This year our annual
report focuses on “the value equation” — specifically,
the many different ways Manitoba Public Insurance is providing
more value to customers every day.
Right now we are in a position to
build value as never before. The merger of driver and vehicle
licensing functions is opening doors to new opportunities — but
more importantly, our past successes have provided all the
tools we need to fully embrace these opportunities and convert
them into real advantages for Manitobans.
Our plans for the year ahead would not be possible without
a solid financial foundation, and I am pleased to report that
we have finished 2005 with one of the strongest balance sheets
in our history. A growing provincial economy, favourable investment
climate and good weather bolstered corporate income to record
levels, while prudent management maintained costs at 50 per
cent of the Canadian insurance industry average.
Putting our plans into action will
take solid partnerships — old
and new. By leveraging our strong relationship with Manitoba’s
network of insurance professionals, we will be able to provide
one-stop shopping for our customers while nearly doubling their
choice of service outlets.
In 2005, we struck a new partnership
to ensure Manitobans continue to get the highest standard
of service at the lowest possible cost. Instead of developing
new technologies for our driver’s licence photo cards,
we are partnering with Saskatchewan Government Insurance,
a trusted neighbour with common goals. By working together,
we will provide Manitobans with a better product at half
the current cost of production.
We know that Manitobans ultimately pay for our public insurance
system and that is why we protect their investment by controlling
emerging risks.
Our fastest growing claims costs are
associated with Manitoba’s
chronic auto theft problem. Year after year, this crime costs
premium payers more than $35 million and erodes our community
safety. That is why we do leading edge things like providing
$40 million in incentives for vehicle owners who protect their
vehicles with electronic immobilizers.
And finally, we can’t provide strategies that add value
unless we know our customers and understand their needs today
and into the future. That means not simply providing the best
financial value but also ensuring that we continue to provide
Manitobans with among the very best protection and benefits
in the country and services that meet our customers’ expectations.
This balance is not attained easily. It is the product of
careful listening and a lot of dialogue with Manitobans. While
helpful in carrying out our daily business, this kind of information
is invaluable when preparing for future changes.
Manitoba Public Insurance has the right fundamentals in place
to face a challenging future. With a solid investment strategy,
proper reserving and careful management, we can build on the
successes that have brought Manitobans nearly a decade of rate
stability and $138 million in rebates over the last five years.
Guided by our founding objectives, our dedicated staff and
partners have built on that strategic advantage in 2005. The
plans now in place will elevate the value equation in years
to come.
Marilyn McLaren
President and Chief Executive
Officer
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EXECUTIVE
From left to right: Kevin McCulloch Vice-President
Corporate Legal, General Counsel and Corporate Secretary, Marilyn
McLaren President and Chief Executive Officer, Clarke Campbell
Vice-President Corporate Information Technology and Chief Information
Officer, John Douglas Vice-President Corporate Public Affairs
(seated), Charles Rogers Vice-President Corporate Resources,
Barry Galenzoski Vice-President Corporate Finance, Chief Financial
Officer and Chief Administration Officer, Dan Guimond Vice-President
Corporate Insurance Operations (seated), Wilf Bedard Vice-President
Corporate Claims |
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