Issue 2010-51 -- December 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.




Christmas Greetings from Insurance Canada

Merry Christmas

We wish you and yours a very Merry Christmas. If you do not celebrate Christmas, but have other special times around this period in the year, we wish you a wonderful celebration.

In lieu of cards and in appreciation for you our readers, and a special thanks for you our advertisers, Insurance-Canada.ca is making a donation to one of the insurance-related charities.

To all, we wish a happy and healthy finale to 2010, and the best in 2011.

The origin of New Year's Resolutions: The tradition of the New Year's Resolutions goes all the way back to 153 B.C. Janus, a mythical king of early Rome was placed at the head of the calendar. With two faces, Janus could look back on past events and forward to the future. Janus became the ancient symbol for resolutions and many Romans looked for forgiveness from their enemies and also exchanged gifts before the beginning of each year. The Romans named the first month of the year after this same Janus, also the god of beginnings and the guardian of doors and entrances.




Distribution

Custom Software Solutions Announces Additional Integration Features to SGI's Broker Websites.
December 2010 - Virden, MB - Custom Software Solutions (CSSI) is pleased to announce the following additional integration services to SGI CANADA's Broker websites through use of The Broker's Workstation (TBW) WebConnect tool. WebConnect allows the TBW user to access various insurance company and service bureau websites quickly and easily directly from the TBW interface.

TENCon Panel: Carriers Embrace Social Media To Engage Agents, Consumers.
ALTAMONTE SPRING, Fla. (December 14, 2010) - A recent Reuters newswire article says most insurers are letting consumer technology, including social media networks, get ahead of them. According to general session panelists at this year's Technology, Education & Networking Conference (TENCon), hosted by Applied Systems Client Network (ASCnet) in Chicago, some national and regional carriers are bucking this trend.

Survey: "Enhancing Insurance Customer Communications" Closes Friday

A number of you have participated in this survey - our thanks to you.
For those of you who are brokers or insurers and would be willing to contribute your thoughts and experience on the topic for this reseach, more information and links to take the survey are here. The short ten-minute survey will be open until Friday, Christmas Eve.
This study, "Analytics to Enhance Customer Communications" by Insurance-Canada.ca and SMA Strategy Meets Action and sponsored by IBM, focuses on the use of analytics to enhance those communications - The objective: to increase sales, improve retention, and strengthen the relationship among the parties.

Claims

Guidewire for Claims Management Deployed by Everest National Insurance Company.
LIBERTY CORNER, New Jersey and SAN MATEO, California, December 16, 2010 ? Everest National Insurance Company ("Everest National") and Guidewire Software®, a leading provider of flexible core systems to property/casualty insurers, today announced that Everest National has deployed Guidewire ClaimCenter as its new claims management solution for its commercial lines' claims.


eBusiness and Technology

LOMA Resource and SMA Survey Finds Life Insurance Industry Plans to Increase IT Budget in 2011.
ATLANTA, Nov. 11, 2010 - Ninety-one percent of executives for life insurance companies in North America plan to increase or hold steady their IT budgets in 2011, according to a survey conducted by LOMA and SMA Strategy Meets Action (SMA). This report focuses on the technology spending trends among life and annuity insurers in North America.

Novarica Report: Insurer IT Spending to Increase Modestly in 2011, Core Systems Remain Primary Focus.
December 9, 2010 (New York): Most US insurers will continue to increase their IT budgets for 2011, according to a new report published today by Novarica, a research and advisory firm focused on operations and technology strategy for insurers and financial institutions .

Business of Insurance

Economical Mutual Insurance Company Announces Intention to Demutualize.
WATERLOO, ON, Dec. 14 2010 - The Economical Mutual Insurance Company, one of Canada's largest property and casualty insurance providers, today announced that its Board of Directors intends to pursue a process to convert the Company from its existing mutual ownership structure.

Advisen Report: Weak Economy to Prolong Soft Insurance Market.
New York (Dec. 13, 2010) - Commercial lines property & casualty insurance companies have seen the pricing gains of the 2001-2003 hard market evaporate, but there are few signs that rates will increase in 2011, according to a new report from Advisen Ltd. In the aftermath of the Great Recession, demand for commercial property & casualty insurance coverage remains depressed, but insurance capacity is abundant.


Consumer Information

Five travel tips for your next quick trip.
Hitting the shops in New York City or Seattle? Planning on tailgating at an NFL game south of the border? Is your child heading out of the province for a class trip? Whatever you or your family's next day or weekend trip may be, follow these five simple steps to make sure the time away is enjoyable and safe.

IBC - State of emergency in southwest Ontario highlights need for winter survival kit.
TORONTO, Dec. 14 2010 - Heavy snow stranding hundreds of drivers in southwest Ontario has caused a state of emergency, emphasizing the importance of preparing a winter survival kit before driving, says Insurance Bureau of Canada (IBC).

Manitoba Public Insurance - Fatalities on Manitoba roadways concerning.
December 14, 2010 - With nine Manitobans having been killed on our roadways over a recent five-week span, Manitoba Public Insurance is encouraging all motorists to practice road safety as the holiday season approaches. The data was collected from October 31 to December 3, 2010, explained Ted Hlynsky, Vice-President, Claims Control & Safety Operations, Manitoba Public Insurance.

IBC releases annual list of top 10 stolen vehicles.
TORONTO, Dec. 16 2010 - Insurance Bureau of Canada (IBC) released its annual list of the most frequently stolen vehicles today. Again in 2010, the appearance of high-value, all-wheel/four-wheel drive models on the list demonstrates that sophisticated, organized crime rings are involved.


Marketing and the Market Place

eMarketer: How to Build a Better Banner Ad.
DECEMBER 13, 2010 - And consumers scorn them: 43% of respondents to an online AdweekMedia-Harris Poll said they ignored or disregarded internet banner ads more than paid search ads and those in traditional media - TV, radio and newspapers.

Lloyd's warns risk of cyber attacks must be a board-level concern.
Thu 02 Dec 2010 - Digital risks must be a board-level concern for business as the range, frequency and scale of cyber attacks increases. Many companies are unwittingly vulnerable to the possibility of data leakage, phishing attacks, trojans or advance persistent threats, according to a new report from Lloyd's, the world's leading specialist insurance market, and HP, the world's largest technology company.

eMarketer: Are Consumers Ready to 'Friend' Financial Firms?
DECEMBER 15, 2010 - Connecting with companies and brands has become an integral part of participating in social media for many web users, but some industries can be left out in the cold. According to a white paper from financial services technology solutions provider Fiserv, financial institutions must do more to make those connections seem valuable and take advantage of social media as a loyalty marketing channel.

Reference and Statistics

LIMRA: Appeal of Guaranteed Living Benefit Riders Grows in the Third Quarter, 2010.
WINDSOR, Conn., Dec. 1, 2010 - The election rate of variable annuities (VA) guaranteed living benefit (GLB) riders rose to 89 percent in the third quarter, according to LIMRA's study, which represents 94 percent of the variable annuity GLB industry.

from Doug:

I am looking forward to a relaxing day on Christmas Day, a family dinner at Dad's senior's residence, and then a "down" (from work that is) period from then until the new year. First a family funeral on Friday – at least a moment to reflect on a long (95 years) wonderful life lived, and an opportunity to see many relatives and friends. Why is it that most family gatherings these days seem to be weddings and funerals? Perhaps – I hope – it is just a phase.
In any case, I wish you and yours a merry but thoughtful Christmas season and a happy New Year.


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