Issue 2008-44 -- November 18, 2008

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.




Distribution

Keal and Economical Insurance Announce Commercial Integration.
TORONTO, ON, November 12, 2008 - Today, Keal Technology and The Economical Insurance Group® (TEIG®) have announced a joint venture to integrate their systems for the benefit of their brokers.

Top Trends in UK Distribution : A General Insurance View: Report Published by Celent.
The distribution landscape looks very different since the advent of the direct channel. This transition continues to develop, with the UK market experiencing shifts in sales to new channels, such as aggregators and affinity partnerships. In a new report, Top Trends in UK Distribution: A General Insurance View, Celent discusses the changes in this landscape and poses some considerations for IT strategists.

Eastbridge announces a report designed to help you stay on top of the competition in the voluntary UL / WL market!
AVON, CONNECTICUT, USA (November 6, 2008) - Life insurance is a mainstay in virtually every carrier's voluntary product portfolio. In fact, life insurance is one of the most frequently sold voluntary products as well as the most commonly owned product. Based on the U.S. Worksite Sales Study, the new business annualized sales in 2007 for universal and whole life products was over $350 million.

Claims

FINEOS Announces Successful Global Claims Summit.
Dublin, Ireland, November 07, 2008 - FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today concluded its annual FINEOS Claims Global Summit in Boston, USA. This year's event, sponsored by FINEOS, IBM and other FINEOS partners, was attended by representatives from over 20 organisations from the USA, Canada, Australia, New Zealand, Europe and Africa.

Policy and Product Management

Guy Carpenter's New Casualty Cat Model Helps Carriers Uncover Hidden Risks.
New York, October 27, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, today published a briefing focusing on product liability applications of its newly launched Casualty Cat model. Jointly developed with Arium, Ltd., the model helps carriers identify the hidden product liability accumulations in their portfolios, delivering the insights needed to take action and protect their capital.

Marketing and the Market Place

La Capitale General Insurance invests in the snowmobile industry.
QUEBEC CITY, Nov. 5 2008 - La Capitale General Insurance is proud to announce its large-scale participation in the snowmobile sector of Quebec. Beginning in mid-December, La Capitale will be the official presenter of snowmobile trail conditions on The Weather Network in collaboration with the Quebec Snowmobilers Association (AdmdQ), the Casino de Charlevoix and DataDot Technology Canada. With more than 10 presentations per day on The Weather Network, La Capitale is clearly identifying with the distinctly Quebec pastime of snowmobiling.

For Straight Answers on Insurance - Aviva is the Solution.
October 20, 2008 (Toronto, ON) – Aviva Canada Inc., one of the country's largest home, auto and business insurance groups, announced today that it has launched the second leg of a brand positioning and integrated business approach aimed at providing Canadians with a forum to ask the tough questions and get "straight answers" on insurance.

CFIB: Update 6: Business Barometer for week of November 10 - Outlook by small business remains unsettled; too early to gauge if worst is over.
November 13, 2008 - Toronto - After weeks of turbulence in the world's financial markets and concerns of cascading effects on the Canadian economy as a whole, new research findings for this week show the outlook by this country's small business sector remains unsettled and that it's too early to tell if the worst is over. The information was gathered by the Canadian Federation of Independent Business (CFIB) in its sixth straight week of surveying small-business members.

Consumer Information

Travel Guard introduces website containing travel information, advice, and resources,
TORONTO, Nov. 12, 2008 - Thinking about a winter beach vacation? Planning ahead for March Break? For the millions of Canadians who like to research their travel plans before leaving home*, Travel Guard has introduced Savvy Traveller.




2009 P&C Insurance Technology Conference: "Leadership: The Business-IT Imperative"


The seventh annual Insurance-Canada.ca P&C Technology Conference Monday 23 February 2009 in Toronto.

Speakers and Topics include:

  • Industry Leaders' Perspective: Transformation Through New Insurance Technology
    Chuck Johnson, Vice President of Strategy and Alliances, Oracle Insurance

With a vision of what the market will look like in a few years, Chuck will provide insight into how insurers can respond strategically to dynamic market needs and transform their businesses by leveraging modern, open and integrated insurance-specific applications. More details.

For early program information and event details, see the conference overview.




eBusiness and Technology

ACORD White Paper Examines Role of Standards in Solvency II Preparedness.
PEARL RIVER, NY - October 15, 2008 - As Solvency II moves forward in Europe, ACORD examined the ways in which existing ACORD standards can help companies, brokers, and supervisors prepare to meet the requirements.

Forrester Projects Which Enterprise Web 2.0 Collaboration Technologies Will Grow, Which Will Decline.
Cambridge, Mass., November 3, 2008 - As IT departments struggle to justify technology spend during trying economic times and vendor companies look to capitalize on the exploding market for social technologies, Forrester Research, Inc. has released new research that tracks the business value, maturity, and future adoption of enterprise Web 2.0 collaboration tools. Forrester's TechRadar™ methodology helps enterprise technology buyers understand which emerging technologies they should consider adopting and those they should consider retiring - and when.

Reference and Statistics

Ontario Auto Insurance Rates for the Third Quarter of 2008: FSCO.
Rate applications approved during the third quarter of 2008 (July 1, 2008 to September 30, 2008) averaged =0.87%, based on the entire market.The rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and =0.55%, respectively, for the entire market.

Commercial P/C Premiums Continue to Drop in Third Quarter: CIAB Survey.
WASHINGTON - Oct. 22, 2008 – Commercial property/casualty premiums continued a downward slide during the third quarter of 2008, but there were suggestions the market decline may have leveled off, at least between July and September, for small and mid-sized accounts, according to the latest Commercial P/C Market Index Survey by The Council of Insurance Agents & Brokers.

Business of Insurance

Conning Research : Weakness in Defined Contribution Plans Presents Opportunity for Insurers.
(Hartford, CT) October 28, 2008 - Insurers are beginning to seize a unique opportunity to help employees minimize the risks associated with Defined Contribution Plans such as 401(k) plans, and at the same time compete more effectively with mutual funds, according to a new study by Conning Research and Consulting.

Helios ahead of the curve with its Guaranteed Lifetime Withdrawal Benefit: Desjardins Financial Security,
Montréal, October 23, 2008 -- Desjardins Financial Security announced three new features to its Helios Guaranteed Investment Funds Contract today that will help Canadians reach their retirement objectives more easily. Starting on December 1, 2008, this product will offer a Guaranteed Lifetime Withdrawal Benefit providing age-based income options, an annual protected value reset and the highest accumulation bonus in Canada.

Ernst & Young recommends constructive evolution of regulatory guidance for insurance industry amid the financial crisis.
Zurich, 10 November 2008 - The insurance industry and regulators should use the current global financial crisis to drive a constructive evolution of regulatory guidance, says Ernst & Young's Global Insurance Center.

from Doug:

The front porch on our late nineteenth-century Victorian semi-detached house has been in need of some repairs for a long while. Finally our contractor showed up a couple of weeks ago and along with a number of other outside repairs, rebuilt the porch. It looks really great, an even better fit in the designated heritage district where we live. Now the big issue is its appearance – raw wood. The weather turned cold just when construction ended. Will we have another warm spell, warm enough and long enough that at least one coat of protective paint can be applied?


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