Nuclear Insurance A Systematic Approach
June 1, 2005 Craig HarrisDouble entry, merging of documents and a chronic inability to access information for management reports are familiar obstacles in the insurance policy issuance process. A new solution from the Nuclear Insurance Association of Canada (NIAC) enhances the Microsoft operating environment to create straight-through processing of policies. However, it may also have broader applications for the property and casualty insurance industry as a whole.
Technology: Riding The Claims Curve
June 1, 2005 Craig HarrisOnce spinning their wheels with standalone technology products, many insurance companies are now actively pursuing integrated, end-to-end solutions that allow for full management of the claim lifecycle. Modern technology, coupled with a tight focus on business processes and employee training, is giving insurers a chance to accelerate the speed of claims handling and ramp up service standards. The question today, however, is who is staying ahead of the claims curve?
TD Meloche Monnex refunds drivers for underwriting error
March 30, 2005 by Canadian UnderwriterTD Meloche Monnex announced Wednesday it would reimburse some Ontario auto insurance clients for a rating error dating back to 1999.About 155,000 policyholders will receive an average reimbursement for the five-year period of $68, which includes both premium, sales tax…
On the Move (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRoyal & SunAlliance Canada Group has named two new board members: Robert G. McFarlane and Shelley Miller. McFarlane is executive vice president and CFO of TELUS Corp and vice chair of the Business Council of B.C. Miller is a partner…
What’s new: In brief (February 08, 2005)
February 8, 2005 by Canadian UnderwriterU.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back…
What’s new: In brief (January 24, 2005)
January 24, 2005 by Canadian UnderwriterAviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot,…
Regulating Oil Tanks
January 1, 2005 Craig HarrisLeaking domestic oil tanks pose a persistent problem for insurers, particularly in Atlantic Canada and rural areas of Ontario and Quebec. The property and casualty insurance industry finds itself in the rare position of calling for more regulation on how oil tanks are installed, maintained and replaced in key provinces.
New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
Seeking Shelter
October 1, 2004 Paul Kovacs and Ian CampbellHurricanes in focus
IBC criticizes Newfoundland’s latest actuary report
September 8, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit…
What’s new: In brief (June 01, 2004)
June 1, 2004 by Canadian UnderwriterRating errors could cost U.S. auto insurers as much as US$13 billion annually, says a report from QPC. In fact, in an audit of 12 million policies from 10 insurers over the past two years, QPC estimates the rating error…
Technology & Commercial Markets
June 1, 2004 Kevin CampbellEvolving market cycles, emerging regulations and changing industry practices demand responsiveness and flexibility from commercial lines underwriters and brokers. Should insurers not expect the same from their technology?