Insurable Interest Canadian Insurance Blog

Staff | May 26, 2020 Green Shield Canada is investing in Canadian pharmacogenetics company GenXys Health Care Systems. The two companies will be collaborating on new pharmacogenetic products, which are set to launch later this year, with a focus on driving more informed prescribing, fewer adverse drug reactions and better health outcomes for patients and plan members. “GSC has a long history of measuring the value of health benefits spending and we look forward to exploring the role of pharmacogenomics in maximizing patient health outcomes and advancing the specific value of drug spend,” said David Willows, the insurer’s executive vice-president of digital, innovations and brand experience, in a press release. Read: Does pharmacogenetic testing have a place in long-term disability programs? The investment comes on the heels of a study conducted by Green Shield Canada and HBM+ on the impact of pharmacogenetics on more than 200 outpatients who had been diagnosed with major mental-health conditions, including depression and anxiety. While the full study results will be shared later this summer, the press release noted one key finding stands out: those patients receiving pharmacogenetics-guided treatment reported significantly greater improvements over a six-month period across a range of clinical outcome measures, including severity of depression and...

Staff with files from The Canadian Press | May 26, 2020 Prime Minister Justin Trudeau has confirmed he’ll work with the provinces on creating 10 days of paid sick leave for all Canadians. “Nobody should have to choose between taking a day off work due to illness and having to pay their bills,” he said in his daily briefing on Monday. “That’s why the government will continue discussions with the provinces without delay on ensuring that, as we enter the recovery phase of the pandemic, every worker in Canada who needs it has access to 10 days of paid sick leave a year and we’ll also consider other mechanisms for the longer term to support workers with sick leave.” The promise was part of negotiations with the New Democratic Party to continue to waive the normal House of Commons sittings and instead continue to expand the special coronavirus committee that has acted as a stand-in since April. The Conservative party is advocating for a return to normal sittings, with no more than 50 members of parliament in the chambers at a time. Read: A refresher on Canada’s leave policies as coronavirus escalates “If the government does not deliver on paid sick leave for all Canadians and real...

Staff | May 26, 2020 Mercer is appointing Monika Freyman as Canadian head of responsible investment and David Fanger in the same role for the U.S. In the roles, Freyman and Fanger will lead the delivery of sustainable investment advisory and solutions services to institutional investors. “David and Monika each bring decades of institutional knowledge and passion for social and environmental progress, which will benefit our clients a great deal, especially during this current pandemic,” said Helga Birgden, partner and global business leader for Mercer’s responsible investment business, in a press release. Read: BMO Global Asset Management appoints new director of responsible investment Prior to joining Mercer, Freyman spent a decade at the Boston-based advocacy group Ceres Inc. as director of investor initiatives. Meanwhile, Fanger spent more than 10 years in various roles at Pacific Life Insurance Co., most recently as the founder and chief executive officer of its now-closed subsidiary Swell Investing.  In other personnel news, Slate Asset Management is promoting Katie Fasken to managing director of investment relations. In the new role, she’ll take the lead on the firm’s capital raising and investor relations operations. Fasken joined Slate in 2016, prior to which she worked on the investment banking team at CIBC World Markets. “Katie is a...

Staff | May 25, 2020 The Financial Services Regulatory Authority of Ontario has issued new guidance on transferring commuted values and purchasing annuities when a pension plan’s transfer ratio has declined since the most recently filed valuation report by 10 per cent and is now below 0.9. If the defined benefit plan’s transfer ratio is less than 1.0 the plan can only transfer the portion of the commuted value equal to the commuted value multiplied by the transfer ratio reported in the last filed valuation report. However, there are two exceptions: the administrator is satisfied that an amount equal to transfer deficiency has been remitted to the pension fund; or the aggregate of all transfer deficiencies for all transfers made since the effective date of the last filed valuation report is less than five per cent of plan assets. Read: Changes coming for pension plan commuted-value standards In addition, if the plan administrator “knows or ought to know” that, since the date of the most recently filed valuation report, events have taken place that led to the reduction in the transfer ratio to less than 0.9 when the transfer ratios was more than 1.0, or at least 10 per cent when the transfer ratio was...

Toronto, ON (May 22, 2020) – CSIO is pleased to announce that Yukon’s Superintendent of Insurance has recently approved the use of electronic proof of auto insurance (eSlips). This approval allows drivers in the territory to digitally store and present their eSlips when required, without having to carry the paper copy. Yukon joins the growing list of provinces and territories who have also approved the use of eSlips: Ontario, Alberta, Nova Scotia, Newfoundland & Labrador, Quebec and Northwest Territories. CSIO’s digital proof of auto insurance solution, My Proof of Insurance, was launched in early 2018 amid a growing industry demand for the development of digital tools that simplify and modernize the transmission of insurance documents, benefiting both brokers and consumers. Built with support and input from industry stakeholders, the solution allows insurance providers across Canada to send attachments and eSlips to personal and commercial customers through secure email, using a consistent look and feel, regardless of sender. Digital Solutions Amid Challenging Times With the current climate stressing social distancing, My Proof of Insurance ensures operations remain uninterrupted and customers receive documents and eSlips without the need for in-person meetings or paper mail. My Proof of Insurance allows drivers to store, display and share their...

New digital startups categorized by six types of value differentiation; insurers should understand the goals of a potential partner based on these types: Novarica Boston, MA (May 21, 2020) – As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats into partnership opportunities. In a new executive brief, Engaging with Startup Insurers, research and advisory firm Novarica reviews the six categories of digital InsureTech carriers and the impact/modernization to an incumbent insurer’s infrastructure necessary to partner with each successfully. “Insurers and reinsurers have an opportunity to partner with InsureTech carriers without making massive financial investments or spinning off their brands,” said Jeff Goldberg, Executive Vice President of Research and Consulting, and lead author of Novarica’s new report. “However, insurers should consider the real goals of such a partnership and how their infrastructure and processes will need to change to get the most out of the new business channel.” Click here for the table of contents or to access the report. Report Summary New digital insurers fall into six categories that present different opportunities and challenges for potential partners: As the number of digital insurance companies continues to increase, traditional insurers can turn competitive threats...

Montreal, QC (May 21, 2020) – Apollo Insurance Solutions Ltd.  is announcing a commitment to support local, starting with an initiative with ChopValue on partner gifts and incentives. ChopValue is a Canadian company that recycles chopsticks to make beautifully sustainable products that are engineered to last. Many of the items they produce are perfect for use in the home, office, or home office. This is an initiative to support local businesses as the economy begins to rebuild after COVID. “The insurance industry spends a great deal of money on swag and incentives,” said APOLLO CEO Jeff McCann. “Rather than investing in products like iPads or televisions, we realized that we could make a better effort to more directly impact our local economy.” APOLLO holds regular contests as a way to thank and recognize the successes of their broker partners. Moving forward, these will be materials that are made in Canada, starting with products made by ChopValue. “ChopValue was founded with the intention in making the circular economy the norm,” said Felix Böck, founder and CEO of ChopValue. “To date, we have recycled over 25 million chopsticks into innovative high-performance sustainable products. Our Microfactory franchise concept defines the term made local...

Percentage of full-time employees working from home is expected to remain significantly above last year’s level: Willis Towers Watson survey Arlington, VA (May 21, 2020) – U.S. companies are making a series of workplace adjustments as they prepare to operate in a post-COVID-19 environment, according to a new survey of employers by Willis Towers Watson, a leading global advisory, broking and solutions company. Moreover, employers expect that the percentage of their workforce who are full-time employees working remotely after the pandemic will be three times as many compared with last year. The survey of 681 employers, conducted during the week of May 11, found nearly three in four respondents (74%) made adjustments to work to reflect the new post-pandemic protocol. Some examples include installing touchless payment systems, offering services via video rather than in person, creating more space on assembly lines or in distribution centers, and changing work schedules to limit employee contact. Almost three in 10 respondents (29%) moved work to different jobs while nearly a quarter (23%) made changes to reflect work that was being done in-house versus by third parties. Some employers started outsourcing work or using gig talent for work that was typically done by full-time...

New Solution To Help Mid-Size Organizations Enhance Performance, Evolve Operating Model & Overcome Business Disruption Toronto, ON (May 19, 2020) – Continuously improving performance is a major challenge for every business. In moments of relative normality, mid-size organizations’ technology is aging, their data is trapped, and talent and resources are in short supply. The uncertainty of the present social and economic circumstances exacerbates those challenges. The solutions available to assist mid-size clients have not struck the right balance of leading practices, people, and technology until now, with KPMG Performance On Demand for Finance. Performance On Demand is a comprehensive solution, tailored for mid-size companies, that unifies the functional processes, technology platform and application support, all made available through a subscription-based cloud service. In its first iteration, the solution is focused on the finance function. Over time, it will expand to others, such as supply chain, talent, and sales & marketing. Core to the service are constantly evolving, functional leading business practices spanning people, process, and technology, based on decades of experience which the firm references as target operating models. Clients receive ongoing access and regular updates to the KPMG finance model. Powered by Microsoft Dynamics 365 intelligent business applications, the...

TXK Today (Texarkana, TX) People do not always understand why they need to insure their life. For example, you don’t think that if you have a fire extinguisher in your house, a fire will definitely start. It just means that if there is a fire, then you are prepared, and you always have a chance to save yourself. Same thing with life insurance. If you have it, it does not mean that you will die soon. It simply means that if something really happens to you, your family is well prepared for this tragedy. To get American insurance, it is enough to have legal status. The company does not ask for residency or citizenship, but you must legally reside in the United States and have a Social Security number. Further, we will discuss some of the nuances of this type of insurance. The Less You Pay for Insurance the Better It Is US insurance companies have an A.M. Best rating scale. It is advisable to work with companies with an A + rating. This is the highest rating. And most often it does not affect the cost of insurance. Advertisement There is a very big conflict of interest in the...