Insurable Interest Canadian Insurance Blog

Staff | April 30, 2020 The Nova Scotia Teachers’ Pension Plan Trustee Inc. has appointed John Rogers as its new chair, effective July 1, 2020. The trusteeship manages the plan, which has a membership made up of teachers in the province represented by the Nova Scotia Teachers Union, as well as school administrators, faculty and professional support staff at the Nova Scotia Community College. Rogers will replace current chair, John Carter, whose 10-year term ends on June 30. Rogers is currently a director of the Nova Scotia Health Authority, chair and member of Acadia University’s board of governors and a director and former chair of the United Way Halifax. Read: Nova Scotia Teachers’ returns 12.36%, issues cautions about coronavirus impact He was also the chief executive officer and managing partner at Stewart McKelvey for 12 years, previously held chair and director roles at the IWK Health Centre and Halifax Chamber of Commerce and was a trustee of the Legal Leaders for Diversity Trust Fund. “I’m looking forward to continuing the work of the directors to stabilize the teachers’ pension fund and ensure its long-term health,” said Rogers in a press release. “It’s crucial we work collaboratively to develop innovative solutions to protect and strengthen the retirement...

Optimism is a choice, and it’s a competitive advantage to be optimistic. That was the word from Scott Brennan, former president of the Million Dollar Round Table and a MassMutual agent from South Bend, Ind. Brennan gave some of his insights on being successful in the business and in life during an online town hall meeting held by the National Association of Insurance and Financial Advisors on Thursday. Brennan gave a rundown of some of his experiences and tips for living. He described himself as the “chief attitude officer” and said his goal was to share “the things that have worked out for me over the years.” The current COVID-19 crisis has been tough on many people, but Brennan tried to provide some hope. “Tough times are not meant to humiliate great people – just uncover them,” he said. “All we have to be is a little better than our doubts.” Brennan has been in the business for more than 30 years. He said he begins each year by filling out a planning book for the year, including writing a theme and goals for the year. Sometimes he gives himself a written performance review at the close of the year....

Decontamination Service to clean and restore sites exposed to the coronavirus (COVID-19) Toronto, ON (Apr. 29, 2020) – Crawford Contractor Connection, an industry leader in contractor managed repair services, has announced a new decontamination service, as part of their Environmental Hazard Services, to clean and restore sites in Canada exposed to the coronavirus (COVID-19) in a timely manner to minimize interruption. The decontamination service provides organizations with access to over 75+ licensed and insured biohazard contractors across Canada. The service offers a rapid-reaction capability, with contractors able to respond within two hours of a notification to the Contractor Connection 24/7 call center to clean and restore affected sites, enabling businesses to restart operations quickly and limiting business interruption. All contractors are rigorously vetted by Contractor Connection and are professionally equipped to restore sites affected by a range of biohazards, including COVID-19. Contractors are monitored throughout the cleaning process to ensure timeliness of response, quality of restoration, fair and reasonable pricing and unmatched customer satisfaction. “The coronavirus (COVID-19) is having a significant impact on lives, businesses and communities everywhere. By providing access to our rapid-response decontamination service, Contractor Connection can help reduce the potential impact of contamination in the workplace and...

Toronto, ON (Apr. 29, 2020) – CSIO is pleased to announce that CAA Insurance Company has successfully launched CSIO’s My Proof of Insurance as its preferred solution for sending customers their auto insurance cards (eSlips) over email. The launch coincides during a challenging time when paper and in-person meetings are less favourable and digital tools such as My Proof of Insurance are encouraged to ensure safe and consistent customer service. Launched in 2018, CSIO’s My Proof of Insurance solution was developed collaboratively with industry support from insurers and brokers in response to a growing consumer demand for easier and convenient digital options within the insurance landscape. Since its release, support for the solution has grown year over year, with an increase in provincial approvals of electronic proof of auto insurance expanding across the country. With a history of providing customers convenient and innovative auto insurance options, CAA Insurance looked to My Proof of Insurance as the next step in their digital roadmap. The solution provides customers with a free and secure way to receive, store and present their insurance documents and eSlips. Leveraging mobile wallet technology, eSlips are stored in a customers’ mobile wallet and can be accessed without the...

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — With the dramatic shifts in the business world due to the pandemic, it seems that every aspect of tech and insurance is being scrutinized. After speaking with dozens of tech companies over the last few weeks – including incumbents, InsurTechs, and companies of all sizes, a theme has emerged. To borrow from Charles Dickens, “It was the best of times. It was the worst of times.” And it all has to do with digital capabilities. Insurers have adapted remarkably well to the new norm – if there is a norm. Most insurers rapidly shifted employees to work-from-home mode and continued business as usual, producing quotes, handling claims, processing renewals, and working with distributors and external parties. The volume and nature of the business have made some dramatic shifts. Fewer people and businesses are buying new vehicles or properties. Claims are way down in some sectors and up in others. But generally, the industry has adapted. At the same time, big gaps have been exposed. Much of the challenge has been related to manual, paper-based processes – inbound mail that needs to be scanned and ingested into workflows and outbound...

Martha Porado | April 30, 2020 Air Canada and Air Canada Rouge employees who were on leave in the months leading up to the coronavirus shutdown appear to have fallen through a crack in the federal government’s wage subsidy program. The Air Canada component of the Canadian Union of Public Employees has pointed out that the airline’s unilateral use of the Canada Emergency Wage Subsidy means workers who were on leave between Jan. 1 and March 31, 2020 will be at a disadvantage since that timeframe is being used by the federal government to calculate the level of salary they’re replacing. Read: A legal update on the government’s CEWS and CERB programs Workers on maternity or disability leave, as well as employees on workers’ compensation or previous leave arrangements due to the B737 grounding, deserve to have their subsidies calculated based on what they’d be earning if they weren’t on leave, says Hugh Pouliot, a  spokesperson for the CUPE. He says the adoption of the CEWS across the board knowingly discriminates against these members and that there’s been no concrete indication from the employer that it intends to address the situation. Air Canada didn’t respond to Benefits Canada‘s requests for comment. And the Ministry of Finance...

Staff | April 30, 2020 Does your organization’s benefits or pension plan communications deserve recognition? Are you leading the way when it comes to supporting your employees’ mental health? Is your company’s financial wellness program award-worthy? Benefits Canada’s annual Workplace Benefits Awards is officially open for nominations. Submit your entries here. As in previous years, the 2020 awards will continue to honour the achievements of exceptional Canadian plan sponsors and individuals in the benefits and pension industries. The winners will be announced and recognized at a luncheon event at the Arcadian Court in Toronto on Friday, Oct. 16. Read: Who are the winners of the 2019 Workplace Benefits Awards? With many Canadian employers struggling with the impact of the coronavirus pandemic, Benefits Canada is introducing a new award for 2020 — Coronavirus and benefits. The award recognizes an organization that has developed an innovative and effective strategy for managing its benefits or pension plan during the pandemic and supporting its employees. The full list of categories for the 2020 Workplace Benefits Awards are: Absence management Benefits plan communications Diversity program Drug/benefits plan innovation Financial wellness program Health/wellness program (<1,000 employees) Health/wellness program (1,000+ employees) Mental health Coronavirus and benefits Pension plan communications Pension performance Industry leadership Read: Award winners talk employee...

Staff | April 30, 2020 The Investment Management Corp. of Ontario reached $70.3 billion in assets under management at the end of 2019, up from $63.3 billion at the end of 2018. In its latest annual report, the organization, which manages assets for certain broader public sector institutions, shared its growth in assets under management, but didn’t report its 2019 investment returns. “It’s important to mention that the portfolios of current clients were managed on a segregated basis in 2019,” said Bert Clark, president and chief executive officer of the IMCO, in the report. “This approach was embedded in our business strategy from the beginning in order to give IMCO time to develop investment strategies and to facilitate the development of investment pools. Therefore, our clients will report their 2019 results independently of IMCO. We have started to provide our clients with more comprehensive portfolio construction advice and, in 2020, we will shift client assets to align with IMCO investment strategies.” Read: Provincial Judges’ Pension Plan joins IMCO During 2019, the IMCO reduced the number of external managers it works with by 25 per cent, moved $6.8 billion in global equities into lower-cost factor- and index-based strategies and saw a net cost savings of $14 million. Among its current investments,...

Staff | April 30, 2020 Green Shield Canada is partnering with digital pharmacy PocketPills on a virtual pharmacy app for its group benefits plans. Plan members will be able to chat with a pharmacist, refill existing prescriptions through the app and have their medications delivered to their homes for free. The drugs come pre-sorted into packages by dosage and time, according to a press release. Plan sponsors can benefit from savings with lower dispensing fees than if their plan members were filling a prescription at a brick-and-mortar pharmacy. Read: Drug plan considerations during the coronavirus pandemic “GSC is always on the lookout for like-minded partners ready to innovative on the delivery of critical services,” said David Willows, Green Shield Canada’s executive vice-president of digital, innovation and brand experience, in the release. “On the heels of our partnerships with digital health leaders like Beacon — for guided mental-health therapy — and Maple — for telemedicine — working with PocketPills is a natural and logical next step, and we see great potential in our pooled creative thinking.” The two companies said they’ll work together in the coming months to develop further digital health and pharmacy solutions. “We’re incredibly excited about working with GSC and the...

COLUMBUS, Ohio – Nationwide announced today a plan to permanently transition to a hybrid operating model that comprises primarily working-from-office in four main corporate campuses and working-from-home in most other locations. “We’ve been investing in our technological capabilities for years, and those investments really paid off when we needed to transition quickly to a 98 percent work-from-home model,” said Nationwide CEO Kirt Walker. “Our associates and our technology team have proven to us that we can serve our members and partners with extraordinary care with a large portion of our team working from home.” The four main campus locations will include central Ohio (including downtown Columbus and Grandview Yard); Des Moines, Iowa; Scottsdale, Ariz.; and San Antonio, Texas. These locations were selected based on: Current large concentration of associates; Flexibility to serve members across time zones; And, ongoing access to associate talent and subject matter expertise that will enable continued success. “Our goal is to ensure that when a recovery comes, we’re prepared to win business with competitively priced solutions while enhancing our resiliency and operational efficiency,” continued Walker. “We’re technology-enabled, people-connected and mission-driven. I remain extremely optimistic about our future.” The company plans to exit most buildings outside of...