Insurable Interest Canadian Insurance Blog

Quadient to acquire leading FinTech in SaaS accounts payable automation solutions Milford, CT (Mar. 22, 2021) – Quadient, a leader in helping businesses create meaningful customer connections through digital and physical channels, is pleased to announce the signing of a definitive agreement to acquire Beanworks, a fast-growing market leader specializing in Software as a Service (SaaS) Accounts Payable Automation solutions. Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. A highly performing FinTech with an attractive SaaS recurring revenue model and a track record of high double-digit annual revenue growth, Beanworks supports the accounts payable processes of nearly 800 customers that, combined, currently process more than €11.9 billion a year through the platform. The global market for accounts payable (AP) automation is growing rapidly, accelerated by the global pandemic and the increasing number of teams working from home, driving businesses of all sizes to reflect on the benefits of digitalizing their financial processes and shifting to electronic payments. Adroit Market Research anticipates the AP automation market will reach $4 billion by 2025. Beanworks’ state-of-the-art cloud platform continues to collect industry and user awards for its completeness and ease of use. Featuring native integration with today’s most popular accounting...

Read: CAPSA seeking feedback on revised pension plan funding policy guideline New Brunswick adopted changes to its pension regulations in October 2020, requiring plan administrators to establish, adopt and follow a written governance policy. The items that the governance policy must address in respect of plans registered in that province are similar to the statutory requirements that were enacted in Alberta and British Columbia in 2014/2015. The changes include addressing such items as: the structures and processes for overseeing, managing and administering the plan and what they are intended to achieve; the participants who have authority to make decisions and the roles, responsibilities and accountabilities of those participants; the performance measures and a process for monitoring against those performance measures; the performance of participants; access to relevant, timely and accurate information; a code of conduct for the administrator and a procedure to disclose and address conflicts of interest; a process for identifying the educational requirements and skills needed for the administrator to perform its duties; the material risks that apply to the plan and internal controls to address those risks; and a dispute resolution process for members and plan beneficiaries. Many of these requirements mirror the CAPSA governance guidelines which were...

Read: PSP investing in real estate technology, Caisse in venture capital firm “FFL, [the Caisse] and the Dr. H. Doug Barnes Family, with their industry experience and financial strengths, are the ideal partners to take New Look Vision to the next level of development and success,” said John Bennett, New Look’s chairman and principal shareholder, in a statement. New Look Vision sells prescription and non-prescription glasses, contact lenses and sunglasses, and it has a network of 406 stores under several banners, including: New Look Eyewear, Vogue Optical, Greiche & Scaff, Iris and Edward Beiner, noted the release. “We are proud to support New Look Vision . . . and bring our constructive capital approach toward helping the business continue to expand both domestically and internationally,” said Kim Thomassin, the Caisse’s executive vice-president and head of investments in Quebec and stewardship investing, said in a statement. Read: Caisse investing in wind and solar projects, AIMCo in German real estate The acquisition is still subject to shareholder and other approvals but is expected to close in the first half of this year. In other investment news, the Ontario Teachers’ Pension Plan Board and the Alberta Investment Management Corporation are selling their stake in Glass Lewis to...

FSRA advising DB MEPPs on governance, risk-management practices The Financial Services Regulatory Authority of Ontario is issuing leading practices for the province’s defined benefit multi-employer pension plans, in the areas of governance, risk management and… By: Staff March 23, 2021 March 22, 2021 09:00 Desjardins launching low-carbon ETF Desjardins Global Asset Management Inc. recently launched a low-carbon exchange-traded fund. The Desjardins RI Emerging Markets Low CO2 Index ETF started to trade on the Toronto… By: Staff March 23, 2021 March 22, 2021 09:00 Head to head: Should employers allow staff to carry over their annual paramedical coverage? With many employees pausing paramedical care during the ongoing coronavirus pandemic, two benefits experts weigh in on letting them carry coverage over to 2021. Kevin… How Citigroup is using leave policies to support employees amid the pandemic As the effects of the coronavirus pandemic reshapes the Canadian workplace and employees struggle to maintain a sense of normalcy, Citigroup Inc. is preparing for… Read the full article at BenefitsCanada.com

While the COVID-19 pandemic continues to impact everyone (and, by extension, long term disability insurance companies), disability claimants may be wondering what to expect in 2021. Will telehealth appointments instead of in-person ones be enough to keep you on claim? Will the trend of an increase in insurance carrier denials continue? What should claimants do…

The Canadian Press, with files from staff | January 26, 2021 More than one-fifth (22 per cent) of Canadian companies say they’ll adjust the pay of remote workers who move to a different location, according to a recent survey. Staffing firm Robert Half Canada Inc. surveyed 500 employees and 180 human resources managers. The survey found 44 per cent of staff said they’d consider relocating, but only 16 per cent would be willing to move if it involved taking a pay cut. Meanwhile, almost 70 per cent of companies surveyed said they’ll base salaries on the company’s office location for the time being, while nine per cent say they haven’t decided on their approach. Read: U.S. employers with flex work rethinking approach to total rewards, pay: report The survey results come months after many Canadian companies required staff to work from home in hopes of stopping the spread of the coronavirus in pandemic hotspots. Indeed, as the pandemic continues to rage, companies, such as LinkedIn Corp. and its parent company, Microsoft Corp., have introduced new flexible working policies in preparation for the future of work post-pandemic. However, some companies, including Facebook Inc., have warned staff that if they move away from their office locations and continue working remotely, their pay could be...

Staff | January 26, 2021 A portfolio company of the Ontario Municipal Employees Retirement System’s infrastructure arm is entering a purchase agreement to acquire a 10-gigawatt solar project development platform. Through the deal, U.S.-based Leeward Renewable Energy will acquire the platform from First Solar Inc., which includes 773 megawatts of projects in California and the southern U.S. that are expected to commence construction in the next two years, as well as an operational 30-MW solar project, according to a press release. The transaction is expected to close in the first quarter of 2021. Read: OMERS selling stake in Detroit rail tunnel “We’re delighted to support today’s announcement as a key milestone for Leeward and look forward to continuing to support Leeward’s growth,” said Tom Frazier, managing director of the OMERS’ infrastructure arm, in the release. “This news represents an integral next step for Leeward as a leading renewable energy platform in North America as it plays an important role in the broader energy transition.” Read the full article at BenefitsCanada.com

A Colorado federal judge granted a partial summary judgement to a life insurer facing a cost-of-insurance lawsuit, but is allowing the case to continue. Judge Daniel D. Domenico of the District of Colorado permitted the certification of a class action in his Jan. 6 decision. Advance Trust & Life Escrow Services filed the COI lawsuit against Security Life of Denver Insurance Company on July 26, 2018. The lawsuit focuses on universal life insurance policies issued by Security Life under names such as Strategic Accumulator Universal Life (SAUL). The policies include a separate COI charge deducted monthly and meant to compensate Security Life for its mortality risk, the lawsuit noted. Security Life, a subsidiary of Voya Financial until a recent sale to Resolution Life Holdings, did not base its COI charges on mortality costs, the plaintiff said, as is “typically required.” The policyholder’s contracts only state that Security Life’s COI charges “will be determined by us from time to time,” the lawsuit stated. “Policyholders’ comfort with this arrangement is based on trust that the insurer will dutifully adjust COI rates to reflect only the pure costs of mortality coverage,” the lawsuit said. “Security Life, however, has not only failed to live...

Blake Wolfe | January 26, 2021 The union representing General Motors of Canada Co. employees in Ontario has ratified a new agreement for workers at a plant in Ingersoll that removes changes to a legacy defined benefit plan as part of ongoing pension discussions. The deal, based on the recent three-year agreement with GM for workers in Oshawa, St. Catharines and Woodstock, brings production of electric commercial delivery vans to the Ingersoll assembly plant and restores the legacy DB plan for its plant workers by removing a member contribution requirement and a 30-year cap on credited service introduced in 2009, says Corey Vermey, director of the pensions and benefits department at Unifor. Read: GM Canada, Unifor agreement covers DB pension changes Similar to the previous agreement, the union will continue to push for the transition of defined contribution plan members into the Colleges of Applied Arts and Technology pension plan’s DBplus in the future. In addition, he says employees hired since 2016, who aren’t entitled to health benefits in retirement, will join an employee life and health trust, while new employees will also have immediate access to several benefits such as a legal services plan. “Our objective was to pattern after the master settlement with...

New study by FRISS reveals how the pandemic has changed insurers’ priorities Chicago, IL (Jan. 22, 2021) – FRISS is proud to welcome Sindy Houle to their growing team as head of sales in the Great White North. As a trusted partner in Canada, FRISS serves many insurance carriers, including three of the top five. Sindy’s industry experience, combined with a track record for maximizing value of solutions for customers, will offer a dedicated source of local insurance knowledge to the FRISS customer base on their journey toward honest insurance. Fully bilingual, a Fellow Chartered Insurance Professional (FCIP) graduate, and recognized for relentlessly delivering forward thinking solutions that bring real value to her clients, Sindy will undoubtedly be a wonderful addition to the team to meet FRISS’s customers’ growing needs. “Sindy has proven herself to be a passionate, results-driven advocate for her clients,” said FRISS CEO Jeroen Morrenhof, “and we cannot wait to create and strengthen our amazing partnerships in Canada together!” About FRISS FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims and SIU helps 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports...