Insurance-Canada.ca Newsletter Archive

Issue 2004-32:   Aug 31, 2004

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.




Seminar

Join us on Tuesday Sept 14 for our next Insurance-Canada.ca seminar "Technology Speeds Life Distribution". Harv Luthra, Associate Partner, IBM Business Consulting Services will review "Distribution Trends in the Canadian Marketplace". Register now to hear our expert speakers discuss current issues in Canadian Life Insurance Distribution.

Policy and Product Management

Enterprise Underwriting: Strategic Direction - A White Paper from Camilion Solutions.

August 2004 - An enterprise underwriting environment addresses both the business and the IT organizations' needs by providing a set of systems, tools and process methodologies that leverage the latest in technology standards, allowing executives, underwriters, service representatives, brokers, agents, managers, and IT resources to perform their duties and achieve a level of productivity never possible in the past.

Statistics and Reference

Canadian Economic Outlook, August 2004: SwissRe.

In the face of an apparent slowdown in many of the world? economies, Canada? economy has been resilient. The Ivey Purchasing Managers' Index (PMI) was 51.0 for July, the highest level for the month since 1999 and the 12th consecutive month above 50, indicating growth. The economy grew 0.3% in May. Real Gross Domestic Product (GDP) growth will be 2.7% this year and 3.5% in 2005.

The Summer Issue of Canadian Insurance Magazine Takes to the Stand.

Our Summer issue is in, again showing why our magazine has award winning coverage of the industry as well as layout and design.

eBusiness and Technology

Hyland Software Forms Strategic Partnership with Quintek Services, Inc. to Focus on Insurance Industry.

Hyland Software, Inc., developer of OnBase® enterprise content management (ECM) software, has formed a solution provider relationship with Quintek Services, Inc. (QSI), a wholly owned subsidiary of Quintek Technologies, Inc., and an industry leader in document management services, providing back office solutions for a variety of paper-intensive marketplaces. The initial focus of the relationship will address business process automation and the "intelligent routing" o of information through workflow to the middle market of the insurance industry using Hyland's OnBase solution.

Distribution

Eastbridge Study Finds Worksite Life Sales Outpace Disability.

Study, voluntary life sales outpaced disability sales in 2003, reversing the result seen in 2002. The study tracked 55 worksite marketing carriers, representing almost 90 percent of the estimated $4.321 billion worksite sales volume for 2003.

DALBAR Recognizes the Best Web Sites in the Mutual Fund Industry.

Fidelity Investments, American Century and New York Life are best at supporting the needs of their online customers, according to DALBAR's latest quarterly ranking of Mutual Fund Web sites. These three sites were the only ones out of over 200 Web sites evaluated to earn DALBAR's highest honor, the "Excellent" Web site designation.

The Council Wins Another USA Federal Lawsuit; Nevada's Countersignature Statute Thrown Out.

A US federal judge for the District of Nevada ruled today Nevada's statute that precludes out-of-state insurance brokers from conducting business in the state without the countersignature of a resident agent is unconstitutional.

CSIO Insurance Portal Status Update

Week ending Aug 20: Peel Mutual has now gone live with auto rates complementing their earlier property rates.
There are now 78 brokers signed up and technically integrated to the portal.

Claims

Insurance Payments To Victims Of Hurricane Charley Expected To Reach $7.4 Billion, Says Insurance Information Institute -- Second Most Costly Hurricane in U.S. History.

Insurers are likely to pay out an estimated $7.4 billion to help people whose homes, businesses and personal possessions were damaged by Hurricane Charley, according to the Insurance Information Institute (I.I.I.). The storm, which swept across Florida and into the Carolinas, ranks as the second most costly in U.S. history.

USA Auto Injury Victims Who Hire an Attorney Are Less Likely to Be Satisfied With Their Total Payment: Findings From a New IRC Study.

A new study by the Insurance Research Council (IRC) finds that people injured in an auto accident who hire an attorney are less likely to be satisfied with their total payment than injured people who do not hire an attorney. Almost three-fourths of those without an attorney were satisfied with their total payment, compared to less than half of those who hired an attorney.

Business of Insurance

IBC presents case for confidentiality of proprietary information to Nova Scotia Insurance Review Board.

The Insurance Bureau of Canada (IBC) made a presentation today to the Nova Scotia Insurance Review Board (NSIRB) hearing intended to determine which documents filed in rate applications should be released to the public. This presentation follows IBC's response to the NSIRB in mid-August.

Customer Service and Relationships

J.D. Power and Associates Reports: Satisfaction High among Consumers Using the Internet to Communicate With Their Auto Insurance Provider.

A small but growing group of customers are turning to the Internet rather than phone calls or office visits to communicate with their auto insurance provider, according to the J.D. Power and Associates 2004 National Auto Insurance StudySM released today. While only 7 percent of consumers are using the Internet to check on or update their auto insurance policies, their satisfaction is higher than those who use an automated phone system. In addition, their satisfaction is only slightly lower than those who talk directly with their insurance agent or representative.

TD Waterhouse UK Announces Service Resolution Success With KANA.

KANA®, a leading provider of service resolution management (SRM) solutions, today announced that TD Waterhouse UK, the UK's second largest discount broker, with over 350,000 investors, has revolutionized its approach to customer service after implementing KANA IQ. Following a successful pilot phase, KANA is now helping TD Waterhouse UK reach its goal that each customer call is successfully resolved on the very first contact.

Insurance in the Community

ING Insurance to donate $10,000 to the Peterborough Flood Relief Concert.

ING Insurance is contributing $10,000 to the Peterborough Flood Relief Concert being held on August 6 to help citizens affected by the recent floods and heavy rains.

from Doug:

I feel like the proverbial duck, calm above the surface but paddling like hell underneath - but that said, the activity is exciting. If you are enjoying some vacation, I hope you are finding it a real break; otherwise I trust this summer respite (?) is helping you prepare for the return to business as usual in a week's time.