Insurable Interest Canadian Insurance Blog

Life insurance can pay for final expenses and provide financial security for loved ones left behind, but a new national survey from Erie Insurance shows many people are confused about it. Large percentages of respondents were unsure how various occupations and health conditions might affect who can or can’t get life insurance, and many significantly overestimated the cost. Respondents also shared the reasons they first got life insurance, and the reasons they do – or don’t – have it now. “Getting a life insurance policy is one of the most important things a person can do to take care of their families and yet, it’s a topic that many people don’t want to think about. As a result, there is a lot of confusion about it,” said Lou Colaizzo, senior vice president, Erie Family Life. “Erie Insurance commissioned this survey to help raise awareness of the benefits of life insurance and to take some of the mystery out of it.” Reasons for not having life insuranceWhen asked why they don’t have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, at Erie Insurance, a...

Toronto, ON (Sept. 14, 2020) — Zensurance , Canada’s most advanced online commercial insurance platform, is rolling out a first-of-its-kind Commercial Broker Training Program. The five-week training program presents an exciting opportunity for those with limited industry experience to receive the specialized training required to succeed in the commercial insurance space bolstered by the innovative principles that enabled Zensurance to become Canada’s fastest-growing InsurTech start-up. The Program, developed in conjunction with the regulatory body, The Registered Insurance Brokers of Ontario (RIBO), and membership organization, The Insurance Brokers Association of Ontario (IBAO), follows a comprehensive curriculum “designed to set up new insurance talent with the training and tools required to lay the foundation for a rewarding career in Commercial Insurance,” according to Vice President of Operations at Zensurance, Trevor McIntosh. The first cohort will commence on August 31 with a private two-week RIBO prep course, which will provide new hires with the training required to pass their Level 1 Licensing Exams. Following the licensing exam’s successful completion, the newly licensed brokers will partake in Zensurance’s in-house ZenAcademy Commercial Broker Training Program, a three-week-long “memorable and immersive” training program, designed and delivered virtually by Irene Gomes, Manager of Learning & Development. The...

Navacord solidifies national benefits practice with addition of B.C. consulting firm Dehoney Financial Group Toronto, ON (Sept. 10, 2020) – Navacord Corp., one of Canada’s top four commercial insurance brokerages and a leader in risk management services, expands its benefits business coast-to-coast with the addition of B.C.-based broker Dehoney Financial Group (DFG). Now in its 40th year of business, Dehoney Financial Group has grown from modest beginnings to become the most significant independent benefits broker in British Columbia, providing a complete portfolio of corporate solutions including benefit and retirement consulting, administration, and life insurance products for executives and employees. They service a mix of public and privately owned companies across all major sectors of the Canadian economy. “Strong leaders and builders like Dehoney Financial Group represent the type of brokers that Navacord attracts and chooses to partner with as we continue our journey to build the great Canadian brokerage,” says T. Marshall Sadd, Executive Chairman of Navacord. “Our unique model allows them to continue their legacy while building a next-generation management team to take the company into the future.” With a strong national presence in P&C insurance, this partnership now also extends Navacord’s reach from coast-to-coast in group benefits—an identified...

New York, NY (Sept. 9, 2020) – Chubb is pleased to announce the launch of Chubb StudioSM, a new global platform that will simplify and streamline the distribution of the company’s insurance products through its partners’ digital channels around the world. The platform enables Chubb’s partners in retail, e-commerce, banking, fintech, airline, telecommunications and other industries to add digital insurance options to their own product and service offerings. Chubb Studio provides partner companies with digital access to Chubb’s extensive range of consumer insurance products, including personal accident, supplemental health and life, residential and contents, mobile phone and travel as well as small business insurance, customer services and claims. “Chubb Studio provides significant speed-to-market for our partners and offers a secure and scalable platform with multiple APIs to simplify the process.  What once took months can now be accomplished in days,” said Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb. “It’s what we call ‘insurance in a box.’ Chubb handles the insurance stuff such as underwriting and claims that is then digitally wrapped by Chubb Studio, allowing partners to rapidly deploy insurance solutions to their customer base.  The new platform provides a full range of integration options for our...

Onlia is the first insurance provider in Canada to partner with Setter, putting safety at the centre of home ownership for its home + auto customers Toronto, ON (Sept. 9, 2020) – Onlia, provider of home and auto insurance, is the first in Canada to team up with Setter Inc. a digital home safety checkup service. Through this venture, Onlia now provides virtual home safety check ups from Setter to its new and existing customers who bundle home and auto insurance. Setter Inc. provides homeowners with touchless home check ups that identify and analyze risks associated with fire, water and quality of life. Homeowners are provided with an overall safety score in a digital report that prioritizes action items to improve the safety of their homes. “Onlia takes a prevention-first approach to safety,” said Pieter Louter, CEO of Onlia. “A partnership with Setter Inc. enables us to reward our bundle customers with a coach in the corner in creating a safe home environment. This empowers homeowners to improve safety for themselves and their families.” Following initial reports, Setter’s concierge home manager alerts customers with seasonal reminders ranging from changing smoke alarm batteries, to cleaning eavestroughs. It also connects customers directly...

Staff  | September 14, 2020 The Ontario Municipal Employees Retirement System’s venture capital arm, OMERS Ventures, is participating in a series-A funding round for Klue, a Vancouver-based competitive enablement company, which it also backed at the seed stage. Klue helps companies better understand their competition by collecting and curating competitive intelligence, combining information available on the Internet with knowledge from the company’s employees. “The company has created a way to use the latest machine learning to track and curate information that will immediately give a company’s sales teams, customer service reps, account managers or product marketers the upper hand,” said Eugene Lee, an investor at OMERS Ventures, in an online statement. Read: OMERS Ventures boosts funding to health benefits technology startup OMERS Ventures was joined in the $15-million, series-A funding round  by other investors including funding round leader Craft Ventures, Rhino Ventures, BDC Venture Capital and several angel investors. “For years now businesses have had a problem: how do they tap into useful data from across the company and the market to the benefit of their business?,” said Lee. “For a while, it was called big data. Then it was business intelligence. Whatever label you choose to give it, the challenge has...

Staff  | September 14, 2020 Nearly half (45 per cent) of U.S. employers see investments in health and well-being as an integral part of their workplace strategy, compared to 36 per cent that said the same in 2019 and 27 per cent in 2018, according to an annual survey by Business Group on Health. The survey, which polled 122 large employers with a total of more than nine million employees, noted this is spurred in part by the coronavirus pandemic, which is shining a light on the connection between employee health and well-being and overall business performance. In particular, the survey found virtual care is here to stay, with some 80 per cent of respondents saying virtual care will have a significant impact on the way care is delivered in the future. In addition, 53 per cent of respondents said they intend to implement more virtual care solutions, while 36 per cent said they’ll expand their mental-health services and 31 per cent will develop a more focused strategy for high-cost drug claims. Read: How OPG is leveraging virtual care to improve health access Looking further at mental health, the survey found employers have doubled down on mental health and emotional well-being. The vast majority (88 per...

PR Newswire Liberty Global Transaction Solutions (Liberty GTS) has announced findings from its inaugural M&A claims study. “Having issued more than 2,000 policies since 2010 and managed over 300 notifications of warranty breaches across the globe, we are in a unique position to uncover M&A claim trends that can help deal makers and advisors better understand and manage their exposure,” said Liberty GTS President Rowan Bamford. “This is vitally important now as the M&A insurance industry grapples with four key challenges: an over-supply in capacity, a significant drop-off in deal flow, an increase in claims activity and the emerging risks caused by COVID-19.” Key study findings include: Impact of COVID-19 – While COVID-19 has yet to result in a noticeable increase in M&A claims activity, it is possible that the pandemic may result in certain types of claims becoming more common, such as those related to labor issues or key customer insolvency. Notifications are rising – There has been a noticeable uptick in notifications over the last few years, with about 19% of policies now receiving a notification. However, no more than 25% of these notifications result in actual claims – a statistic that has remained relatively consistent over the...

KPMG teams with Majesco to leverage Digital1st® Insurance platform to enable digital strategies and business models for insurers moving towards a Connected Enterprise Toronto, ON (Sept. 9, 2020) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, and KPMG LLP, the audit, tax and advisory firm, are working together to accelerate insurance digital transformation using Majesco Digital1st® Insurance platform. Digital1st® is the insurance industry’s leading cloud-native, microservices-based digital experience platform with a low code / no code configurability and a robust API and partner ecosystem apps. Combined with Majesco’s industry leading CloudInsurer® core insurance platform, it provides insurers with an unparalled end-to-end capability enabling insurers to become more connected with their clients, agents and brokers. “Digital transformation is a top strategic priority for insurers, particularly in today’s new reality with everyone seeking digital options,” said Mike Adler, Principal, Insurance – Management Consulting, at KPMG. “Customer and agent experiences and increasingly digital expectations require insurers to rapidly innovate and adapt to acquire and retain customers, drive operational effectiveness, enable productivity of distribution channels and meet the needs of a new generation of customer. Our partnership with Majesco will help insurers meet these needs rapidly to compete...

Two additional events add to Alberta’s challenging summer for severe weather Edmonton, AB (Sept. 10, 2020) – Severe weather events have hit Alberta hard over the spring and summer months. Four events from April to August brought the insured damage total for natural catastrophes in the province to $2 billion, based on surveys from to Catastrophe Indices and Quantification Inc. (CatIQ). Two storms have most recently contributed to this total over the summer. A storm that hit the Calgary, Drumheller, Airdrie and Strathmore areas on July 24 topped $135 million in insured damages and resulted in over 10,000 claims. A storm that occurred over the August 2 and 3 caused an additional $58 million in insured damages, bringing the insured cost of the two summer storms to more than $190 million. “Weather has hit our province hard this year,” said Celyeste Power, Vice-President, Western, Insurance Bureau of Canada (IBC). “The insurance industry is working to process the nearly 100,000 claims from the four spring and summer weather events, to ensure Albertans get back on their feet as quickly as possible.” Strong thunderstorms developed across south-central Alberta on the afternoon of July 24. Several of these strong storm cells crossed through...