Moments In Time (June 01, 2004)
June 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
The Online Quest
June 1, 2004 Glen PillerInsurance companies have taken a piecemeal approach to automating their underwriting and distribution processes – with predictable results. The “first generation” of Internet capabilities has had more misses than hits, offering limited inquiry and transactional functions to brokers and agents. The goal of “straight-through processing” remains elusive. But some insurers are headed in the right direction.
Automated Underwriting: An Art of Science?
June 1, 2004 Sean van Zyl, EditorWhile the focus of Canadian insurers in the technology application arena has been primarily on “front-end” interface with brokers, new developments in terms of electronic underwriting tools and risk modeling are slowly beginning to surface as companies have been forced to review their existing legacy-based mainframe systems in order to achieve real-time processing. This has created the opportunity to build “risk filters” into the mainframe architecture with the ability to integrate data from third-party information providers. But, the move by Canadian insurers toward automated underwriting has been slow and cautious relative to advancements made in the U.S. marketplace, possibly due to emerging controversy surrounding the use of policyholders’ individual information – such as credit standing – in setting the price of coverage.
70 Years of Insurance
April 1, 2004 Vikki SpencerWhen Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering…
Moments in Time (April 01, 2004)
April 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
Global Political Risks – Post-9/11
March 1, 2004 Sean van Zyl, EditorSuicide bombings in Baghdad continue to see a rising toll in deaths of “reconstruction” foreign workers and military personnel…Ongoing conflict between Palestinians and Israelis continues to produce reprisal acts of violence…A coup de tat in Haiti results in mass civil…
Tough Times for Main Street
March 1, 2004 by Canadian UnderwriterPremium hikes and availability issues have prompted the Canadian Federation of Independent Business to call for a federal review of the property and casualty insurance industry. But, insurers and brokers say solutions for small businesses should be market-driven, not political. They also contend that the market is working.
Tech Squeeze on Auto Fraud
February 1, 2004 Ivor KayeSay the word “fraud” and insurers shake in their boots. Of the host of financial challenges facing the insurance industry today, fraud ranks as perhaps the most menacing. However, new technologies may provide a solution to beat back the “fraud monster” – if the industry stakeholders are willing to join together to create integrated systems.
North American Insurance Conference: Line in the Sand
December 1, 2003 Vikki SpencerThe skies may have been clear over St. Pete’s Beach for the annual North American Insurance Conference this fall, but the prospects for the insurance industry are far from bright, speakers told the conference. Insurers are facing a crisis of confidence, with everyone from regulators to raters, and especially consumers, taking a jaundiced view of the industry. And, alarmingly, there are fears the industry may already be sinking back into the soft pricing/writing for marketshare environment that led to its current stormy situation.
In Memory (October 01, 2003)
October 1, 2003 by Canadian UnderwriterThe industry lost a friend with the passing of Imre Strasser, FCII, on September 9. Born in Vienna, he came to Canada in 1957, continuing his career as an insurance underwriter begun in 1949. He was long-time member and supporter…
Mid-Sized Commercial Brokers: Holding the Line
October 1, 2003 Craig HarrisBrokers serving the bigger Canadian commercial risk pool outside of the mega international corporations say that rising insurance industry profitability has not softened the tough approach of insurers to pricing, terms and availability of coverage. But, with many commercial clients across the corporate earnings spectrum suffering through their third consecutive year of premium increases, there is acknowledgement by insurers of growing “market rate fatigue”, brokers add, which is bringing about a slow softening to the pricing of property risks with even a few new underwriters looking to venture into the broader commercial marketplace.
Dispelling the “CRM Myth”
September 1, 2003 Robert AngelSome property & casualty underwriters have questioned client relationship management’s (CRM) validity. Others have suggested that the client relationship process has evolved to “commodity status” and therefore CRM offers little competitive advantage. However, new 2003 market research suggests otherwise – understanding customers remains as relevant as ever.