Political Tremors
January 1, 2000 Sean van Zyl, EditorWelcome to a bright new bushy-tailed beginning of a year, or for that matter a new millennium, depending on your sentimental versus mathematical calculation. And, indeed, it would appear to be a bright year ahead, with fat company surpluses on…
Software standardizes claim costs
January 1, 2000 Michael AndrewsEach year U.S. insureds are involved in about 35 million automobile accidents. The cost to repair these vehicles tops an eye-popping nine billion dollars — more than the combined 1998 net incomes of Microsoft, Sears and Disney. Not surprisingly, automobile…
Alternative Dispute Resolution: “Virtual Settlement” online
January 1, 2000 Gary Winston, Director and General Manager of Canadian OperationPressed with rising claim costs and cutthroat pricing, insurers are having to look for cost-effective ways to reduce operating costs. Technology is expected to play a significant role in this respect in coming years, however an area offering enormous short-term scope is electronic settlement of casualty losses. Virtual settlement has finally come to Canada.
Learning From the Masters
January 1, 2000 Lowell ConnThe independent adjuster faces an array of challenges in the year ahead, concedes new Ontario Insurance Adjusters Association (OIAA) president Christina Welton. Greater regulatory scrutiny on licensing, a pending court case that could introduce more liability for claims professionals, and…
Brokerlink and Vector hit skids
December 1, 1999 by Canadian UnderwriterThe proposed merger between listed broker consolidators Canada Brokerlink Inc. and Vector Intermediaries Inc. has hit some skids, both companies confess while asserting the merger will still carry on as planned. According to Jon Ouellette, Brokerlink’s vice president of operations,…
Scrambling for loose business
December 1, 1999 Lowell ConnSports insurance is a specialty-lines oddity. It is unprofitable business marred by rising loss payouts not accurately balanced by the premiums generated. It is a competitive market where premium prices should be two or three times their current rate, insiders…
The future of distribution: Keeping our Options Open
December 1, 1999 Doug Davis of Davis Consulting Inc.With increasing attention being brought to bear on the cost of distribution and how to improve competitiveness, insurers and independent brokers alike are repositioning. This, however, is having a noticeable impact on the industry’s “traditional relationships,” leaving many within the industry unsure to the “what”, “where” and “how” of the future of the independent broker profession.
COUNTDOWN to a new era
December 1, 1999 Lowell Conn and Sean van ZylThe 1990s will likely go down as the most momentous period in the modern history of the property and casualty insurance industry, a senior executive with experience dating back to the post WWII era recently stated. From “riches to rags,”…
B.C.’s collision repair industry under the Spotlight
December 1, 1999 Brian Harper, editor of Bodyshop MagazineThe recently held Insurance Corporation of British Columbia’s (ICBC) auto repair symposium drew focus on the forces of change sweeping through the industry, in particular the close relationship that exists between property and casualty insurers and shop operators. Similar to the cost-efficiency driven rationalization occurring across other provinces, B.C.’s own market should be preparing for change if the existing independent players plan on surviving into the new millennium, the speakers warn.
DISTRIBUTION CHANNELS
December 1, 1999 By Lowell ConnMarketing, distribution and technology are no longer separate components of the insurance business, delegates were told at the Institute for International Research’s recently held Distribution & Marketing in Property & Casualty Insurance conference. Multi-distribution channels including call centers and the…
Toronto City struck down in bodyshop fight
December 1, 1999 by Canadian UnderwriterThe Supreme Court of Ontario has ruled in favour of insurers who mounted a challenge against a City of Toronto bylaw outlawing insurers from directing their insureds to preferred bodyshops. “This is a big victory for the industry and for…
Thinking Big From Small
December 1, 1999 Sean van Zyl, EditorMost people in the industry think he has lost his marbles, launching a new property and casualty insurance company in Canada from the ground up in what is widely seen as an overcrowded and cutthroat market. To say that Brian…