Insurable Interest Canadian Insurance Blog

EIS Group and PwC collaborate to develop ecosystem built for the future of insurance London, UK (Apr. 28, 2020) – EIS Group is pleased to announce the launch of an intelligent digital insurance ecosystem initiative, in collaboration with PwC. The new ecosystem will combine agility with insights to enable market differentiation and deliver best-in-class customer experience. This will allow insurance companies taking a greenfield approach to get closer to their customers and better understand their needs as people, rather than policy numbers. In recent years, insurers have struggled to adapt to the changing demands of consumers. Their ability to make the move from analogue to digital is being held back by their legacy estates that are slow to change, difficult to integrate, complex to draw insight from, and lack the agility to deliver innovative services. This is why 75% of insurers are now proactively taking steps to move legacy technology landscapes to more dynamic and flexible ‘as a service’ models.[1] The intelligent digital ecosystem will allow insurers to take a more radical approach to transformation, offering a greenfield platform for transitioning away from legacy technology.  This new ecosystem will serve as an accelerator asset that shows insurers that moving away...

Toronto, ON (Mar. 10, 2020) – Spring overland flooding has already caused extensive damage in Northern Alberta, in what is likely only the first significant flood event in Canada this season. Under normal circumstances, damage caused by floodwater can be devastating and tragic, but the current COVID-19 pandemic poses many additional challenges. Ecclesiastical Insurance have published COVID-19: Mitigating Flood Damage During a Pandemic, a risk control bulletin and checklist that outlines pre- and post-flood protocols to mitigate the property damage caused by flooding, and to protect on-site responders from the hazards of doing so during the COVID-19 pandemic. The bulletin advises anyone visiting a premises to assist in flood mitigation measures, to consider their personal safety of paramount importance and strongly recommends that they adhere to all provincial and municipal COVID-19 travel restrictions and remember to practice safe social distancing techniques when in close proximity to others who may also be assisting. “The risk control bulletin summarizes a number of steps and actions that a property owner should consider before, during and after a flood event, and provides some advice on how these may be accomplished while staying safe during the COVID-19 outbreak,” stated Colin Robertson, Vice President, Risk Control...

Washington, DC (Apr. 30, 2019) – Collision avoidance systems are eliminating more crashes as the technology improves, according to a new study of insurance claims data from various BMW models. However, the impact of partially automated driving remains murky. In its latest study, the Highway Loss Data Institute compared insurance claims data from BMW vehicles for model years 2013-17. The analysis showed that the combination of improvements in front crash prevention and the addition of adaptive cruise control resulted in large reductions in the frequency of property damage liability and bodily injury liability claims. However, the further addition of lane centering as part of the company’s partially automated driving package had little impact. “The crash claim frequency reductions for BMW’s Driving Assistance package are the largest we’ve seen from advanced driver assistance systems, which suggests crash avoidance may be delivering bigger benefits as the technology improves,” says Matt Moore, senior vice president of HLDI. “The lane centering that comes in the ‘plus’ package doesn’t seem to augment these benefits. That may be because the system is only intended for use on freeways, which are comparatively safer than other roads, and only works when the driver switches it on.” For this...

Canada’s leading geospatial and location data company comes together with the leader in household insurance data to provide improved solutions to the insurance industry Montreal, QC (Apr. 30, 2020) – EQ Inc., North America’s leader in location behaviour data and intelligence, and Opta Information Intelligence Inc., Canada’s largest property location intelligence provider, are pleased to announce their partnership to deliver improved target marketing and performance capabilities for the insurance industry and other verticals. This data and technology partnership will create unique target marketing and performance products including specialized predictive models and improved segmentation tools. By combining Canada’s richest device graph (EQ) and the largest residential and business data set (Opta), the partnership is a game changer for the Insurance and Financial Services industry. “We are thrilled to be partnering with Opta,” said Geoffrey Rotstein, President and CEO of EQ Works. “In a data driven economy, the ability to provide predictive models that show companies where to focus is a huge advantage. Our combined solution will provide information to insurance companies, financial institutions and auto brands to better understand where to focus to improve lead scoring, acquisition capabilities and overall performance for all of their data-driven marketing work.” EQ is well...

Business Wire American International Group, Inc. (NYSE: AIG) today announced the launch of Lloyd’s Syndicate 2019. This landmark Syndicate, the largest ever to be launched through Lloyd’s, will exclusively reinsure risks from AIG’s Private Client Group (PCG). PCG is an industry-recognized brand with a leading market position in the High Net Worth segment. Significant capital support has been received from high-quality investors and capacity providers, which is a testament to the quality and growth potential of the PCG franchise. In combination with its existing Lloyd’s operations, AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity. For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents a compelling opportunity to access the highly attractive High Net Worth segment. Clients will continue to benefit from PCG’s excellent value proposition, which will be further enhanced by additional products and holistic risk management solutions provided through the Lloyd’s market. “Syndicate 2019 is a unique and industry-defining structure between AIG and the oldest insurance market in the world. Our partnership with Lloyd’s will materially benefit PCG’s clients and enable our High Net Worth business to further capitalize on its pre-eminent market position,” said Peter Zaffino,...

Montreal, QC (Apr. 30, 2020) – Apollo Insurance Solutions is pleased to announce that Apollo has been named a finalist in the Company of the Year – Startup Success category of the 2020 Technology Impact Awards. The awards, which are B.C.’s largest and longest-running tech awards program, celebrate the province’s vibrant tech ecosystem. Finalists were announced live via Zoom by Jill Tipping, BC Tech President and CEO, joined by Riaz Meghji, Founder of Every Conversation Counts. “The Apollo team has worked hard over the past year, and it’s great to see some of that work recognized by our community,” said Jeff McCann, Apollo President and CEO. “Some industries will go back to the same way they’ve always done business, but insurance will never look the same post-COVID-19. Our team is prepared to accelerate through this phase.” Apollo was one of three finalists named in the category. A total of 38 finalists were named across 11 categories. “Seeing the community come together to support one another during these challenging times has given new meaning to our annual celebration of the change makers, the up-and-comers, the innovators and the bold,” said Tipping. “It is incredibly rewarding to see such grit, kindness and...

Montreal, QC (Apr. 30, 2020) – Spring brings with it the risk of flooding. In the context of the pandemic, Insurance Bureau of Canada is reminding citizens it is important to prepare themselves in the best way possible and take certain measures to ensure their safety and protect their property. Advice for citizens In order to follow the social distancing measures issued by the Quebec government, citizens living in flood risk zones must, as soon as possible, identify accommodation options they can turn to in case of evacuation or losses. They can also take other measures to prevent or minimize damage to personal property: Move all objects from the basement to the ground floor. Outside the home, remove or secure all property that is likely to be displaced or carried away by the waters. Check waterproofing around doors and windows, and make sure they are closed. Prepare a three-day supply of food and drinking water, an emergency kit as well as candles, flashlights or a generator. Closely follow the situation and respect safety instructions. Insurance and flooding Some insurers have offered flood insurance, in the form of an endorsement, since 2017. However, the offer varies from company to company, as...

Staff | May 4, 2020 Recent reports of significant investment losses on the part of the Alberta Investment Management Corp. are overblown, according to chief executive officer Kevin Uebelein. In recent weeks, many Canadian publications have pointed to problems with a volatility strategy that performed poorly amid the massive spike in volatility that equity markets have experienced due to the coronavirus pandemic. “This occurred because the losses that quickly accrued as market volatility dramatically increased and remained elevated were not able to be offset by the gains that would normally be realized as volatility returned to more typical levels,” said Uebelein, in a press release. “Markets behaved in a manner never-before-seen and the result was a very unfortunate loss.” Read: AIMCo earns 10.6% return for 2019, underperforms benchmark But the losses from that strategy have been entirely overstated, by between 43 and 100 per cent, according to Uebelein, “Realized and unrealized losses combined to date are approximately $2.1 billion of the $118.8 billion of assets we manage on behalf of our clients. While that figure will likely change, we have actively taken a number of steps to limit the eventual loss. Actual losses will not be finalized until the strategy is completely wound down, which...

Staff | May 4, 2020 The coronavirus pandemic could reduce employer health-care costs by as much as four per cent in 2020 as medical care for non-infected patients has declined, according to a new analysis by Willis Towers Watson. The analysis of large, self-funded U.S.-based employers is an update to a similar study conducted in March that projected employer costs could rise by as much as seven per cent due to coronavirus-related costs. Read: U.S. employer health-care costs could rise 7% with coronavirus testing, treatment “With treatment for COVID-19 top of mind, people have been putting off non-emergency medical care, including routine office visits and elective procedures at hospitals,” said Trevis Parson, chief actuary at Willis Towers Watson, in a press release. “Given this reduction in use of medical services, we expect cost reductions due to care deferral to more than offset projected cost increases associated with COVID-19 infections.” According to the analysis, at a one per cent infection level (i.e., rural areas), employer costs could decline between one and four per cent, depending on how much medical care is deferred. At a 15  per cent infection level (i.e., metro areas), employer costs could rise or fall by roughly one per cent depending on...

Empire Life has augmented its group benefit plans with the automatic inclusion of a new mental health support service. The Mental Health Navigator is confidential and personalized service provided by Best Doctors, which is part of Teladoc Health. It offers users expert assessment, treatment recommendations, and an action plan. “According to the Mental Health Commission of Canada, one in five Canadians will experience a mental health problem this year,” said Vanessa Lycos, Vice President, Group Product and Marketing. “And now with COVID-19, life is a lot more challenging for many Canadians—especially those employed by small and medium-sized enterprises. “Mental Health Navigator helps our customers and their families access guidance and resources they may need to feel more like themselves again,” Lycos added. The navigator helps users get care on their terms, regardless of their location, through continuous guidance from a registered nurse or social worker with expertise in mental health. The service draws on an integrated team of clinicians, psychologists, psychiatrists, and expert physicians. “As increased awareness and acceptance of the need for mental health grows within and outside the workplace, support services like Mental Health Navigator are more important than ever before to employers and their members,” said Karen...