Insurable Interest Canadian Insurance Blog

Staff | September 22, 2020 A majority (79 per cent) of institutional investors see a global economic slowdown as the top threat to their portfolios in the next 12 months, according to a new survey by Schroders. Prompted by coronavirus-related concerns, it’s a big jump from the 49 per cent of respondents that said the same in 2019. Those concerns are also putting pressure on return expectations. Just 33 per cent said they’re confident they’ll be able to secure their anticipated returns this year, down from 52 per cent in 2019. The survey also found private assets look somewhat more attractive this year, with respondents saying they intend to increase their allocations to these assets, from 12.8 per cent in 2019 to 14.1 per cent this year. About half (46 per cent) said the increased allocation to private assets would help manage risk. Private equity, infrastructure equity and private debt were most cited as assets to which investors intend to up their exposure in the next three years. Read: Where can pension funds find returns in a low interest rate environment? In addition, 71 per cent of institutional investors said the pandemic has prompted them to seek out undervalued assets, while 26 per cent said they’ll continue to...

By Vinod Kachroo The insurance industry is in the midst of a paradigm shift. The rise in digitization is bringing a host of technologies that are disrupting the industry, while bringing new efficiencies and expanding business opportunities to everyone in the insurance value chain. It’s also changing the way we do business. The availability of highly reliable and diverse data sets around people, their lifestyles and behaviors have an enormous impact on everything from product design and sales approach to how customers like to be served. Data enables a whole new level of personalization and helps the carriers create an Amazon-like experience for their consumers throughout their life insurance product journey. Data also helps individuals obtain better solutions to their life needs and more affordable life insurance. It also gives agents and advisors a hearty boost to their business. Insurers are forming ecosystems, partnering with businesses on projects that achieve greater value together than each could capture individually. For example, John Hancock partnered with Verily and Onduo to provide consumers with type 1 and type 2 diabetes an experience that includes personalized education, diabetes management prompts, incentives, rewards and premium savings. The digital economy, rapidly-evolving technologies, the changing data paradigm...

Staff | September 22, 2020 Conte Financial Services Inc. and Dickinson & Associates are merging to become the Prime Benefits Group. The two Ottawa-based employee benefits and pension consulting firms finalized the merger earlier this month. The new firm continues to operate out of Canada’s capital city.  Read: Hub acquires Ontario benefits, HR consulting firm Tony Conte, formerly president of Conte Financial Services, and Dave Dickinson, former president of Dickinson & Associates, are now co-founders and senior partners of Prime Benefits Group. Both Conte and Dickinson bring more than 30 years of experience in the employee benefits and pension consulting business to the new group.  Read the full article at BenefitsCanada.com

Staff | September 21, 2020 The Ontario Teachers’ Pension Plan is opening a new office in Singapore to enhance its capabilities in Asia Pacific. As of the end of 2019, the plan had more than 30 employees in the region and about $15 billion invested there across public equity, private equity and infrastructure. “Expanding our presence in Asia is critical to our future growth,” said Ben Chan, regional managing director for Asia at the Ontario Teachers’, in a press release. Chan will oversee operations in the new office. “Asia Pacific offers numerous emerging and developed markets across two continents,” he said. “Expanding our local capabilities will allow us to further generate returns to deliver on our pension promise.” Read: Why pension funds should have boots on the ground globally The Singapore office is set to target investments across Australia, India, New Zealand and the Association of Southeast Asian Nations, which encompasses 10 countries including Indonesia, Thailand and Vietnam. The Hong Kong office will continue its focus on China, Japan and South Korea. Bruce Crane, managing director of the team covering infrastructure and natural resources for Asia Pacific, will be based in the new Singapore office and the Ontario Teachers’ equities team will expand its capabilities in the...

Staff  | September 21, 2020 Osler Hoskin and Harcourt LLP is appointing Andrea Boctor as a partner in its pensions and benefits group. Boctor’s practice encompasses all areas of pensions and benefits law, including pension administration, investment structuring and compliance and pension issues that arise in the context of transactions, lending and restructurings. In addition, her practice has a particular focus on pension strategy, governance and fiduciary duty and on pension issues in the context of bankruptcy and insolvency. Read: Osler Hoskin & Harcourt names new partner in pension, benefits group “Andrea’s reputation as a pensions and benefits law expert precedes her,” said Paul Litner, chair of Osler’s pensions and benefits group, in a press release. “Our clients will be able to rely on her proven ability to effectively solve the most challenging and novel business issues that can arise, particularly in the current climate.” Read the full article at BenefitsCanada.com

New partner’s injury causation analysis to help reduce fraud and bodily injury claims costs, while enabling confident, efficient decision-making San Mateo, CA (Sept. 17, 2020) – Talem Health Analytics, a leading provider of bodily injury causation solutions, and Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, is pleased to announce that Talem Health Analytics has joined Guidewire PartnerConnect as a Solution partner. Using evidence-based research combined with machine learning and AI technology, Talem Health Analytics (Talem) works to empower insurers with an enhanced understanding of injury causation and medical recovery from the start of the claims process. Talem delivers an objective, scientific analysis of the injury and injury causation, as well as providing specific claim recommendations and action points for the adjuster. “Our mission is to demonstrate that technology advances insurance instead of disrupting it,” said Matthew Kay, chief operating officer, Talem Health Analytics. “Insurers can leverage our injury causation analysis to make informed decisions and establish a transparent and consistent narrative early on, decreasing overall medical claims costs, highlighting medical fraud, and increasing efficiency. We are pleased to partner with Guidewire to bring these benefits to our joint customers” “We are delighted to...

Underwritten by Equisoft, this new research focuses on a specific window in the implementation of a modern policy administration system to understand the tipping point for project approval and how intangible costs and benefits are weighed in the decision-making process Montreal, QC (Sept. 16, 2020) – In a new report underwritten by Equisoft, global research firm Celent presents the findings of an interview series aiming to understand how life insurers reached the tipping point in making a decision to move forward with the investment in a modern policy administration system, from the recognition of the problem through the decision to move forward. The research was conducted with selected IT and business executives at large- and mid-sized North American companies offering individual life, annuities, preneed, as well as group and voluntary products. “Many insurers are at a precipice in their need for a new core system and it will be very difficult to remain competitive while using technology that is long unsupported, in languages no longer in use, run on a complicated and expensive mainframe, and supported by people nearing or past retirement age,” explained Keith Raymond, Senior Analyst, Life Insurance and Annuities, Americas at Celent. “Our primary goal with this...

By Kevin Butler, VP – Marketing & Strategy, Goose Digital — I’m often asked what the difference is between “audience” and “prospect.” While my answer might sound like I’m splitting hairs, the distinction between the two is critical. In my mind, the difference defines engagement, department ownership, and the primary methods by which each should be marketed to. As such, it’s a difference I take very seriously. Definitions So let’s jump into it. Here’s how I define each: Audience: A contact or contacts you seek to engage but haven’t yet. Your audience is typically comprised of target organizations or contacts that fit into your ideal customer profile. Prospect: A contact that has expressed interest in you (or your business); a contact you already have a level of engagement with, and one that has a degree of familiarity with what you have to offer. Going a step further, your Audience typically represents Demand Generation targets, people who are at the start of their journey with you, and are only just beginning to become familiar with your products or services. By contrast, Prospects are typically the result of Lead Generation tactics, specific contacts with a vested interest in what you have to...

Global breach data shows rise in social engineering scams New York, NY (Sept. 16, 2020) – Specialist insurer Beazley has reported that middle market organizations have been especially hard hit by online social engineering attacks during the pandemic. In the second quarter (Q2) of 2020, cybercriminals targeted businesses that remained open during lockdown where many employees were working remotely, making them more susceptible to cyber attacks. Of all the social engineering attacks reported to Beazley Breach Response (BBR) Services globally in Q2, 60% of organizations targeted were in the middle market (defined as over $35 million in annual revenue), up from 46% in Q1. Social engineering involving a system infiltration remained at a steady rate in the first half of the year. Fortunately, in more than 80% of reported incidents, the attack is stopped before a direct financial loss occurs. Kimberly Horn, Beazley’s global claims team lead for cyber & tech, said: “Middle market organizations have been resilient in maintaining their day-to-day operations during the pandemic and, in turn, their employees are more available to be targeted. Additionally, cybercriminals are executing more sophisticated attacks and middle market organizations provide richer targets. As our global breach data has demonstrated, if an...

PR Newswire World Alzheimer’s Day – As populations continue to age globally, life insurance companies and their customers have been increasingly affected by the rising numbers of Alzheimer’s disease. To prepare for future aging populations and how to best serve them, insurers are investing for the first time in digital assessment technologies that will enable policyholders to manage and track their cognitive health. An announcement today by Neurotrack, a digital health company, and Hannover Life Reassurance Company of America (Hannover Re US), a member of Hannover Re Group, the third largest reinsurance group in the world, signals how the industry is turning to digital technology to benefit insurers and policyholders by changing the future of aging. Neurotrack is announcing a partnership with Hannover Re US to offer Neurotrack’s clinically-validated cognitive health program to the life insurance market for use by their policyholders. The partnership between Neurotrack and Hannover Re US is the first of its kind in the United States, following Neurotrack’s successful rollout with Japanese life insurers SOMPO Himawari Life and Dai-ichi Life, which offer Neurotrack’s digital cognitive assessment to policyholders as part of their new dementia insurance offering. The announcement — coinciding with World Alzheimer’s Day — supports...