Claims
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. As the volume of paper documents continues to pile higher at many insurance businesses, it […]
February 28, 2001
3 min read
Risk
Coming 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 conference were told. The motivation for higher claims management excellence lies in the online and […]
6 min read
Auto
The Insurance Information Centre of Canada (IICC) says its member insurers in Ontario achieved a 98.19% reporting accuracy on vehicle identification numbers (VINs) for December 2000. The IICC established a joint project with the Ontario’s Ministry of Transportation in 1997 to establish a system of identifying non-insured vehicles on the road. This is achieved by […]
1 min read
Preventing loss and detecting fraud – if the formula for achieving these two goals could be found, the insurance industry would be out of business. However, the knowledge insurers gain from experience can be used effectively to help clients reduce the potential of loss. The technological advances of recent years only serve to increase the […]
Industry
The Internet has enabled service industries to transact business at greater speeds and across more territory than ever before. And yet, web-based technology remains largely under utilized by most property and casualty insurers and the independent broker network. The primary focus has been at the call center level, or using the Internet as a hi-tech […]
5 min read
Specialty risk underwriter Queensway Financial Holdings Ltd. (TSE: QFH) has secured liquidation windup orders for its troubled U.S. subsidiaries Queensway Casualty Insurance Co. (QCIC) and International Indemnity Co. (IIC). Queensway recently disclosed a major financial loss primarily as a result of its Florida-based QCIC operation. The insurer says that both the Florida and Georgia departments […]
Home
The insured cost of catastrophic losses for 2000 in the U.S. fell below the past 10-year average to a low of US$4.3 billion, according to the Insurance Services Office (ISO). Last year’s cat loss in value terms was 53% below the 10-year average for insured property losses of US$9.1 billion a year. The ISO reports […]
2 min read
Broker network consolidator Hub International Ltd. (TSE: HBG) has acquired a major U.S. brokerage, Kaye Group Inc. (Nasdaq: KAYE), for about US$118.6 million. The deal is subject to regulatory approval and the consent of KAYE shareholders, who will receive the equivalent of US$14 a share if they accept the combined cash and paper offer on […]
A time of sweeping change. This is no understatement of the current regulatory, market and distribution conditions in the insurance industry. For the country’s brokers, this time of change means refocusing lobby efforts, translating the hardening of rates to their customers and forming alliances to take advantage of the Internet in their business. Bridging the […]
12 min read
As the world of insurance moves online, new laws are being established to validate online transactions, as well as protect consumer interests. Electronic signature and privacy legislation being enacted at both the federal and provincial levels will challenge the industry to tackle this new form of commerce with care. Speakers at the recent Canadian Institute […]
7 min read
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