Insurable Interest Canadian Insurance Blog

Staff | August 20, 2020 Long-term engagement with companies on environmental, social and governance issues has been touted as a route to impact positive change, but a new paper from the Alternative Investment Management Association is arguing that short selling has a role to play in the realm of ESG. “Short selling can be an excellent tool for achieving two common goals of contemporary responsible investment: mitigating undesired ESG risks and, when taken in aggregate, creating an economic impact by influencing the nature of capital flows through active investing,” noted the paper. Read: Climate risk goes beyond the ‘E’ in ESG: webinar The paper demonstrated how institutional investors could use short selling to mitigate carbon risk to their portfolios, in addition to having a positive impact on the market more broadly. It noted the practice of carbon foot-printing a portfolio is becoming more common, adding that alternative investment managers have lagged somewhat in this area. “The demand for carbon data seems to be increasing and, as institutional investors come under greater pressure to disclose their carbon footprints or to set internal carbon budgets, they may well expect their external managers to report their own footprints,” said the paper. Looking specifically to this issue, an...

Staff | August 19, 2020 Quebec is applying new pension relief measures and is also extending the credit on employer contributions to the health services fund. The pension relief measures, which the federal government announced in early July, will allow registered pension plans to borrow money and extend the deadline to retroactively credit pensionable service under a defined benefit plan. In particular, the measures respond to potential cash flow difficulties faced by registered pension plans because of the coronavirus pandemic, ensuring it won’t be mandatory to terminate a deferred salary leave plan if an employee suspends their leave to return to work or if an employee decides to defer their paid leave. Read: Feds announce new temporary relief measures for pension plan sponsors The 12-week extension of the credit on employer contributions to the health services fund will be in force for the entire duration of the Canada Emergency Wage Subsidy program, which now extends until Nov. 21, 2020. “The labour market is gradually reviving, but we must continue to support businesses to keep as many people as possible at work,” said Minister of Finance Eric Girard, in a press release. “We are continuing to closely monitor the situation and will adjust our initiatives to respond as best we can to the needs...

How insurers need to shift their response beyond tweaking legacy offerings Get your copy of The Future of Mobility Insurance New York, NY (Aug. 13, 2020) – Despite many exciting innovations and advancements in mobility technology and business models, insurance remains pretty much the same. Rather than responding with new commensurate innovations, insurance solutions that have existed for decades are shoehorned with minimal adaptation to meet minimum requirements, often leaving coverage gaps. There is no doubt that mobility is changing, and insurers will need to shift their response beyond tweaking legacy offerings. In this report, Slice Labs dives into our view of the future of mobility insurance. Introduction: Preparing for Possible Futures Autonomous, shared and electric vehicles are facets of the changing mobility landscape with which we have all started to become very familiar. We are able to imagine how developments on each of these fronts, both individually and in distinct combinations, will alter our lives and in fact our lifestyle. How we move from place to place, how we interact with modes of transportation, what we value in making choices around mobility will all transform to a seamless, efficient and rewarding experience. Coupled with that is our expectation, as...

Edelweiss Tokio Life partners with Element AI to develop strategic AI roadmap and prioritize investments Montréal, QC (Aug. 18, 2020) – Element AI, a global developer of artificial intelligence-powered (AI) solutions and products, is pleased to announce the Indian insurer Edelweiss Tokio Life Insurance as its newest client. Launched in 2011, Edelweiss Tokio Life has quickly become an important player in India’s life insurance market as one of the most innovative insurers with a product offering that fits today’s customer expectations. The Element AI team will work closely with Edelweiss Tokio Life to create an actionable roadmap for strategic AI deployment for the company, which will ultimately support a detailed AI transformation plan. This work will utilize unique learnings and insights from Element AI to establish technical feasibility and identify AI use cases. Commenting on the development, Nilesh Parmar, Chief Operating Officer, Edelweiss Tokio Life Insurance said, “As an organisation, we are focused on building agility and scalability within our processes and systems. With a single-minded focus on delivering a seamless and superior customer experience, we want to empower ourselves with digital technologies like artificial intelligence that can help us better serve our customers. We are glad to have found...

Aon launches Virtual Reinsurance Renewal Season online event Chicago, IL (Aug. 18, 2020) – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, is pleased to announce the launch of its Virtual Reinsurance Renewal Season, calling for the re/insurance industry to collaborate to bring capital closer to clients’ needs and drive growth across the global insurance ecosystem. Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “In an uncertain global economy, one thing is clear – reinsurance has never been more important as a strategic tool for client success. We are committed to collaborating with insurers and markets towards the 1st January renewals to help clients protect people and assets, strengthen their balance sheets and make better business decisions that reduce volatility.” While many of Aon’s insurer clients will continue to interact with broking, analytics and claims teams through virtual meetings, Aon’s Virtual Reinsurance Renewal Season platform aims to capture the conference experience with: latest insights on market dynamics and the impact of the novel coronavirus (COVID-19) pandemic innovation labs newsroom fireside chats with C-Suite leaders Andy Marcell added: “The goal of the fireside chats is to drive growth across the...

Economical Insurance will provide peace of mind for drivers who use the Uber network and their customers in four Canadian provinces, beginning September 1, 2020 Waterloo, ON (Aug. 18, 2020) – Economical Insurance is pleased to announced a new and significant relationship with Uber in Canada, designed to provide insurance coverage for every Uber Rides and Uber Eats trip in Alberta, Ontario, Quebec and Nova Scotia. The relationship is expected to launch September 1, 2020. “At Economical, we believe in finding innovative solutions to changing customer expectations, which is exactly what Uber has done for transportation globally,” said Rowan Saunders, President and CEO, Economical Insurance. “Our initiative with Uber continues our focus on digital transformation. It is another example of how we’re blending our insurance industry expertise with technology to support a better customer experience. We are proud that Uber has chosen Economical as their rideshare insurer in Canada going forward.” “Uber has been a leader in the ridesharing industry, making sure every trip is insured. As our business has grown, we recognize the importance of strong partners like Economical Insurance. We are excited to partner with Economical Insurance in Canada to bring their high class service and trusted protection...

Launch of ClaimsPro Connect Mississauga, ON (Aug. 17, 2020) – ClaimsPro, an independent adjusting and claims management leader in North America, is pleased to announce the launch of ClaimsPro Connect, an enhanced and improved claims data and reporting system for their clients. Previously known as Client Access, ClaimsPro Connect introduces improved features in response to an increased demand in the marketplace for more advanced management and claims reporting data. As the pace of our industry increases, ClaimsPro Connect gives our clients access to enhanced claim file data using advanced security controls and full interactivity with Google applications to allow for claim geographic mapping and regional views. All the existing data and reporting capabilities are still available within the system, now with a much more aesthetic look and improved user experience. Clients will have access to more advanced loss data using new reporting tools with greater customization and download options as well as tailored searches and dashboard views. ClaimsPro Connect users have quick access to run reports in real time and select layouts for different subsets and loss contexts. Further, they can tailor their file search results to their specifications, meaning they only see the most relevant data. Search results can...

New Novarica brief describes the challenges and best practices for utilizing use cases to understand business and IT goals throughout the project lifecycle Boston, MA (Aug. 11, 2020) – A common understanding across the user community, business, and IT can produce a more effective end product and enhance relationships. In a new executive brief, Developing and Utilizing Use Cases: Key Issues and Best Practices, research and advisory firm Novarica describes the value, challenges, and best practices for utilizing use cases to understand the goals and development of requirements throughout the project lifecycle. “Insurers should adopt processes and documentation methods that work for them to help their projects succeed,” said Nancy Casbarro, Vice President of Research and Consulting and author of Novarica’s new report. “Implementing consistent approaches to use cases that mature into complete requirements can help insurers facilitate business process understanding, document system specifics, and deliver on user needs—making projects run more smoothly and improving outcomes.” Click here for the table of contents or to access the report. Report Summary This brief describes the value, challenges, and best practices for utilizing use cases to understand the goals and development of requirements throughout the project lifecycle. A common understanding across the...

New SMA Blog by Deb Smallwood & Megan Bock Zarnoch, Strategy Meets Action Boston, MA (Aug. 10, 2020) – The world is changing fast. And commercial insurance fills an increasingly important need in our world by creating predictability out of uncertainty and helping businesses of all sizes navigate this turbulent time. This insurance model enables businesses to continue to participate in the economy; fulfill product and service needs; keep the population fed, clothed, and living in safety; provide employment to so many across the nation – and prevent devastation due to the unforeseen impact of a natural disaster, accidental event, or alleged liability. We believe that this is critical: commercial insurance must withstand and evolve with the changing environment to continue to fulfill its purpose. At present, the deck is stacked against many companies, and a short-term “strategic” mindset and siloed approach to digital transformation and new technologies has left those organizations unaware of the impending trouble. We believe that there is still hope: A holistic paradigm shift that is centered in culture can leapfrog innovative companies to the forefront of insurance and position our industry ahead of other industries in the battle for profits, talent, market share, and reputation....

Kelsey Rolfe | August 19, 2020 The Newfoundland and Labrador Court of Appeal has found a labour arbitrator failed to properly analyze an employer’s efforts to accommodate an employee taking medical cannabis for his chronic pain. The International Brotherhood of Electrical Workers initially filed a grievance on behalf of one of its members, who was refused employment by Valard Construction for failing to pass a drug test after disclosing his use of medical cannabis. In arbitration, the company asserted that, while denying employment on the grounds of the employee’s medical cannabis use constituted a case of discrimination prohibited by the Human Rights Act, it was done so due to “good faith occupational qualification” or the ability to work unimpaired. Read: Rethinking long-term disability with cannabis-assisted return to work While the union noted there were no other positions onsite the employee could have filled, it argued the company still failed to accommodate his disability. The labour arbitrator denied the grievance, noting the employee would have been in a safety-sensitive position and there was no alternate medicine that could manage his condition. As well, Valard would have no way to assess the employee’s potential impairment on the job site given the lack of established scientific or medical standard for cannabis impairment, the arbitrator wrote, and “the...