Insurable Interest Canadian Insurance Blog

Dynacare, an Ontario-based company that describes itself as Canada’s largest provider of medical insurance solutions, has announced a new biological sample collection method for testing to detect the virus that causes COVID-19. As an alternative to the commonly used nasopharyngeal swabs (NPS) – which would have to be inserted into a patient’s nasal passage and therefore cause mild to moderate discomfort – Dynacare collaborated with various hospital partners to develop and assess a collection method that uses saliva from the test subject’s mouth. With the new collection method, the company said patients are able to collect samples by themselves, eliminating the need for close contact with a healthcare worker. Consequently, it eliminates the need for personal protective equipment (PPE) used by healthcare workers in performing traditional NPS collection, and lowers the risk of exposure faced by patients. “We’re extremely proud of the commitment, dedication and innovation demonstrated by the Dynacare team across Canada who have consistently demonstrated steadfast support of the healthcare system during the COVID-19 pandemic, most recently with the introduction of our saliva collection for PCR [polymerase chain reaction] testing method,” said Dynacare CEO Vito Ciciretto. An instructional resource on NPS collection put out by the New England...

The Ins and Outs of the Canadian Super Visa and Visitors to Canada Emergency Medical Insurance About the Canadian Super Visa What is a super visa?The super visa, introduced in December 2011, allows parents and grandparents of Canadian Citizens and Canadian Permanent Residents to enter Canada for up to two years at a time (without having to renew their status). The super visa is a multiple entry visa and is valid for up to 10 years. Since the introduction of this new initiative, it has gained great momentum with over 17,000 applications processed each year. How does the parent and grandparent super visa differ from a visitor visa?With a regular visitor visa, the visitor must apply for a visa each time they plan to travel to Canada. In most circumstances, the visitor visa is valid for up to six months. For trips longer than 6 months, the visitor must apply (and pay) for a visa extension. Even travellers from visa-exempt countries are limited to visiting Canada for only six months before they are required to apply to extend their stay as a visitor in Canada. A super visa saves visitors time and money that would otherwise be spent on applying...

Staff | September 8, 2020 Alberta Blue Cross is sharing exercise videos and tips on social media to help its employees and all Albertans make fitness a part of their work-from-home lives. Before the pandemic, the benefits provider encouraged its employees to take 15-minute wellness breaks led by Terry Skidnuk, a workplace wellness specialist. With the majority of people now working from home, it’s making the wellness breaks available online to all Albertans. Read: Best Buy helping staff work out from home with virtual fitness classes Skidnuk and other trained fitness instructors are creating at-home workout videos covering everything from yoga and meditation to core and strength workouts that are shared on Alberta Blue Cross’ Facebook, Instagram Twitter and LinkedIn accounts. “These videos range from second-long exercise snacks to 45-minute workout sessions,” the insurer said in a press release. “What started as a way to continue these breaks for employees became a broader effort to get everyone watching moving — all in the name of wellness.” Read the full article at BenefitsCanada.com

Staff  | September 8, 2020 Canadian employers expect a modest hiring pace over the next three months, according to a new survey by ManpowerGroup Canada. The survey, which polled more than 1,200 employers across Canada, found 12 per cent of respondents said they plan to increase their staffing levels in the fourth quarter of 2020, while nine per cent said they anticipate cutbacks. Meanwhile, 73 per cent said they expect their current staffing levels to remain unchanged, while the remaining six per cent are unsure of their hiring intentions. Employers in the public administration sector reported the strongest job prospects. Looking at regions, Ontario forecasted the strongest outlook. Read: Employers using hiring, wage freezes to combat effects of coronavirus: survey “While Canadian employer hiring intentions remain modest, there has been a great improvement in the outlook for Q4 when compared to the previous quarter,” said Darlene Minatel, country manager of ManpowerGroup Canada, in a press release. “A real benefit for job seekers is that eight of the 10 industry sectors are expecting to add workers in the upcoming quarter with the exceptions being the education and mining sectors. “With three of the four regions of the country having positive employment outlooks for Q4, employment prospects for job seekers appear to be on...

Canadians with an advisor report feeling significantly better Toronto, ON (Sept. 8, 2020) – A recent Sun Life survey indicates that nearly half of all Canadians (45%) feel less financially secure since COVID-19 began. The survey also highlights the interconnectedness of health and finances. 44 per cent of those who say their mental health has been affected by the pandemic identify financial stress as the main factor. According to the survey, Canadians working with an advisor are feeling more financially secure and are experiencing less mental health impacts than those who are managing their finances and investments on their own. Among those who said their mental health has been negatively affected by the pandemic, those who use an advisor (35%) are less likely to report financial health concerns as a major factor weighing down their mental health. That figure rises to 47 per cent among those who manage their investments themselves. Despite identifying financial concerns, only six per cent of Canadians surveyed began using an advisor since the pandemic began. “With a large percentage of Canadians feeling less financially secure as a result of the pandemic, there is no better time to seek advice from a trusted advisor – one...

John Hancock integrates Amazon Halo to empower life insurance customers to live longer, healthier lives John Hancock and Manulife Sign Global Pledge to Help Improve Health of Consumers by 2025 John Hancock Vitality Customers Can Get Apple Watch Series 4 for as little as $25 Boston, MA (Aug. 7, 2020) – Amazon and John Hancock, the US division of Toronto-based Manulife, are pleased to announce a strategic collaboration to provide engaging tools and resources to help John Hancock life insurance customers improve their individual health. This effort builds on John Hancock’s longstanding commitment to help Americans live longer, healthier lives, while providing the peace of mind that comes with owning a life insurance policy. John Hancock is the first life insurer to integrate with Amazon Halo, as part of Amazon’s latest venture into the health and wellness space. John Hancock, combined with Amazon’s innovative new technology, will help life insurance customers make connections between their fitness, sleep and other lifestyle habits to better understand their overall health through the John Hancock Vitality Program. Starting this fall, all John Hancock Vitality customers will be able to link the Amazon Halo Band to the program to earn Vitality Points for the small,...

Novarica’s annual report profiles 250 InsurTechs with focus on opportunities to partner, learn, and create value Boston, MA (Sept. 8, 2020) – With time horizons shortened to reflect uncertainty about the future, insurance carriers investing in or partnering with InsurTech startups appear to be focusing on tactical initiatives that can produce more immediate results than some of the more speculative R&D efforts more common in the pre-pandemic era. In its fourth annual report, InsurTech for Insurers: 250 Startup Profiles, research and advisory firm Novarica outlines the InsurTech landscape for insurers, focusing on two key questions: Does this matter to my company? And what can we learn from it? “One lesson that emerges from the 250 InsurTech startups Novarica has profiled in this report is that the insurance industry should rethink its consumer experience from every angle,” said Jeff Goldberg, Executive Vice President of Research and Consulting and co-author of Novarica’s new report. “Across all lines of business and across all sizes, insurers will feel the impact as InsurTech startups shift customer expectations and point the way for more effective, insightful operations.” Among the key findings of the reports are: AI messaging is everywhere. Everyone’s talking about AI, but real AI is less clear....

Zurich announces key leadership appointments and new Executive Committee members Zurich accelerates development of digital services, creating a new unit to attract additional customers and meet their rapidly changing needs Jack Howell, CEO Asia Pacific (APAC), to lead the new Global Business Platforms unit focusing on digital services Ericson Chan, CEO Ping An Technology, to take up position of Group Chief Information and Digital Officer in October to speed digital transformation and develop technology solutions for the new ventures Kathleen Savio, CEO North America, transitions to new role of Group Chief Transformation Officer to enhance business and cultural change New CEOs line up for regions: Tulsi Naidu in APAC, Laurence Maurice in Latin America and Kristof Terryn in North America Chicago, IL (Sept. 2, 2020) – Zurich Insurance Group (Zurich) is ramping up the transformation of its global business to meet the rapidly changing needs of consumers, launching a new unit to expand digital services worldwide and create a more intimate connection with its customers and partners. The Global Business Platforms unit will be headed by current APAC CEO Jack Howell as of Jan. 1, 2021. Over the last four years, Mr. Howell has expanded and transformed the business in...

Chicago, IL (Sept. 1, 2020) – FRISS, the leading provider of AI-powered fraud and risk solutions for P&C insurance companies, known for its creative approach toward the insurance industry, launched an international campaign to regain a feeling of pride in the insurance industry. “Because insurance is anything but boring,” says FRISS. Jeroen Morrenhof, CEO and Co-founder of FRISS: “We often recognize that people take insurance for granted. We want to remind everyone how important our industry is. The most incredible things in life can only be achieved thanks to insurance. Therefore we believe insurance really is a beautiful thing. And the world should know that, too.” With its AI-powered fraud detection and risk assessment software, FRISS helps insurers provide a faster and more seamless experience for their customers. Morrenhof concludes: “I hope Insurance is a beautiful thing helps people grasp the beauty of our industry, and makes them realize how times continuously evolve, trends develop and customer expectations change. Carriers should change with them. It’s time to find new ways of doing business. This is our wake-up call for insurers: Now is the time for digital transformation.” According to research from the Insurance Information Institute, barely half of those surveyed...

Martha Porado | September 8, 2020 While massive monetary policy response didn’t drive inflation following the 2008/09 financial crisis, institutional investors are mulling over whether things may be different this time. The global economy has rarely seen such a swift willingness to engage with economic calamity on both monetary and fiscal levels, says Erik Weisman, chief economist and fixed income portfolio manager at MFS Investment Management. These actions don’t guarantee inflation — the natural enemy of retirees — but it’s easy to see how the economy could start down a path in its direction, he says. “It’s really about whether we think the market is pricing in the possibility of inflation as much as it should. And I think the answer, at the moment, is it isn’t.” Read: Sounding Board: Factoring CPP, inflation in retirement plan design Notably, actions on the parts of governments and central banks have a very different purpose during the current crisis. Specifically, governments are focused on stabilizing conditions for the average household and business, rather than propping up flailing financial markets. Fiscal policy changes are the real game changer today, says Weisman. “We did monetary last time. We broke all the rules. We did quantitative easing, we bought things we didn’t think central...