Insurable Interest Canadian Insurance Blog

Home insurance policyholders are ready to share personal data in order to gain rewards from their insurance carriers, according to the latest Aite Group research Boston, MA (Apr. 16, 2020) – As insurance carriers focus on building loyalty and trust, a new opportunity is forming through connected home devices. Consumers are discovering the benefits of connected devices with automated thermostats, doorbell cameras, and smart assistants, and are creating data that insurance carriers could use for marketing, rating, and claims handling. A new Aite Group report, U.S. Home Insurance Rewards: Consumers Are Ready for Smart Home Options, analyzes whether matching the use of connected devices with rewards programs could generate new data streams for insurance carriers. “Carriers gaining access to household data from policyholders on an ongoing basis, or long term, has benefits across the value chain,” explains Greg Donaldson, senior analyst at Aite Group. This report is intended to help carriers design rewards and incentive-based products and programs fitting of the home insurance industry. Based on a Q1 2019 Aite Group online survey of 766 current U.S. policyholders, it provides insights on homeowners and renters insurance policyholders’ ownership and use of connected devices, and their willingness to share this information...

Mississauga, ON (Apr. 13, 2020) – FIRST Insurance Funding of Canada (FIRST Canada), the industry leader in insurance payment solutions, is pleased to announce the launch of customized payment options, effective April 13, 2020. One Partner As a FIRST Canada partner, you can revolutionize your client payment experience. FIRST Canada now offers a simple and flexible way to include all payment methods accepted by your brokerage on one all-inclusive Payment Options Form. You can personalize your payment types, payment instructions, broker logo, and form colours to make the Payment Options Form uniquely your own. One Process Conveniently offer all clients your personalized Payment Options Form at the point of sale. Offer the same streamlined process every time, regardless of how your client chooses to pay. Your newly designed, user-friendly Payment Options Form puts you in control of your client relationships. Present a more comprehensive experience for your clients and a more efficient process for your staff. All Payments Personalize the newly-improved Payment Options Form to include all your payment methods, such as easy monthly payments, credit cards, Interac®, cheque, Online Bill Pay, eTransfer, and more. Include instructions for each payment method and provide your clients with superior service. Your Clients....

Premium holiday: Company strengthens its commitment to safety through measures to support customers, employees and the community Toronto, ON (Apr. 15, 2020) – Onlia, safety advocate and fast-growing provider of digital home and auto insurance in Ontario, has announced additional measures to support and protect its community throughout the COVID-19 pandemic. Onlia’s mission is to promote the safety of Canadians – at home, on the road, and in communities. Onlia is introducing a premium holiday during the month of May for their home and auto insurance customers. All active policy holders as of March 31st who have made at least one full monthly premium payment will automatically receive a one-month premium waiver. The measure is intended to help relieve the financial impact of the pandemic by providing immediate savings at a time when Canadians need it most. “Onlia has always put the safety of Canadians first, and now more than ever we are pulling together to protect one another,” says Pieter Louter, CEO of Onlia.  “With customers presently experiencing un-precedented lifestyle changes, we are taking additional steps to provide support and assistance to our community.” True to Onlia’s philosophy to motivate and reward safe behavior-change, the company is also activating...

The ability to roll out new products, pricing, and product changes rapidly in response to market conditions is vital to growing revenue: Novarica Boston, MA (Apr. 14, 2020) – With Generation Z beginning to enter the workforce, life insurers know that it is critical to maintain relevance with the emerging demographic of younger, tech-savvy individuals in customer and producer communities. In a new Business and Technology Trends Report on Individual Life Insurance, research and advisory firm Novarica provides an overview of individual life business and technology issues, data about the marketplace, and more than 15 examples of recent technology investments made by individual life insurers. “Preparing to address the needs and aspirations of people that came of age in the 21st century will be critical for life insurers,” said Deb Culliton, Vice President of Research and Consulting, and lead author of Novarica’s new report. “Transformation initiatives demand leaders and change agents who understand the customer, various distribution channels, and the end-to-end policy life cycle and who can find ways to marry new and existing technology to achieve success.” Among the key findings of the report are: Product innovation and speed to market are key to growing market share. Improved product...

Staff | April 16, 2020 Goldman Sachs Group Inc. is supporting its U.S. staff during the coronavirus pandemic with a series of programs they can tune into remotely, from fitness classes to story time for kids. The firm scheduled the programming over two weeks, with a plan to update it on a rolling basis. To help employees connect, Goldman is offering virtual fitness classes that workers can do together from their homes. As well, for employees concerned about prenatal and postnatal health during the pandemic, the bank is hosting a two-part program with speakers from the Columbia University Irving Medical Center. Read: Walmart Canada rolls out free virtual health care to all staff To address resilience, employees can participate in guided meditation sessions up to four times a week throughout April. As well, it also includes a special mindful breathing session to help employees relax during these uncertain times. As for the additional family responsibilities, the investment bank hosted a special webinar to address how workers can best establish realistic and flexible expectations for both adults and children during the pandemic. It also held a special session to discuss how to help children cope with the crisis, the spectrum of reasonable reactions from children during difficult...

Yaelle Gang, the Canadian Investment Review | April 16, 2020 Anxiety is running high for many Canadians who are feeling the immediate financial impact of the coronavirus pandemic due to job losses, reduced work hours and significant declines in investment portfolios. But some may also feel unease if they can’t access money from specific funds within their defined contribution pension plan. “Right now, we’re aware of just one real estate fund that’s closed to redemptions on a DC platform and we would expect that there might be other real estate funds that choose to limit monies in and out in the next coming weeks because it is challenging to get proper valuations on the buildings,” says Janice Holman, principal at Eckler Ltd. Read: CAP members seeking reassurance but not changing investments When communicating with plan members, the responsibility is shared. “Some plan sponsors seem to feel a strong responsibility to keep their members informed and own the stream of communications, whereas others might prefer to delegate more to their providers or the advisors and some others are actually just doing a mix of both,” says Alyssa Hodder, senior communications consultant at Eckler. “In some cases, we’re finding providers may actually have the more up-to-date...

Staff  | April 15, 2020 The majority of Canadian employers are aware of workers who can’t conform to their normal schedule because of family responsibilities while working from home during the coronavirus pandemic. According to a survey by the Conference Board of Canada, 86 per cent of employers are aware they have employees in these situations. Three-quarters (76 per cent) of these employers said they have workers that can do their jobs with some flexibility accommodations, while 65 per cent said they have employees who can’t work their full hours and 41 per cent have employees who can’t work at all. Many (83 per cent) employers are tackling these constraints through flexible working time. About half are allowing for reduced hours (55 per cent) or flex time around core hours (56 per cent). A third (34 per cent) are using compressed work weeks, while some are using techniques like shift splitting (28 per cent) or job sharing (11 per cent). Just one per cent of employers said they aren’t proving any accommodation. Read: Contract, self-employed Canadians worry about end of coronavirus support The changes in how and when employees work raise questions around compensation. For employers with workers who can’t perform their normal full hours, 50...

Navacord completes fourth transaction in 2020 Toronto, ON (Apr. 14, 2020) – Navacord Corp., one of Canada’s top commercial insurance brokerages and a leader in risk management services, has signed a definitive agreement to acquire Edmonton-based brokerage Blanket Insurance Ltd. The closing of the transaction is subject to customary conditions and approvals. Founded in 2008, Blanket Insurance Ltd. is a niche brokerage providing a full range of customized insurance services and solutions to address the needs of both businesses and individuals, including property, automobile, and specialty insurance products. Blanket Insurance Ltd. will operate as a division of Lloyd Sadd Insurance, a Navacord broker partner. “We’re delighted to welcome Blanket to the Lloyd Sadd team” said Chris Huebner, Lloyd Sadd President and CEO. “Blanket’s complimentary expertise will enable us to continue to find opportunities to grow.” Navacord’s Executive Chairman, T. Marshall Sadd, points to the company’s unique model as an important draw for brokers such as Blanket Insurance. “Our model continues to resonate with entrepreneurial brokers and we look forward to 2020 being another strong growth year for new partners joining our business,” said Sadd. About Navacord Founded in 2014 and headquartered in Toronto, Ontario, Navacord is one of Canada’s top...

Toronto, ON (Apr. 13, 2020) – With warmer weather arriving, snowmelt coupled with spring storms once again increase the risk of spring flooding across Canada. Provincial Emergency Management authorities have predicted certain communities across the country will likely experience flooding and Canadians should be prepared. Municipalities are already taking action to reduce the local impacts of flooding and Insurance Bureau of Canada (IBC) is informing consumers about how they can prepare for the coming flood season and help protect themselves and their property from damage. During a severe weather event, everyone’s priority must be their personal safety and the safety of loved ones and neighbours. Given the current COVID-19 pandemic, emergency responders may have reduced resources. As such, this places greater emphasis on individual preparation. A number of Canadian insurers now offer residential overland flood insurance, which, along with sewer backup coverage, helps reduce the financial risk of inland flooding events. These products are optional and must be added to home insurance policies for an additional premium. Contact your insurance representative to ensure your property is protected. Insurance representatives are an essential service at this time and although they may not be available in person, they can still respond to...

BlinkParametric.com adds Blink Luggage to Travel Insurance Platform as it expands real-time insurance solutions in readiness for a post-COVID-19 world Cork, Ireland (Apr. 14, 2020) – An Irish InsurTech looks to the horizon as it launches Blink Luggage, building the next generation of Travel Insurance services in a changed world. The launch comes as Blink works with its Travel Insurance partners on developing post-COVID-19 Travel Insurance solutions. “Although Travel is very tough right now and everyone is dealing with personal and business difficulties, we are bullish and continue to invest to allow our partners to innovate at speed,” said Paul Prendergast, CEO of Blink, speaking of the launch. Blink Luggage offers travellers an immediate pay-out if luggage is delayed and offers service options ranging from lounge access to care benefits based on the travellers outbound/inbound transit status. After 4 days, if it is officially confirmed that luggage is deemed lost, travellers receive an additional immediate pay-out. Blink Luggage cover does not impact on any separate valid claims on any Airline Luggage Policy. “With the COVID-19 pandemic triggering a massive influx of claims across the Travel sector worldwide, we face a major turning point opportunity for the travel insurance industry,” Mr....