Canadian Underwriter

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Automated Underwriting: An Art of Science?

June 1, 2004 Sean van Zyl, Editor

While the focus of Canadian insurers in the technology application arena has been primarily on “front-end” interface with brokers, new developments in terms of electronic underwriting tools and risk modeling are slowly beginning to surface as companies have been forced to review their existing legacy-based mainframe systems in order to achieve real-time processing. This has created the opportunity to build “risk filters” into the mainframe architecture with the ability to integrate data from third-party information providers. But, the move by Canadian insurers toward automated underwriting has been slow and cautious relative to advancements made in the U.S. marketplace, possibly due to emerging controversy surrounding the use of policyholders’ individual information – such as credit standing – in setting the price of coverage.

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Insurers 1-Q Returns Confirm Strong Rebound

June 1, 2004 by Canadian Underwriter

The Canadian property and casualty insurance industry increased net profit for the first quarter of this year by more than 4.3 times to $589.6 million compared with the $136.9 million reported for the same period in 2003, according to financial

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The Online Quest

June 1, 2004 Glen Piller

Insurance companies have taken a piecemeal approach to automating their underwriting and distribution processes – with predictable results. The “first generation” of Internet capabilities has had more misses than hits, offering limited inquiry and transactional functions to brokers and agents. The goal of “straight-through processing” remains elusive. But some insurers are headed in the right direction.

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True Value

June 1, 2004 Rick Bauman

Many firms toss around the term “value added services”. But, what does this really mean for the progressive broker?

Tom Warden
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On the Move (May 01, 2004)

May 1, 2004 by Canadian Underwriter

Jean-Francois Blais will take over as CEO of AXA Canada with news of the retirement of Jean-Denis Talon. Blais has been with the company since 1988, most recently as president and COO. Talon will remain as chairman of the company

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CIAB Survey Shows Reduced Commercial Risk Pricing For 1-Q

May 1, 2004 by Canadian Underwriter

The latest quarterly market index produced by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of

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U.S. Cats Cost Insurers Us$963 Million For 1-Q

May 1, 2004 by Canadian Underwriter

U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The

Bob Fitzgerald
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CSIO AGM Stresses Single-Entry Tech Solution

May 1, 2004 by Canadian Underwriter

Bob Fitzgerald, chairman of the Centre for Study of Insurance Operations (CSIO), says that the realization of a single-entry, real-time technology solution in information exchange between brokers and insurers is critical to the future success of the property and casualty

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Commercial Rates Dropping: RIMS Survey

May 1, 2004 by Canadian Underwriter

Commercial insurance buyers report falling rates in property and general liability lines, signaling signs of a softening market, according to the first-quarter 2004 edition of the “Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey”. Property rates fell by 1.5%, RIMS

Lloyd Atkinson
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Outlook for Economic Recovery Looks Promising

May 1, 2004 by Canadian Underwriter

While the so-called stock market rebound this year has “totally lacked conviction”, investors should still look forward to a rosier 2004, economist Dr. Lloyd Atkinson told a recent meeting of the Canadian Insurance Accountants Association (CIAA). Atkinson says that, despite

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How Bad Can a 5% Rate Reduction Really Be?

May 1, 2004 Brian Gray

How bad can a 5% rate reduction really be? The first issue is leverage. Imagine a mythical commercial lines insurer operating with a 10% margin. For every $100 in premium, the combination of underwriting and investment income, net of operating

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Auto Outlook: Dodging Bullets

May 1, 2004 Rowan Saunders

There is clearly great misunderstanding in the general public with regards to insurance overall, but specifically auto insurance. A recent furniture store advertisement depicting a couple gleefully defrauding an insurance company illustrates the opinion floating among some consumers. There is