Issue 2005-26: June 28, 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.
eBusiness and Technology
Gregory Maciag, ACORD, Releases New Book on Standards and the Competitive Advantage.
ORLANDO, FL - 23 May 2005 - Gregory A. Maciag, president & CEO of ACORD (www.acord.org) released his new book, The Business Information Revolution, at the 2005 ACORD LOMA Insurance Systems Forum. In it, he draws upon his many years in the insurance industry and with data standards to help readers understand not only what standards are, but how they are crucial to remain competitive.
Desjardins Group and CGI Create Strategic Alliance to Offer Canadian Credit Unions Technology Solutions and Services.
Montreal, Quebec, June 15, 2005 - Canadian credit unions will have access to an all-inclusive portfolio of technology solutions, financial products and services thus providing the industry with a wider range of options. This offering is being provided through a strategic alliance between Desjardins Group, the largest integrated cooperative financial group in Canada, and CGI Group Inc., one of the largest independent information technology firms in the world. Canada's network of cooperative financial institutions represents more than 10 million members and over $167 billion in assets.
Consumer Information
Insurance Corporation of British Columbia announces $100 million in rate reductions to customers purchasing ICBC optional insurance.
The Insurance Corporation of British Columbia (ICBC) has announced that more than 1.6 million BC motorists will receive rate reductions totalling $100 million when they renew their optional insurance with ICBC.
IIHS - New Frontal Crash Test Results for 8 Cars: Large Family & Luxury Cars are Good; Most Earn "Best Pick".
ARLINGTON, VA June 19, 2005 A group of five large family cars and three large luxury cars earned top ratings of good in frontal crash tests recently conducted by the Insurance Institute for Highway Safety. Among the family models that were tested Buick LaCrosse, Chrysler 300, Ford Five Hundred, Kia Amanti, and Toyota Avalon all but the Amanti earned the added designation of "best pick" in the frontal test.
Clarica advisors offer Canadians access to 50,000 Best Doctors.
WATERLOO, ON, May 5, 2005 - Clarica advisors are offering Canadians access to 50,000 medical specialists worldwide to help them identify the medical professionals who are most qualified to meet their specific medical needs. Clarica is associated with the Sun Life Financial group of companies.
Taking The Pain Out of the Claim; Part I: Insurers Financial Group
Choosing The Right Remedy When Making A Property Claim.
You have been paying the premiums and now you have a loss. Understanding your responsibilities will ensure your rights will be protected under the insurance policy.
Things you need to know when a property loss occurs...
Alberta WCB - Safety performance heralds lower rates for 2006.
EDMONTON, AB June 16, 2005: At today's WCB Annual General Meeting, workers and employers heard from President and CEO, Guy Kerr that their continued focus on safety is paying dividends in lower costs to the workers' compensation system. In fact, Alberta continues to drive down the injury rate, announcing its lowest point ever at 2.6 injuries per 100 workers covered by WCB – a significant improvement from 4.9 in 1990.
Business of Insurance
OSFI releases survey on public confidence in Canadian financial institutions.
OTTAWA -- June 22, 2005 -- The Office of the Superintendent of Financial Institutions (OSFI) has released the results of a recent survey conducted to gauge public confidence in Canadian financial institutions and pension plans.
Class action discontinued against Manulife in connection with Portus Alternative Asset Management.
TORONTO, June 23, 2005 - The class action commenced against Manulife Securities International Ltd. and Manulife Financial Corporation in connection with Portus Alternative Asset Management has been discontinued. Class counsel asked for discontinuance of the class action after they concluded that the offer by Manulife Securities to acquire the interest of its clients who were referred to Portus by advisors licensed by Manulife Securities was "fair and reasonable". Class counsel has recommended that their clients accept the offer, which expires July 15, 2005.
Guy Carpenter Publishes Review of Lloyd's Market Comprehensive Report Finds Resilient Market and Sustained Profit.
London, June 2, 2005 -- Guy Carpenter & Company, Inc., the leading global risk and reinsurance specialist and a part of the Marsh & McLennan Companies, today announced the release of its third annual review of the Lloyd's market, The Lloyd's Market in 2005. According to the report, the market experienced its third consecutive profitable year, posting a pre-tax gain of £1.36 billion in 2004 despite absorbing £1.19 billion of additional catastrophe losses relative to 2003.
Marketing and the Market Place
Customer Profitability Initiatives Feed Organic Growth and a High Rate of Return - By Cathy Lone-Dawson.
The TowerGroup predicts 2005 is expected to be "a year for organic growth" for financial institutions. In other words, growth will be driven from within, through new products and services, greater operational efficiency and customer networking value.
CSIO Insurance Portal Status Update
Week ending June 24, 2005:
The number of brokers integrated to the portal increased by six over the last two weeks to 187 and the number being implemented stands at 13.
Distribution
RBC Insurance Enhances Its Sales Resource Centre.
Mississauga, June 22, 2005 - RBC Insurance is pleased to announce the re-launch of its Sales Resource Centre for insurance representatives. The newly redesigned site, which is accessible through the RBC Insurance web site, provides more efficient and user-friendly access to valuable life and health insurance sales, marketing and product information designed to help distributors better meet their clients' insurance needs.
Canadian Bankers Association - Canadians Want Better Access to Insurance Information: It Just Makes Sense.
June 22, 2005 TORONTO - The time has come to enhance consumers' ability to make informed choices in Canada's insurance market. Canadians want and should have access to insurance information and referrals when and where they want it – it just makes sense. That's the message that Raymond J. Protti, President and Chief Executive Officer of the Canadian Bankers Association (CBA), delivered today in a speech to the Economic Club of Toronto.
Reference and Statistics
North American Life Insurance Activity Off 3.9% in May: MIB.
(Westwood, Mass. – June 20, 2005) North American application activity for individually underwritten life insurance declined -3.9% in May, year-over-year, according to the MIB Life Index. It was the Index's fourth consecutive monthly drop, and the tenth decline in the last 12 months. Year-to-date application activity was off -3.3% for North America; off -3.4% and -2.5% for the U.S. and Canada.
Managing Relationships and Customer Service
Shaping Tomorrow's Contact Center: Trends & Challenges - Reports Published by Celent.
Shaping Tomorrow's Contact Center: Trends & Challenges - Reports Published by Celent
San Francisco, CA, May 20, 2005 The demands placed upon today's call center are growing. Call centers must deliver the best quality service while being responsible for a growing number of channels and applications. Additionally, agents are not only expected to handle service inquiries, but also to cross sell additional products in support of the industry trend to push products through all channels rather than constrict them to silos.
Manulife to distribute an estimated $200 million to participating Canadian policyholders.
WATERLOO, ON, June 17 2005 - The Manufacturers Life Insurance Company (Manulife) announced today it will distribute an estimated $200 million to participating Canadian policyholders. This is a five per cent increase above the amount distributed last year.
Insurance in the Community
Manulife Financial to donate $10,000 to Canadian Red Cross for Alberta Flood Relief.
"Thousands of people in that province have seen their homes devastated by heavy rains and flooding, and they need our whole-hearted support," said Bruce Gordon, Senior Executive Vice President and General Manager of Manulife Financial, Canada.
from Doug:
Nature again shows the ability to surprise us with record rains (Alberta) and June temperatures. The importance of assessing and managing risk has never been stronger.
We are at the half-year mark of 2005 - already! We probably all have to do better in the seond half, whether that is our own or someone else's assessment. But now that summer is here, and before we tackle that challenge, may we at Insurance-Canada.ca wish you a Happy Canada Day - be safe.