Insurable Interest Canadian Insurance Blog

By Charles Dugas, Insurance AI Lead, Element AI — It’s no secret that the insurance industry is facing a challenging market right now. Managing General Agents (MGAs), like brokers and carriers large and small, are looking for new and innovative ways to accelerate growth to better serve their customers and to boost revenue, however few have turned to AI for answers. Why? Could it be that many MGAs believe AI to be outside of their reach? That’s a major mistake. AI isn’t just for large commercial carriers. In fact, many will be surprised to discover that certain AI solutions can be implemented for roughly the cost of an underwriter’s annual salary. We developed the Element AI OS for Insurance, a platform through which AI-powered solutions are deployed to augment workflows throughout the insurance industry. In this article, we’ll explain how the Element AI OS for Insurance empowers MGAs to improve the speed and accuracy of broker submission processing, so you can get more out of your team and increase submission throughput. We’ll focus on some key use cases where AI capabilities deployed through the EAI OS for Insurance augments the underwriting workflow. Read on for our top three ways to...

Toronto, ON (May 5, 2020) – CSIO is pleased to announce the launch of its new Commercial Lines (CL) Certification Program. The program is designed to support and recognize insurer and service provider members who have implemented CSIO CL Data Standards according to industry guidelines, providing the foundation for real-time quoting. This new program is offered to members at no cost and complements CSIO’s eDocs and Z-Code Compliance Certifications, recognizing organizations for their commitment to data standards best practices. With consistent and industry-wide adoption, CSIO’s CL Certification Program provides many benefits, including: Company recognition as an industry leader committed to continuous workflow improvement Increased confidence in accurate and up-to-date data exchanges with other certified organizations Improved operational efficiency with straight-through processing functionality, enabled by standards Spurred by the growing list of accomplishments achieved by the CL Working Group, the CL Certification Program was launched in order to guide those members who adhere to best practices and look to CSIO for providing a national and trusted standard. The certification is made up of three levels, each representing a milestone in the adoption of CSIO’s Commercial Lines Data Standards. Each milestone requires a certain set of criteria to be met and once met, members then move...

Niche marketing technology insurance solutions focus on social and mobile in field dominated by large, horizontal vendors: Novarica’s Insurance MarTech 100 report Boston, MA (May 5, 2020) – As insurance companies become increasingly aware of the importance of digital marketing technologies (MarTech) across a range of functions, the field of vendors is dominated by large, horizontal vendors advertising single-platform solutions for the whole marketing life cycle. In a new report, Insurance MarTech 100: Overview and Vendor Index, research and advisory firm Novarica classifies 100 vendors as cross-industry leaders, new or noteworthy, and even those with a known insurance focus. Some vendors have developed insurance solutions specifically to orchestrate the agent sales cycle, with a focus on mobile and social media. “Digital engagement has become so important that insurers can no longer ignore the data analytics, personalization, and automation tools available within a mature MarTech stack,” said Paul Legutko, VP of Digital Marketing and Analytics, and lead author of Novarica’s new report. “Insurers should watch startups for new capabilities and carefully navigate the continuous cycle of acquisitions as large, holistic providers try to consolidate their market share.” Among the key findings of the report are: Second-generation technologies are no longer small...

Chicago, IL (Apr. 29, 2020) – ReportLinker is pleased to announce the availability of a new report, Insurance in Canada: Coronavirus (COVID-19) Sector Impact, which provides a brief review of the key trends and evolving developments that shape the impact of the COVID-19 outbreak in the Canadian insurance industry. The report provides a snapshot of the impact on the Canadian insurance industry in light of the COVID-19 outbreak. It provides an overview of: the impact of COVID-19 on the Canadian economy, the key business lines impacted by the virus outbreak, and the revised market sizing estimates against pre-COVID-19 forecast period (2019-2023) across business segments of life and general insurance. The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics in the country. Key Highlights Economic Impact. Impact of COVID-19 outbreak in the Canadian insurance industry. Key measures undertaken at both policy and regulatory level. Scope This report provides a comprehensive analysis of the impact of COVID-19 in the Insurance Industry in Canada. It provides historical values for the Canadian insurance industry for the report’s 2015-2019 review period, and pre-covid-19 projected and revised projected figures for the 2019-2023 forecast period. It offers an impact...

Martha Porado  | May 6, 2020 Real estate companies, just like many other businesses, are in a bizarre holding pattern, waiting for some of the measures necessitated by the coronavirus pandemic to ease. “You do have a certain amount of time you can hold your breath and the video technology and so forth has enabled us to hold our breath longer, but at the end of the day, you can’t really build, run and operate a business 2D. You need to be live,” said Jon Love, founder and chief executive officer of KingSett Capital Inc., during a webinar hosted by the Empire Club of Canada on Tuesday. Read: Why pension funds should have boots on the ground globally For institutional investors with a global presence, certain parts of the transition haven’t been quite as burdensome, according to Michael Turner, president of Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System. “To some extent, that footprint we have set me up to be able to manage this way because I’m accustomed to calling people in the morning in Asia and at night in the Americas and Europe in between. The leaders of our business are distributed among different continents, so...

Equitable Life’s newest sales option for its line-up of segregated funds represents a better option for advisors seeking to avoid a significant conflict of interest with their clients, according to one independent advisor. Last week, the financial-services firm added a No Load Chargeback (NL-CB) option to its Pivotal Select segregated funds lineup, complementing its existing Low Load (LL), No Load (NL), and Deferred Sales Charge (DSC) options. Aside from the different sales charge options, advisors and clients who avail of the Pivotal Select contract can choose among three distinct guarantee classes — Investment Class (75/75), Estate Class (75/100) and Protection Class (100/100) — as well as a host of different investment funds to meet their needs. “Advisor-client relationships are constantly being redefined by the idea of choice,” said Judy Williams, the company’s vice president for Savings and Retirement, in a statement announcing the move. “Introducing this new sales charge option broadens that choice for advisors and clients choosing Equitable Life.” Sean Harrell, partner and senior advisor at Howe Harrell and Associates in Manitoba, said that the new option represents a step forward for the company, particularly when compared to DSC options. “First and foremost, it’s harmless to the client, which...

To mark Mental Health Week in Canada, Blue Cross has announced its investment in a free digital program available for all Canadians. Through its new sponsorship of Stronger Minds by BEACON, Blue Cross is providing a resource to supplement the suite of health and wellness offerings provided under each of its plans, including their associated employee assistance programs. “With our team of clinical psychologists, along with trusted national health and wellness advocates, our organization is dedicated to helping people strengthen their resiliency and manage through unique emotional challenges stirred by the pandemic crisis,” said Sam Duboc, Chair and CEO of MindBeacon Group. Alongside guidance from the clinical psychologists at the BEACON team, Stronger Minds features personal perspectives from well-known sports personalities such as Canadian Olympic rower and mental health advocate Silken Laumann and TSN commentator Michael Landsberg. The program also offers guidance on physical activity from GoodLife Fitness. Users may also access resources on topics such as resilience building, as well as videos and quick reads from mental health experts. “Canada is in this together, and we’re wholeheartedly committed to helping Canadians protect their mental wellbeing so they can successfully face every day as it comes,” Duboc said. Read the...

Staff | May 5, 2020 League Inc. is offering a free three-month trial of its Health Benefits Experience platform in a bid to alleviate the health-care and administrative overloads that human resources teams are experiencing during the coronavirus crisis. “This is an incredibly challenging time in our communities, for individuals, families and businesses,” said Mike Serbinis, founder and chief executive officer of League, in a press release. “HR leaders in particular are facing unprecedented pressure to provide critical information and resources to their organization and ensure their employees are feeling supported during this tumultuous time. The League platform will help address these very real challenges so HR leaders can be the voice of calm in a sea of uncertainty.” Read: League adds six partners to digital benefits platform The platform includes a mobile-first communications channel for employers, health concierge services that provide employees with access to health professionals and to virtual preliminary screening for the coronavirus. It also provides a centralized access point for information on the pandemic and relevant resources. Further, the platform provides employees with a personalized health profile that gives them data-driven recommendations and nudges regarding healthy behaviour, as well as a digital wallet that holds employee assistance program information and...

Staff | May 5, 2020 The Ontario Teachers’ Pension Plan is expanding its strategic relationship with Wellington Management Co. to better integrate climate science research into its investments. Ontario Teachers’ and Wellington are collaborating with the Woods Hole Research Center, a climate-change think tank, with the goal of applying research findings when executing the pension fund’s investment strategies and providing insights to investment teams on the medium- and long-term financial implications of physical climate-related risks. Read: UTAM joins institutional investors calling on aviation sector to address climate change “Our investments, particularly those in real assets, require careful consideration of the physical risks posed by climate change,” said Ziad Hindo, chief investment officer at Ontario Teachers’, in a press release. “With access to top quality climate science data, we can build on our own expertise in this area and use the research provided to develop deeper insights. “The world will not be the same after COVID-19, but our commitment to responsible investing will not change. Strong, mutually beneficial relationships — such as ours with Wellington and Woods Hole — will continue to be a key component of delivering on our commitment.” Read: Canadian actuaries calling for mandatory financial reporting around climate change Read the full article at BenefitsCanada.com

Staff | May 5, 2020 More than two-thirds (68 per cent) of Canadian employers said they don’t intend to make changes to their benefits plan during the coronavirus crisis, according to a new survey by the Conference Board of Canada. The survey, which polled 333 organizations, found just 32 per cent said they’ve made changes to their benefits offering or are in the process of considering changes. With that group, 46 per cent increased their paid sick leave. Utility companies (46 per cent) and retail trade employers (44 per cent) were most likely to have said they’ve made changes to their benefits plan and almost all were looking to increase coverage rather than decrease it. Some 22 per cent of survey respondents said they’ve added virtual health-care services and a further 15 per cent are considering adding the offering. Fifteen per cent of employers said they’ve added virtual psychological care, with a further 12 per cent thinking about it. Read: 5 benefits predictions for the fallout of the coronavirus pandemic The majority of employers said they’re continuing to offer benefits to employees on layoffs. Almost seven in 10 (68 per cent) said they’re covering all employees, nine per cent said they’re covering most and 12 per cent said...