Insurable Interest Canadian Insurance Blog

Ford joins the Verisk Data Exchange, creating new opportunities for insurers to deliver usage-based insurance benefits Jersey City, NJ (Oct. 13, 2020) – Verisk, a leading data analytics provider, today announced that Ford Motor Company has joined the Verisk Data Exchange™. Owners of eligible Ford and Lincoln vehicles will soon have easy access to usage-based insurance programs from the many U.S. auto insurers that connect to the Exchange—including three of the ten largest U.S. carriers. Usage-based insurance (UBI) can give drivers greater transparency and control over their insurance costs. These programs typically offer personalized safe driving discounts that can help consumers save money and promote road safety. The new telematics integration with Verisk will make it simple and convenient for consenting drivers of connected Ford vehicles to securely share their driving data to unlock these offers and benefits—no additional hardware or apps required. “Ford is committed to connecting our customers to valuable services that can help them reduce their total cost of ownership and get more out of their Ford vehicle — usage-based insurance is a great opportunity to do that,” said Alex Purdy, director of business operations, enterprise connectivity, Ford Motor Company. Verisk’s ability to ingest Ford vehicle data...

Staff  | October 16, 2020 Benefits Canada is thrilled to announce the winners of the 2020 Workplace Benefits Awards. At a virtual roundtable and awards ceremony on Friday morning, 19 finalists gathered to discuss their leading benefits and pension strategies, followed by winner announcements across seven categories. The following winners — and all of the finalists — represent benefits and pension plans covering more than 280,000 Canadians. These employers are proactively and passionately making a difference in their employees’ financial, mental and physical well-being.  Read: Which companies are finalists in the 2020 Workplace Benefits Awards? The winners of the 2020 Workplace Benefits Awards are: Benefits plan communications: TMX Group  Pension plan communications: Co-operative Superannuation Society pension plan Health/wellness program: Ericsson Mental health program: Scotiabank Coronavirus & benefits (less than 5,000 employees): TMX Group Coronavirus & benefits (more than 5,000 employees): Scotiabank Sanofi Canada Wellness Pioneer: SSQ Insurance Read: Award finalists talk employee engagement, return on investment Benefits Canada would like to thank our sponsor Morneau Shepell Ltd. for its support of the awards. We’d also like to thank the panel of judges that helped select this year’s finalists and winners: Sarah Beech, area president at Arthur J. Gallagher & Co.; Gavin Benjamin, Willis Towers Watson; Yaelle Gang, the Canadian Investment Review; Linda Lewis-Daly, Lewis-Daly & Associates; Jordan Fremont, Bennet Jones LLP; Jean-Guy Gauthier, CQFD Actuariat; Julie Holden, Holden & Associates; Marliee Mark, Marilee Mark Consulting; Jennifer Paterson, Benefits Canada; Lizanne...

PARK RIDGE, Ill. (Oct. 16, 2020) — In the midst of a global pandemic and economic crisis, MDRT has made strategic moves to ensure financial professionals and their clients are well supported. The association announced its Productivity Action Plan, developed to help financial professionals qualify for membership in 2021, and equip them with proven strategies to drive their businesses and clients towards next‐level success in the current climate and beyond. The MDRT Productivity Action Plan acknowledges the challenging business conditions financial professionals have faced in 2020. To provide its current and aspiring members with more opportunities to join, MDRT waived 2021 production requirements for 2019 and 2020 members, and announced it has no plans to increase dues in 2021. For prior‐to‐2019 members or first‐time applicants, MDRT adjusted the 2021 production requirement, taking into account the economic impacts on the industry. Though the pandemic has changed the way many financial professionals do business, MDRT is focused on providing them with the innovative ideas they need to continue succeeding. As part of the Productivity Action Plan, the association developed the MDRT Focus on Resources hub. Available to both members and non‐members, the site is updated regularly with timely, top‐tier content from industry...

Melissa Dunne | October 16, 2020 With federal and provincial regulators introducing relief measures this year to support pension plans amid the financial upheaval resulting from the coronavirus crisis, the Financial Services Regulatory Authority of Ontario saw a lot of action from plan sponsors registered in the province. “In terms of whether plans are taking advantage of the relief — they are in Ontario. . . . We had 75 plans requesting extensions to member statements,” said Caroline Blouin, executive vice-president of pensions at the FSRA, during an Association of Canadian Pension Management virtual roundtable on Wednesday. “In terms of defined contribution plans, we’ve had just under 20 amendments to reduce or suspend their contributions, so the measure is helping some companies [and], in terms of commuted-value transfers, we’ve received over 230 applications so far.” Read: Navigating pension fiduciary duties during coronavirus pandemic Meanwhile, out in B.C., many plan sponsors requested various filing extensions, four plan sponsors asked to reduce contributions — though none eliminated them — and three plan administrators for seven plans invoked provisions to withhold commuted-value transfers for terminating members, according to Michael Peters, vice-president and deputy superintendent of pensions for the B.C. Financial Services Agency. “The new measures [since the pandemic started] are really meant to...

Jennifer Paterson | October 16, 2020 Looking back at all of the pension legislation stories we’ve written up during the coronavirus pandemic, I’ve noticed federal and provincial governments definitely favoured defined benefit plans over defined contribution plans in their various temporary regulations. In the first month of the pandemic, the feds halted solvency special payments for federally regulated DB plans until the end of 2020, while the Office of the Superintendent of Financial Institutions temporarily froze portability transfers and buyout annuity purchases. In July, the feds published draft regulations that would allow registered pension plans to borrow money and extend the deadline to retroactively credit pensionable service under a DB plan. The provincial regulators weren’t far behind. Across the country, they implemented relief measures for DB plans, including extending regulatory filing deadlines for annual statements and actuarial valuation reports. Read: An overview of Canadian DB pension relief measures during coronavirus Quebec also updated the degree of solvency that DB plans must take into account for transfers and refunds, while Ontario issued guidance on transferring commuted values and purchasing annuities and temporarily cut financial penalties for plan sponsors making a late payment of a pension benefits guarantee fund assessment. Meanwhile, the only legislative moves...

Benefits Canada | October 16, 2020 Certain politicians have suggested Alberta withdraw from the Canada Pension Plan and go it alone. Would the province benefit from a solitary system or is the idea short-sighted? Niels Veldhuis, economist and president of the Fraser Institute In June, Alberta’s Fair Deal panel recommended the development of a comprehensive plan to withdraw the province from the CPP. While a wide-ranging study on leaving the CPP has never been done, the evidence clearly points to potential tangible benefits for Albertans. First, it’s important to acknowledge why Alberta is considering a withdrawal. Albertans are frustrated with the way Ottawa and other provincial governments have harmed the province’s main industry and its economy. Yet, Albertans continue to make disproportionate contributions to national programs. Read: Alberta panel recommending province withdraws from CPP, creates Alberta Pension Plan Research published by the Fraser Institute in April 2019 found Alberta workers accounted for 16.5 per cent of total CPP contributions, while the province’s retirees consumed just 10.8 per cent of CPP expenditures. Between 2008 and 2017, Albertans’ net contributions to the CPP were $27.9 billion. Federalist countries like Canada are about balancing the needs of each constituent province so that, on net, it makes sense to...

With more than 13,000 employees in Canada and the U.S., the entertainment company had a long-standing program recognizing length of service and a points-based system for theatre-based staff, but it wanted a more fulsome approach that allowed employees to be recognized in a variety of ways. The impetus, he says, was the results of a culture survey Cineplex conducted among employees in 2016/17. While it highlighted the organization’s hard-working employees and strong brand affinity, the survey also found that some staff were feeling under-appreciated. “They felt like they were going above and beyond, but it wasn’t recognized by the company, so that was the driving force for this bit of work.” Read: 81% of employers offer company-wide recognition programs: survey In introducing the new recognition strategy, Cineplex opted to split it into three phases, starting with a peer-to-peer social program and following it with revamped service recognition and a new points-based system. The social phase The social recognition element, which was launched in November 2019 as a pilot project with corporate employees, includes personalized e-cards that can be sent between employees over a mobile app or through email. To promote it, Cineplex handed out swag bags with the company logo, a...

Targeted News Service (Press Releases) LL Global –the parent company of LIMRA, LOMA, and Secure Retirement Institute(R) (SRI(R)) — today announced that Paul Arrowsmith will lead its international operations. Arrowsmith will report to Dave Levenson, president and CEO of LIMRA, LOMA, SRI and LL Global. Based in the Asia-Pacific region, Arrowsmith will serve as president of International, leading the organization’s programs by helping member companies in Asia, Latin America, Europe, Africa and the Middle East achieve their business objectives. LL Global offers research, assessment tools and professional development for both home office and field personnel in 71 countries around the world. Arrowsmith brings more than 30 years of experience in the life insurance, bancassurance and retail banking industries. He has held several senior leadership positions with prominent financial services companies such as AXA and HSBC, primarily while based in Asia. In his most recent position at Krungthai AXA, Arrowsmith was responsible for refocusing the company strategy, accelerating preparation for the new consumer protection regulations, recommending improvements to the bancassurance program, and revitalizing the sales process, skills and culture of the organization. “As we continue to implement our 5-year strategy, Compass 2025, focusing on our international operations will be more and...

Medavie Blue Cross, the pharmacy benefit manager and insurer, has introduced a drug management solution that promises to promote cost-effectiveness and positive health outcomes within group plans. The new solution, named Rxperience, comes with increased standardized core benefits that include broader drug coverage, open access to traditional drug benefits, and specialty drug management. “Our commitment as a health solutions partner is to improve the wellbeing of Canadians,” said Shane Reid, director, Drug, Product and Provider Management, Medavie Blue Cross. “We leverage our in-house expertise and capabilities to assess, negotiate and recommend to our clients the best approaches to maximizing the outcomes of their drug spend, while ensuring plan members get access to the most appropriate therapy for their condition.” The key plan management features focus on member care and cost management tools such as priori authorization for high-cost specialty drugs, mandatory generic substitution for multi-source brand drugs, and an opioid management strategy for responsible drug utilization. Among the add-on automated plan management features available – some of which depend on whether a client is within or outside Quebec – are tiered coinsurance, automated step therapy, and access to a preferred network of pharmacy partners. The plan also comes with the...

Staff | October 15, 2020 Across the G20 nations, older workers are increasingly vital to a post-pandemic recovery, according to a new report by ageing policy think tank International Longevity Centre U.K. Every third dollar is earned by someone aged 50 or older and nearly one in three workers (29 per cent of the G20 workforce) were over the age of 50 in 2018. This increased share of the job market meant older workers also drove consumer spending, as households led by people aged 50 and older contributed, on average, 22 per cent (more than US$9 billion) of the collective GDP of the G20 nations in 2015. Additionally, spending by households led by older people rose nine per cent from 2010 to 2015, with their market share also rising (from 54 per cent to 56 per cent) during this time. Read: Workplace strategies for an aging workforce The report also outlined how making it easier for older people to continue working into their retirement years could increase the collective GDP by seven per cent. “Older people’s social and economic impact is already significant, but there’s potential to increase this further. The barriers they face are in part avoidable — and the most important is poor health,” said...