Insurable Interest Canadian Insurance Blog

Aite Group’s latest report explores the benefits that IoT devices provide for carriers in claim control, agent involvement, customer engagement, and rate control Boston, MA (Sept. 3, 2020) – The use of connected IoT devices in the home is growing as more consumers discover the benefits of voice commands, smart appliances, and monitoring systems. They generate constant streams of data that can be used by insurance companies, which present new challenges for carriers. Finding a balance between customer benefit and return on investment (ROI) will be imperative for carriers, and those capable of leveraging IoT will create a competitive advantage through better rate control, reduced loss exposure, increased customer engagement, and positive agent involvement. A new Aite Group report, IoT Connected Devices in the Home: A Game-Changer for Homeowners Insurance, identifies trends and strategies to help insurers tackle integrating smart home data into their value chain to help mitigate claim expanses, create more accurate rating systems, and increase customer engagement opportunities. “Given the propensity for IoT devices to help prevent or mitigate claim expenses, the long-term ROI for carriers is very good,” states Greg Donaldson, senior analyst at Aite Group. Click here for the online summary or to download the...

Chicago, IL (Aug. 28, 2020) – The latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study, conducted by The Jacobson Group and Aon plc, found 83 percent of respondents intend to maintain or increase staff in the next 12 months. “The insurance industry has proven relatively stable in comparison to the overall economy and insurers continue to compete for top talent,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “Recruiting difficulty has not eased during the pandemic and has even increased slightly for most insurance functions. Though employment will continue to grow in the next 12 months, it will be at a significantly slower pace.” Some of the study’s key findings include the following: Most vacant positions are still moderately difficult to fill; of the 11 functional areas reported on in the study, eight have increased in recruiting difficulty compared to one year ago. Fifty-eight percent of companies expect increased revenue growth, 19 points lower than six months ago. Thirty percent of companies expect flat growth, 13 points higher than January 2020. In the coming year, companies are most likely to increase staff within the technology function, followed by underwriting and analytics. The primary drivers of staffing changes...

Marlborough, MA (Sept. 1, 2020) – OneShield Software is pleased to announce that U.S.-based RubiQon Risk & Insurance Services – a newly-launched Managing General Agency (MGA) and a subsidiary of intelligent decision platform provider QOMPLX Inc. has chosen OneShield Market Solutions (OMS) as its Software-as-a-Service (SaaS) provider for policy, billing, claims and reporting. Focused on offering comprehensive risk management solutions from cybersecurity to tailored cyber insurance, RubiQon Risk believes product speed-to-market will be the key business driver and a competitive advantage for them. “By combining the telematics and decision-making tools in the QOMPLX Underwriting technology platform with OneShield’s complementary policy management capabilities, RubiQon is able to get our new cyber insurance solutions to market quickly and offer our customers the high level of services and automation they should expect from us,” says Conan Ward, RubiQon Risk’s General Manager and President. OneShield provides end-to-end policy management from quoting, binding, and servicing, handling the billing lifecycle from invoicing through to payment, and offers comprehensive claims administration from first notice of loss through to payment. Extended capabilities include document management, reporting, and analysis. “OneShield has extensive experience working with startups and we understand how to mobilize to help them go live quickly,” says...

Surrey, BC (Sept. 2, 2020) – Westland Insurance Group Ltd. is pleased to announce the closing of four acquisitions, effective August 31, 2020. The new retail offices, which are located in British Columbia, Alberta and Manitoba, support Westland’s expansion strategy to serve more communities across the country. “This is an exciting time for Westland as we continue our strategic expansion across Canada. These acquisitions strengthen our presence in western Canada, and, for the first time, provide us the opportunity to support clients in Manitoba,” said Jason Wubs, CEO of Westland Insurance. “These are all client-focussed agencies with deep roots in their communities, and they are perfectly aligned to Westland’s core values. Their professional advisors will continue to provide the same great service, and we are excited to welcome our new team members to the Westland family.” Manitoba King Insurance: Founded in 1962, King Insurance is a family-owned brokerage located in Winnipeg, Manitoba. Its professional insurance advisors are experts in residential, auto, business, life and disability insurance. Alberta Johnson Agencies: Johnson Agencies has served the insurance needs of Leduc, Alberta, and the surrounding areas since 1967. They provide residential, auto, recreation, commercial, farm, travel and life insurance. Hedderick Insurance Agencies: Located...

Calgary, AB (Sept. 1, 2020) — Doug Laird, President of Edmonton’s McLean & Shaw Insurance Inc. and Lee Rogers, President and Bruce Rabik, Chief Operating Officer of Calgary-based Rogers Insurance Ltd. are pleased to announce the partnership of these respective firms. Rogers has acquired a significant minority interest in McLean & Shaw and both Doug Laird and Ryan Lyster, Managing Partner, will become shareholders in Rogers Insurance Ltd. Since 1956, McLean & Shaw has developed tremendous expertise in the transportation, oil and gas servicing, manufacturing and farm sectors and has grown a very loyal base of customers. “Our partnership with Rogers Insurance provides additional access to markets which means more choice for our clients and allows us to focus on our areas of expertise so we can aggressively expand our clientele in Edmonton,” said Doug Laird. “McLean & Shaw’s core values of authenticity, passion and accountability are aligned with our new partners and we are pleased to be joining an organization with one of the best work environments in Alberta. Our team is committed to continue delivering best-in-class service for our clients.” As part of this transaction the name of McLean & Shaw will change to “Rogers McLean Shaw Insurance...

Kelsey Rolfe | September 3, 2020 When the coronavirus pandemic hit, Scotiabank kicked the expansion of its existing childcare offering for employees into high gear. “Given the bank has announced that anyone who’s working remotely will continue to do so until the end of 2020 minimum, we wanted to make sure we had some extra options available for employees since working remotely is now a prolonged phenomenon,” says Ayman Alvi, the bank’s director of global benefits. Through an existing partnership, Scotiabank employees are guaranteed access to full- or part-time childcare spaces at Kids & Co.’s childcare centres across Canada. As of September, that support is expanding, with the bank now covering the cost of five backup days of childcare per child per year. It’s also funding a 10 per cent discount for full-time childcare and five per cent for part time. Read: Women’s participation in labour force reaches lowest level in three decades: study The idea to expand childcare provisions came from a regular review of offerings to support its employees who are parents, says Alvi, noting usage trends from Kids & Co. indicated employees were taking advantage of the spaces. “Providing additional resources allows [employees] to work in an efficient way, but also still be present at...

Disability insurance attorney Dell & Schaefer explains how to qualify for disability benefits, avoid a bad faith claim denial, and provide medical support.

Staff | September 3, 2020 The Institutional Investors Group on Climate Change is launching a draft guide for investors seeking to align their investments with the Paris Agreement on climate change. The framework was developed in consultation with more than 70 global investors, managing an aggregate US$16 trillion in assets. It aims to help investors actively decarbonize their portfolios with the goal of reaching net zero emissions by 2050. The group is soliciting consultations for improvements to the guide until Sept. 25, 2020. Read: Head to head: Is carbon divestment becoming obligatory for pension plans? Currently, five investors — Dutch pension fund Algemene Pensioen Groep, Brunel International, the Church of England Pensions Board, Danish pension fund PKA and Phoenix Group Holdings — are testing the framework’s impact on their portfolios. Their analyses from the trials will be folded into the guide, which currently features recommended actions, metrics and methodologies for investors to follow. In one example, the guide outlines how investors can align assets to net zero goals within asset class portfolios. It provides practical steps to assess that alignment within sovereign bonds, listed equities, corporate fixed income and real estate and expands on how investors can transition to greater alignment over time. Read: Caisse...

By Charles Dugas, Insurance AI Lead, Element AI — Underwriting is all about data. Since its inception, people in the insurance profession have been evaluating data on risk, value, and other factors in order to make their decisions. Today’s underwriters have more variables to contend with, more submissions, more competition, and more data of all kinds to deal with than ever before. That’s why more and more insurance firms are deploying AI in commercial underwriting. Machine learning (ML) and AI are incredibly well suited for helping to deal with the masses of data underwriters now face. These technologies are changing underwriters’ working lives for the better and delivering huge benefits to businesses and the insurance industry as a whole. In this article, we’ll explore five key ways you can implement AI and ML in the underwriting process and the results they can achieve. Without further ado, let’s get started. (1.) Processing underwriting submissions Although efforts have been made to streamline submission processing, many lines of business in the insurance industry still have to deal with large volumes of documents that need to be processed manually. Until now, that’s just been part of the job — and a time-consuming, laborious one. New...

Staff  | September 2, 2020 Aon is promoting Federico Cervantes and Erwan Pirou to global partners of the firm. Cervantes joined Aon in 2018 as associate partner and head of investment for central Canada. Previously, he spent 12 years at Willis Towers Watson, most recently as a senior investment consultant. He also worked as director of institutional investment at GBM Grupo Bursatil Mexicano and as an institutional investment consultant at GEI in the U.S. With nearly 14 years at Aon, Pirou is currently the chief investment officer for Canada. Previous roles include Canadian head of fixed income research and investment consultant. Before joining Aon, he spent seven years at U.K. bank Barclays as a credit analyst, quantitative analyst and quantitative developer. Read: Aon appoints practice director of Canada investment consulting “Erwan and Federico have delivered great investment outcomes for their clients and have been instrumental in developing Aon’s investment business in Canada and globally,” said Calum Mackenzie, the firm’s Canadian head of investment, in a press release. “As chief investment officer, Erwan will continue to lead our [outsourced chief investment officer] portfolio management solutions in Canada and Federico will continue to serve as the head of investment for the central region. Their extensive knowledge...