Insurable Interest Canadian Insurance Blog

When BMO Insurance entered the whole life market in 2017, it initially did so with a focus on providing long-term value and growth for policyholders. But more recently, it has cast a wider net through the introduction of a new whole life policy option. “Our new Wealth Accelerator option, which was launched earlier this year, allows us to have access to another market: clients who are looking for higher short-term cash values from their insurance policy,” said Daniel Walsh, vice president for Business Development at BMO Insurance. According to Walsh, the firm’s flagship Whole Life Estate Protector option was designed for personal or corporate clients who want an effective way to transfer assets to the next generation, and accordingly have a long-term view on their financial investments and assets. But as the COVID-19 pandemic has driven more people than ever to re-prioritize toward the short term, BMO found a way to address the emerging need. “An unexpected event can put financial stress on someone’s family or business partner,” he told Life and Health Professional. “That’s why many Canadians rely on life insurance to help protect their financial futures.” Aside from insurance needs, Walsh said BMO Insurance’s whole life policies are...

While the lockdown measures and distancing protocols put in place during the COVID-19 outbreak continues to fast-track insurers’ adoption of digital underwriting and marketing tools, that does not negate the crucial role that life insurance professionals play in the business. In fact, according to a new report, companies should invest in their talent more than ever. In a new paper titled The Future of Life Insurance, McKinsey highlighted the acceleration of many early-stage digital and omnichannel trends that has occurred this year. Since the onset of the pandemic, it said insurance companies have been pushed to adopt digital-hybrid solutions that integrate robo-advisors, video conferencing, and web chats. But rather than displacing frontline professionals, the report said insurers must embrace their role in “the integration of physical and digital channels,” particularly with respect to reaching customers. Customers can be directed to the channel or agent that best serves their needs, the report said, adding that agents should be armed with advanced analytics on their customer base along with centrally provided digital leads. “[A] recent McKinsey survey found that ‘generating leads’ and ‘building initial client relationships remotely’ were the two biggest challenges faced by agents,” the report said. “At the same time,...

Staff  | October 6, 2020 The Caisse de dépôt et placement du Québec is among the investors raising $55 million in financing for Onapsis, an application cyber security and compliance company. The investment, alongside NightDragon Security and existing investors .406 Ventures, LLR Partners Inc. and Arsenal Venture Partners, will be used to significantly scale the company through expansion into the applications market, according to a press release. “As a long-term investor, we’re pleased with the quality of the company’s partnerships with leading business software providers and its recognition as an organization at the forefront of cyber threat detection and remediation.” said Alexandre Synnett, executive vice-president and chief technology officer at the Caisse, in the release. “We look forward to supporting the new growth initiatives put forward by the Onapsis management team and contributing, through this investment, to improving global cyber security.” Read: Is cyber security the next big growth industry? The Ontario Municipal Employees Retirement System’s private equity arm is leading a $100 million round of Series E funding for Dialpad Inc. Dialpad provides businesses with a mobile communications platform that covers phone systems, conferencing and call centre needs. Its technology allows it to provide real-time transcription services, automated note-taking and live sentiment and voice analytics....

Staff  | October 6, 2020 Benefits by Design Inc. and PocketPills are partnering on a digital pharmacy platform. Through the partnership, group plan members will be able to instantly connect with pharmacists and manage their medications online. PocketPills’ platform includes automation technology that improves the pharmacy workflow, making pharmacists more accessible to patients via phone or live chat, seven days a week.  Read: Green Shield Canada, PocketPills partner on virtual pharmacy access “After receiving positive feedback from our staff on their use of PocketPills, we are excited to bring that same experience to our [plan sponsor] customers,” said Mike McClenahan, managing partner at BBD, in a press release. “PocketPills provides plan members with a unique combination of convenience and prescription medication management at an extremely affordable price. Their digital service is especially valuable during a time like COVID-19, allowing for the ordering and delivery of prescriptions to the plan member’s home.” Read the full article at BenefitsCanada.com

Staff  | October 6, 2020 Hub International Ltd. is acquiring Clearpoint Benefits Solutions, which includes Clearpoint Advisory Group Inc., Clearpoint Retirement Solutions Inc. and Canwest Group Benefits Inc.  Clearpoint, which is located in Edmonton, with additional locations in Grande Prairie, Alta. and Fairview, Alta., is a benefits and retirement consulting firm. Read: Hub International acquires assets of Toronto-based benefits firm “Clearpoint is a great addition to our employee benefits and retirement team,” said David Moon, president and chief executive officer of Hub International Canada West, in a press release. “Their experience and depth of expertise will complement our existing capabilities, expand our services and drive continued growth.” The principals of Clearpoint — Darren Smith, Sid Swick and Jim Yih — will join Hub Canada West. “Hub’s dedicated commitment to employee benefits and retirement solutions fits well with our mission,” said Smith. “We are keen to help continue to grow the practice and to provide clients with genuinely unique and tailored services.” Read the full article at BenefitsCanada.com

Being a safe driver never tasted so good Toronto, ON (Oct. 5, 2020) – Onlia, Ontario’s fast-growing provider of online home and auto insurance, is pleased to announce a new collaboration with Ultimate Dining Card®. Effective October 1, users of Onlia’s safe-driving app, Onlia Sense™, can now unlock rewards that can be redeemed at Recipe Unlimited Corporation’s participating restaurants. “For years, Onlia has promoted road safety through Onlia Sense™, a driving app available free to all Canadians, that coaches safe driving and provides rewards like gift cards and cashback for good behaviour,” said Pieter Louter. “By teaming up with The Ultimate Dining Card®, we’re now able to celebrate safe road usage and inject funds in our user’s entertainment budgets.” The Onlia Sense™ app uses an innovative coaching approach based on nudge theory and behavioural economics. Using telematics to track driving behaviour, it helps users proactively develop safer habits while earning rewards for improved driving behaviour. Now, rewards for safe driving can be redeemed at restaurants across the country, helping to fulfill Onlia’s mission to make Canada safer. On a monthly basis, Onlia Sense™ users can earn Ultimate Dining Cards valued between $5 – $100 by unlocking everyday driving badges, completing...

Family-owned Managing General Agency acquisition supports firm’s expansion strategy Toronto, ON (Oct. 1, 2020) – Guardian Capital Group Limited (Guardian) is pleased to announce that its subsidiary, IDC Worldsource Insurance Network Inc. (IDC WIN), has acquired Copoloff Insurance Agencies (Canada) Ltd., Shelly K. Copoloff Insurance Agencies Inc. and Rate Watchers Life Insurance Brokers Ltd. (collectively, Copoloff), a managing general agency (MGA) with its head office based in Montreal, Quebec. Founded in 1964, Copoloff supports advisors across Canada, offering access to a comprehensive range of insurance products and business development resources. The transaction will add approximately $2 million in renewal commission revenue and $400 million in assets under administration to IDC WIN. “This transaction follows IDC WIN’s acquisition of Aurrea Signature Inc. in late 2019, and represents another step towards its stated goal to be the primary MGA in the independent advice channel across Canada. We are pleased with the resilience of the MGA business unit through a challenging year; having Copoloff joining Guardian enhances IDC WIN’s place in the industry,” said George Mavroudis, President and Chief Executive Officer, Guardian Capital Group Limited. “Our goal is to be the industry’s leader,” noted Phil Marsillo, President, IDC WIN, “and we’re working towards...

Sun Life urges Canadian companies to make mental health a C-suite business priority Toronto, ON (Oct. 5, 2020) – Ahead of World Mental Health Day on October 10th, Sun Life is urging Canadian companies to join them in creating mentally healthy workplaces by deepening investments in workplace mental health support and elevating mental health as a priority for the C-suite. As Canadians continue to navigate COVID-19 and its related challenges, a recent Sun Life survey revealed nearly 60 per cent of Canadians say their mental health has been negatively impacted. As part of Canada’s holistic recovery, Sun Life and the Centre for Addiction and Mental Health (CAMH) are urging companies to take action now. “Canada was already facing a mental health crisis prior to COVID-19. The pandemic has amplified the crisis, and poses potential mental health impacts for years to come,” says Jacques Goulet, President, Sun Life Canada and Lumino Health. “To restart Canada’s economy successfully, we need to do everything we can – as leaders – to empower our workforces in managing their wellbeing and creating healthier work environments. We can’t wait for the pandemic to be over to invest in mental health support. We know Human Resource professionals...

#1 auto insurer in California for customer satisfaction in J.D. Power’s ranking† aims to make HONK’s roadside assistance a key brand builder for customer loyalty Los Angeles, CA (Oct. 1, 2020) – HONK Technologies, the platform connecting drivers, towing professionals, and insurers, is pleased to announce that it will begin managing one of Wawanesa Insurance’s key customer touchpoints, their roadside assistance program, effective September 29, 2020. Wawanesa’s company culture is passionate about customer satisfaction, and that focus has paid off. In June, for example, J.D. Power ranked Wawanesa Insurance #1 in customer satisfaction among auto insurers in California.† With roadside assistance as one of their most frequent insurance claims, Wawanesa wanted to ensure the customer experience during these key touchpoints exceeded their customers’ expectations. Wawanesa turned to HONK, not only because HONK has maintained a Net Promoter Score (NPS) of near 90 with its customers, but also for its full data transparency into their roadside assistance program. HONK provides an inside view into real-time performance analytics for all service requests, including customer ratings, comments, sentiment, volume trends and time to arrival. Having access to this type of customer touchpoint data better supports Wawanesa’s goal of delivering superior service. “HONK’s digital...

New partnership to provide intelligent 24/7 monitoring of agricultural electrical systems Listowel, ON (Oct. 1, 2020) – Trillium Mutual Insurance Company is very pleased to announce that it has partnered with PrevTech Innovations to reduce Agricultural structure fires. Trillium has pre-purchased a number of PrevTech Smart Sensor units which will immediately be made available to any of their Agri-business Members who are invested in effective risk management. Trillium Mutual has also developed an industry unique incentive for our Members who adopt the solution. According to the Canadian Farm Builders Association, more than 40% of farm fires are caused by faulty electrical systems. Fire is one of the leading causes of loss to agricultural operations across Ontario, resulting in millions of dollars in damages every year. Fire is one of the leading causes of loss to agricultural operations across Ontario, resulting in millions of dollars in damages every year. PrevTech provides Prevention and Protection for Agricultural operations. The solution is simple to install and non-invasive. The unit continuously monitors the network for electrical and thermal anomalies and provides early warning of potential failures and preventative diagnostics. When a fault is detected, it simultaneously alerts the farmer, their electrician, and PrevTech’s team....