Insurable Interest Canadian Insurance Blog

New partner’s touchless inspection solution will allow insurers to streamline claims processing and transfer data in a safe and secure manner, helping insurers to virtually adjust claims from anywhere Chicago, IL (May 5, 2020) – Guidewire Software, Inc., provider of the industry platform Property and Casualty (P&C) insurers rely upon, is pleased to announce that Loveland Innovations, a leading provider of data analytics and technology solutions for insurance, has joined Guidewire PartnerConnect as a Solution Partner. Founded in 2015, Loveland Innovations is a company of artificial intelligence (AI) experts, data scientists, and insurance industry professionals that develop large-scale data capture and AI-powered analytics solutions, giving insurers new ways to gather, analyze, and act on property claim data. As a PartnerConnect Solution partner, Loveland Innovations plans to integrate their flagship inspection platform, IMGING, with Guidewire ClaimCenter. IMGING leverages smart devices, automated drones, computer vision, and machine learning to fully digitize any property or structure allowing adjusters to easily explore, measure and detect property damage through their industry leading AI. “Loveland Innovations is excited to partner with Guidewire to provide ClaimCenter users full access to IMGING, which will allow Guidewire users to seamlessly order an on-demand property inspection powered by the IMGING...

Toronto, ON (May 6, 2020) – ClearPay is pleased to announce that the Wawanesa Mutual Insurance Company, Canada’s largest Property and Casualty Mutual insurer (Wawanesa), has fully adopted the ClearPay brokerage payment and reporting platform. This platform enables the independent brokerage community to eliminate the need for paper cheques and manual reporting to be sent to Wawanesa. “This is extremely welcome news to our existing customer base as well as the hundreds more Wawanesa brokerages that can benefit through payable automation,” said John Knotek, Chief Executive Officer of ClearPay. “Especially in today’s environment, the seamless and rapid transition to electronic payments is critical and in as little as fifteen minutes ClearPay can have a brokerage sending payments and necessary reporting to Wawanesa electronically.” ClearPay is the leader in automating payment settlements and reconciliation for the insurance industry and has grown rapidly in last few years. ClearPay enables brokerages to easily eliminate cheques and adopt electronic payments and automate repetitive tasks in the payable process. With ClearPay, brokerages can create payments either directly in their broker management system or in a ClearPay portal and approvals can be done on any internet connected device. This saves brokerages from attending their office specifically...

Toronto, ON (May 7, 2020) – As organizations begin planning the methodical process of reopening after being closed due to the COVID-19 pandemic, they should understand the importance of proper cleaning and disinfection of their buildings and the role it plays in the safe return to the workplace of staff and volunteers. Professional cleaning services will undoubtedly be overwhelmed by service requests, resulting in many organizations having no other choice than to perform their own cleaning. Ecclesiastical Insurance has published COVID-19: Cleaning and Disinfecting Your Premises, a risk control bulletin and comprehensive best-practices guide that explains the differences between sanitizing, cleaning and disinfecting, and outlines an overall approach to the task, including: proper use of cleaners and disinfectants; proper use and disposal of Personal Protective Equipment; and the safe disposal of all materials. “Health Canada has advised that coronaviruses are among the easiest types of viruses to eliminate with appropriate disinfectant products and cleaning techniques,” stated Colin Robertson, Vice President, Operations and Risk Control at Ecclesiastical Insurance. “Ensuring that your facilities are clean, sanitized and disinfected before reopening your doors to your volunteers, employees and the general public, and continuing this process until the threat of the virus is eliminated,...

Jennifer Paterson | May 7, 2020 Alongside a struggling global economy, Canadian capital accumulation plan sponsors and members are facing unprecedented challenges. This year, Benefits Canada‘s annual CAP Member Survey fielded its questions between March 30 and April 1, reaching respondents as they were in the midst of coming to grips with the effects of the global coronavirus pandemic. As in previous years, the survey asked CAP members about their retirement readiness, but it also asked about their investment strategies and their overall financial well-being during these tumultuous times. In many cases, Benefits Canada compared the 2020 results with the 2009 CAP Member Survey results, which were fielded following the global financial crisis. Watch the 2020 CAP Member Survey webinar on-demand here. This year, the survey found Canadians are continuing to juggle their financial priorities. More than half (54 per cent) of CAP members are prioritizing day-to-day expenses, followed by paying the mortgage or rent (47 per cent), paying off personal debt (38 per cent), enhancing personal savings (34 per cent) and saving for retirement (28 per cent). And where CAP members felt they were having trouble managing their debt and had debt counselling available free of charge through their employee assistance plan,...

Staff | May 7, 2020 The Ontario government has significantly cut financial penalties for plan sponsors making a late payment of a pension benefits guarantee fund assessment. The change, made through an amendment to the provincial Pension Benefits Act, will apply to plan sponsors that fail to pay their PBGF assessments that are due between April 30 and Dec. 31. Read: An overview of Canadian DB pension relief measures during coronavirus Plan sponsors will only be required to pay interest from the date the amount is due to the actual payment date at a rate of three per cent, plus the chartered banks’ rate on prime business loans on the payment due date. Normally, plan sponsors that fail to pay their PBGF assessments on time must pay 120 per cent of the amount owing, plus interest. The provision will only apply if plan sponsors pay their assessment plus interest by Dec. 31, 2020. Read the full article at BenefitsCanada.com

Staff | May 7, 2020 Canadians who’ve started working from home due to the coronavirus pandemic are seeing some benefits, according to a new survey by Robert Half Canada Inc. More than three-quarters (79 per cent) of the survey’s 500 respondents said they’re currently working from home. Of that group, 60 per cent said they now realize it isn’t necessary to go into the office to do their job. More than half (55 per cent) said their work-life balance has improved now that they aren’t commuting, with parents 20 per cent more likely to say so. When Canadians do return to their offices, they’ll have new expectations of their employers. The majority (85 per cent) of survey respondents said they want to be allowed to work from home more frequently, while 73 per cent want better cleaning protocols in place and 68 per cent want fewer in-person meetings and training sessions. Read: Employers expect remote, flexible arrangements to linger after coronavirus: survey Almost half (48 per cent) said they want work schedules to be staggered, 40 per cent want to see a change in the office layout and 26 per cent want employees to be required to wear masks. Going forward, 72 per cent of respondents...

Staff | May 6, 2020 Employee benefits consulting firm the Leslie Group Ltd. is merging with Marathon Benefit Corp. to increase its footprint in Western Canada. “The addition of Marathon to our organization continues our commitment to our clients to provide a high level of service,” said Shawn Leslie, president and chief executive officer of the Leslie Group, in a press release. “In addition, I am especially proud to support Alberta though the expansion of the Leslie Group in Alberta.” Read: The Leslie Group partners with Collage to manage benefits, HR Lynn Favorite, managing owner of Marathon, noted the firm is excited about the merger and feels strongly that the two organizations’ combined areas of expertise will provide greater value for its plan sponsor clients. Read the full article at BenefitsCanada.com

Staff | May 6, 2020 Morneau Shepell Ltd. is partnering with the Ontario government to provide its online cognitive behavioural therapy program to Ontarians aged 16 and over during the coronavirus pandemic. The program will be offered as part of a suite of mental-health supports now available to Ontarians for free. “During this time, people’s mental health and well-being are strained due to the many necessary changes to our lives, high anxiety and an increased risk of isolation given physical distancing practices,” said Stephen Liptrap, president and chief executive officer at Morneau Shepell, in a press release. “It’s more important now than ever to focus on mental health and overall well-being, We are pleased to partner with the government of Ontario to offer mental-health support to Ontarians and encourage all those who need help to seek support.” Read: How to support employees’ mental health during coronavirus Through the AbilitiCBT program, professional therapists ask questions and guide people through modules. It addresses anxiety, depression and anxiety symptoms related to the uniquely challenging aspects of pandemics, such as uncertainty, isolation, caring for family and community members, information overload and stress management.  “The combination of online modules and ongoing guidance and support from a therapist is what drives the clinical efficacy...

Charles F. Lowrey, chairman and chief executive officer of Prudential Financial. Prudential Financial is moving quickly away from life insurance products that rely on interest rates and equity markets, executives said during the company’s first-quarter earnings call. The company reported adjusted operating income of $373 million from its individual annuities segment, a 21% decline from the first quarter 2019. The individual life segment reported a loss of $20 million in adjusted operating income, compared to income of $105 million in the year-ago quarter. The life insurer is moving fast to bring its product lineup more in line with the suddenly struggling economy, said Ken Tanji, executive vice president and chief financial officer. “The products that we are shifting to have a less interest rate sensitivity,” he said. “Products like variable life.” On the annuity side, Prudential is moving up the launch of its FlexGuard Indexed Annuity to later this month. Advertisement Overall, Prudential posted a 25% fall in adjusted quarterly profit on after-tax adjusted operating income of $939 million, or $2.32 per share. Increased volatility in financial markets due to the COVID-19 pandemic hurt Prudential’s asset management arm, executives said. The insurer reported a first-quarter 2019 adjusted operating income of...

New Chief Financial Officer and Chief Revenue Officer executive appointments will oversee global financial operations and support the execution of the company’s go-to-market strategy Montréal, QC (May 5, 2020) – Element AI, a global developer of artificial intelligence-powered (AI) solutions and services, today announced that it has appointed a Chief Financial Officer (CFO), Roger Blanchette, and a Chief Revenue Officer (CRO), Stephan Rioux. These new members will work with the executive team and across all lines of business as Element AI continues to focus on delivering solutions and services to its global customers. As CFO, Blanchette will oversee all of Element AI’s financial activities including financial planning, forecasting, and reporting. Prior to joining Element AI, Blanchette was the CFO of Skyword, a private equity backed software company that provides a marketing content management solution. He has a proven track record of providing strong financial leadership while significantly contributing to the definition and execution of corporate strategy. Stephan Rioux, in his role as CRO, will establish strategic alignment for all revenue-related functions, including marketing, sales, customer support, and revenue management. Prior to joining Element AI, Rioux was the Global CRO for JW Player and spent 13 years at Adobe as Vice...