Value Judgment
December 1, 2005 Frank Cain, Michael Palermo & Associates Insurance Ltd.Insurers and policyholders need to make sure they both understand what they mean when they use the term “value.” A plethora of Canadian court cases indicates the term may not have as obvious a meaning as we would like to believe…
GCAN Insurance Company acquired by Ontario teachers
October 3, 2005 by Canadian UnderwriterTeachers’ Private Capital the private investment arm of the Ontario Teachers’ Pension Plan will purchase Canadian p&c insurer GCAN Insurance Company for an undisclosed amount from Torquest Partners Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian…
Part II: A Blindfold Performance
September 1, 2005 by Canadian UnderwriterWhen we last met in the April 2005 issue of Canadian Underwriter, Stan was reeling from the ride on the rollercoaster that is both his life and his life’s work. Faced with mysteriously rising claims costs, creeping men in gray flannel and a fire-breathing executive, he thought his number had come up. At the last moment, however, came a new tool that allowed him to remove the mystery behind his operational woes and quiet the raging executive. Read on as Stan attempts to implement a Performance Measurement Process at the Rollercoaster Indemnity Company.
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?
Mirror, Mirror…
May 1, 2005 Lorenzo D'Alessandro, president of Collision Solutions Network Inc.“Take care of the customer, take care of the customer, take care of the customer” – this was the response of one of my colleagues when I asked him what he does to ensure complete customer satisfaction. The answer is…
CRISIS and REFORM
February 1, 2005 Sean van Zyl, EditorThe role of the Insurance Bureau of Canada (IBC) has evolved along with the events, and perhaps even fate, that have shaped the Canadian property and casualty insurance industry into what it is today. As lobbyist, facilitator, champion of regulative reform and the public voice of insurers, the IBC as an industry body has had to learn to adapt rapidly to the demands of a faster moving, riskier and increasingly complex marketplace. Sometimes lauded, and other times the brunt of industry criticism, those running the IBC often face a thankless job, observes Igal Mayer who took over as the bureau’s board chair at the end of 2004. However, the significant achievements made over the last year regarding auto insurance reform across the provinces, and the subsequent return of adequate market coverage availability, stands testimony to the success of the IBC in handling crises, Mayer notes. Looking ahead, the bureau is shifting from crisis management to focus on long-term market reform in a bid to break from the insurance industry’s destructive pricing cycle, he adds.
Golden Opportunity
January 1, 2005 Vikki SpencerForgive claims managers and independent adjusters if they boast. But given their ability to maintain high marks on claims surveys, despite the negative spotlight focused on the property & casualty industry, their confidence seems justified. As the industry moves into 2005, CU asks claims leaders to look ahead at what trends will shape the claims piece – overwhelmingly they say that the focus in 2005 will be on the customer, with claims hoping to become the industry’s “golden egg” in terms of winning back the confidence of consumers.
Making a Name for Adjusters
January 1, 2005 Vikki SpencerAs the Ontario Insurance Adjusters Association (OIAA) builds up to its 75th anniversary year, which kicks off this July, association president Spencer Bailey says the focus will be squarely on helping adjusters learn new skills and sharpen old ones to address an industry in transition. Changing auto insurance legislation, privacy legislation and more have confronted adjusters over the past year, and Bailey says the OIAA’s membership is ready to answer the call of these challenges.
Managing Service Provider Relations
January 1, 2005 Tim RenaudThe insurance industry is experiencing an era where litigation has become commonplace and accountabilities have increased for the management of information and the use of standardized processes. As most insurance companies depend on professional service providers to supply a range of services needed for their policyholders, it is important that insurers build effective service provider (vendor) management programs.
Collision Repair: Change Is the Only Constant
January 1, 2005 by Canadian UnderwriterJust as insurers have faced massive change in the auto insurance business over the past several years, so have their collision repair partners. As body shop owners and their business partners met recently for the inaugural PPG CertifiedFirst Network Conference in Calgary, change management was very much the topic of choice. And speakers say that those who can keep pace with change will reap the rewards with both their insurer partners and, more importantly, with consumers.
Co-operators upgraded by S&P
December 15, 2004 by Canadian UnderwriterStandard & Poor’s has upgraded the long-term counterparty credit and financial strength ratings on Guelph, Ontario-based Co-operators General Insurance Co. to “BBB” from “BBB-“. The rating agency also pushed the long-term national preferred stock rating on the company to “P-3”…
Handling Customer Complaints
December 1, 2004 Alan JervisHow many times have you heard the phrase…”The customer is always right?” But, how many times is this phrase really understood?