Insurable Interest Canadian Insurance Blog

Birny Birnbaum is challenging insurers and regulators to eliminate systemic racism and bias. The Center for Economic Justice today challenged insurers and insurance regulators to match their public statements condemning systemic bias and inherent racism with concrete actions to address inherent racism in insurance. “We were heartened to see insurance company CEO’s calling for changing business practices to stop the effects of systemic bias and inherent racism in society. But we now challenge the insurers and their regulators to show these statements were not mere public relations, but reflect a true commitment to stamp out discriminatory practices in insurance,” said Birny Birnbaum, executive director of the center. The May 25 murder of George Floyd has led to widespread corporate recognition of andopposition to systemic bias and inherent racism in America. Corporate CEOs have spoken out,including several major insurer CEOs. “I encourage each of us to step outside of our comfort zones, seek to understand, engage in productive conversations and hold ourselves accountable for being part of the solution,” said Kirt Walker, CEO of Nationwide. “We must forever stamp out racism and discrimination.” The center, a non-profit consumer advocacy organization, set out two concrete actions for insurers and state insurance regulators...

New pilot a “game-changer” Regina, SK (June 18, 2020) – SGI CANADA and Custom Software Solutions Inc. (CSSI) are pleased to announce they are piloting the first real-time, personal lines policy change request transaction in Canada, starting and ending in the broker management system (BMS). The process connects CSSI’s broker management system, The Broker’s Workstation, rating service IntelliQuote (IQ) and SGI CANADA’s policy management system, transferring data between the systems in real time using CSSI’s I-Company carrier integration product. It allows brokers working with SGI CANADA to underwrite, rate and submit a policy change in real time from their broker management system to the insurer. If accepted, a revised policy will be returned in real time, including the eDocs policy document. “This is a game-changer,” said SGI CANADA’s Chief Digital and Information Officer Dawn Bloom. “By giving brokers the ability to make changes to our personal property policies within their own BMS, we’re making it easier for them to do business with us and improve the customer experience overall.” “We know brokers have been asking for the ability to transact business with insurers through their own broker management systems for many years, and SGI CANADA is proud to be among...

Awareness, enforcement, legislation pushing drivers to make better choices Regina, SK (June 17, 2020) – A significant drop in the number of impaired driving fatalities last year suggests most people in Saskatchewan have decided it is simply not okay to drive impaired. Preliminary numbers indicate 21[1] people lost their lives last year as a result of impaired driving collisions, compared to an annual average of 54 between 2009-2018. Injuries resulting from impaired driving continued to trend downward, with 332 reported in 2019, compared to the annual average of 595 over the previous decade. The 2019 impaired driving fatality and the injury numbers are the lowest SGI has on record.[2] “Our government has worked with victims’ families, law enforcement, advocacy groups and other stakeholders on a number of fronts to improve safety on our roads and fight Saskatchewan’s impaired driving problem,” Minister Responsible for SGI Joe Hargrave said. “The 2019 numbers are further evidence that Saskatchewan is making major progress on the province’s historically high impaired driving rates. The result is more lives saved and fewer families having to experience the unspeakable tragedy of seeing someone they love killed or severely injured due to impaired driving.” Minister Hargrave credited the downward...

The Florida Legislature sent a bill to the governor’s desk Wednesday that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies. It is not known if Gov. Ron DeSantis, R, will sign the bill, which is generally opposed by the insurance industry. The Florida House of Representatives passed a bill Jan. 29. Sen. Kelli Stargel, R, sponsored the Senate bill and made one significant change: to allow insurers to use genetic information included in a consumer’s medical record. “Insurers may use genetic information for underwriting purposes only if (1) genetic information is contained in the medical record, (2) the use of any genetic testing results is limited to what is in the medical record, (3) the genetic information is relevant to a potential medical condition that impacts mortality or morbidity risk, and (4) the genetic information is related to expected mortality or morbidity based on sound actuarial principles or reasonably expected experience,” the law firm Faegre Drinker Biddle & Reath said in an alert. State and federal law already prevent health insurance companies from considering a person’s genetic information when deciding if and at what price to cover that consumer. The Florida legislation would extend...

Kelsey Rolfe | June 19, 2020 More than three-quarters (77 per cent) of Canadian benefits plan members agree their workplace culture or environment encourages health and wellness, according to the 2020 Sanofi Canada health-care survey. “We want to maintain and build on that,” said Andrea Frankel, national private payer lead at Sanofi Canada, during a webinar highlighting the annual survey on Thursday. “For the first time this year, we asked what comprises a wellness culture in their own workplace, based on a list of 13 possible factors. The top three factors are safety, good relationships with co-workers and a good relationship with the immediate supervisor.” Indeed, plan sponsors and members were mostly aligned on how their workplaces encourage wellness. A safe work environment came out on top for both plan members (55 per cent) and plan sponsors (67 per cent), followed by good relationships with co-workers (54 per cent and 56 per cent, respectively) and immediate supervisors or managers (44 per cent and 54 per cent, respectively). Read: Fewer workplace cultures encouraging health and wellness: Sanofi survey “One thing to highlight is that, although both groups were aligned in their rankings, plan members were less likely to indicate certain factors were evident in their workplace,” noted Frankel....

Kelsey Rolfe | June 19, 2020 Alberta’s Fair Deal panel is recommending that the provincial government withdraws from the Canada Pension Plan and creates its own, subject to a referendum. “The panel recommends vigorously exploring this option and conducting the due diligence needed to assure Albertans that benefits and risks are understood and can be positively managed,” wrote the panel. “Albertans will want to be assured that the [Alberta Pension Plan] would be managed independently in an arms-length manner by an experienced manager using best governance and practices for pension plan management.” The panel was launched by Premier Jason Kenney to consult with Albertans on how to advance the province’s economic interests and increase provincial powers. It came in the wake of a federal election that saw the Liberal party fail to capture any seats in the province, highlighting Albertans’ frustration with Prime Minister Justin Trudeau’s government. Read: Alberta will study already ‘compelling case’ for its exit from CPP: Kenney In its response to the panel, the provincial government said it would conduct further analysis on the proposal. “If that analysis concludes that an Alberta Pension Plan would be a net benefit to Albertans, we would then proceed to give Alberta voters the final say on the proposal in a...

Martha Porado | June 19, 2020 Canadian institutional investors are operating in a landscape that has changed dramatically since the initial market and policy reactions to the coronavirus pandemic. “A lot has changed over the last five to six months,” said Michael Sager, vice-president and client portfolio manager for multi-asset and currency management at CIBC Asset Management Inc., during a webinar hosted by the Association of Canadian Pension Management on Wednesday. “We had that period when COVID-19 really intensified in North America at the end of February/ beginning of March, when the primary focus was on the dislocation of markets and really a focus on extreme downside scenarios of how bad it could get. And I think we’ve now pivoted over the last month or so . . . to a much more balanced focus, including on recovery and on opportunity.” Read: How are global retirement systems faring in the wake of coronavirus? A never-before-seen shift in monetary and fiscal policy around the world has been a key driver for markets, he said. “We’re seeing unprecedented policy initiatives, not just in the U.S. and Canada, but in emerging markets, which usually respond to crises by maintaining interest rates to protect currencies and minimize inflation...

Staff | June 19, 2020 More than half (55 per cent) of Canadians said they don’t know how to find virtual-care services, according to a survey by Sun Life Canada’s online health network Lumino Health. Half (49 per cent) of survey respondents reported the coronavirus pandemic is having negative effects on their physical health and nearly 60 per cent reported mental-health impacts. Despite these findings, only 21 per cent said they’ve sought professional care. Read: Canadians cite 91% satisfaction rate with virtual health care “The need for Canadians to connect virtually with health-care professionals has never been more important,” said Chris Denys, senior vice-president of possibilities at Lumino Health, in a press release. “As physical distancing continues, it’s our goal to bring Canadians the tools and resources they need to manage their health from home.” Although many Canadians are unsure where to access virtual care, awareness is high, at 72 per cent. And, when asked what they believe are the main benefits of virtual care, survey respondents listed convenience (54 per cent); no waiting rooms (50 per cent); and speed to connect with a health-care professional (40 per cent). Read: Walmart Canada rolls out free virtual health care to all staff Read the full article at BenefitsCanada.com

While we still asked our annual questions about capital accumulation plan members’ retirement readiness, we also wanted to find out how they were managing their investments and their financial well-being in this time of uncertainty. During the subsequent webinar, sponsored by Actuarial Solutions Inc. and Morneau Shepell Ltd., I hosted an insightful discussion about the findings with a panel of industry experts. Read: 2020 CAP Member Survey: Challenges ahead The cover story attempts to condense this one-hour discussion, but I urge anyone who didn’t tune in at the end of April to visit BenefitsCanada.com/webinars to watch the whole webinar on-demand. In the second half, I veered away from the survey results to ask the experts about some of the hot topics we’ve been hearing from pension plan sponsors during the crisis, including considerations around temporarily reducing contribution levels, whether decumulation is still on the agenda and how they can continue to highlight their employees’ retirement savings and financial well-being. During the webinar, Orla Cousineau, director of pensions at the University of British Columbia, said her organization isn’t making any changes to its defined contribution plan, though she acknowledged some employers are considering their options. “I worry about that kind of...

Green Shield Canada is boosting its emphasis on mental healthcare via a digital enhancement to its individually purchased health and dental benefit plans. Effective July 1, GSC individual plans – including SureHealth and Health Assist – will include BEACON’s standard digital mental health program. GSC individual planholders will have access to personalized cognitive behavioural therapy administered by an experienced, regulated mental health professional at no extra cost. “COVID-19 has brought significant financial and emotional hardships for many Canadians, and our mental resilience is being tested on a daily basis,” said Joe Blomeley, GSC’s EVP, Individual, Public Sector and Mental Health. “We see the BEACON program as a high-value enhancement that will benefit anyone feeling depressed or anxious, or having difficulty sleeping, especially in these challenging times” Other upcoming enhancements for individual customers, to be communicated under the new YourAccess2 banner, include access to other digital services including the PocketPills digital pharmacy and discounted rates on telemedicine consultations via Maple. “In our conversations with customers, we have seen growing confidence in all types of digital health care, and we have structured our plan enhancements with this in mind,” Blomeley said. GSC has taken other steps during the pandemic to make accessing...