Insurable Interest Canadian Insurance Blog

Express Scripts Canada has announced plans to launch a medication nonadherence early detection solution next year. Using proprietary predictive modelling, the Express Scripts Canada Adherence Program will look at prescription drug claims to determine people at risk for future nonadherence. The solution is expected to help prevent millions of dollars lost by plan sponsors every year to benefits costs, lost earnings, avoidable medical costs, and lost productivity — all of which can result from medication nonadherence. “Encouraging adherence is our priority and being able to know who is at risk for nonadherence is half the battle,” said Dr. Dorian Lo, president of Express Scripts Canada. “We are proud to be the first pharmacy benefits manager in Canada to establish a program that will make a real difference in the lives of Canadians by identifying who is at risk before they start to take their prescribed medication.” In a statement, the company said that as many as 70% of Canadians don’t take their medications as prescribed. The problem is especially grave among patients who are prescribed more than one medicine; the more medications a patient is required to take, the less likely they are to comply with their prescribed medication regimens....

Vancouver InsurTech nabs top accolade at the 2019 Insurance Business Canada Awards Toronto, ON (Dec. 2, 2019) – Vancouver-based InsurTech Apollo Exchange took home the trophy for Digital Innovator of the Year at the 4th annual Insurance Business Canada Awards on November 28, 2019. Apollo beat out eleven other contenders for the top prize. Since its inception in 2016, the awards have become the preeminent showcase of excellence in Canadian insurance, recognizing top organizations and individuals for their outstanding achievements and best practices over the past 12 months. “It’s an absolute honour for the Apollo team to be recognized in this way,” said Apollo CEO Jeff McCann. “We’re proud of what we’ve been able to accomplish with our partners in such a short period of time, and this recognition means a lot to our young company. We look forward to what 2020 will bring.” The Digital Innovator of the Year was given to the organization that had best harnessed technology and digital solutions to improve their business, aid their staff, and leverage overall client experience over the past 12 months. Apollo officially launched in April of 2019, and has partnered with multiple insurance companies to digitize products, as well as...

Insurance Bureau of Canada releases its 2019 Top 10 Stolen Vehicles list Toronto, ON (Dec. 3, 2019) – While the technology in our vehicles continues to evolve, so do sophisticated auto thieves who are using technology to bypass security systems and electronically gain access to Canadians’ vehicles. Insurance Bureau of Canada (IBC) is finding that technology is having a major impact on vehicle thefts, evident in its annual list, released today, of Canada’s most frequently stolen vehicles. “Electronic auto theft is on the rise across the country as more vehicles are equipped with technology like keyless entry fobs,” said Bryan Gast, National Director of Investigative Services, IBC. “Regardless of how a vehicle is stolen, auto theft is a serious threat to Public Safety and continues to cost all Canadians.” Auto theft is big business in Canada Auto theft costs Canadians close to $1 billion every year. This includes $542 million for insurers to fix or replace stolen vehicles, $250 million in police, health care and court system costs and millions more for correctional services. While some vehicles are stolen to commit another crime or to be used to go for a “joyride”, many others are stolen by organized crime groups...

Staff | December 3, 2019 The Saskatchewan government is amending its provincial employment act to add eight additional weeks of parental leave. The additional weeks of leave will be available to employees entitled to the province’s new shared parental employment insurance benefit. In a press release, the government said the extra weeks will give employees job protection while they access the parental leave benefit. Read: ‘Room for improvement’ in OECD, EU family-friendly policies, says Unicef The amendments will also expand the candidate public office leave to include employees running for election to an Indigenous band council, allow strikes and lockouts to occur when an application is pending before the provincial Labour Relations Board and re-establish the court’s ability to reinstate employees who were discriminated against by their employers, among other changes. “The changes we are making will ensure employees can enjoy bringing a child into their family or run for band council knowing their jobs are protected,” said Don Morgan, the province’s labour relations and workplace safety minister. Read the full article at BenefitsCanada.com

Staff | December 3, 2019 The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board are among several institutional investors committing $427 million in the final closing of Portag3 Ventures II, which is focused on early stage investments in the global financial technology sector. For Portage3, areas of focus for fintech companies include digital wealth management; insurance, personal and small business finance; and applications of enabling technologies like artificial intelligence in financial services. To date, the fund has invested in 17 companies. Read: Caisse taking stake in fighter pilot training company, CPPIB in Latin American fitness chain “Portag3 Ventures has become the largest fintech-focused VC fund in Canada and one of the leading Series A/B fintech-focused funds globally,” said Paul Desmarais III, co-founder and executive chairman of Portag3 and chairman and chief executive officer of Sagard Holdings, in a press release. “Portag3 has a distinctive investment focus, and the investment and operational capabilities to deliver both strong financial and strategic returns to our LPs to drive continued change and disruption in financial services.” Read: CPPIB, Ontario Teachers’ increase positions in Mexican infrastructure Read the full article at BenefitsCanada.com

PR Newswire Life insurance sales are stagnant, but profits are still being made. Insure.com, a comprehensive resource for insurance information, today released a survey showcasing the best rated life insurance companies, as picked by the policyholders who have them. The survey asked over 1,700 current customers to rank the companies by customer service, value for the price, ease of website and mobile apps, and whether they’d recommend the company to others. The five highest-ranking life insurance companies for 2020 are: MassMutual: Overall satisfaction rating of 89.43% Northwestern Mutual Life Insurance Co.: Overall satisfaction rating of 88.79% Brighthouse Life Insurance: Overall satisfaction rating of 88.62% Transamerica: Overall satisfaction rating of 88.33% John Hancock Life Insurance: Overall satisfaction rating of 87.47% MassMutual secured the top spot by having high percentages in the categories for who would recommend to a friend (90%), value for the price (88.80%) and by giving great customer service (90.60%) to those polled. Analysts also liked that it’s a company that has existed since 1851 and has a strong financial base, since customers are counting on it to serve them for many years to come. While Northwestern Mutual came in second overall, it is the most beloved insurer in this study for customer recommendations,...

Jaqui Parchment | December 3, 2019 Whether it direct or indirect, mental illness affects everyone. Beyond an individual’s personal suffering, which can range from mild to severe, the effects are also felt by their families, as well as their employers. Fortunately, many organizations are looking for new ways to proactively care for their employees’ whole health, including their mental health. Roughly half a million Canadians miss work due to mental illness in any given week. The Centre for Addiction and Mental Health has estimated — when factoring in lost productivity, mental-health benefits, prescription drugs and treatments — the economic cost of mental illness in Canada is $51 billion a year. Even when employers provide benefits, many employees don’t take action because they find the process of accessing those benefits too confusing or they’re afraid of negative repercussions. Read: Reinventing support for Canadians with mental illness Compounding the problem, the Canadian health-care system can’t provide sufficient access to qualified care for people suffering from mental illness. Most family doctors, for example, aren’t properly trained or equipped to treat mental-health disorders, and a shortage of qualified mental-health specialists can leave patients waiting months for appointments. Employers are increasingly seeking new thinking from benefits providers to help them support employees, cut...

But few have ethics frameworks in place Toronto, ON (Nov. 25, 2019) – Nearly half (48.5%) of C-suite and other executives at organizations that use artificial intelligence (AI) expect to increase AI use for risk management and compliance efforts in the year ahead, according to a recent Deloitte poll. Yet only 21.1% of respondents report that their organizations have an ethical framework in place for AI use within risk management and compliance programs. As many organizations are still learning how best to adopt and leverage AI capabilities, it’s not surprising that ethical frameworks are often missing from the ‘trustworthy AI’ equation. To better scale AI governance over time and to better reduce algorithm bias, leading organizations are approaching AI ethics proactively by embedding ethical frameworks into all AI efforts as a matter of practice.Irfan Saif, Deloitte Risk & Financial Advisory principal and Deloitte AI leader, Deloitte & Touche LLP While AI ethics frameworks for risk management and compliance may be few, there is a silver lining: Companies are more likely than not to involve top leaders in developing ethical AI practices. More than half of respondents (53.5%) indicated that AI ethics responsibilities are established including the C-suite. Just one-fifth (19%)...

Oakville, ON (Nov. 27, 2018) – Chris Schmidt, CEO of DKI Canada is proud to announce that First Choice Disaster Restoration has joined DKI Canada. Brian Weber, founder of First Choice Disaster Restoration, has been the leading provider of full-service property restoration services in Chatham ON and the surrounding area for almost 15 years, along with 15 years of experience as an insurance adjuster. Brian and his staff of professionals at First Choice Disaster Restoration DKI have continually built a reputation based on service excellence and quality workmanship. “We are delighted that First Choice Disaster Restoration DKI has decided to join the DKI Canada family,” said Adam Tzarik, Vice President, Business Development. “The addition of First Choice Disaster Restoration DKI, in Southwestern Ontario provides greater coverage and consistency to our residential and commercial clients”. “This is a great opportunity for our business,” added Brian Weber. “We look forward to partnering with DKI Canada and combining forces to deliver exceptional service to our clients. We are excited about the opportunity for strong local market representation aided by the additional resources and industry leading technology of a national organization.” You can contact First Choice Disaster Restoration DKI at: 257 Colborne St.Chatham, OntarioN7M...

Staff | December 2, 2019 While it’s generally known Canadian pension plans have a home country bias when it comes to fixed income, a new study by FTSE Russell suggests there’s an equity home bias as well. The report looked at the ratio of domestic and global equity for pension funds in Australia, Canada, Japan, the U.K. and the U.S. It found a home bias in all five countries between 2008 and 2019. “Home country bias is not just unique to Canada, but has historically been a global challenge for institutional investors,” said Paul Bowes, head of FTSE Russell Canada, in a press release. Read: Pension plans lukewarm on Canadian investments despite recent market strength In Canada, in particular, the ratio was seven times global to domestic equity. To reach this number, FTSE Russell used a Willis Towers Watson study, which found Canadian pension funds allocated about 38 per cent of total assets to equities in 2018. Of this, 21 per cent was invested domestically. The FTSE Russell then divided the number by Canada’s weight in the FTSE all-world index, which is three percent, producing the home-bias ratio of seven times. The ratio was highest in Australia, which had a global-domestic equity ratio of 26...