News (July 01, 2002)
July 1, 2002 by Canadian UnderwriterAdjusters Crawford Canada report that all 10,000 “stage one” applications have bee processed in the Walkerton Compensation Plan settlement. Crawford was designated by the courts to administer the settlement following the town’s tainted water crisis and resultant class action in…
Aiming for claims control
July 1, 2002 Vikki SpencerAs insurers, auto manufacturers and other claims supply chain representatives met for the annual AIM Forum in Toronto recently, cost control and injury reduction took the front seat. From the aftermarket parts debate to personal injury claims inflation, speakers noted that insurers and auto makers must find ways to protect against fraud and keep drivers safer, while still keeping a lid on expenses.
SOLID AS A ROCK
July 1, 2002 Vikki SpencerIn an environment of claims cost cutting, increased litigation exposure and heightened competition from “inhouse resources”, the independent adjusting profession faces some tough leadership challenges. And, like “the rock” that he calls home, Arnold Pike believes that as the incoming president of the Canadian Independent Adjusters Association (CIAA), he is ready to guide members through this challenging time. The keys, he says, will be to work toward a “single voice” on issues, and while doing so, “to make some noise” about the value of independent adjusters within the insurance industry.
The Next Phase of AISI
June 1, 2002 Mark Yakabuski, vice president of Ontario at the Insurance BureaThe “auto insurance standard invoice” (AISI) – which applies to personal injury auto claims – has entered a new phase following its introduction six months ago. AISI is now a critical component of the operating environment of both insurers and healthcare providers.
Cover Story: Insurer Technology Solutions Take Root
June 1, 2002 Vikki SpencerInsurers have been sowing the seeds of online technology for several years, and as some within the industry would put it, this has been in the “shopping” phase rather than the “buying” phase. The problem was, while other financial services were putting money into solutions and reaping the benefits, most particularly the banks, insurers have had little to show for their efforts. For an industry accused of lagging behind in the online race, many have been asking when will insurers start to implement online solutions, and see the fruits of their many years of research.
Customer Retention and Claims Technology
June 1, 2002 Colin Smith, vice president of eClaims at Castek Software Inc.As insurance consumers we are inundated with offers and incentives to buy insurance or to switch companies. Most of us stay right where we are until we are given an incentive to leave, which all too often comes in the…
Caught in a Crunch – Auto Insurers Face Litigation Nightmare
May 1, 2002 Vicki SpencerAuto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight — insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
Lindsey Morden losses up in Q1 2002 due to outstanding claims
April 18, 2002 by Canadian UnderwriterInternational adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending…
CICMA/CIAA Joint Conference 2002 Focus on Indemnity
April 1, 2002 Vikki SpencerThere is widespread industry agreement that claims costs are spiraling out of control. The industry’s economic woes cannot simply be tied to inadequate rates, or even catastrophic events such as September 11. At the recent Joint Claims Conference in Toronto,…
Adjusters wade through terrorism wordings
March 1, 2002 by Canadian UnderwriterAs the Ontario Insurance Adjusters Association (OIAA) met for its annual claims conference in Toronto recently, the implications of September 11 were still reverberating. With the introduction of new policy wordings and exclusions, adjusters are facing a far different task…
Enterprising Leadership
March 1, 2002 Vikki SpencerDespite the trials and tribulations of the current market, or perhaps because of them, risk managers have a chance to excel within the corporate structure. Incoming Risk and Insurance Management Society (RIMS) president Chris Mandel, a devotee of the enterprise risk management (ERM) approach says now is the time for risk managers to step up the plate and show their value within their organizations. While the challenges are many, risk managers also have a golden opportunity to shine.
News (February 01, 2002)
February 1, 2002 by Canadian UnderwriterAdjusters, their suppliers, clients and special guests met at the Metro Convention Center in Toronto recently for the Ontario Insurance Adjusters Association annual Christmas Party (see photos below, courtesy Stephanie Lake Photography). The event was also a chance to welcome…