Insurable Interest Canadian Insurance Blog

New partners will help Visa protect millions of additional digital payments from fraudsters and reduce friction for merchants and consumers San Francicso, CA (May 13, 2020) – Visa Inc. is pleased to announce that 28 new partners will be joining Visa Token Service as credential-on-file (COF) token requestors. These new partners will help make digital transactions more secure by tokenizing both one-time and recurring payments made with Visa credentials. Tokenization replaces a cardholder’s 16-digit Visa account number with a token that only Visa can unlock, protecting the underlying card number from fraudsters. New partners joining Visa Token Service include acquirer gateway and technology partners Assist, Aurus, BlueSnap, Braspag, Bambora, DPO PayGate, eComCharge, Fat Zebra, eGHL, Infinitium, iPay88, Iveri, LiqPay/PrivatBank, Mail.ru, Moneris, One Inc., Omise, Payture, Payvision, Portmone, RBK.Money, Spreedly, Tickets Travel Network EESTI, Tranzzo, WalletDoc, WayForPay, Windcave, and Yandex.Money. Once certified, these 28 partners will be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients for an additional level of security. In addition to enhancing security, tokenization also helps reduce friction in the payment process, because customers do not have to manually update stored card information if their Visa card is lost, stolen or expires....

Leading cyber insurance provider takes aim at the new threats technology brings to Canadian businesses San Francicso, CA (May 14, 2020) – Coalition, the leading cyber insurance and security company in the US, is pleased to announce it is expanding its offering to Canada-based companies, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. Coalition will offer up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re (A.M. Best A+) to companies with up to CAD $1 billion in annual revenue. Through Coalition’s online platform, licensed insurance brokers are able to generate a quote in minutes and also provide their clients with access to Coalition’s proprietary cybersecurity tools and services that are designed to detect, mitigate, and contain threats at no additional cost. Cyber threats know no boundaries — technology has introduced a range of new threats to businesses irrespective of their location that are not well covered by traditional insurers. Coalition’s global cybersecurity platform provides businesses the risk management support they need most, including help preventing incidents in the first place, and support during and after a crisis. With this expansion,...

Toronto, ON (May 13, 2020) – CSIO is pleased to announce the release of three new eLearning courses to its Digital Broker eLearning program. Brokers can now earn up to six hours of Continuing Education (CE) credits through CSIO’s free, accredited, online courses. The eLearning program offers on-demand courses in addition to webinars that are scheduled regularly throughout the year. The new courses are: Digital Disruption and The Technology Fallacy – A guide for business leaders on building a digital culture. Led by Gerald Kane, visiting professor at Harvard School of Business and author of a best-selling book on digital disruption. Insurance Technology Essentials – A look at how the standards efficiently move insurance data, including advancements in commercial lines and emerging technology. My Proof of Insurance: Delivering a Digital Customer Experience – Illustrates how electronic proof of auto insurance provides customers with the digital experience they expect. Launched in late 2019, the CSIO Digital Broker eLearning program is designed to increase brokers’ digital operational competencies, promote digital best practices, and equip brokers with knowledge-based materials and tools that improve their awareness of technology in insurance. With each course taught by an industry expert, brokers can expect to learn practices they can implement right...

Kelsey Rolfe  | May 14, 2020 Canadian pension rules and regulations are in need of reform in order to properly address the reality of the 21st century workplace pension landscape, according to a new report by the C.D. Howe Institute. The report, authored by Bob Baldwin, a pension industry veteran and chair of the C.D. Howe’s pension policy council, argued that the age-old debate between the merits of defined benefit and defined contribution pension plans obscures the myriad plan design changes that have taken place on both sides over the years and the risks that plan members face in all cases. “The diversity in the design of the plans, combined with current financial and economic circumstances, has varied results for all types of pension and retirement savings plans, making it difficult to generalize the merits of each plan,” said Baldwin in a press release. Read: Bob Baldwin appointed chair of C.D. Howe pension policy council The most important priority, according to the report, is to assess plan members’ retirement income needs and the risks they face and “make sure they are addressed in a way that is fair among plan members and is reasonable in terms of the level and volatility of required contributions.” The exclusive focus...

MassLive.com Massachusetts Mutual Life Insurance Co., one of the largest employers in Massachusetts, will remain closed through the summer. CEO Roger Crandall announced the decision during an all-staff meeting. Employees will return to their offices no earlier than the beginning of September. Approximately 96% of MassMutual employees have worked from home since mid-March, with a limited number of essential staff still working on-site. Timing for reopening will be based on guidance from federal, state and local government as well as a reduction in the number of new cases in states where offices are based. MassMutual has about 3,500 employees based in their Springfield office, 1,500 in Enfield and about 500 in Boston. The company also has offices in Arizona and New York. Advertisement The company announced in mid-March that it would close its offices as the number of coronavirus cases in the United States continued to grow. At the time, Massachusetts had 95 confirmed cases of COVID-19. Two months later, the number of confirmed cases in the commonwealth has reached 79,332 as of Tuesday. Prior to the office closure, thousands of employees were already working from home due to school closures. Massachusetts schools will remain closed through the end of...

BOSTON – American General Life Insurance Company (AGLI) will pay over $360,000 to resolve allegations that it failed to calculate correctly interest payments for death claims, Attorney General Maura Healey announced today. Under an assurance of discontinuance filed in Suffolk Superior Court, AGLI will pay over $180,000 to consumers and an additional $183,000 to the state. The AG’s Office alleged that AGLI violated the state’s consumer protection law when it failed to calculate the payment of interest pursuant to Massachusetts law for policies on which it had paid a death benefit since January 1, 2015. “Life insurance issues are incredibly personal and important to consumers who need financial stability after the death of a friend or family member,” said AG Healey. “Beneficiaries need to be treated fairly and receive all the amounts to which they are entitled under the law.” Consumers with questions about this settlement should contact Attorney General Healey’s Insurance & Financial Services Division at 1-888-830-6277. Individuals who are eligible for a restitution payment will be contacted by AGLI. This matter was handled by Assistant Attorney General Jasmine Jean-Louis of the Attorney General’s Insurance and Financial Services Division. Advertisement Read the original article at insurancenewsnet.com

Element AI publishes new AI Maturity Framework to guide enterprises in assessing their AI readiness Montréal, QC (May 13, 2020) – Element AI, a global developer of AI-powered solutions and services, is pleased to announce it has published the AI Maturity Framework, which consists of a mapping tool and a whitepaper. The whitepaper provides in-depth insights on how organizations across all industries can become AI-ready faster and the tool helps organizations quickly map their AI-readiness. The tool and whitepaper address a knowledge gap in the AI industry, as few resources exist on how organizations can actually evolve their AI-readiness from theory to practice. Since 2019, Element AI’s Artificial Intelligence Maturity Survey has collected data vital to informing the AI Maturity Framework whitepaper and tool. To date, the survey has collected insights from 200 senior decision-makers across multiple industries—primarily in North America—and determined that organizations are still struggling with their AI journeys. Key findings in the survey reveal: Fewer than one in ten organizations are mature enough to operationalize and scale AI production 79 percent of organizations surveyed haven’t graduated from experimenting with AI in a lab setting Only 14 percent of organizations surveyed are formalizing their approach to deploying AI...

Chicago, IL (May 13, 2020) – Hub International Limited (Hub), a leading global insurance brokerage, is pleased to announce that it has acquired Vestas Financial Services Firm Inc. (Vestas). Terms of the transaction were not disclosed. Located in Montreal, Quebec, Canada, Vestas is an independent firm providing commercial and personal insurance with a focus on various industries, in particular, construction and design professionals, which supports Hub’s Specialty practices[1] by complementing and strengthening its existing capabilities. Phillipe Monette, President of Vestas, and Senior Vice Presidents Martin Brodeur and Patrice Gravel will join Hub International Quebec Limited (Hub Quebec). Notes 1. Hub International Launches Industry Specialty Practices (Feb. 12, 2018). About Hub’s M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience, visit WeAreHub.com. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 12,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters...

Preparing and responding to the Novel Coronavirus outbreak New York, NY (May 11, 2020) – Marsh has released its Global Insurance Market Index for the first quarter of 2020. The increase, the largest since the index was launched in 2012, comes despite the minimal impact of the COVID-19 global pandemic on pricing in the quarter. Average price increases were driven principally by increases in property insurance and financial and professional lines. Among other findings, the survey noted: The first quarter of 2020 was the tenth consecutive quarter of average price increases. Globally, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%. Composite pricing in the first quarter increased in all geographic regions for the sixth consecutive quarter. The US (14%), UK (21%), and Pacific (23%) regions all experienced double-digit pricing increases. As well as increases in property pricing, much of the increase, was driven by increases in financial and professional lines, and directors and officers (D&O) rates in particular. Commenting on the findings, Dean Klisura, President, Global Placement and Advisory Services at Marsh, said: “Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with COVID-19.  We...

Drummondville, QC (May 11, 2020) – UV Insurance is proud of the successful launch of My Universe, its new individual insurance technology platform that includes new illustration software, an electronic application and an advisor and client portal. A simple, quick and intuitive solution that is greatly appreciated by its partners. Within the first week following the launch, nearly 1,000 financial advisors registered to participate in webinars to introduce the new platform. “At the onset of the pandemic, we had no choice but to find an alternative solution for our launch and the webinar proved to be very effective in reaching our network across the country. Our new technology solution responds fully to the needs of the marketplace by greatly facilitating the distance sales that have become indispensable in current environment,” said Julie Michaud, Senior Vice-President, Individual Insurance and Investment and Retirement. With My Universe, advisors have access to new illustration software that takes them directly to the electronic application. At the end of the process, the transaction is easily completed using the electronic signature, thus avoiding travel and face-to-face meetings. UV Insurance also took the opportunity to introduce a new, simplified, medical-free issue process for its permanent and term life...