Insurable Interest Canadian Insurance Blog

Staff | June 26, 2020 While 55 per cent of Canadian plan members take at least one medication on a regular basis, this increases to 70 per cent among those with a chronic condition and/or chronic pain and 87 per cent among those in poor health, according to the 2020 Sanofi Canada health-care survey. In addition, 23 per cent of plan members with a chronic condition and/or chronic pain and 48 per cent of plan members in poor health take three or more medications. And 43 per cent of plan members who take at least one medication agreed they sometimes don’t take their medication, increasing to 61 per cent among those aged 18 to 34. The biggest reason cited was forgetfulness (41 per cent), followed by the perception that the patient doesn’t need it because they feel fine (24 per cent) or they ran out (20 per cent). Convenience may also be a factor, with 69 per cent of plan members regularly taking at least one medication agreeing it’s inconvenient to go to their physician to get their prescriptions renewed. Read: A look at pharmacists’ role in supporting drug adherence “Interestingly, job satisfaction is among factors that appear to influence results,” said Adrian Ebrahimi, account...

Staff  | June 26, 2020 Plan design changes are on the horizon for the Ontario Municipal Employees Retirement System’s primary pension plan. The OMERS Sponsors Corp. board has approved five plan changes. The first three changes are effective immediately and are tied to circumstances related to the coronavirus. The other two are part of the annual plan review, which were announced in April, and will take effect Jan. 1, 2023. “The OMERS Sponsors Corp. board of directors is made up of representatives of sponsor organizations,” said Michael Rolland, chief executive officer of the OMERS Sponsors Corp., in a press release. “The SC board is charged with the annual responsibility of reviewing plan design and making changes to ensure the plan remains sustainable, affordable and meaningful for the OMERS community long into the future.” Read: OMERS considering shared-risk indexing, expanded eligibility to non full-time workers Normally, when plan members return from leave periods, they may be able to purchase the period to add to their OMERS credited service. The OMERS is now extending its leave purchase deadlines by one year for members who return from a leave of absence in 2020 or 2021. It’s also reducing or eliminating the 36-month employment requirement for...

Frustration tops the list of what attendees of the NAAIA webinar are feeling. This is the moment unlike any before that can bring real change in companies, individuals and the insurance industry as a whole. But it will take introspection into ourselves and our businesses – for both whites and people of color. That was a key takeaway from a National African American Insurance Association webinar featuring Al Vivian, an Atlanta-based inclusion and diversity consultant who was worked with clients such as Coca-Cola. The association invited Vivian to lead a discussion about where to take the issues beyond the anger and frustration many Americans of all races have been feeling, said Margaret Redd, executive director of NAAIA, which represents 750 members across all sectors of insurance. “The recent, senseless murders of George Floyd, Breonna Taylor, Ahmaud Arbery and countless others have highlighted the issues of systemic racism and social injustice in this country,” Redd said. “These incidents have emerged to touch the hearts and consciousness of America and the world.” Vivian said Black Americans have been hopeful during other periods of upheaval that inspired a national conversation on race. But those occasions failed to move the issues forward significantly. People...

Manulife, along with its wholly owned subsidiary John Hancock, have announced plans to promote workplace diversity, equity, and inclusion in the communities it serves by investing more than $3.5 million over the next two years. “We recognize that driving change means taking action, which is why we are making these important investments in building greater diversity on our team, and a deeper awareness of the role we can all play in being an ally and supporter of inclusion,” Manulife President and CEO Roy Gori said in a statement. Gori said that Manulife’s plan focuses on “the most critical levers [to] create long-lasting change,” based on perspectives shared in candid discussions with the company’s team. The firm aims to increase representation of diverse talent at all levels of the organization; foster greater inclusion across the company through enhanced training; and support organizations helping Black, Indigenous, and People of Colour (BIPOC) communities. Manulife said its plan will encompass three pillars of initiatives: Building representation of BIPOC professionals through graduate programs, focused leadership recruitment efforts, and accelerated mid-career development; Going beyond its mandatory unconscious bias training with programs designed to educate and orient all employees, including regular listening forums to enable greater understanding...

Staff | June 25, 2020 Canada is providing federally regulated employers with more time to recall employees who were laid off due to the coronavirus pandemic. Under employment legislation, employers could temporarily lay off staff for up to three months if no notice with a recall date was provided or for up to six months or if they provided a notice with an expected recall date before those layoffs became terminations. As of June 22, employers who laid off staff prior to March 31 will be able to extend their layoffs by six months or until Dec. 30. Employers who laid off staff between March 31 and Sept. 30 will have up until Dec. 30 to recall their employees unless they provided a later recall date in a written notice. Read: Ontario amending employment standards to make temporary layoffs part of new emergency leave “We know that many employers who have had to temporarily lay off employees intend to bring them back to work,” said Minister of Labour Filomena Tassi in a press release. “However, there is still a great deal of uncertainty regarding exactly when that will be possible. That’s why we are taking action to protect the jobs of those employees and to support those employers by...

Staff  | June 25, 2020 Manulife Financial and its U.S. division John Hancock are investing more than $3.5 million over the next two years to promote diversity, equity and inclusion in the workplace and in the communities they serve. In a press release, the organizations said the goals of these investments are three-fold: to increase the representation of diverse talent at all levels in the organization; to create greater inclusion across the company through enhanced training; and to support organizations helping Black, Indigenous and other racialized communities. Read: OPB outlines commitment to stand against anti-Black, anti-Indigenous racism “We recognize that driving change means taking action, which is why we are making these important investments in building greater diversity on our team and a deeper awareness of the role we can all play in being an ally and supporter of inclusion,” said Roy Gori, Manulife’s president and chief executive officer. “Through candid discussions with our team, we’ve developed this plan based on their feedback, focusing on areas they see as the most critical levers to helping us create long-lasting change.” The program covers three pillars of initiatives: Building representation of Black, Indigenous and other racialized professionals through graduate programs, focused leadership recruitment efforts and accelerated mid-career development; Programs...

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...