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.
Claims
Cunningham Lindsey Best Practices Positively Impact Adjuster Performance, says MSB.
LOS ANGELES and DALLAS - MARCH 28, 2007 - Marshall and Swift / Boeckh (MSB), an MDA company and the leading worldwide provider of building cost data and estimating technology to the property insurance industry, announces that an 18-month property claims analytics engagement with Cunningham Lindsey U.S., Inc., a leader in independent claims adjusting and loss management services, has resulted in improved adjuster performance.
The Dominion of Canada General Insurance Company Goes Live with Guidewire ClaimCenter.
TORONTO, Ontario, Canada, and SAN MATEO, California, March 28, 2007 - The Dominion of Canada General Insurance Company, a leading Canadian property and casualty insurer; and Guidewire Software®, a leading provider of technology solutions to property and casualty and workers' compensation insurers, today announced that The Dominion is in production with Guidewire ClaimCenter®. ClaimCenter is being used to modernize and replace the company's existing legacy claims system.
Certified Restoration Drycleaning Network Implements Xactware Tools.
OREM, Utah, March 20, 2007 - Xactimate users looking for specialty dry-cleaning and textile restoration services will have an easier time finding them because of a new agreement between Certified Restoration Drycleaning Network (CRDN) and Xactware. CRDN is implementing XactNet and Xactimate Online - Textile Restoration from Xactware.
Insurers, ISO, And The National Insurance Crime Bureau Implement Initiatives To Improve Antifraud Resources in USA.
JERSEY CITY, N.J., March 26, 2007 - Addressing an industrywide meeting of property/casualty insurance claims and special investigations executives, Susan Q. Hood, State Farm claims vice president and chairperson of an industry fraud data working group, announced a number of enhancements that will help mitigate the impact of fraud on the insurance industry and consumers.
Product Announcements
Wawanesa Insurance includes Identity Fraud coverage at no charge.
Wawanesa Insurance has introduced "Identity Fraud Expense Coverage." The $10,000 coverage has been applied automatically to existing Wawanesa Insurance Home, Tenant, Mobile Home, and Farm package policies at no additional premium.
HUB International Personal Insurance Partners with Hiscox at Lloyd's of London to Provide Homeowners Insurance in High Risk Areas.
CHICAGO--(BUSINESS WIRE)--March 27, 2007--HUB International Personal Insurance, a division of HUB International Limited, today announced the launch of HUBPro(TM), a homeowners' insurance product designed specifically for people living in areas that have a high risk of catastrophic events.
Consumer Information
Is Your Home Properly Insured? Know the Three Most Important Questions to Ask Your Insurer: from I.I.I. (USA)
NEW YORK, March 13, 2007 - For many people, their home is their greatest asset. To protect their investment, homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs, according to the Insurance Information Institute (I.I.I.).
Marketing and the Market Place
Sun Life Financial Announces Integrated Brand Strategy in Canada.
TORONTO, March 26, 2007 - Sun Life Financial Inc. announced today that it is integrating its brand strategy in Canada to more effectively leverage the Sun Life brand. As part of the integrated strategy, the Company also announced that it is retiring the Clarica name.
Eastbridge Consulting Group finds that employers are committed to providing employees a strong benefits package.
AVON, CONNECTICUT, USA (March 13, 2007)—This was one finding in the latest spotlight report from Eastbridge, Worksite MarketVision™—The Employer Viewpoint Revisited. The report updates the landmark MarketVision™ study of 2002 as well as several other employer studies conducted over the last three years.
Managing Relationships and Customer Service
Who ranked No. 1 in DALBAR's Universal Life and Segregated Fund statement analysis?
TORONTO, March 27 - 2007 - Manulife Financial, Standard Life and Canada Life are the best at providing policyholders with informative, appealing and straightforward statements, according to DALBAR's 2007 Universal Life Policyholder Statement Analysis.
eBusiness and Technology
Web Services and SOA in Insurance 2007: Realizing and Communicating the Business Value: Report Published by Celent.
Boston, MA, USA, March 20, 2007 -- Insurers are using Web services and service-oriented architecture (Web services/SOA) to reduce integration costs and make developing systems for new business, underwriting, and claims more efficient and effective, according to a new report from Celent that draws on survey data and interviews from more than 20 insurers..
The Market Reform Vision for 2007 and beyond: Making London the market of choice: Lloyd's Market Reform Group.
In a letter to his constituents, Dane Douetil, Chairman of the Market Reform Group (MRG), offered congratulations on the market's successful delivery on the 2006 contract certainty targets and outlined key elements of the 2007 reform plan.
Made in IBM Labs: IBM Opens "Innovation Factory" Using Collaboration to Accelerate Innovation of New Products, Services.
ORLANDO, FL & CAMBRIDGE, MA - 28 Mar 2007: CTIA Wireless, IBM Labs -- IBM (NYSE: IBM) has opened its "Innovation Factory," a Web 2.0 solution that manufactures ideas and new products and services for business growth. Innovation Factory uses a blend of Web 2.0 social networking technologies to help companies rapidly conceive and test new products and services, accelerating a launch process that often takes years down to mere days.
Business Process Management Suites (BPMS) Will Be Among the Fastest Growing Software Markets through 2011, Says Gartner.
Egham, UK, March 27, 2007 - According to Gartner, the worldwide market for business process management suites (BPMS) will exceed $1 billion in 2007 in total software revenues and will reach $2.6 billion by 2011 as globalisation, the increasing importance of the consumer and the rise of the Internet change the dynamics of business. This will lead to a renewed interest in the management of business process and BPMS in particular as enterprises are looking to use software to better coordinate their entire processes. BPMS will be among the fastest-growing software markets through 2011.
IDC's Financial Insights Asia/Pacific Survey Discusses Key Areas of Strategic Focus for Insurers in 2007
SINGAPORE, March 29, 2007 – Leading independent research and advisory firm, Financial Insights, an IDC company, recently released a report discussing findings from a survey of senior insurance executives conducted in tandem with its FinTech Asia Conference organized in March 2007. The survey results, gleaned from respondents in Singapore and Malaysia, are presented in a report entitled FinTech Asia 2007 Insurance Executive Survey: Peering into the Crystal Ball
Business of Insurance
Conning Research: M&A Transactions up in 2006; Values Expected to Rise in 2007-2008.
(Hartford, CT) March 19, 2007 - Insurance industry mergers and acquisitions transactions increased in 2006 to the highest level since 2001 and may foreshadow an acceleration of activity into 2007-2008, according to a new study by Conning Research and Consulting, Inc. Insurance industry mergers and acquisitions transactions in 2006 increased due to a significant increase in the distribution sector.
from Doug:
We are looking forward to a visit with our parents on this Easter weekend, and a visit from one son. As you take a bit of a break, don't forget to spend a few thoughts on the true meaning of Easter, even if it is amidst the chocolate bunnies.