Issue 2010-38 -- September 21, 2010

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.




Policy and Product Management

The Business Intelligence Secret Sauce - By Janakiraman Jagannathan, MSB Product Manager.
In today's business world, Business Intelligence (BI) Technology has created a level playing field, but what truly differentiates industry leaders from "me too" analytic users? The answer is in the secret sauce: truly differentiated data. Today, every P&C carrier is committed to using analytics to make informed decisions throughout their business workflow.

New Decision Tool from ISO's Applied Informatix Unit Assesses Risk Using Driving Locations.
JERSEY CITY, N.J., September 13, 2010 - ISO announces the launch of a new vehicle decision tool that will provide insurers with a unique method of analyzing driving location risk using GPS data from telematics devices. The patent-pending GeoMetricTM vehicle decision tool will allow insurers to assess the risk of an insured based on actual driving locations - while also keeping the insured's driving locations private.

Claims

CDRG is Pleased to Welcome Clean-All Environmental Services.
CDRG - Canadian Disaster Restoration Group, Canada's largest network of independent restoration specialists, would like to announce the acceptance of Clean-All Environmental Services of Cornwall, Ontario. Clean-All Environmental Services have been providing insurance restoration services to the Cornwall market since 1997.

Product Announcements

Sun Life Financial and CI Investments introduce SunWise Essential Series for investing, retirement and estate planning.
TORONTO, Sept. 16 2010 - Sun Life Financial and CI Investments today announced the launch of SunWise Essential Series, a new segregated fund solution designed to help Canadians achieve financial security through a guaranteed income for life and other powerful features.

Business of Insurance

Manulife Bank of Canada introduces Manulife Trust Company.
WATERLOO, Sept. 13 2010 - Manulife Bank of Canada has launched Manulife Trust Company to offer Canadians coast-to-coast a range of products available through their financial advisors. "A trust company gives us the opportunity to provide Canadians with additional innovative, market-leading financial solutions," says Doug Conick, President and CEO, Manulife Bank of Canada and Manulife Trust Company.

New Swiss Re sigma study warns against a regulatory over-reaction.
Zurich, 13 September 2010 - While the insurance industry weathered the financial crisis relatively well, acting as a source of stability in the global financial system, the turmoil exposed flaws in the way insurers are regulated. Swiss Re's latest sigma study "Regulatory issues in insurance" finds that improvements could be made to the regulatory environment for insurers, but warns against a potentially damaging over-reaction to the crisis.

Perfect Storm of New Risks and Regulations Reshape Reinsurance Industry, According to Towers Watson.
LONDON and NEW YORK, September 13, 2010 - The growing complexity of reinsurance markets in recent years has ramped up demands on buyers and radically transformed the industry, according to global professional services company Towers Watson.

ISO: USA Property/Casualty Insurers Post Strong Results for First-Half 2010.
JERSEY CITY, N.J., Sept. 16, 2010 - Private U.S. property/casualty insurers' net income after taxes rose to $16.5 billion in first-half 2010 from $6 billion in first-half 2009, with insurers' overall profitability as measured by their annualized rate of return on average policyholders' surplus increasing to 6.3 percent from 2.6 percent.

Marketing and the Market Place

'Debt-freedom' is top financial goal, Manulife Bank survey finds.
WATERLOO, ON, Sept. 16 2010 - More than two-thirds of Canadians in a national survey rank being debt-free among their top financial priorities, yet close to half feel they lost ground or only held steady in the past year in their struggle to reach their goal, according to an online poll of 1,000 Canadians.

Consumer Information

Planning for Executive Benefits: Cowan Insurance Group.
Supplementary Employee Retirement Plans (SERPs) are generally considered one element of a total rewards strategy for senior executives whose contribution levels are limited by the Income Tax Act (ITA). For this reason, providing a SERP can be a key benefit in attracting and retaining high income employees as the workforce ages and retirement income continues to become a higher priority. It is an essential element for Canadian employers who want to offer competitive pension benefits.

The Reality of Home Renovations: TitlePlus/LAWPRO.
TORONTO, Sept. 13 2010 - Home renovations are taking place in Canadian homes on a daily basis and at a remarkable speed. Reality television may leave homeowners with the impression that a kitchen can be gutted between commercial breaks, a wall insulated in moments and an exterior addition completed within the hour. Adding value to the sale of your home or simply adding to the enjoyment of your own home is not a new phenomenon for Canadians. However, the lightning speed of these "reality" renovations can mislead the average homeowner in their own renovation plans and leave behind costs that exceed the home's renovated value.

Celebrating Pet Health Insurance Month with Petsecure Pet Insurance.
Winnipeg, Manitoba - September 1, 2010: September marks the fifth annual National Pet Health Insurance Month. Throughout the month, Petsecure, Canada's oldest and largest pet insurance company, will be sponsoring a nationwide contest and teaming up with major partners within the pet community to promote the importance of pet insurance.

Insurance Bureau of Canada: Your college and university kids are back at school: Do they have adequate insurance coverage?
EDMONTON, Sept. 13 2010 - You helped unpack their belongings, make their beds and fill their kitchen cupboards, but now that they're settled in and you're back at home, are you sure your college and university kids have the right insurance coverage in case something happens?

Slow to 60 for safety: Saskatchewan Government Insurance.
We all want to reach our destinations safely when we're on the road, but the safety of others we encounter while we travel is just as important. On average each year in Saskatchewan, there are 60 vehicle crashes involving an emergency vehicle, resulting in approximately 17 injuries. Prevention, by following safety guidelines when meeting emergency vehicles, can reduce the number of crashes and injuries,

Young Drivers Are 41% More Likely to Make Claims: Aviva.
September 14, 2010 - (Toronto, ON) - With high schools, colleges and universities back in session, Aviva Canada Inc., one of the country's leading providers of home, auto, recreational vehicle, group and business insurance, reminds young drivers and their parents about the importance of proper driving education and road safety.

from Doug:

My father-in-law has been in and out of hospital several times over the last six months. The latest visit was instigated by extreme pain. He was there for about three weeks while various assessments were undertaken, and drugs tested. He started using a drug pump about a week ago and that has helped quite a lot. He also declined further treatment, and then moved to a hospice. We all hope that the care he receives there will help him through the next while. Small consolation, but at least with these decisions made, everyone's stress levels have diminished somewhat.


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