Insurable Interest Canadian Insurance Blog

COVID-19 pandemic highlights the need for health care from home Toronto, ON (June 18, 2020) – The COVID-19 pandemic has put a spotlight on the importance of virtual care. Once an emerging trend, it’s now a necessity for health care in Canada. Yet, many are facing challenges. In a recent Lumino Health survey, over half of all Canadians (55%) said they do not know how to find virtual care services. Forty-nine per cent of Canadians surveyed report the pandemic having negative effects on their physical health and nearly 60% report mental health impacts. This is a three per cent increase from a Sun Life survey conducted earlier in May,[1] which found 56% of Canadians reported COVID-19 having a negative impact on their mental health. Interestingly, despite identifying a physical or mental health concern, only a small percentage of Canadians are seeking treatment. Of respondents who said COVID-19 is negatively impacting their mental health, only 21% have sought professional care. This rate is consistent with Canadians who say the pandemic is having a negative impact on their physical health – with only 21% seeking professional help. “The need for Canadians to connect virtually with health care professionals has never been more...

Staff | June 22, 2020 The Caisse de dépôt et placement du Québec is investing $8.7 million in Canadian architecture and design firm Lemay in the form of a loan. The financing aims to support the firm’s growth plan and its technology-based innovation efforts, specifically in the field of sustainable design. Read: Caisse, CPPIB building on investment in engineering firm “With their expansion into new markets, cutting-edge technological practices and consideration of [environmental, social and governance] factors in their project designs, Lemay meets CDPQ’s pillars for generating long-term growth,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in a press release. “This refinancing is testament to the support CDPQ offers businesses when development opportunities present themselves.” Read the full article at BenefitsCanada.com

By 2024, 75% of organizations will shift from piloting AI to operationalizing it Stamford, CT (June 22, 2020) – Gartner, Inc. identified the top 10 data and analytics (D&A) technology trends for 2020 that can help data and analytics leaders navigate their COVID-19 response and recovery and prepare for a post-pandemic reset. “To innovate their way beyond a post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts,” said Rita Sallam, distinguished research vice president at Gartner.Data and analytics leaders should examine the following 10 data and analytics trends to accelerate renewal or recovery post COVID-19 pandemic: Trend 1: Smarter, Faster, More Responsible AI By the end of 2024, 75% of organizations will shift from piloting to operationalizing artificial intelligence (AI), driving a 5 times increase in streaming data and analytics infrastructures. Within the current pandemic context, AI techniques such as machine learning (ML), optimization and natural language processing (NLP) are providing vital insights and predictions about the spread of the virus and the effectiveness and impact of countermeasures. Other smarter AI techniques such as reinforcement learning and distributed learning are...

Staff  | June 22, 2020 The Alberta Investment Management Corp. is appointing Mark Wiseman as a board director and the chair of its board of directors, effective July 1, 2020. Wiseman will replace current chair Richard Bird, who will be completing his second three-year term on the AIMCo’s board. In order to ensure a smooth transition, Bird will be staying on as a consultant to the board for the transition period. “On behalf of my fellow directors, I welcome Mark Wiseman to AIMCo’s board,” said Bird, in a press release. “Mark’s accomplishments in investment management, his strategic thinking and leadership make him an excellent choice to chair this board.” Read: Mark Machin to replace Mark Wiseman at CPPIB Wiseman was formerly president and chief executive officer of the Canada Pension Plan Investment Board, a role which he held until 2016. He then served as the global head of active equities for BlackRock, Inc. and chairman of BlackRock Alternative Investors. He also chaired BlackRock’s global investment committee and sat on its global executive committee. Wiseman held the role at BlackRock until 2019. “I look forward to working with my fellow directors as AIMCo continues to serve its clients for the long term,” said Wiseman. “I,...

Data gathered utilizing IMS’ new low-cost Wedge™ telematics sensor combined with the new IMS Connected Claims solution connects insurers and policyholders while cutting claims costs Waterloo, ON (June 22, 2020) – IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs and governments, is pleased to announce the availability of the new IMS Connected Claims telematics solution. The IMS Connected Claims solution combines the powerful data-gathering capabilities of IMS’ new, patent-pending Wedge™ telematics sensor while leveraging TGG sister company Carrot Insurance’s decade of experience in partnering with insurers to deliver loss ratio reductions and better claims outcomes for policyholders. As the industry’s first claims-focused telematics solution, IMS Connected Claims can be introduced to an insurer’s existing claims operation without the requirement for complex, costly systems integrations and with minimal disruption. Additionally, IMS Connected Claims can uniquely be a standalone solution, rather than having to be a component of a usage-based insurance (UBI) program. “Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” said Ed Rochfort, Chief Product...

As America’s small businesses navigate the reopening economy, innovative insurance partnerships can offer dynamic solutions that adapt to real-time, evolving needs London, UK (June 16, 2020) – Hiscox, a leading U.S. small business insurer, has partnered with Thimble, the insurance partner that makes insurance simple to help small businesses succeed on their own terms by offering short-term liability insurance, available by the hour, day or month. Today, more than ever, small businesses need to know they have an alternative to annual insurance commitments. This partnership will allow Hiscox to give businesses true flexibility with a policy that grows and adapts as they do. Customers will have full control of their policy via Thimble’s breakthrough insurance app, with the ability to modify their coverage based on a project’s needs, add additional insureds or even pause coverage as necessary. “Hiscox was the first insurance company in the US to offer small business insurance direct and online, and they continue to have their finger on the pulse of what small businesses want – which now more than ever is flexibility,” said Jay Bregman, CEO and Founder of Thimble. “It doesn’t matter if you’re a freelancer working job-to-job, or an established small business that...

In-market testing of CCC® Quick View delivers strong improvements to underwriting process, policyholder experience Chicago, IL (June 15, 2019) – CCC Information Services Inc. is pleased to announce the availability of CCC® Quick View, a photo-guided vehicle inspection solution. Quick View enables auto underwriters to efficiently and affordably complete vehicle inspections virtually by offering policyholders a mobile app to easily capture vehicle photos. Once photos are received, CCC’s proven AI-enabled photo analytics and Damage Detection Heatmaps® are applied, allowing insurers to assess vehicle condition, including the identification of pre-existing damage. Quick View also makes it easy for insurers to assess the presence of custom equipment. Policyholders can capture and share photos at their convenience typically in five minutes. Early use of Quick View by a large, national insurer shows marked improvements in cost, speed, and the identification of pre-existing damage. Specifically, Quick View reduced costs by 75 percent over manual inspections, led to 60 percent of inspections being completed in less than 24 hours, and identified pre-existing damage on more than 15 percent of assessed vehicles. “Insurers are looking to balance the need to understand risk with the ability to efficiently and consistently conduct vehicle inspections,” said Naved Siddique, group...

From battery performance to cyber and fire: Electric cars bring myriad new risks and claims scenarios for manufacturers, suppliers and insurers Government policies on climate change and consumer demand could see the number of electric cars reach 100 million by start of next decade compared with seven million today. New risk challenges to manage for automotive industry and their insurers: potential defect and performance issues; more complex and costly repairs; new fire and cyber threats; and even sustainable sourcing and disposal of critical components and raw materials. Increasing complexity of supply chains and use of new technology will have a strong impact on product liability insurance in the commercial insurance segment. New York, NY (June 9, 2020) – Around the globe, the take-up of electric cars is expected to accelerate rapidly in future, driven by consumer demand and government policies aimed at tackling climate change. The future of mobility is clearly electric, but the transition will lead to a fundamental change in risk for manufacturers, suppliers and insurers alike and will have a significant impact on automotive product liability insurance, according to a new report from insurer Allianz Global Corporate & Specialty (AGCS). “From supply chain networks to production processes...

To be a market leader in the future, insurers need to transition their thinking from being an auto insurer to being a mobility provider, for which auto insurance may be just one component, according to Majesco’s new research report Morristown, NJ (June 4, 2020) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce the release of their 5th annual primary consumer research study, Rethinking Auto: From Auto Insurance Transaction to Mobility Customer Experience, which takes a deeper dive into the market shifts and generational buying differences for automobiles, highlighting a shift from auto as a policy transaction to a mobility experience. The report provides a detailed analysis into the generational differences in the types of transportation options used and the expectations for a broader mobility experience that includes a risk product, access to other transportation options, and other value-added services. “With so much change occurring in the automotive space, companies from outside the insurance industry are coalescing around a shift to mobility, which will have far reaching implications for auto insurance providers,” stated Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Mobility options are important to customers...

Business Wire As Americans evaluate their finances during these challenging times, many financial professionals may be missing opportunities to shift conversations about retirement from accumulation to protection. The new 2020 Retirement Risk Readiness Study from Allianz Life Insurance Company of North America (Allianz Life) surveyed three categories of Americans to get different perspectives on retirement: pre-retirees (those 10 years or more from retirement); near-retirees (those within 10 years of retirement); and those who are already retired. The findings reveal gaps in conversations with financial professionals that can help clients protect their retirement assets from some of the risks that can derail savings strategies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200622005390/en/ New study from Allianz Life finds 60% of non-retirees say running out of money before they die is one of their biggest worries, yet only 27% who work with a financial professional have discussed longevity risk with them. (Graphic: Business Wire) Although people who have already retired are fairly confident about how long their money will last, six in 10 non-retirees said running out of money before they die is one of their biggest concerns. But unfortunately, only about a quarter (27%) of non-retirees who work...