Insurable Interest Canadian Insurance Blog

Ontario agri-business mutual insurer to leverage Guidewire to enable digital transformation, deliver service excellence, and accelerate product launches Listowel, ON (Sept. 25, 2020) – Trillium Mutual Insurance Company, an agri-business mutual insurer based out of Listowel, Ontario, and Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, are pleased to announce that Trillium Mutual has selected Guidewire to enable digital transformation, deliver service excellence, and accelerate product launches. By implementing Guidewire’s leading-edge industry platform, Trillium Mutual will be able to ensure that it is in step with the majority of the Canadian P&C industry and build upon its commitment to push for innovation in all areas of its business. The company will also be able to continue providing the exceptional service and commitment to mutuality that its partners and members have come to expect in a rapidly-changing insurance marketplace, from digitally interfacing with partners for policy changes and new business to providing easy access to its members during a claim. “Through reduced speed-to-market of new products and technologies, the introduction of new levels of efficiency and automation through guided workflows based on industry-validated best practices, and the proliferation of Guidewire in the Canadian P&C industry,...

Toronto, ON (Sept. 28, 2020) – Ecclesiastical has launched a planning framework to help organizations develop a strategic risk-based approach to manage their operations and ensure they are able to cope in the COVID-19 environment. COVID-19 has exposed new risks, ranging from social distancing to uncertain customer demand and so it is vitally important that organizations are able to adapt and ensure the safety of employees, volunteers, customers, and visitors. The plan includes a set of tools that have been designed to help organizations identify any potential impact, risks and opportunities going forward. These include checklists to look at the impact of the pandemic on the business – for example whether a lack of technology has hampered delivery of service, to the challenges of keeping stakeholders informed as well as tips to support immediate changes to how an organization works. By reviewing existing strategies and adapting them where needed, businesses should be in a stronger position to support their long-term viability. Colin Robertson, Vice President, Operations and Risk Control at Ecclesiastical, said: “In these incredibly challenging times, organizations across the country have shown amazing resilience and flexibility to adapt to a new landscape, while managing the risks associated with a...

RPA market forecast to grow at double-digit rates through 2024 despite economic pressures from COVID-19 Stamford, CT (July 15, 2020) – Global robotic process automation (RPA) software revenue is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020, according to the latest forecast from Gartner, Inc. Despite economic pressures caused by the COVID-19 pandemic, the RPA market is still expected to grow at double-digit rates through 2024. “The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organizations try to meet the demands of cost reduction during COVID-19,” said Fabrizio Biscotti, research vice president at Gartner. “Enterprises can quickly make headway on their digital optimization initiatives by investing in RPA software, and the trend isn’t going away anytime soon.” Worldwide RPA software revenue is expected to reach $1.58 billion in 2020, an increase of 11.9% from 2019 (see Table 1). Through 2020, average RPA prices are expected to decrease 10% to 15%, with annual 5% to 10% decreases expected in 2021 and 2022, creating strong downward pricing pressure. Table 1. Worldwide RPA Software Revenue (Millions of U.S. Dollars) 2019 2020 2021 Revenue ($M)...

Toronto, ON (Sept. 24, 2020) – CSIO is pleased to congratulate the first cohort of CSIO Digital Brokers. These 32 CSIO members demonstrate a commitment to continuous learning, innovation and digital best practices. The new CSIO Digital Broker certification recognizes brokers who have completed six CSIO eLearning courses. These courses are offered on digital topics related to the business of insurance, to help brokers maintain their competitive edge, update their digital skills, and keep them up-to-date on latest digital trends. “I’m honoured to be recognized as a CSIO Digital Broker,” said Carole Moran, Epic Trainer – Alberta, with BFL Canada. “I took the first three courses to use for licensing credit but quickly realized that the material was very interesting and relevant to not just our insurance careers but to our daily lives. I want to thank CSIO for these wonderful courses, I look forward to seeing what new courses you create for brokers.” About the CSIO Digital Broker eLearning Program The CSIO Digital Broker eLearning Program is the P&C insurance industry’s preferred choice for online education. Course topics are selected based on what CSIO members have most requested, in order to support their professional development and enhance their knowledge of current digital...

LL Global, the parent company for LIMRA, LOMA and Secure Retirement Institute, today named Mark Poklar to lead its insurance research unit. He will report to Alison Salka, senior vice president and head of LIMRA Research. Over the past 30 years, Poklar has held several leadership roles in marketing and research across several different industries, including executive positions at Thrivent Financial and Walmart. Prior to accepting the position with LL Global, Poklar was executive director of consumer insights and competitive intelligence for Humana. “Mark brings a unique combination of experience and knowledge, including extensive expertise in the omnichannel market, that we believe will help take our insurance research program to the next level,” said Salka. “Advances in technology, challenging economic conditions and changes in consumers’ perceptions and behaviors are driving the life insurance industry to transform. Mark’s strong research, strategy, collaboration and leadership skills will help integrate our product, market and distribution research in the insurance vertical, allowing us to continue to provide the indispensable research and insights our members need.” As vice president of LIMRA’s Insurance Research program, Poklar will be responsible for developing a strategic program of benchmark surveys, discovery research and thought leadership that addresses important industry...

Staff | September 28, 2020 New Democratic Party Leader Jagmeet Singh said his party will support last week’s throne speech on the condition that more Canadians be granted access to paid sick leave as part of draft legislation covering the federal response to the coronavirus epidemic. The proposed legislation, Bill C-2, would see Canadians receiving the Canada Emergency Response Benefit transition to a version of employment insurance with enhanced eligibility or to one of three other new benefits. Read:What did the throne speech promise for employers and workers? In a press conference Friday night, Singh said his party’s support is contingent on changes to the wording of Bill C-2 to significantly increase the number of Canadians who will receive paid sick days. “Today marks the first step in achieving the first ever, in the history of our country, federal paid sick leave for Canadian workers,” he said. Read the full article at BenefitsCanada.com

Kelsey Rolfe | September 28, 2020 An upcoming Sun Life Canada drug plan change that will be implemented outside of plan sponsors’ renewal periods is calling attention to the practice of block-level contract amendments. Sun Life is set to implement the first phase of its reference drug program on Oct. 1, which the insurer says will help plan sponsors with drug plan sustainability by creating categories of drug therapies and identifying the most cost-effective drug within a therapeutic class. While plan members will continue to have access to all drugs within the class, they’ll only be reimbursed up to the eligible cost of the chosen cost-effective medication. The first phase will involve two drugs to treat neutropenia, a condition that involves an abnormally low number of neutrophils, a type of white blood cell. The program will eventually expand to other therapeutic categories and include biologics, biosimilars and other synthetic drugs. Read: Collaboration fundamental when managing, altering Canadian drug plans Blake Waddell, a group benefits advisor with Waddell Insurance Brokers Ltd., says the change would have violated his plan sponsor clients’ contracts with Sun Life, which specify when the insurer is able to make changes to benefits offerings and give plan sponsors a 31-day period to opt out of changes. After a conversation with the insurer’s...

The Canadian Snowbird Association (CSA), a non-profit organization representing the interests of Canadian travellers from across the world, has announced a significant victory in a legal challenge against Ontario. On September 23, the Ontario Divisional Court issued a unanimous ruling that strikes down a portion of Ontario Regulation 259 that eliminated the Out-of-Country Travellers Program (OOCTP), an Ontario Health Insurance Plan (OHIP) program that covers emergency coverage outside the country. Under the program, travelling Ontarians could claim reimbursements of $200 to $400 per day for emergency inpatient services and up to $50 per day for emergency outpatient services. In May 2019, Ontario Health Minister Christine Elliott announced the provincial government’s plan to eliminate basic out-of-country travel insurance, following a six-day consultation. The move was part of a broader effort to address the province’s $11.7-billion deficit; it said the OOCTP program had cost it $2.8 million to administer with approximately $9 million in claim payments made every year. The plan to eliminate OOCTP pushed through on January 1, 2020, which made Ontario the sole jurisdiction in Canada to eliminate all medical coverage for its residents travelling abroad. The following day, the CSA filed its legal challenge against the move. In its...

Staff | September 25, 2020 The Chartered Financial Analyst Institute is looking to more deeply examine the financial industry’s role in mitigating climate change. In a new report, the CFA Institute examined how investors can engage with the issue of climate change. It noted a recent survey of its members found 40 per cent of respondents incorporate climate change information into the investment process. In past research, the institute found 75 per cent of a select group of C-suite executives believe climate change is an important issue. The disparity between these two percentages would suggest there’s an appetite for more data and disclosure on issues of climate risk from issuer companies, according to the report. As for tools the financial sector can use to improve the situation, the institute said it supports carbon pricing. “Putting a price on carbon emissions that considers the negative externality of climate change creates an incentive for the invisible hand of the market to move economies away from burning fossil fuels.” Read: UTAM joins institutional investors calling on aviation sector to address climate change The report also noted that carbon price expectations should be included in analyst reports. “A realistic market price on carbon will send a price signal that analysts need in order to properly...

Staff  | September 25, 2020 Johnston Group Inc. and the Empire Life Insurance Co. are introducing a benefits program designed for employers with 25 to 200 employees. The product, which includes the essentials of a benefits plan, can be integrated with Payworks Inc.’s payroll services and offers bundled pricing on additional human resources tools. It also includes offerings from Teladoc Telemedicine Services. “At Johnston Group, it isn’t just about being trendy with technology and innovation, it’s about how we can provide better and increasing value to our customers,” said Dave Angus, president of Johnston Group, in a press release. Read: Empire Life adding telemedicine to group benefits plans Under the product, Johnston Group will process member information, adjudicate and process health and dental claims and provide customer service, while Empire Life will insure life, disability, extended health care and dental benefits. “Empire Life is on a mission to make group benefits simple, fast and easy for Canadians,” said Michael Perry, senior vice-president of group solutions at Empire Life. “We’re honoured to be chosen by Johnston Group and confident that together, this new program will allow for the provision of flexible and value-added benefits solutions, specifically developed for medium-sized businesses.” Read: Teladoc, Johnston Group...