Insurable Interest Canadian Insurance Blog

The Evolution Partnership initiative intends to deliver new intelligent industry solutions to enable end-to-end processes that help companies accelerate the modernization of systems and workflows Armonk, NY (June 23, 2020) – IBM and SAP SE are pleased to announce their partnership’s next evolution, with plans to develop several new offerings designed to create a more predictable journey for businesses to become data-driven intelligent enterprises. Over 400 businesses have modernized their enterprise systems and business processes through IBM and SAP’s digital transformation partnership, announced in 2016. As the COVID-19 pandemic continues to significantly impact many industries across the globe, organizations are realizing they need the agility to seamlessly adapt to changing market conditions and customer demand. “Organizations’ short- and long-term futures are being defined by their ability to proactively respond to today’s challenging, unprecedented market conditions,” said Adaire Fox-Martin, Member of the Executive Board of SAP SE. “Companies gain competitive advantage by unlocking data up and down their value chain, uncovering new revenue opportunities and creating exceptional experiences for their customers and employees, while also demanding faster time to value. SAP’s partnership with IBM brings together the power of world-leading intelligent applications and technology expertise to realize value more quickly, which...

COVID-19 pandemic could exacerbate the impact of natural catastrophes: FM Global survey of CEOs & CFOs Johnston, RI (June 16, 2020) – Although the pandemic dominates the world’s attention, climate risk is simmering in the background, with more than 3 in 4 (77%) CEOs and CFOs of the largest companies in the world admitting their firms are not fully prepared for the adverse financial impact of a changing climate. Moreover, 8 out of 10 (82%) believe their companies have somewhat to no control over such an impact on their business. The findings stem from a global survey of several hundred CEOs and CFOs at companies with US$1 billion or more in revenue across a wide variety of industries in North America, Europe and Asia Pacific. The research was commissioned by FM Global, one of the world’s largest commercial property insurers, and conducted by ENGINE Insights, a leading market research and analytics firm. Three-quarters of respondents (76%) said their organizations are somewhat to significantly exposed to climate risk. Floods, droughts and wildland fires topped the list as the three exposures that “concern their companies the most” and “could most negatively affect their financials.” “The findings are concerning as hurricane and wildfire...

By Robyn Croll, VP Customer Insights, Goose Digital — It’s no secret marketing has evolved. Thanks to the digital revolution that’s been under way for over 10 years, marketing’s ability to impact and influence audiences has never been greater. Marketing now has the tools to reach and address leads and customers across the entire buying journey: from initial awareness of your company, products and services to active sales opportunities, through to in-life customer communications. The Broker Value Proposition When it comes to customer communications, Brokers have always played a critical role in cutting through insurance complexities and in our current situation they are needed more than ever. Historically though, customer communications haven’t necessarily been seen as a marketing function nor a driver of growth. One of many lessons learned from COVID-19 is that a strong customer communication plan is, in fact, a critical part of a successful marketing plan. By leveraging data for personalization and message relevance, customer marketing can drive value for the Insured and growth for the Broker. Critical Bulletins The COVID-19 pandemic further highlighted the need to share information quickly and accurately. Critical bulletins deployed over the last few months included carrier updates, policy changes, weather alerts,...

New partner’s texting platform to increase efficiency and customer satisfaction throughout claims process San Mateo, CA (June 29, 2020) – Hi Marley, a leading communications solution specifically designed for the insurance industry, and Guidewire Software, Inc., the platform P&C insurers trust to engage, innovate, and grow efficiently, are pleased to announce that Hi Marley has joined Guidewire PartnerConnect as a Solution partner. Hi Marley provides an AI-enabled texting platform built with insurance-specific functionality and intelligence allowing claims adjusters to communicate with customers and claimants via SMS. Hi Marley’s Ready for Guidewire integration will enable insurers to utilize Hi Marley’s texting platform within ClaimCenter to communicate with insureds. “We welcome Hi Marley to the Guidewire PartnerConnect Solution community and are pleased that we will be able to offer this solution to ClaimCenter users,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire. “Their platform will provide our joint customers with a seamless and modern communication channel to meet the changing needs of adjusters and the customers they serve.” “Like Guidewire, our entire team wakes up every morning thinking about how we can partner alongside carriers to simplify communication complexities of the insurance ecosystem to benefit insurers and their customers,” said Mike...

Webinars, eLearning benefit 2,200 onsurance professionals in 2020 H1 Toronto, ON (June 29, 2020) – With the majority of the insurance industry working remotely in recent months due to the COVID-19 pandemic, CSIO has been able to support brokers in their professional development through online learning. So far this year, more than 2,200 insurance professionals have participated in CSIO webinars and eLearning courses. Many insurance brokers faced difficulties in completing continuing education requirements due to cancelled or rescheduled broker conferences and in-class courses. Recognizing the need, CSIO hosted over 20 webinars on digital topics over the past four months. These offerings met broker demand for free, accredited distance learning to help build their digital competencies. Education that is centred on adopting digital solutions – from eSlips, eSignatures and document delivery is critical for insurance businesses. CSIO’s webinars and courses are offered as a free member benefit to members of provincial broker associations. New Ransomware Course Now Available CSIO is pleased to announce its latest release, Ransomware: What Brokers Need to Know. This eLearning course is led by Bill Malik, VP Infrastructure Strategies with Trend Micro, a frequent speaker on security topics. It includes a broker case study, as well as guidelines on how...

Staff | June 29, 2020 Employment status, income level and helpful coping strategies are key factors impacting how Canadians feel about their mental health, according to a new survey by the Mental Health Commission of Canada and the Conference Board of Canada. The survey asked more than 1,800 Canadians to rate the level of concern they experienced about 15 mental-health factors before the onset of the pandemic and during it. It found 84 per cent said they feel their concerns have increased. The factors with the biggest changes in concern levels were family well-being (24 per cent), respondents’ personal future (23 per cent), experiencing isolation and loneliness (21 per cent) and feeling anxiousness or fear (21 per cent). Read: How to support employees’ mental health during coronavirus Respondents also noted substantial increases to their level of concern about their employment situation (18 per cent), financial health (17 per cent), physical health (16 per cent) and low moods or depression (18 per cent). The survey also found employment status plays a significant role in respondents’ overall mental-health concern score. Those who said they’re employed or self-employed saw a 14 per cent change in their overall concern score, compared to unemployed Canadians, who were, on average, 22 per cent more concerned. While Canadians across all types of...

Canadians’ are getting less access to new drugs as a result of updated guidelines to control the prices of patented medicines, according to a new report published by Life Sciences Ontario (LSO). The study conducted by IQVIA Inc., a global leader in health data and analytics, examined the rate of commercialization of new medicines in Canada and other leading global jurisdictions over the past 20 years from 2000 to 2019. Over that period, researchers found that out of 25 countries, Canada ranked fourth with respect to time to launch – that is, it was the fourth fastest in launching new active substances – with a median time of 1.2 years from global launch of a new active substance to local country launch. It also took ninth place globally based on the proportion of new medicines launched globally. IQVIA found that out of 516 new medicines introduced globally from 2000 to 2019, 66% went on to launch in the Canadian market. “Up until 2018, Canada was gradually getting faster and [seeing] more extensive access to therapies relative to other countries,” LSO said in a statement. But the research showed that new drug launches declined in Canada in 2019, with just 13...

Staff | June 26, 2020 The Canada Pension Plan Investment Board is building on its partnership with Lendlease Corp. with a further £85 million 50/50 co-investment in the U.K. residential real estate sector. The investment will go toward the building of 123 new build-to-rent homes in south London’s Elephant Park neighbourhood. It marks the second investment the organizations made together this year, having put £80 million towards the construction of an 18-storey building in February. Read: CPPIB strengthens partnership in U.K.’s build-to-rent sector “The build-to-rent sector in the U.K. continues to be supported by long-term trends, particularly in London and other major U.K. cities,” said Andrea Orlandi, managing director and head of real estate for Europe at the CPPIB, in a press release. “Private rentals are an increasingly attractive and flexible option for households. The Elephant Park project continues to move ahead towards completion for the first phase and our latest financial commitment will help to progress this landmark regeneration project. It also extends our positive, broader relationship with Lendlease, which seeks to identify further investment and regeneration development opportunities in the U.K.” Read the full article at BenefitsCanada.com

Staff  | June 26, 2020 Morneau Shepell Ltd. is appointing Glen Oikawa as a client relationship partner, retirement solutions partner and Calgary office leader. In the new role, he’ll focus on delivering innovation, thought leadership and dedicated service to several of the organization’s largest plan sponsor clients across Western Canada. With more than 20 years of experience in financial well-being, defined benefit and defined contribution pension consulting, client management and business development experience, Oikawa has worked with plan sponsors in both the private and public sector. He has also provided strategic advice to plan sponsors relating to their total rewards programs. Read: Morneau Shepell names Mazen Shakeel vice-president Previously, he spent 15 years at Aon in roles including partner, pension consultant and actuary. He began his career at Mercer Canada as an actuarial analyst. “I have spent my entire career focused on serving clients to build unique solutions that address their business and pension needs,” he said in a press release. “I’m also passionate about building effective and energetic teams focused on clients and growth. I am honoured to join Morneau Shepell as their Calgary office leader and look forward to bringing the total well-being perspective to our clients.” Read the full article at BenefitsCanada.com

Staff | June 26, 2020 The vast majority (81 per cent) of global pension plan sponsors said they have allocations to some kind of climate change-related funds, according to a new survey from CREATE-Research. Specifically, when it comes to passive funds, 44 per cent of respondents said they allocated at least some of the passive segment of their portfolio to a climate change-related fund. A quarter (26 per cent) said they allocated 15 per cent or more to passive climate change funds, while 56 per cent said they didn’t have any of these passive allocations. The survey also found a clear preference for active allocations when it comes to climate change-related investing. “The key reason behind the difference is that climate change remains an inexact science for investors. Hence, initially, they have preferred to invest with specialist active managers who have long developed an infrastructure of skills, technology and data to build up a good track record in theme investing. Besides, some of the underlying asset classes — like private equity and infrastructure — are in illiquid markets where indices remain a rarity.” Read: UTAM joins institutional investors calling on aviation sector to address climate change Another potential reason is the relatively new concept of using passive vehicles to...