Insurable Interest Canadian Insurance Blog

COVID-19 pandemic highlights the need for health care from home Toronto, ON (June 24, 2020) – Connecting with a health care provider like a physiotherapist or chiropractor once you’re out of the hospital can be a challenge. After a surgery or procedure, patients are eager to get back on their feet but often don’t know where to access local care. Sunnybrook Health Sciences Centre is now offering Lumino Health’s Provider Search tool on their patient care pathways website. Lumino Health network is Canada’s largest network of providers with access to 150,000 health professionals. Sunnybrook’s digital care pathways aim to reduce some of the anxiety that patients may feel about their care journey. MySunnybrook’s digital care pathways walk people through their journey from admission to the time they leave Sunnybrook, providing tips and resources along the way. Lumino Health’s Provider Search is now included on the website as a navigational tool to help patients find health care providers virtually or in their community. “We understand that patient recovery and healing continues outside of the hospital,” said Craig DuHamel, Vice-President, Communications and Stakeholder Relations and Office of the Patient Experience. “We want to help make this process as smooth as possible for our Sunnybrook community....

Disconnect leading to one-third of Canadian organizations unable to articulate potential threats: 34% of Canadian organizations have yet to fully articulate their cyber risks 43% of Canadian boards are unable to quantify cybersecurity in financial terms  Only 10% say there’s consultation between the cybersecurity team and lines of business Toronto, ON (June 22, 2020) – A disconnect between cybersecurity efforts and business functions is putting more Canadian organizations at risk as information gaps leave leaders with a limited understanding of potential threats and how to mitigate exposure. The 2020 EY Global Information Security Survey finds that 34% of Canadian organizations have yet to fully articulate their cybersecurity risk, compared to 16% of global peers. “With more businesses moving — and potentially staying — online or working remotely, organizations are increasingly vulnerable to cyberattacks,” says Yogen Appalraju, EY Canada Cybersecurity Leader. “Amid the immense pressure felt from COVID-19, a cyberattack — and its ramifications on brand, reputation and financials — is the last thing an organization wants to happen while they’re already navigating significant disruption. Bridging the divide between the security function, lines of business and the board can be an enabler to proactively address heightened risks and help advance digital transformation.” The EY...

Marv Feldman Selling life insurance products in a pandemic is difficult, but one industry veteran reminds agents not to abandon the important techniques that connect them with clients. The most important thing is to make the connection, said Marv Feldman, recipient of the 2011 John Newton Russell award. That means a phone call, progressing to a possible conference call. Agents should be trying to connect with prospects, while doing check-in calls with existing clients, Feldman said. Those time-tested techniques — reading body language, or sighting a family photo as a means to spark a conversation — are not likely to be there, explained Feldman, who spoke during a Life Happens webinar Thursday. But that just means agents need to work harder at basic communication. “It still requires you to ask questions … that allow the client, the prospect to talk,” Feldman said. “So while the technique is not face to face, the methods that we are using are the same as they’ve always been. We just have to become better listeners. And it’s really important to listen to not only what they’re saying, but how they’re saying it.” No Script, No Negativity Feldman does not recommend using a script for...

Vendor market remains diverse; Novarica profiles more than 20 policy administration solutions in 300-page report Boston, MA (June 23, 2020) – While the impact of the COVID-19 pandemic on core transformation projects remains unclear, it has exposed a range of risks and challenges associated with aging technology environments that could impact future state investment strategies. In its 13th annual Novarica Market Navigator report on Life/Health/Annuity Policy Administration Systems, research and advisory services firm Novarica provides an overview of the available policy administration systems and suites for US life/health/annuity insurers, as well as profiles of 23 vendor solutions. “Some insurers now see new PAS deployments as part of a broader strategy for line of business management that complements a broader BPO strategy,” said Deb Culliton, Vice President of Research and Consulting, and lead author of Novarica’s new report. “The COVID-19 pandemic has introduced a number of new risk factors that insurers need to consider in their future state planning. This includes close evaluation of financial and operational risks associated with both software and BPO/ITO providers.” Each profile summarizes the vendor organization, technology, differentiators, client base, lines of business supported, deployment options, implementation, upgrades/enhancements, and key functionality. Click here for the table...

IBC Collaboration with Police Leads to Charges Vancouver, BC (June 23, 2020) – The Government of British Columbia (BC) has introduced legislation that would bring about significant reforms to how stratas in the province are managed. Insurance Bureau of Canada (IBC) congratulates the government and believes the measures introduced today are an important first step to help improve the insurance market for strata corporations in BC. If passed, Bill 14, Municipal Affairs and Housing Statutes Amendment Act (No.2) would allow for the creation of clear guidelines for strata corporations and unit owners of what they are responsible to insure, strengthen requirements around strata corporation reserve funds and depreciation reports, and cap the maximum amount that can be assessed towards a single unit owner. It would also allow the government to strengthen requirements for insurers and brokers to inform strata corporations of changes to their insurance coverage and costs. “IBC applauds government for introducing these reforms, many of which mirror recommendations IBC and others have provided to help improve the risks facing strata corporations in BC,” said Aaron Sutherland, Vice-President, Pacific, IBC. “This is an important first step to bring stronger governance to BC’s strata corporations, increased transparency in the market,...

Québec, QC (June 22, 2020) – SSQ Insurance proudly expands its product offering to include new simplified and guaranteed issue life insurance products and in doing so, is positioning itself quite favourably in this promising and fast-growing sector. The three new life insurance options provided by SSQ Insurance let customers apply for and get coverage in under 60 minutes – a process that is 100% electronic. “The launch of these products is part of our strategy to continually innovate our digital offering in line with market needs. In a competitive environment where insurers are quickly going digital, we want to make our advisors’ work easier by providing them with products that are simple, quick and that ensure peace of mind,” said Éric Trudel, Senior Vice-President Strategy and Product Management, SSQ Insurance. These new life insurance options are in line with the customers’ most common needs: Simplified Term Life Simplified Whole Life Guaranteed Issue Whole Life No medical exam is required for these products. In addition to being paperless, these products stand out by the speed at which they can be issued. By using a secure electronic application and e-signature, and by emailing the digital contract to customers, an advisor can...

Toronto, ON (June 25, 2020) – CSIO is pleased to announce that its Commercial Lines (CL) Working Group has finalized a standard set of questions required for underwriting small retail business submissions. Standardizing the questions helps support workflow efficiencies between brokers and insurers by improving the speed of information exchange, and strengthens the value proposition of the broker channel. The finalized questions further support real-time quoting for nearly 90% of the Insurance Bureau of Canada’s (IBC) retail industry codes. This includes retail services such as florists, bakeries, drug stores, hardware stores, and electronics shops. The questions for retail, and small contractors which was completed in November 2019, are built using the foundational minimum data set that consists of common data elements used by insurers to underwrite commercial risks. These finalized questions are critical for insurers to determine the appropriate industry group classification required to quote a risk. Once programmed in the broker management system (BMS), brokers can approach multiple markets using the same information. This results in more accurate quotes provided in real-time and while also reducing double work, less paperwork, and improves customer service. “In an increasingly competitive marketplace, these technology advancements using data standards allow us to provide...

Susan Neely, CEO of the American Council of Life Insurers How Susan Neely and ACLI are keeping the industry at the table during this crisis This year has been the worst of all possible worlds for life insurance, an industry that depends on predictability. Historically low interest rates are making it painful even to attempt projecting returns that will support products and sustain remotely attractive crediting rates. Meanwhile, the COVID-19 pandemic is hitting the primary age demographic that the industry serves, upsetting mortality tables. To top it all off, the face-to-face meetings that drive the industry’s sales are either banned or unwanted. Pack all of that into a locked-down national capital filled with constant knock-down partisan battles and you have a good idea of what the American Council of Life Insurers is dealing with these days. But ACLI has a seasoned pro as its president and chief executive officer, Susan Neely, who has been working in government and trade associations for nearly four decades. Neely was one of the architects of the Department of Homeland Security in the George W. Bush administration. Although she started with ACLI just about two years ago, she had been involved with health insurance in...

Staff | June 25, 2020 While benefits plan members are experiencing levels of stress that impact their productivity at work, a growing number feel their employer is supporting their mental health, according to the 2020 Sanofi Canada health-care survey. The survey found 37 per cent of employees said they’ve felt physically ill due to overwhelming workplace stress in the last year. That number was even higher among respondents who said they’re dissatisfied with their job (63 per cent) and those who felt their interactions at work were a main source of stress (52 per cent). Employees between the ages of 18 and 34 were much more likely (42 per cent) to say they’ve felt physically ill from stress than those 55 and older (23 per cent). Read: Employers, employees both play a role in battle against stress Thirty per cent of plan members said they experienced high levels of stress on a typical workday in the past three months, rising to 52 per cent for plan members who said they aren’t satisfied with their job and 48 per cent for those who said they’re in poor personal health. Again, plan members age 18 to 34 were more likely (34 per cent) to report high levels of stress...

Staff | June 25, 2020 The federal government is introducing new regulations to protect employees from harassment and violence in the workplace. The regulations, which take effect on Jan. 1, 2021, outline the necessary elements of a workplace harassment and violence prevention policy and the procedures employers are required to have in place to respond to any incidents. They apply to federally regulated workplaces, falling under Bill C-65, which is aimed at strengthening workplace harassment and violence prevention efforts. The bill, which went into effect last year, also brought political employees under the cover of the Canada Labour Code’s occupational health and safety and harassment and sexual violence protections for the first time. Read: Federal government introduces bill to address workplace harassment, violence According to the regulations, employers’ policies should include timelines for complaint resolution that support both the victim and alleged perpetrator, requirements for confidentiality for all parties throughout the process and protections for employees who’ve been victimized by a third party, such as a client. The policies should also specify qualifications of a person considered competent to investigate incidents and provide recommendations, lay out the employer’s obligations in administering corrective measures following an investigation and outline the support employees should be given if they’ve experienced workplace harassment and violence. “Today, we’re taking an...