DEVELOPING A PROFESSION
April 1, 2001 Vikki SpencerAt the recent Ontario Risk Management and Insurance Society (ORIMS) professional development day, a host of speakers expressed the need for expanding the knowledge and influence of risk managers in the corporate structure. With new approaches to risk financing and…
LEGAL COUNSEL COSTS: VALUE OR NOT?
April 1, 2001 Paul Iacono, a senior partner at Iacono BrownInsurers today do not retain trial counsel. They retain counsel to prepare a case for settlement with the view that the appropriate legal resources will be available if ever needed. Unfortunately, the current working relationship of hourly billing that exists between insurers and their outside legal counselors has created an ineffective and costly process which cannot go unresolved. However, there are alternative fee solutions which can work for all parties.
ON TOP OF THE WORLD
April 1, 2001 Vikki SpencerThe Risk and Insurance Management Society (RIMS) welcomes the world to Atlanta, Georgia this year. For incoming president David Mair, the annual conference will be a time to celebrate new efforts to increase RIMS’ international flavor. As the world of business becomes “borderless”, the profession is challenged to expand its own boundaries. And lest Canadian members think they will be swallowed up in a larger, more global society, Mair says an increased focus on what makes the Great White North special is taking shape at RIMS.
LEADING THE BROKER CHARGE
March 1, 2001 Vikki SpencerWhat do legendary rockers Aerosmith, boy band *Nsync and the Insurance Brokers Association of Canada have in common? All three were featured in the half-time show of this year’s SuperBowl game. It was a touchdown of sorts for the national…
BRIDGING the paper – digital document divide
March 1, 2001 Robert Finlay, director and general manager, financial services,The spread of computer technology in the business world brought with it the promise of the “paperless” office. But, as it turns out, a great future of hyper efficiency and zero waste has become buried under a mountain of paper.…
SETTING THE STANDARD: Regulators tackle the Internet
February 1, 2001 Lawrie Savage, president of Lawrie Savage & Associates Inc.As insurers dip their toes into the vast ocean of e-commerce, regulators are donning their lifeguard gear in an attempt to protect consumers and the industry itself from the potential dangers lurking there. At home and abroad, the as yet…
Punitive damage claims: AN ARGUMENT FOR COVERAGE
February 1, 2001 Jim Cameron of Cameron & Associates Insurance Consultants Ltd.Just before Christmas, the Supreme Court of Canada heard argument in the case of Whiten v. Pilot. The original trial jury heard evidence that lead them to conclude that Pilot acted in bad faith against its insured Whiten and awarded…
OSFI outsource list
January 1, 2001 by Canadian UnderwriterOutsourcing has burst out of the margins for many property and casualty insurers. The Office of the Superintendent of Financial Institutions (OSFI) lists examples of existing and proposed outsourcing arrangements: .Information system management and maintenance (software development, data entry and…
TPAs Looking for Value
January 1, 2001 Ed Doyle, general manager at Gallagher Bassett Canada Inc.In the past several years we have seen a movement in the Canadian property and casualty insurance industry toward the U.S. model of adjusting claims and handling claims management through third-party administrators (TPAs). In line with this trend, the days…
CRACKING the CASE: INVESTIGATING INSURANCE FRAUD
November 1, 2000 Vikki SpencerWith the rise of high-tech crime fighting equipment and the experts to match the tools, insurers are discovering new ways to crack down on fraud. Far from a victimless crime, fraud accounts for higher premiums and higher taxes as fake…
Managing assets and liabilities: Methodology vs. Mythology
November 1, 2000 Sean van Zyl, EditorLike druids, witches and warlocks of ancient folklore, financial risk evaluators such as actuaries are generally treated by management of financial institutions with a degree of awe and suspicion. The mathematical risk recipes presented by these modern day wizards may…
Rallying Ontario’s Brokers
October 1, 2000 Vikki SpencerIncoming Insurance Brokers Association of Ontario (IBAO) president Dan Danyluk is no stranger to “selling passion”, he says. And, in a time of intense regulatory change, e-commerce explosion and swift market shifts, he intends to sell insurers, brokers and the…