Claims
Accountants have become “human pinatas” following recent corporate scandals, television business analyst Dierdre McMurdy said at the a recent luncheon of the Canadian Insurance Accountants Association (CIAA). While the impact of new public accounting rules, including Ontario’s Bill-213, “remain to be seen”, McMurdy is adamant. “You just can’t legislate integrity. There is a focus now […]
January 31, 2003
1 min read
Industry
It was not hard to find the spanking new offices of Triple D Adjusters Ltd. They occupied the main floor of a new low-rise office building close to one of the city’s main expressway exits. My insurance company used Triple D frequently and my boss, downtown branch manager Fred Wilson, had asked me to attend […]
By Axiom | January 31, 2003
8 min read
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
Risk
In the wake of the collapse of energy-trading giant Enron, the role of financial rating agencies has been called into question. For those that monitor the property and casualty insurance sector, a rise in profile has brought a corresponding increase in questions about what the role of these agencies should be. With the current hard market, the flight to quality has placed added importance on company ratings. Are rating agencies up to the task or falling down on the job?
9 min read
As insurers struggle with diminishing returns and technology challenges, they can look to other industries for examples of the use of interactive technology to achieve efficiency. While "working together" on technology solutions may seem an unachievable panacea, industries as competitive as auto manufacturing have shown that collaborative success is possible.
By Darren Layton, president of X Interactive Technologies | January 31, 2003
5 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
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
The Insurance Bureau of Canada (IBC) is already seeing dividends in its battle against auto theft, with the recovery of 17 vehicles that had been stolen and taken to China. Through a new international relationship with the Chinese Intelligence Bureau (CIB) and Hong Kong Police Force, the IBC was able to bring the vehicles, valued […]
The time has come for change in the way the property and casualty insurance industry handles commercial insurance. Technological innovation can help transform a traditionally paper-intensive process and benefit insurers and brokers. Is the industry up to the challenge?
By Kevin Campbell, president of Tec4 Systems Inc. | January 31, 2003
7 min read
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 […]
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