Insurable Interest Canadian Insurance Blog

Staff | May 1, 2020 The Empire Life Insurance Co. is including a mental-health navigator in all of its group benefits plans beginning May 1. Through the navigator, which is provided by Teledoc Health Inc.’s Best Doctors, plan members are guided by a registered nurse or social worker specializing in mental health. It draws on a care team of clinicians, psychologists, psychiatrists and physicians to deliver an assessment, treatment recommendations and an action plan, according to a press release. Read: How to support employees’ mental health during coronavirus “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 of group product and marketing at Empire Life, in the release. “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.” In addition, TeksMed Services Inc. is launching a free, app-based mental well-being program to help employers and employees during the pandemic. The program, called QuikCare Thrive, is through a partnership with Thrive Therapeutic Software Ltd. Users can access the app 24/7 to help build...

COVID-19 has had the biggest short-term effect on life insurance in two ways: Insurers extending grace periods for paying premiums. Placing a greater emphasis on accelerated underwriting. Those were among the insights from Nancy Bennett, senior life fellow with the American Academy of Actuaries. Bennett was among the presenters at a recent webinar describing how COVID-19 will affect insurance and retirement plans. She spoke with InsuranceNewsNet on the pandemic’s short-term impact on policy management and underwriting. COVID-19 has prompted a number of insurers to voluntarily extend grace periods, while some states have mandated those extended grace periods. This creates a challenge for insurers, Bennett said. “It’s one thing to say you have to set a grace period but then their systems would normally be set up to automatically process a policy lapse after a specified period of time. So they have to go in and make adjustments to their system so the lapse does not happen. And then there’s also the issue of, OK, the policy hasn’t lapsed but the premium hasn’t been received. So what do we do to the contract values and how is each company going to change or modify the contract values?” Bennett said carriers could...

Yaelle Gang, the Canadian Investment Review | May 1, 2020 Almost all jurisdictions across Canada have introduced variable benefits as an option for defined contribution plan sponsors, but what’s on the horizon from an investment perspective? The industry is well-versed in the upsides of variable benefits for both plan sponsors and plan members. But Canada is slightly further behind other countries when it comes to robust options from an investment fund perspective during decumulation. Read: Variable benefits in DC pension plans now allowed in Ontario For plan sponsors proceeding with variable benefits, it’s important to consider the available investment options, says Zaheed Jiwani, principal at Eckler Ltd.,  “They need to think about — should the investments look a little bit different? They should. They should probably offer a few more vehicles that would be more appropriate just for decumulation that they wouldn’t have offered for the accumulation members.” He suggests plan sponsors consider the differences between target-date funds that offer a flat glide path versus those that offer a de-risking glide path in decumulation. And he believes more attention will be paid to this part of the glide path going forward. “I think you’re going to start to get a little bit more attention paid for variable benefits and other...

Staff | May 1, 2020 More than four in 10 (41 per cent) Canadian businesses laid off staff in the wake of the coronavirus pandemic, according to a new survey by Statistics Canada. The survey, which polled representatives from more than 12,600 Canadian businesses, also found 38 per cent of businesses said they’ve reduced staff hours or shifts. Nearly one-fifth (18 per cent) said they laid off 80 per cent or more of their staff. And, among the employers that said they laid off at least one employee, 45 per cent laid off 80 per cent or more of their staff. Read: 35% of Canadians expect to lose their jobs in the next four weeks: Stats Can Companies in the accommodations and food services sector reported the largest layoffs, with 69 per cent saying they’ve laid off at least 80 per cent of their staff. However, 27 per cent of survey respondents said they haven’t implemented any staffing changes in the wake of the pandemic, with more than half (54 per cent) of employers in the agriculture, forestry, fishing and hunting sectors reporting no changes. Employers also reported that remote work has become more prevalent in their workforces. Almost half (48 per cent) of respondents...

Green Shield Canada (GSC) is intensifying a push to make technology part of its benefits offerings through a partnership with Canada’s leading digital pharmacy. The health and dental benefits provider has announced a collaboration with PocketPills, a tech company that promises to manage the full pharmacy experience — including discussions with pharmacists, refilling prescriptions, and ongoing disease management — in a purely digital environment. “As a leading advocate for evidence-based digital health technologies and the impact they can have on the health care experience for Canadians, GSC is always on the lookout for like-minded partners ready to innovate on the delivery of critical services,” said David Willows, GSC’s executive vice president of Digital, Innovation and Brand Experience. Using technology-driven workflow automation, PocketPills reduces the cost of operations, which allows it to pass on savings to patients and plan sponsors in the form of low dispensing fees and free home delivery. Since its launch in 2018, it has helped thousands of patients connect instantly with pharmacists and manage their medications online through a mobile app. “In an online world, Canadians deserve health care services with a streamlined patient experience, and this partnership is going to take that experience to the next...

Staff | April 30, 2020 OMERS Ventures, the venture capital arm of the Ontario Municipal Employees Retirement System, has closed a US$750 million venture capital fund. The transatlantic fund is investing in companies related to financial systems, insurance, property, logistics, health and workplace technology in Canada, the U.S., the U.K., and other countries in Europe, raising series-A to series-C financing. “As has always been the case, initial investments typically range between $5 million to $25 million, with the opportunity for follow-on investments as a company grows,” said a statement from the organization. “There will be times when we will look at investments on either side of this range, but it gives founders a good steer as to what we are most interested in.” Read: OMERS Ventures hires former Uber executive as London managing partner The establishment of the fund coincides with an increased focus from OMERS Ventures on widening its geographic footprint, having established offices in London and in California’s Silicon Valley in 2019. “We’ve believed for a while that, as successful startups increasingly meet the demand to go global (current circumstances notwithstanding), so too must their investors,” said the OMERS. “With this fund, we are putting our money where our mouth is and offering the founders we back access to a...

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...