Insurable Interest Canadian Insurance Blog

Staff | June 4, 2020 Green Shield Canada is partnering with ManagingLife Inc. to offer the software developer’s Manage My Pain app at no cost to benefits plan members for the rest of 2020. The app allows users to track, analyze and share the details of their chronic pain condition with their physician and other health-care providers. It also provides insights and uncovers unique patterns, which turn day-to-day experiences with pain into data. Read: Green Shield Canada, PocketPills partner on virtual pharmacy access “With the limitations on in-person treatment as a result of the ongoing COVID-19 situation, it has never been more important to ease the burden on those suffering with chronic pain,” said David Willows, the insurer’s executive vice-president of digital, innovation and brand experience, in a press release. “The Manage My Pain app positions them to take control of their pain and it serves as a daily reminder that they are not alone.” Read the full article at BenefitsCanada.com

Montreal, QC (June 4, 2020) – Apollo Insurance Solutions Ltd., Canada’s largest online insurance marketplace, has launched their first personal lines product, a Renters Insurance product available to purchase online through the Apollo Exchange platform. The Apollo Renters Insurance product offers eligible purchasers protection from liability between $1 million and $2 million, with pricing starting at $17 per month. Brokers are paid 20% commission on this product. “This is a great product that brokers can offer to their clients online, which is especially important given COVID.” said Apollo CEO Jeff McCann. “Apollo’s rich functionality also allows brokers to follow up on quotes and ensure they’re offering the expertise, advice, and counsel their customers need to make an informed buying decision.” Other coverage highlights include: Additional Living Expense up to $30,000 Jewelry up to $10,000 sublimit Bicycles up to $3,000 Computers up to $10,000 Sewer backup coverage – Optional enhanced with extended water damage coverage, up to property limit. Named Risk package and All Risk package available. Contents up to $100,000 (minimum $10,000) This product offers brokers the flexibility to pick and choose coverages, tailoring the policy to their clients’ needs. Canadian insurance brokers are able to access this product along...

New Novarica brief explores low-code/no-code applications and use cases in insurance; profiles vendors with experience supporting insurers Boston, MA (June 2, 2020) – As insurers accelerate their digital transformation efforts, platforms that allow non-developers to participate in the development process can increase collaboration between the business and IT, while reducing time to market and cost. In a new report, Low-Code/No-Code for Insurers: Overview and Prominent Providers, research and advisory firm Novarica introduces low-code/no-code technology, explores applications and use cases in insurance, and profiles vendors with experience supporting insurers. “Low-/no-code platforms offer a compelling alternative to traditional development environments,” said Martin Higgins, Vice President of Research and Consulting and co-author of Novarica’s new report. “During the COVID-19 pandemic, organizations have leveraged low-code/no-code platforms to develop and deploy digital workaround solutions in days to enable the shift to work from home. Such adaptations would have been impossible with traditional development tools and processes.” Click here for the table of contents or to access the report. Report Summary This brief introduces low-code/no-code technology, explores applications and use cases in insurance, and profiles vendors with experience supporting insurers. Low-/no-code development platforms support the development of business software without the need for traditional computer programming....

Brokercore becomes first BMS vendor verified for Level II in CSIO’s Commercial Lines Certification Program Toronto, ON (June 2, 2020) – CSIO is pleased to announce that Brokercore has become the first CSIO member to achieve the Level II – Verified milestone in the Commercial Lines (CL) Certification Program. To reach this, Brokercore successfully demonstrated their implementation of CL Data Standards and real-time quoting functionality from their BMS for sample contractors’ business. The Commercial Lines Certification Program is comprised of three levels, each representing an important milestone in the adoption of CL Data Standards. The levels are: Level I – Foundation Level II – Verified Level III – Certified The program was launched in early May to support insurer and service provider members who have implemented CSIO CL Data Standards, providing the foundation for real-time quoting. Certified members are recognized as innovative leaders who are committed to providing brokers with straight-through processing functionality. This results in streamlined workflows and improved operational efficiencies. “Incorporating data standards to improve broker connectivity consistently remains a priority for us and we’re excited with what has been accomplished to reach this level,” says Chris Farris, Director, Business Development of Brokercore Inc. “Achieving this type of progress without CSIO, an organization...

Toronto, ON (June 3, 2020) – PLATFORM Insurance Management Inc., a leading construction, real estate and development insurance broker, is pleased to announce that it has opened PLATFORM Quebec Insurance Brokers Ltd. / PLATFORM Québec Courtiers d’Assurance Ltée (“PLATFORM Quebec”), with offices in Montreal. This new office establishes a new location for PLATFORM to service the local market needs and provide expertise for our Quebec-based clients. PLATFORM Quebec will be led by Terry Kocisko, who is an established Montreal-based insurance broker focussed on providing commercial insurance and risk management solutions to construction and surety operations throughout the province. “We are delighted to partner with Terry to form PLATFORM Quebec”, commented PLATFORM CEO, Charles Quenneville, “we have enjoyed a collaborative relationship with Terry in the past and his leadership will accelerate our offerings to our Quebec-based clients”. “We’re optimistic about the medium and long term prospects of Quebec’s construction and high-rise market”, said PLATFORM President, Matthew Francis, “we’re very pleased to contribute to the continuing development of one of the world’s premier destinations”. “I have been watching PLATFORM’s growth and success in Ontario and BC over the past few years and am excited to be part of PLATFORM’s ambitions in Quebec”,...

Guidewire Software joins Betterview’s existing investors in a $7.5 million funding round that brings Betterview’s total capital raised to $17 million Columbus, OH (June 3, 2020) – Betterview is pleased to announce it has raised $7.5 million in new funding from Guidewire Software and existing investors. Betterview will use the funds to expand its industry-leading capabilities in the Remote Property Intelligence space. ManchesterStory led the round with participation from Nationwide, EMC Insurance Companies, MaidenRe, Compound, Winklevoss Capital, and Chestnut Street Ventures. This round brings the company’s total capital raised to $17 million. Betterview delivers a software platform that leading P&C insurance carriers use to identify and manage property risk throughout the policy lifecycle. Property underwriters, loss-control specialists, and claims staff use Betterview during policy inception and renewal to get a comprehensive understanding of individual properties to drive better outcomes for the insured, agent, and carrier in a faster, more transparent, and cost-effective manner than has ever been possible. “After surveying the InsurTech and property intelligence landscape, we believe that Betterview has created an innovative solution that aligns with Guidewire’s vision and product initiatives to help insurers better understand and manage risk,” said Mike Chen, Vice President of Corporate Development, Guidewire...

INDIANAPOLIS – (June 3, 2020) OneAmerica® today announced its 2019 financial results, recording another solid year of growth, highlighted by strong capital levels and robust sales. “OneAmerica is built to thrive under any circumstance, and our exceptional financial strength and mutual structure ensure our focus remains on the customers we serve,” said Scott Davison, OneAmerica chairman, president and CEO. “Because we don’t serve stockholders, we’re prepared for times like these – to pay claims, provide benefits and help ensure people are secure in the retirement they’ve planned for. In 2019, we delivered on more than $6 billion of promises to customers.” Over the past five years, each OneAmerica business line has experienced tremendous compound annual sales growth, with increases of 7.7% in our Individual Life and Financial Services products, 8.8% in Retirement Services and 21.8% in Employee Benefits. Assets under administration for the enterprise tallied $86.5 billion, with a compounded annual growth rate of 14% over the past five years, while the enterprise maintained a 93% customer- retention rate. The company’s continued growth is supported by its very strong capital position and financial strength, which were again validated by major ratings agencies in 2019. Total available capital finished 2019 at...

Staff | June 4, 2020 The federal government and several provinces are signing a new agreement regarding administration and regulation of multi-jurisdictional pension plans. The provincial governments of British Columbia, Alberta, Saskatchewan, Ontario, Quebec, New Brunswick and Nova Scotia are all on board with the agreement, which replaces the 2016 version, only signed by some provinces; a 1968 reciprocal agreement signed between all provinces except Prince Edward Island; and former federal-provincial bilateral agreements, in as much as they previously applied to older agreements between the governments signing on to the fresh 2020 version. Developed by the Canadian Association of Pension Supervisory Authorities, the 2o20 agreement extends the legal framework established in the 2016 iteration over the administration and regulation of the large majority of Canadian MJPPs. Previous agreements will remain in place for Manitoba and Newfoundland and Labrador. Read: Five provinces enter into multi-jurisdictional pension agreement In the new agreement, an MJPP is only required to apply the major authority’s legislated pension funding rules for its ongoing funding requirements, and a major authority that has legislated funding rules for annuity discharges can now apply those rules in place of any minor authority’s rules. As well, to accommodate recent changes to solvency funding requirements in some jurisdictions, the requirements around...

First-quarter non-variable universal life sales totaled $770.3 million, down 2.5% over the first quarter 2019, according to Wink’s Sales & Market Report. In addition to the COVID-19 pandemic, which interrupted sales near the end of the quarter, insurers had to deal with new mortality tables and principle-based reserving formulas. The new regulations forced a repricing of many products, said Sheryl Moore, president and CEO of both Moore Market Intelligence and Wink, Inc. “As with any product, it takes salespeople about a full quarter to learn new products, and get up-and-running where they left-off with sales,” she added. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales. Sales of these products were down 28.4% over the fourth quarter 2019, when many insurers rushed product sales under old mortality and PBR regulations. Noteworthy highlights for total non-variable universal life sales in the first quarter included Pacific Life Companies retaining the No. 1 ranking overall for non-variable universal life sales, with a market share of 11.6%. Pacific Life Pacific Discovery Xelerator IUL 2 was the No. 1 selling product for non-variable universal life sales, for all channels combined, for the 3rd consecutive quarter. Indexed life sales for the...

Kelsey Rolfe | June 4, 2020 With many Canadians dealing with financial stress, employers are uniquely positioned to help, but their financial wellness programs must go beyond just literacy. “[Everyone] has heard the term financial literacy, but as we know, it’s not enough,” said Saijal Patel, founder and chief executive officer of Saij Wealth Consulting Inc., during a Canadian Pension and Benefits Institute webinar earlier this week. “The term financial capability is more encompassing — it’s not just literacy, it’s helping build confidence. It’s skills, it’s engagement with the financial industry, because [these are] key to being financially well.” Nearly half (47 per cent) of Canadians said they’re living paycheque to paycheque and 35 per cent said they’re overwhelmed with their current debt level, according to a recent survey by the Canadian Payroll Association. But the survey was conducted prior to the coronavirus pandemic, which has wreaked havoc on people’s financial wellbeing, noted Patel. Read: Four steps to building a successful financial wellness program “We know that when we went into a lockdown in March, we . . . heard stories of numerous people who couldn’t meet their rent and they were seriously struggling. We know that this is an issue,” she said, highlighting a more recent survey that found...