Insurable Interest Canadian Insurance Blog

Melissa Dunne | November 12, 2020 Usually, this time of year sees employers hosting holiday parties and handing out bonuses. But this isn’t a typical year. The ongoing coronavirus pandemic means many human resources leaders and managers will have to think outside the sparkly gift box for ways to mark the end of the year and acknowledge employees. While a party is a often popular way for employers to reward workers during the holiday season, any parties this year should be virtual, says Nora Jenkins Townson, founder and principal of Toronto-based HR consultancy Bright + Early. Read: What do your employees want for the holidays? “I lean more towards the virtual event side of things; you don’t want to be responsible for something like an outbreak happening. And I think, at things like parties, people tend to — especially if alcohol is involved — lax up on the rules.” Indeed, the trend this year is leaning heavily toward virtual parties, with 74 per cent of U.S. companies that are planning to hold year-end celebrations saying they’ll be virtual events, according to a recent survey by Chicago-based consultancy Challenger, Gray & Christmas Inc. The survey also found, while nearly 76 per cent of companies planned to hold holiday parties in 2019, only 23 per cent said...

Surrey, BC (Nov. 4, 2020) – Westland Insurance Group Ltd. (“Westland”) is pleased to announce the closing of the acquisition of MIG Insurance Group, effective November 6, 2020. This acquisition supports Westland’s expansion strategy to serve more communities in Manitoba and across Canada. MIG Insurance Group is headquartered in Portage La Prairie, Manitoba. Founded in 1995, it has eight branches throughout Manitoba. Their professional advisors provide residential, auto, life, travel, recreation, farm, and commercial insurance services. With this acquisition, Westland will be adding over 50 employees in Manitoba. “We’re excited to be expanding our footprint in Manitoba with such a prominent and well-respected broker, and we are fortunate to be partnering with MIG’s owners, the Gilbert family, in a province that’s very important to Westland,” said Jamie Lyons, President & COO of Westland Insurance. “MIG is an innovative, digitally advanced brokerage focussed on providing product solutions that exceed customer expectations. We look forward to serving our customers in Manitoba, and would like to welcome the whole MIG team to the Westland family.” “This is a great fit for MIG and we are thrilled to be joining Westland Insurance,” said Brian Gilbert, President & CEO of MIG Insurance Group Ltd. “Our...

Staff | November 12, 2020 As the coronavirus pandemic continues, employees are viewing fitness benefits with increased importance, according to a new survey by ClassPass Inc. The survey found 70 per cent of respondents said they consider fitness benefits second only to health-care benefits, with 92 per cent saying they plan to return to gyms in 2021. Within that group, 50 per cent of respondents said they plan to have a mix of in-studio and at-home sessions next year, while 40 per cent said they want to work out exclusively at gyms once they feel safe to do so. Read: How workplace fitness can improve employee productivity A quarter (25 per cent) said they’ve been exercising more since the beginning of the pandemic. Among respondents currently working from home, 20 per cent said they’re using their previous commute time to work out, while 80 per cent said scheduled fitness activities have helped them establish a new routine. The survey also found 60 per cent of respondents who participated in a team workout through the workplace said they felt more connected to their colleagues afterwards. Read the full article at BenefitsCanada.com

New study by FRISS reveals how the pandemic has changed insurers’ priorities Chicago, IL (Nov. 11, 2020) – A new study by FRISS, the global leader in AI-powered fraud detection software for insurers, highlights the impacts of COVID-19 as well as long-term industry trends. The study gathered input from nearly 500 insurance professionals worldwide and provides insight into topics such as fraud detection during a pandemic, data challenges, setting a fraud-fighting culture, the use of social media to combat fraud, and more. Rapid and sweeping change in how insurers do business — and fight fraud — were well underway before COVID-19 erupted across the world. The pandemic has accelerated an already dizzying pace. AI and digitizing the insurance chain brings remarkable new potential to benefit insurance consumers. Yet fraudsters inevitably work to exploit emerging system gaps, continuing to drive up the cost of insurance for honest consumers. Key findings of the fraud study include: COVID-19 forced 65% of insurers to focus on digitalization The global pandemic forced nearly two thirds of all insurance organizations to focus more on digitalization. Almost half had a focus on reducing costs, and about 30% actively increased their fraud checks. Preventing fraud is good for...

IMS is mileage-based technology partner for Nationwide’s SmartMiles program Waterloo, ON (Nov. 10, 2020) – IMS (Insurance & Mobility Solutions) is partnering with Nationwide as the technology provider for the SmartMiles® pay-per-mile insurance program. As one of the world’s top three providers of connected car data solutions to insurers, mobility operators and governments, IMS helps power two of Nationwide’s usage-based insurance programs which also includes Nationwide’s SmartRide® discount program that launched in 2011. The COVID-19 crisis has highlighted how important it is for auto insurers to offer customers flexible and personalized approaches to auto insurance. While driving distance, frequency, and length of trips were decreased dramatically at the onset of the pandemic, many countries have seen driving behaviors edging back toward pre-lockdown levels. IMS enables Nationwide’s pay-per-mile insurance telematics program SmartMiles®, which bases insurance charges on miles driven and also allows drivers to earn up to a 10% discount for safe driving. “During a time of uncertainty, SmartMiles is successfully giving our customers the ability to control their auto insurance expenses with personalized pricing“, said Teresa Scharn, Vice President of Personal Lines Product Development at Nationwide. “IMS has enabled us to look at, not only miles-driven, but also to factor...

Staff | November 11, 2020 Telus Health is partnering with Canada Life Assurance Co. and Innomar Strategies Inc. to launch Canada’s an electronic drug prior authorization solution. The pilot program will test the digitized process to fulfill prior authorization submissions for real prescription cases and evaluate its impact on process efficiency, consistency of adjudication results and the overall plan sponsor and member experience. Read: Telus Health launching mental-health app for frontline workers, first responders The program aims to assist benefits plan sponsors and members by ensuring more timely access to medications and offering a simpler overall benefits experience, according to a press release. “This is an important step in our mission to leverage the power of technology to invigorate the entire industry, optimize whole systems and bring health benefits management into the future,” said Laura Mensch, vice-president of health benefits management at Telus Health, in the release. Read the full article at BenefitsCanada.com

Novarica’s study of commercial lines agents from the 400 Under 40 young agents group highlights most important attributes of agency management systems Boston, MA (Nov. 10, 2020) – Independent agents expect more from their agency management systems (AMS) to support new business, customer service, and agency operations in a dynamic market. In a new executive brief, Agency Management Systems: Capabilities and Insurer Integration, research and advisory firm Novarica draws on the insights of its 400 Under 40 community of high-performing young agents about their experience and needs with AMS and insurer integrations. “Young agents are very aware of the capabilities of their current AMS platforms, but these capabilities vary widely in both availability and usage,” said Paul Legutko, VP of Digital Marketing and Analytics and co-author of Novarica’s new report. “Insurers should consider that two-way data integrations between AMS platforms and core record systems might be a quick way to improve agent satisfaction and improve policyholder experience.” Click here for the table of contents or to access the report. Report Summary This study of young commercial lines agents provides insights on satisfaction levels with the capabilities of their agency management systems (AMS), and the ability to integrate with their insurer...

Surrey, BC (Nov. 4, 2020) – Westland Insurance Group Ltd. (“Westland”) is pleased to announce the closing of the acquisition of Gillons Insurance Brokers Ltd., effective November 2, 2020. This is a significant and substantial milestone as the company’s first acquisition in Ontario. This transaction supports Westland’s expansion strategy to become a national insurance brokerage. Founded in 1924 and headquartered in Fort Frances, Ontario, Gillons Insurance Brokers Ltd. has 11 locations throughout northwestern Ontario. Its professional insurance advisors are experts in residential, auto, life, travel, recreation, farm, and commercial insurance services. “The advisors at Gillons Insurance Brokers have a long and established history of providing expert insurance solutions to the people of northwestern Ontario. We are so excited to be partnering with this company and their leadership team, Myron Romaniuk, Tracy McDonald, and Trevor Fitzgerald,” said Jamie Lyons, President & COO of Westland Insurance. “As we move into this new market, we look forward to working with them and continuing our commitment to provide best-in-class commercial, personal, and life insurance solutions for our customers.” With this acquisition, Westland will be adding 11 branches and over 90 employees in Ontario. Post-acquisition, Westland will have over 140 offices in British Columbia, Alberta,...

New SMA guest blog by Megan Bock Zarnoch, Founder, Boundless Consulting Group — SMA, in partnership with Boundless Consulting, recently conducted an industry survey that provided an enlightening view of our industry’s current state while affirming that industry leaders all expect a significantly different future in underwriting. Our results show that for most carriers, the current state of underwriting is “under construction,” specifically relative to technology and process. Our analysis indicates there are some roadblocks and unforeseen hazards that will need to be navigated in order to successfully transform and achieve that future state. We’ve created this infographic to represent the winding road between today’s state and the dramatically different future, as demonstrated in our survey results, with a full report on the data coming by end of year: Click here for a larger downloadable copy in PDF format. While the road may be perilous, the right roadmap can guide the transformation into the future, accelerating progress and ensuring your teams are with you when you get there. If you are interested in access to the roadmap, you can find more information here: Digital Underwriting Transformation. We’d love to start a conversation: What roadblocks do you see on your journey?...

The National Association of Insurance Commissioners creates model laws for states to pass. Consumer advocate Birny Birnbaum pushed a state insurance regulator committee to overhaul illustration rules Tuesday. The Life Insurance and Annuities Committee gave Birnbaum 20 minutes to make the case for new illustration rules. The committee, part of the National Association of Insurance Commissioners, considers model laws to govern insurance, which are then available to states for adoption. The overall life insurance illustration model regulation 582 was an acrimonious process that took years before the NAIC adopted it in 1995. In the years since, insurers have come up with various product features that have rendered illustration guidelines nearly useless, Birnbaum claimed. “Illustrations obscure instead of explaining the operation of the policy,” he said on a conference call. “Illustrations in advertisements presenting misleading information about the risk and return.” And the fault lies not necessarily with the insurer or the agent, said Birnbaum, who began by stating the life insurance and annuities “can and should play a major role in consumer financial and retirement security.” Advertisement However, “it’s a regulatory framework that encourages these poor consumer outcomes,” he added. Much of the controversy centers on proprietary indexes developed by...