Issue 2010-18 -- May 4, 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.




Claims

Xactware Network Processes 20 Millionth Claim.
OREM, Utah-Apr. 1, 2010 - Xactware recently reached a major milestone as the 20 millionth full-cycle claims estimate was processed via its XactAnalysis® network. The 20 million claims processed through XactAnalysis have a value of more than $125 billion and include more than 1.7 billion customer-initiated transactions.

PMA Companies Launches New Claims Technology Platform.
Blue Bell, PA - April 26, 2010 - PMA Companies has launched PMA Claim Center as its new claims technology platform. The platform fully integrates with all of PMA's services and is a major systems enhancement. The company is committed to meeting and exceeding client expectations by efficiently managing claims for better outcomes, providing superior customer service, and supporting PMA's ability to do business in any state throughout the country. The announcement came at the RIMS 2010 Annual Conference & Exhibition in Boston.

Policy and Product Management

Sapiens Acquires Harcase, a P&C Insurance Software Provider.
Cary, N.C., April 28, 2010 - Sapiens International Corporation N.V., a global provider of insurance software solutions, announced today that it has acquired Harcase Software, a provider of software solutions to the North American insurance industry. The acquisition brings together Harcase's RapidSure Policy Administration Solution for property and casualty carriers and Sapiens' experience, expertise and proven track record in the insurance industry. Harcase recently merged with Octello, an enterprise software and professional services provider.

Munich Re announces a new EDGE: Life, Disability and Critical Illness Underwriting Manual.
Toronto, April 28, 2010 - Munich Re unveiled its new online underwriting manual, EDGE, to high praise at the Association of Home Office Underwriters (AHOU) conference in San Antonio, Texas. A leading life reinsurance company in North America, Munich Re is rolling out two versions of EDGE, one for Canada and one for the United States to meet the unique needs of each market.

eBusiness and Technology

Tug of War: The Competing Forces That Drive Insurance Technology Strategy: Report Published by Celent.
London, United Kingdom - April 23, 2010 - In a new report, Tug of War: The Competing Forces That Drive Insurance Technology Strategy, Celent presents a model designed to aid in evaluating technology solutions. The model challenges insurers to understand their organisations and their key drivers.

With new SAS® offering, insurers improve risk analysis, capital calculations.
CARY, NC (Apr. 14, 2010) - The financial crisis, economic downturn and soft global market have insurers clamoring to improve transparency and financial performance. To offer organization-wide risk management capabilities, SAS, the leader in business analytics software and services, introduces SAS® Risk Management for Insurance, a comprehensive solution for risk analysis and risk-based capital calculation.

Perception of Data Security at Odds with Reality, Accenture Study Finds.
NEW YORK; April 27, 2010 - Nearly three-quarters of organizations believe they have adequate policies in place to protect sensitive, personal information, yet more than half have lost sensitive data within the past two years - and nearly 60 percent of those organizations acknowledge data loss as a recurring problem, according to findings of a global study released today by Accenture.

Business of Insurance

Industrial Alliance Announces Acquisition of U.S. Life Insurance Company - Texas-based American-Amicable Group Expands Platform for Growth in the U.S. Market.
QUEBEC CITY, April 28 2010 - Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "the Company") announced today the signing of an agreement to acquire all the outstanding shares of American-Amicable Holding, Inc. ("American-Amicable") for a cash consideration of approximately $145 million including estimated excess capital of $45 million (all amounts in Canadian dollars). The transaction, which will be carried out through the Company's wholly-owned U.S. subsidiary IA American Life Insurance Company ("IA American"), will be financed from cash on hand.

Employers Taking Action to Address Pension Costs, Towers Watson Survey Finds.
TORONTO, April 13, 2010 - A vast majority of Canadian employers are taking substantive steps to mitigate the effects of the ongoing funding crisis facing their defined benefit (DB) pension plans, according to a new survey from Towers Watson, a global professional services company. The majority of employers surveyed believe the pension funding crisis is likely to continue beyond the next few years.

New Project - TIRF contracted to complete CTHRC program of research on the link between commercial truck driver licensing standards, training programs and safety performance.
April 7, 2010 - The Traffic Injury Research Foundation (TIRF) is pleased to announce it has been contracted by The Canadian Trucking Human Resources Council (CTHRC) to complete phase two of an ongoing program of research aimed at strengthening the training and licensing process for new drivers of heavy trucks.

Consumer Information

Nova Scotia Insurance Changes Introduced.
April 28, 2010 2:43 PM - Concerns about the fairness of the minor injury cap on pain and suffering awards for automobile accident injuries have been addressed with amendments to the Insurance Act and draft regulations introduced today, April 28.

Industry committed to working with government on implementing auto insurance changes for benefit of Nova Scotians: Insurance Bureau of Canada.
HALIFAX, NS, April 28 2010 - Auto insurance changes announced today by the government will add to claims costs, but the effect on premiums won't be known for some time until consumers and the insurance industry have had time to adapt to the new environment.

SGI discount available for those medically unable to drive.
April 16, 2010 - SGI encourages vehicle owners who are permanently unable to drive for medical reasons to apply for a non-driver medical discount. SGI provides a 20 per cent discount to individuals who are driving age and own vehicles, but do not meet the Canadian Medical Association?s guidelines for driving.

Government of Canada invests in cross-Canada rail safety.
April 14, 2010 - OTTAWA - Canada's Transport Minister John Baird, Rob Merrifield, Minister of State (Transport), and Denis Lebel, Minister of State for the Economic Development Agency of Canada for the Regions of Quebec, today announced that the Government of Canada will upgrade high-priority rail grade crossings across the country - a move that will help to keep Canadian communities safe.

Travelling to Cuba: Medical Insurance is a Must - Desjardins.
LéVIS, QC, April 26 2010 - Desjardins Financial Security, Desjardins Group's life and health insurance company, reminds us that starting May 1, Cuban authorities will require all travellers to the country to obtain insurance policies that cover medical costs. Uninsured travelers may, however, purchase insurance locally.

from Doug:

The Spring has been early; I am late. I finally got the bike out on the weekend and went for a short spin. Now to try to ramp up the exercise program and see if I can regain a bit of the fitness I have lost since late last Fall. And don't forget Mother's Day on Sunday.


Subscribe here or view past issues.