Insurable Interest Canadian Insurance Blog

Staff | November 18, 2020 Scotiabank is aiming to increase the representation of visible minorities in senior management roles by 30 per cent or more over the next five years, as part of renewed efforts to diversify its employee population. The step is one of several the bank is taking to address diversity and inclusion in its workforce in the wake of global protests over a recent string of racially motivated incidents that occurred in the U.S. in 2020. Scotiabank is focused on welcoming diverse communities and addressing issues of racism among its employees, customers, business partners and in communities where it operates, said Barb Mason, the bank’s group head and chief human resources officer, in a press release. Read: Scotiabank to increase workforce diversity, combat racial discrimination in workplace The latest goals are in addition to the company’s announcement in July that it’s launching a series of initiatives to increase its workforce diversity and eliminate racial discrimination in the workplace. This included doubling the current representation of Indigenous peoples in its workforce, as well as increasing the representation of people with disabilities by 20 per cent and women in senior leadership roles, including the C-suite, to 40 per cent globally. In keeping with its BlackNorth pledge, Scotiabank said it also plans to...

In early October, Foresters Financial and Canada Protection plan announced an amalgamation that promised to amplify each other’s strengths, including Foresters’ healthy capitalization as well as industry-leading sales and marketing firepower from Canada Protection Plan. But even before that change was unveiled, the two were already partners in a relationship that pushed the envelope on innovation. “Canada Protection Plan forged their identity as a front runner on product and sales innovation, and as the lead underwriter on all the products they’ve sold for over a decade, we at Foresters have learned a lot working with them,” said JS Ledoux, associate vice president, Product Management, North America at Foresters Financial. “This past spring, they launched their own cancer and cardiac critical illness products, defined by their simplicity and ease of purchase, and we felt it was the right time to refresh our own portfolio of CI offerings in Canada.” The drive to revamp products at Foresters extends beyond critical illness. The company has come out with a long list of product refreshes and benefits this year, including a recently announced diabetes-management program for its members in the U.S. offered in partnership with Roche Diabetes Care. That’s meant a lot of work...

GMS Health and Travel Insurance (GMS) is improving its offering to individual health insurance customers by expanding access to a total well-being solution. The Canadian insurance provider has announced that all GMS Personal Health customers will have access to LifeWorks by Morneau Shepell as part of their coverage. Described as a world-class program, LifeWorks promises to help Personal Health customers by supporting mental, physical, financial, and social aspects of care. “These challenging times are emphasizing the importance of overall well-being,” said GMS President and CEO John Salmond. “By partnering with Morneau Shepell, we’re able to offer a wealth of well-being products and services in the LifeWorks platform to our Personal Health customers.” The resources and tools offered under the program include: 24/7 access to consultations with expert advisors for coping strategies, referrals to counselling, and connections to community agencies; The ability to connect with mental health professionals, well-being coaches and other specialists, such as financial and legal professionals; Opportunities to save through exclusive offers, cashback, and discounts on hundreds of brands; Online access to a wealth of clinically verified resources and content on well-being; and Tools to promote positive changes in health and lifestyle, including health assessments and challenges. GMS...

Canton Repository (OH) GREEN A 52-year-old man, accused of plotting to hire someone to kill his wife, was arrested Tuesday morning by FBI agents. Scott Allen Renninger of Green was taken into custody at his residence without incident. He faces a charge of conspiracy to commit murder. According to a FBI press release, Renninger asked a confidential source in October to make his wife “disappear,” and an investigation began. Recorded conversations between two separate FBI confidential sources and Renninger were obtained by agents. The release stated Renninger knew he would be under scrutiny “once it all goes down” during a Nov. 11 conversation. Renninger, in the conversation, he accepted the scrutiny and was prepared for it. He also told a confidential source he knew the existence of an unknown amount of life insurance on his wife. Renninger and the confidential source discussed a price of $20,000 to make his wife “…. kinda want her to disappear … you know like if they never find her ….,” according to the press release. He also said he knew the $20,000 could not be paid in a lump sum because it would be a problem, the release stated. Advertisement Renninger was scheduled for...

Staff | November 17, 2020 The Caisse de dépôt et placement du Québec is investing $150 million in CAE Inc., a Quebec-based company specializing in training and operational support for several industries. The investment is part of a $300-million financing drive and will support the company’s expansion plans, according to a press release. This includes the acquisition of Flight Simulation Co., which will allow CAE to offer flight training services to its aviation customers in Europe. Read: The Caisse invests $50 million in CAE In 2012, the Caisse invested $50 million in CAE, part of a $350-million round of private financing for the company. “Our investment is rooted in a desire to support a resilient Quebec business like CAE in its recovery and growth efforts,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in the release. “In a global context that is challenging for the aeronautics sector, CAE continues to demonstrate the capacity to innovate in various growth sectors of the economy and strengthen its competitive position with a view to fully resume activities.” Read the full article at BenefitsCanada.com

Melissa Dunne | November 17, 2020 With winter coming and the second wave of the coronavirus pandemic hitting many regions across Canada, employee mental health is also taking a hit. To help leaders support their team members who are struggling through the protracted crisis, IBM Canada Ltd. is providing education and training to help its managers recognize when an employee might be struggling. “Our goal is to ensure [employees are] well equipped with the resources and services they need to support their mental well-being,” says Katherine Faichnie, the technology company’s director of human resources. “Now more than ever, it’s also important to equip managers with mental-health resources so they can spot the flags of mental health within their teams. Read: Extended isolation and U.S. election taking toll on Canadians’ mental health: survey “To equip them better, managers have been undergoing education and training which provides them with tools we hope will assist them in recognizing when an individual might be struggling with mental health.” Eight months since abruptly shifting its white-collar employees to remote work, the Canadian arm of the global technology company has learned listening to workers is key as the crisis drags on. “It’s important to really listen to what employees need and want,” says Faichnie. “Instead of guessing...

Staff | November 17, 2020 Manulife Financial Corp. is increasing its family leave support for Canadian employees, providing 20 weeks of paid maternity leave and 12 weeks of paid parental and adoption leave, effective Jan. 1, 2021. Canadian employees and their dependants also now have access to full gender affirmation coverage for both surgical and non-surgical treatments, as well as medical cannabis coverage for specific health needs. Read: Manulife boosts mental-health benefits for staff to $10,000 per year              These new benefits were designed to provide support for families of all forms, according to a press release. Earlier this year, Manulife introduced reimbursement of up to $20,000 per year for adoption and surrogacy support and fertility medication. “As the needs of our employees evolve, the benefits we offer have to as well,” said Pam Kimmet, chief human resources officer at Manulife, in a press release. “Families take many forms, such as single parents, same-sex couples and transitioning transgender family members and we look to support these different journeys.” Read the full article at BenefitsCanada.com

Philly.com Celebrities write memoirs. Interesting people tell their life stories. People like former President Barack Obama and actor Michael J. Fox, whose memoirs were released this month. But Richard Krassen? Krassen, who turns 80 on Nov. 17, is a semiretired life insurance salesman, and you have never heard of him. And when he wrote his life story, the story of an unremarkable middle-class Jewish existence in Northeast Philadelphia, he didn’t care if nobody wanted to read it. Because he was going to sell it. Like a whole-life policy. His book, Breadcrumbs on My Journey, published by Legacy Projects, is just another product that people didn’t know they wanted until he pushed them, desperately and obsessively. “He’s still selling life,” said his ghostwriter David Tabatsky. “He’s selling his life.” Advertisement Krassen brags about his book’s numbers. Since it was published in February 2019, he said, he’s sold nearly 1,500 copies at $20 apiece. “Find me a no-name, self-published author who sold more,” he said. Krassen’s second wife, Carole Cohn, said the point of the book wasn’t for strangers to get to know him. “He just wants to sell the book,” said Cohn, possibly her husband’s biggest fan. Retirement to many people,...

Staff | November 16, 2020 The Canada Pension Plan Investment Board ended its second quarter of fiscal 2021 with net assets of $456.7 billion, up from $434.4 billion, according to a new report. The $22.3 billion increase in net assets for the quarter consisted of $21.6 billion in net income after all costs and $700 million in net CPP contributions. The fund, which includes the combination of the base CPP and additional CPP accounts, achieved 10-year and five-year annualized net nominal returns of 10.5 per cent and 9.6 per cent, respectively. For the quarter, the fund returned five per cent net of all CPPIB costs. Read: CPPIB sees 5.6% return for first fiscal quarter “CPP Investments’ diversified fund performed well this quarter, generating strong returns,” said Mark Machin, president and chief executive officer at the CPPIB, in a press release. “However, we continue to be cautious about the months ahead given the highly uncertain economic fallout of COVID-19 and its effect on markets. All of our investment departments generated positive returns this quarter. Our investment professionals continue to pursue opportunities that will bring value to the fund over the long term.” The fund’s growth was primarily attributed to the continued recovery of global...

Banff introduces P&C industry’s first closed-loop analytics platform Autopilot for ClaimCenter will set new baseline for P&C claims automation and efficiency New CloudDirect program enables customers to upgrade directly to Guidewire Cloud San Mateo, CA (Nov. 16, 2020) – Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced availability of Banff, the latest release of its market-leading cloud platform. Banff will be unveiled at Connections Reimagined, Guidewire’s customer conference on November 18 and 19. (To register, visit connections.guidewire.com.) In addition to the Banff release, Guidewire will also outline its vision for the future of P&C claims at Connections Reimagined. “Guidewire believes that claims handling is entering a new era with automated claims being the default, even for complex claims. Adjusters can focus their skills and experience where they can have the most impact on customer satisfaction,” said Reshma Mani, senior director, Product Management, Claims, Guidewire. “Over the last year we’ve worked on a major innovation, called Autopilot, which demonstrates this vision.” Autopilot, an innovative new framework in Guidewire Cloud Platform, takes an automation-first approach to claims handling in ClaimCenter. Leveraging AI, analytics, and digital technologies, claims are piloted through complex business processes quickly,...