Raising th Bottom-Line through subrogation efficiency
July 1, 2001 Michael Baumel, head of global subrogation at GE ERCThe area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
Future for insurance risk securitizations immense
July 1, 2001 by Canadian UnderwriterA recently released Swiss Re Sigma report titled “Capital Market Innovation in the Insurance Industry” suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…
Swiss Re report predicts explosive growth in risk securitization products
June 14, 2001 by Canadian UnderwriterA recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into…
ONLINE SALES: THE “BLEEDING EDGE”
May 1, 2001 Vikki SpencerThe writing is on the wall. The insurance industry must move online, and sooner rather than later. Or must it? And what form should this “movement” toward the Internet take? Speakers at the recent Strategy Institute P&C Super Summit offered a range of views on the potential for online success and disaster.
UNLOCKING B.C.’S AUTO MARKET
May 1, 2001 Sean van Zyl, EditorAt the time of writing this article, less than two weeks remained before voters in British Columbia will be asked to choose a new provincial government. And, in the lead-up to B.C.’s provincial election set for May 16, polling results suggest that the current ruling New Democratic Party (NDP) will likely garner less than 20% of the popular vote, while the opposition Liberal Party seems to be favored by 80% of the province’s voters. As media reports in B.C. point out, it is not a case of whether the Liberals will win, but by how much. What does this have to do with the insurance industry? A change in government in B.C. this year – particularly with the Liberals in the driving seat – could herald the beginning of deregulation of the province’s $2.6 billion “basic auto” insurance marketplace which for the last 27 years has been legislatively protected and underwritten by the Insurance Corporation of British Columbia (ICBC).
DARWINISM: a new philosophy driving consolidation
April 1, 2001 Sean van Zyl, EditorIs big really better? Can companies operating in the new global order that would seem to be defining the rules of business governing the property and casualty insurance industry afford not to buy up or get out? These were pivotal issues debated by senior leaders of North American insurance companies at a “national leadership symposium” held in San Francisco and jointly sponsored by The Council of Insurance Agents and Brokers and investment banker Russell Miller Inc.
A NEW ORDER VALUE OR LOST OPPORTUNITY?
March 1, 2001 Sean van Zyl, EditorComing years will see increased attention being brought to bear on the service performance of the claims management side of the insurance business, delegates who attended the recently held Canadian Insurance Claims Managers Association and Canadian Independent Adjusters Association joint…
Has the “Cycle” broken?
December 1, 2000 Steve Hammond, leader of commercial underwriting practices at RoThere is evidence to suggest that the traditional business planning cycle has been bent so far out of shape as to become irrelevant to property and casualty insurance. Faced with the “end of the cycle”, insurers need to find a new barometer.
Empowering leadership in the “technology millennium”
August 1, 2000 Sean van Zyl, EditorReforming company management structures to deal with the rapidly evolving marketplaces of financial services formed the central focus of the International Insurance Association Inc.’s (IIA) 36th annual conference, which was recently held in Vancouver. The prime drivers of change impacting…
Turning a slow corner: Canadian Insurance Congress 2000
July 1, 2000 Sean van Zyl, EditorThe 2000 Canadian Insurance Congress — which this year celebrated its tenth anniversary as Canada’s premier annual reinsurance/primary company CEO forum — drew together a strong cast of speakers from across the sectors of the North American property and casualty…
Multi-Distribution: Switching channels
June 1, 2000 Vikki SpencerRecent management consultant surveys of the North American property and casualty insurance industry have highlighted distribution as the number-one future concern facing insurer CEOs. The reports all weigh strongly in favor of integrated multi-distribution approaches with the Internet playing central…
U.S. fin-reform focuses CEO strategy planning
March 1, 2000 Sean van Zyl, EditorThe repeal of the U.S. Glass-Steagall legislation toward the end of last year has opened what many in the property and casualty insurance industry see as a “Pandora’s box”. The legislation was replaced with the Financial Services Modernization Act of…