Issue 2005-14: April 5, 2005

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.




Policy and Product Management

Middle East Expansion for Insurance Systems Inc.
March 28, 2005 (Toronto/Beirut) – Insurance Systems Inc. (ISI), a leading provider of web-based solutions to the global property and casualty insurance industry, announced today the signing of its first client in the Middle East Region. Bankers Assurance SAL, the second largest property and casualty insurer in Lebanon, has signed an agreement with ISI for the implementation of WebWriter BackOffice for all lines of general insurance.

Desjardins Financial Security Selects SunGard System to Administer its Group Retirement Business.
Toronto, Canada - Feb 3, 2005 - Desjardins Financial Security today announced it has selected SunGard COMPASS, SunGard Insurance Systems' integrated system, to administer its group retirement savings contracts. SunGard Insurance Systems has been a leading global provider of financial and insurance software solutions for both the individual and employee benefits industries for more than thirty-five years.

Distribution

Applied Systems Canada, Inc. Announces Real-Time Insurance Transactions Powered by WARP for the brokers of The Economical Insurance Group.
Mississauga, Ontario Canada, March 29, 2005: Applied Systems Canada announces that Economical Insurance brokers now have direct, single-click access to Economical's broker portal, from within Applied Systems' agency management system, The Agency Manager® (TAM).

Transamerica Announces First-Ever Webcast Seeking Input From Advisors.
TORONTO, March 28, 2005 - In the first industry event of its kind, Transamerica Life Canada is holding an interactive product development webcast for financial advisors on March 31, 2005 at 1:30pm EST. Advisors across Canada are invited to attend Transamerica's Live Design Group Webcast, where they will work directly with head product actuary Joe Kordovi on the development of future life insurance products and services.

From Canadian Insurance ENEWS: Royal Bank of Canada to open Insurance Outlets.
Royal Bank of Canada, the country's biggest bank, plans to open insurance outlets adjacent to several bank branches in an experiment to see if it can generate traffic between its insurance and bank businesses.

Hurricanes Provide Lessons for Agency Disaster Planning: ACT (IIAA).
ALEXANDRIA, Va., March 29, 2005 - The unusual 2004 hurricane season provided the catalyst for the Agents Council for Technology (ACT) to assemble a work group of affected independent agents and other industry participants to improve the disaster planning process. The product of these discussions is ACT's newest report, "Key Considerations in Disaster Planning & Management for Independent Agencies & Brokerage Firms."

CSIO Insurance Portal Status Update

Week ending 1 April, 2005:
No report on the number of brokers.
Over the last two weeks, Howick Mutual, Kent & Essex Mutual, Kingsway and Wawanesa have all gone into production for auto rates in Ontario.

Business of Insurance

ING Investment Management enters into an agreement with AGF Funds.
March 30, 2005 - Toronto -- ING Investment Management, Inc., a subsidiary of ING Canada Inc. (TSX – IIC. LV), announced today that it has concluded an agreement with AGF Funds Inc. aimed at merging the assets of a number of its ING Funds into AGF Funds. As part of the agreement, AGF Funds will also acquire the ING Canadian Dividend Income Fund which will be renamed AGF Dividend Income Fund. ING Investment Management, Inc. will continue to manage the assets of this fund as the exclusive sub-advisor.

Canada's Leading Pet Insurer Becomes 1st Dedicated Pet Insurance Underwriter, SecuriCan: Petplan.
WINNIPEG, March 30, 2005 - Until very recently all of Canada's pet insurance providers have operated as brokers, with third party Canadian insurance companies operating as their underwriters. Petplan, Canada's leading and oldest pet health insurance broker, with the help of VenGrowth Private Equity Partners, has established federally regulated SecuriCan General Insurance Company.

Office of the Superintendent of Financial Institutions (OSFI): Plan and Priorities 2005-2008.
OSFI released on 29 March 2005 their Plans and Priorities document covering the years 2005 - 2008. This 21 page report contains the following information: OSFI's Accountability Framework, Environmental Assessment, Key Risks and Threats and Major Priorities for the 2005-2008 Planning Period.

From Canadian Insurance ENEWS: A.M. Best: Capital Adequacy Ratio for Canadian Property/Casualty Insurers.
Today the rating company A.M. Best released the paper "Understanding BCAR for Canadian Property/Casualty Insurers.

Consumer Information

Alberta auto insurance premiums coming down.
Premiums for compulsory auto insurance will be coming down as several companies, making up about 50 per cent of the Alberta market, have filed reduced premiums with the Auto Insurance Rate Board.

Electronic Vehicle Identification for Canada: EVI Management Group.
Vancouver, Canada, March 28, 2005 -- Will your next license plate be chipped? Vancouver-based EVI Management is bringing e-Plate to Canada to replace a century-old design with new technology. "The concept is a simple one. Combine the visual identification present in our current license plates with electronic identification matching them to the vehicle," says Patrick McCleery, Chairman of EVI Management.

Marketing and the Market Place

Canadian homeowners continue their love affair with renovations, CIBC poll finds.
TORONTO, Mar 31, 2005 - Nearly half (49%) of Canadian homeowners have renovated their homes in the past two years, according to results from the 2005 CIBC Spring Homeownership Poll released today. On average, homeowners who renovated spent approximately $12,000 on their renovations, and expect that these renovations added just over $17,000 to the resale value of their home.

Managing Relationships and Customer Service

Manulife Financial offers Portus clients referred by Manulife Securities International options for principal return.
TORONTO, March 31, 2005 - Manulife Financial Corporation today informed clients of advisors licensed by its subsidiary Manulife Securities International Ltd. (MSIL) who were referred to the financial products of Portus Alternative Asset Management Inc. that they will be presented with three options for the guarantee of 100 per cent of their principal invested.

eBusiness and Technology

Fiserv Awarded Number 1 Ranking in FinTech 100 by American Banker and Financial Insights.
FRAMINGHAM, Mass., March 22, 2005 - Fiserv (Nasdaq: FISV), Inc., a leading provider of information management solutions for the financial industry, has been ranked No. 1 in the American Banker and Financial Insights FinTech 100. The new annual ranking – which lists providers of financial technology based on global sales to financial services companies - was developed by Financial Insights, an independent research services firm, and American Banker, SourceMedia's flagship daily publication for banking and financial services professionals.

CSC Wins Award from IBM for Use of IBM Technology in a Business Solution.
EL SEGUNDO, Calif., March 28, 2005 -- Computer Sciences Corporation announced that it has received the 2005 IBM PartnerWorld Beacon Award for "Best Use of IBM Technology in a Business Solution by a Global Consultant and Integrator Business Partner." The Beacon Award acknowledges CSC's role in helping property and casualty (P&C) insurers become more responsive, flexible and cost-efficient through its Exceed application software.

from Doug:

Winter returned to Southern Ontario with a vengeance on the weekend, but Spring is wonderfully back early in the week. Many Spring flowers are poking through and some very early ones have blossomed already. Looks good; feels good. Enjoy.


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