Insurable Interest Canadian Insurance Blog

Guidewire PartnerConnect Global Premier partner Deloitte to provide implementation, ongoing services, and support Burnaby, BC (Oct. 7, 2020) – British Columbia Automobile Association (BCAA), a British Columbia (B.C.) personal lines insurer, and Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, are pleased to announce that BCAA has selected Guidewire to enable digital transformation, deliver service excellence, and accelerate product launches. Euan Rafferty, Vice President of Underwriting, BCAA, said, “We are operating in a quickly evolving landscape where the expectations of our customers are constantly increasing with respect to the ease of doing business with us in their channel of choice whether that is in person at one of our service locations, over the phone at our contact center, through our self-service digital offering or through a combination of these channels.” BCAA aims to be a leader in insurance, protection, and mobility in B.C. and needs the right technology, tools, and business practices to create amazing customer experiences and continue to build strong, long-lasting relationships with their Members. Guidewire provides the versatile industry-standard platform to use as the foundation for future innovation. Using Guidewire, BCAA will be able to implement a solid core system solution...

IMS leads the market in road usage charge technology being the only solution provider to power all production deployments across North America Waterloo, ON (Oct. 13, 2020) – IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs and governments, is pleased to announce that IMS is the technology provider behind Utah’s Road Usage Charge program. The increasing cost of road upgrade and maintenance, combined with the growing shift to hybrid and electric vehicles, is driving governments to embrace sustainable road pricing models. These new road charging approaches leverage road usage charge technology to price according to actual road usage due to decreasing fuel tax revenue which typically funds road upkeep. More than a decade ago, IMS extended the IMS DriveSync platform to pioneer government solutions that address global transportation funding, efficiency and environmental issues. This work enabled IMS to help the Oregon Department of Transportation (ODOT) deliver the first road usage charge program in North America, and to subsequently power all successful production road usage charge programs in Washington, California, the United Kingdom, and now, Utah. “IMS provides a sustainable,...

State Farm ranks highest in individual life insurance, while Nationwide, New York Life tie for highest in annuity: J.D. Power 2020 U.S. Life Insurance Study Troy, MI (Oct. 13, 2020) – Even as deaths associated with COVID-19 surpass 200,000 in the United States, consumers don’t seem motivated to buy life insurance and life insurance customers are largely apathetic toward their insurer despite some standout performances. According to the J.D. Power 2020 U.S. Life Insurance Study,SM a combination of infrequent client communications and a pervasive perception of high cost and transaction complexity have suppressed consumer interest and customer satisfaction with life insurance providers. “The life insurance industry has a significant perception problem because, in the throes of a pandemic, consumers naturally should be more engaged with their insurer—but they aren’t,” said Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power. “We’ve been observing a trend for several years that customer satisfaction with life insurance companies starts declining the moment a policy is purchased and continues to decline throughout the relationship due to a lack of policyholder contact from most insurers. The fact that insurers and agents have not been able to reverse this trend during a historic global pandemic...

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — Much has already been written about the implications of the pandemic, the related economic activity, and how they will affect the InsurTech movement. As usual, there are a wide range of opinions. Will InsurTech be one of the casualties of COVID-19? Or will the dramatic change to work and life patterns unleash innovative new startups and new rounds of funding? The answer probably lies somewhere in between. SMA’s perspectives are documented in a recently released research report, The Top 10 Themes for InsurTech 2020: Operating in the Pandemic Era. The first part of this blog will provide some quick observations about the developments of the last few months, but the remainder of the blog is more about the future of the InsurTech movement. Since the pandemic began to take hold and dramatically affect the business environment, there have been some significant shifts in InsurTech. Generally speaking, insurers have been less eager to start new exploration and new projects with InsurTechs. The exceptions are the InsurTechs with solutions that address some of the digital gaps that have been exposed by the work-from-home, restricted-travel environment. They have done quite well and include...

Novarica’s new executive brief asks insurers whether a given core solution will evolve to meet tomorrow’s needs with flexibility and speed Boston, MA (Oct. 13, 2020) – Replacement projects may once have been about solving current pain points with specific functionality, but insurers today should be looking to where potential solutions are headed. In the new executive brief, Core Systems of Tomorrow, research and advisory firm Novarica frames the criteria to consider when selecting a modern core system for the future. “Assessing out-of-the-box functionality and approaches will remain important,” says Chuck Ruzicka, Novarica Research Council Fellow and co-author of Novarica’s new report. “But architects will be increasingly involved in evaluating the potential impact of emerging architectures and approaches on speed to market, scalability, and total operating costs. CIOs should continually evaluate their current core system providers’ solution roadmaps and progress against these trends.” Click here for the table of contents or to access the report. Report Summary Architecture, implementation capabilities, and roadmaps may become more important than current features for insurance core systems. Core solutions are evolving, with architecture and implementation factors superseding functionality as key competitive differentiators. This brief provides an evaluation framework for carriers looking to enhance homegrown...

Attorneys Gregory Dell and Stephen Jessup answer a frequently asked question: Do I Have to quit my Job Before Applying for Disability Insurance Benefits? In this video and article know your rights when applying for disability insurance benefits. Learn why getting laid off could effect your disability claim and why you should never quit your…

Six months into the pandemic, and Canadian workers are exhibiting signs of strained mental health – and for some, the problem could devolve into a self-feeding spiral. In its latest monthly Mental Health Index report, Morneau Shepell found that as of September, the index was 10 points below its pre-pandemic level of 75 points, following an uneven pattern that included modest increases from April to July, a decline in August, and a recovery to the July score of -10 last month. Looking at the sub-scores that compose the index, the survey found deep declines in optimism (-12.3) and work productivity (-10.8). Scores for depression (-11.8), anxiety (-11.5), and isolation (-9.7) also reflected a trend toward the worse. Financial risk was in positive territory (3.1), though it has declined after several months of improvement. “The second wave of the COVID-19 pandemic is well underway, with case counts rapidly increasing and many provinces seriously assessing the need to revert back to previous lockdown measures,” Morneau Shepell President and CEO Stephen Liptrap said in a statement. “As we look to the coming months, it’s critical that governments and organizations recognize the risk that the impending isolation will have on Canadians’ wellbeing and take...

Over the first half of a multi-year agreement struck between the pan-Canadian Pharmaceutical Alliance (pCPA) and the Canadian Generic Pharmaceutical Association (CGPA) has helped Canadians save nearly $2 billion in prescription drug costs – but the industry is sounding the alarm on risks to the sustainability of Canada’s drug supply. In a statement, the CGPA noted that under the five-year agreement that took effect on April 1, 2018, the prices of nearly 70 of the most commonly prescribed drugs in Canada were slashed by anywhere between 25% and 50%. The price cuts were applied across all federal government drug plans, as well as all Canadian provinces and territories except for Quebec. Because of those price reductions, the CGPA said, Canadians have been able to benefit from drugs with overall discounts of up to 90% compared to the price of their brand-name equivalents. Citing data from the Patented Medicine Prices Review Board (PMPRB), the CGPA said the average price of generic prescription medicines in Canada has declined by nearly 60% since 2007, and the prices of certain top-selling generics have dropped by 80% on average. “Canada’s generic pharmaceutical industry continues to make an essential contribution to affordable patient care in Canada,”...

Leader-Telegram (Eau Claire, WI) Oct. 13–EAU CLAIRE — An Eau Claire man will spend four years on probation for emptying a 13-year-old girl’s bank account as a guardian and exposing his three children to methamphetamine. Thaopao Vang, 35, 606 Marshall St., pleaded no contest this week in Eau Claire County Court to a felony count of theft, three misdemeanor counts of neglecting a child, and unrelated felony counts of bail jumping, possession of methamphetamine and methamphetamine delivery. As conditions of probation, Judge Emily Long ordered Vang to undergo an alcohol and drug assessment and any programming or treatment recommended by his probation agent, and paying an undetermined amount of restitution. Vang cannot have contact with Associated Bank, the Eau Claire County Clerk of Juvenile Court and Register in Probate, and his children — unless approved by the Eau Claire County Department of Human Services. According to the criminal complaint in the theft case: Advertisement Eau Claire police were sent to the Eau Claire County Register in Probate and Juvenile Court office Nov. 13 on a report that Vang fraudulently withdrew nearly $37,000 from a Bank Mutual, now Associated Bank, account. Vang was established as the guardian of the estate for...

The virtual desk solution is powered by Crawford’s full suite of services Atlanta, GA (Oct. 8, 2020) – Crawford & Company®, the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, is pleased to announce the launch of Virtual Assist, an online marketplace that empowers adjusters to request individual services that support desk adjusting operations. The virtual assist portal provides access to the full suite of Crawford offerings, ranging from digital tools like Crawford’s YouGoLook self-service app to traditional field services like appraisal. “Crawford is a recognized industry leader in innovation, and we are thrilled to bring this platform to our clients. Virtual Assist® incorporates our cutting-edge technology and services to streamline the claims handling process for adjusters. Claims can now be resolved faster while lowering overall costs,” commented Larry Thomas, global president, Crawford Specialty Solutions. Adjusters will be able to log on the Crawford’s Virtual Assist platform and quickly select the services that best fit to their needs. The list of offerings includes digital tools (self-service app, 3D scan), on-demand services (roof inspection, property inspection, auto inspection), contractor services (managed repair, emergency services), field services (appraisal, adjustment, content) and expert services...