Industry
Life has not been kind to most technology companies. Those still standing after the "dot.com meltdown" have shown a resilience, even stubbornness, that so many lacked. After 20 years in the insurance automation business, Compu-Quote founder John Savage can count his company among the survivors. The keys to the kingdom, he says, are flexibility in the face of change. And now, with the development of the CSIO Internet portal, Savage prepares for yet another challenge to the company's dominance in the rating system arena.
By Vikki Spencer | January 31, 2003
6 min read
These are difficult times for the Canadian insurance market. Industry cooperation and government action can help the industry as a whole, but in a way, that really is not the point. Each carrier is still faced with finding an appropriate business strategy - no matter what the details of the context they all share. And today, more than ever, the right technology is crucial to successful execution on business strategy.
By Martyn Lambert, chief marketing officer of Sherwood International | January 31, 2003
5 min read
With the passage of Ontario’s auto insurance legislation under Bill-198, insurers may be tempted to revert to dependence on Designated Assessment Centers (DACs) and forego the opinion of Independent Medical Examiners (IMEs). Certainly, the legislation spotlights DACs, making their decisions carry far greater weight and giving them immunity from litigation. As insurers look to drive […]
By Linden Rees, president of Linden Rees Consulting | January 31, 2003
While provincial insurer Manitoba Public Insurance (MPI) produced solid financial return for third-quarter 2002, it has expressed doubts about rising claims costs and the impact on the company’s future bottom-line. While net income for the nine month period to end November of last year rose to $23 million compared with the $11 million reported 12 […]
January 31, 2003
1 min read
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that has final say in determining insurers’ rate increases. In the third quarter to end Sept, 2002, auto insurance rates climbed 8.3%, with the average price for cover by the end of […]
Once again, the Centre for the Study of Insurance Operation's (CSIO) intranet-based insurance portal is set for imminent release. As insurers and brokers hold their breath in the countdown to the project's first-phase April launch date, the industry remains charged with mixed feelings of "general optimism" as well as "uncertainty" based on the many unknown factors that could result in success or failure of the portal over the longer-term. The CSIO points out, however, that one of the biggest hurdles having thwarted past attempts at achieving an industry-wide online, real-time electronic processing solution has been overcome - by the time of the launch date the portal will be carrying a "critical mass" of insurance companies with strong commitment by brokers to sign on. Has the CSIO finally pulled the industry online technology rabbit from the hat?
By Sean van Zyl, Editor | January 31, 2003
11 min read
The emphasis in the world of information technology today is on value justification - how can IT directly improve an insurer's bottom-line? Nowhere is this more relevant for the insurance industry than in the development of new applications.
By Glen Piller president of iter8 Inc. | January 31, 2003
Rating agency A.M. Best says that it will be closing down its Canadian office from June this year, with all activities transferred to the company’s U.S. head-office located in Oldwick, New Jersey. The objective is to streamline the Canadian rating and data reporting operations and to eliminate overlapping activities, A.M. Best says. The rating agency’s […]
U.S. insurers are questioning their ability to pay out on long-tail asbestos claims in the wake of two carriers taking large reserves for environmental claims. First, Travelers Property Casualty Pool took an after tax charge of US$1.3 billion to shore up its asbestos reserves by US$2.55 billion. This resulted in Travelers recording a loss of […]
2 min read
After a dismal year of investment performance from both the bond and equity markets, North American insurers should benefit in 2003 from a modest recovery in returns as the U.S. economy regains its health, says Robert Hartwig, chief economist at the Insurance Information Institute (III). Based on the early robust trading in stock markets in […]
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