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What’s New: In Brief (March 28, 2007)


March 28, 2007   by Canadian Underwriter


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The Dominion of Canada General Insurance Company has teamed up with Guidewire Software to modernize and replace The Dominions existing legacy claims system in order to better serve the needs of its policyholders and its network of independent brokers. The Dominions phased ClaimCentre roll-out started with 35 adjusters and will include 300 adjusters by the end of May. This initial phase includes personal automobile and personal property, along with some commercial automobile lines.

The fifth edition of the Deloitte global risk management survey found that added focus is needed on less traditional risks. Only 47% of executives surveyed considered their institution very effective in managing risks associated with business continuity/IT security, 43% each for operational and vendor risk, and 35% for geopolitical risk. The reports authors surveyed chief risk officers or their equivalent at 130 institutions around the world, primarily commercial and retail banks, as well as diversified financial institutions. Of those surveyed, 70% institutions have elevated the responsibility of risk management to the board-level, an increase from the 59% reported in 2004 and 57% in 2002. In addition, the number of institutions with a chief risk officer reached new heights with 84% reporting they now have a CRO in place, up 3% from 2004, while another 8% said they plan to establish the position.


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