiator for Beazley as the company continues to grow, both at Lloyd's and internationally.
Product Announcements
Sun Life Financial's group product, my money for life(TM), offers certainty, security, and flexibility for retirement planning.
TORONTO, ON, Jan. 27 2010 - As Canadians plan for their retirement, they want to make sure they don't outlive their savings. Sun Life Financial's Group Retirement Services area is meeting this challenge head-on by making an innovative concept available to group plan members as they approach retirement.
CIGNA International to Offer Individual Private Medical Insurance.
PHILADELPHIA, January 20, 2010 - CIGNA International announced it will develop and offer individual Private Medical Insurance (PMI) to respond to the emerging needs of customers around the globe. CIGNA International - a world leader in global life, accident and health insurance and global expatriate benefits - will provide local PMI for citizens in countries outside the United States as well as to individual expatriates and high net worth individuals.
Business of Insurance
Kingsway announces definitive agreement for the sale of Jevco Insurance Company.
TORONTO, Jan. 25 2010 - Kingsway Financial Services Inc. (NYSE, TSX: KFS) (the "Company") announced today that it has entered into a definitive purchase agreement with The Westaim Corporation (TSX:WED) ("Westaim") pursuant to which, subject to the satisfaction of certain standard closing conditions, including receipt of the approval of the Minister of Finance (Canada), the Company will sell all of the issued and outstanding shares of Jevco Insurance Company ("Jevco") to Westaim for an aggregate purchase price of approximately 94.5% of the book value of Jevco as at December 31, 2009, subject to adjustments.
The Co-operators Opens Its First Offices in Montreal.
MONTREAL, Jan. 28 2010 - The Co-operators is pleased to announce the opening of its first two offices in the Montreal area. Located in �le-Perrot and Beaconsfield, the offices of the first two local Co-operators representatives opened their doors for business on January 18th and 25th respectively.
BC and NS are fighting fit, AB and MB rotund-all governments need to do more in 2010 to shed red tape: CFIB.
Toronto, January 14, 2010 - To wrap up the country's first ever Red Tape Awareness Week, the Canadian Federation of Independent Business (CFIB) is appointing itself as personal trainer to Canadian governments for the coming year and beyond. Instead of focusing on the shedding of calories, however, CFIB will be evaluating provincial performance and challenging all provinces, municipalities and the federal government to make getting serious about reducing red tape a 2010 New Year's resolution.
Conning Research: Small Insurers in Property-Casualty Thrive Despite Industry Consolidation.
(Hartford, CT) January 13, 2010 - Small insurers retain a sizable share of the overall property-casualty market and strong positions in some specific market niches, according to a new study by Conning Research & Consulting.
Reinsurance Rates Decline at January 1, 2010 Reinsurance Renewal, According to Annual Guy Carpenter Briefing.
New York, January 4, 2010 - Reinsurance rates across most lines of property catastrophe business declined at the January 1, 2010 renewal, according to a briefing released today by Guy Carpenter & Company, LLC. The report, Rates Retreat as Capital Rebounds: Global Reinsurance Renewals at January 1, 2010 shows Guy Carpenter's World Catastrophe Rate on Line (ROL) Index declining by six percent at the January 1, 2010 renewal, as the reinsurance market recovered and swiftly recapitalized in the wake of the global financial crisis and large reduction in catastrophe losses.
Reference and Statistics
Low Consumer Demand and Increased Carrier Appetite Drive Soft Market in Fourth Quarter: CIAB.
WASHINGTON, D.C., January 22, 2010 - Commercial property/casualty premium rates continued to fall in the fourth quarter 2009 at about the same 6 percent rate as in the third quarter, according to The Council of Insurance Agents & Brokers' quarterly Commercial P/C Market Index Survey. Low demand continued to put pressure on rates as carriers competed for new business.
Marketing and the Market Place
Men and women have different views of life after 65, Sun Life Financial study finds.
TORONTO, Jan. 21 2010 - The gender gap seems to have extended into Canadians' views of retirement with twice as many men (32 per cent) than women surveyed saying they want to work past age 65, according to the second edition of the Sun Life Canadian Unretirement(TM) Index.
From Dialed-in to Mobile, Canada's Digital Economy Continues to Evolve: Ipsos Reid.
January 25, 2010 - Calgary, AB - For 15 years, Ipsos Reid has been covering the Canadian Internet user and in that time, one thing is very clear - the country has embraced the online world. 2010 marks the 15-year anniversary of the Ipsos Canadian Inter@ctive Reid Report, an ongoing study that monitors Canadian Internet behaviours and attitudes on a monthly basis.
What Marketers Do with Qualified Leads: eMarketer.
JANUARY 27, 2010 - As more publishers are offering cost-per-lead advertising options, prices are going up, according to a study from cost-per-lead marketplace Pontiflex. Marketers are also changing the way they use the qualified leads acquired through cost-per-lead advertising.
Consumer Information
More merits and greater savings for safe drivers under new Driver Safety Rating program: MPIC.
January 25, 2010 - A new program for setting driver's licences and vehicle premiums that will save Manitobans nearly $1 million in driver premiums will come into effect March 1, 2010 announced Manitoba Public Insurance's CEO and President Marilyn McLaren.
from Doug:
Busy times as we go through the final stages of preparation before the Conference on Feb 22. The Insurance-Canada Technology Awards jury met on the weekend, decisions made and awards ordered - we look forward to presenting those at Conference. In the meantime a thousand little details to look after. I know I will be too much on edge that day to really listen to the presentations - I wish I could clone myself as I would like to sit in on all the sessions, let alone just one stream. If you are attending, I look forward to seeing you there.