Insurable Interest Canadian Insurance Blog

Kelsey Rolfe | November 28, 2019 To improve employee health and nutrition habits, HelloFresh Canada is taking staff out of the kitchen and into an online classroom — and then back into the kitchen. Employees of the Toronto-based meal-kit company can take interactive health and wellness courses through an online wellness portal to accumulate credits towards purchasing wellness rewards. The courses include modules on improving sleep, eating better, managing stress and mental health. “There are a lot of key topics everybody struggles with in this day and age,” says Denisha Gunathas, HelloFresh’s human resources business partner. Read: Five steps to promoting nutrition in the workplace The courses span multiple days, with some going as long as a month, she says. Employees log on for 10 to 15 minutes to complete a daily activity and are assigned a task for the next day. For the sleep improvement course, for example, participants might be asked to put their phone away an hour before bed. When participants finish a course, they receive credits toward rewards, with more credits awarded for longer courses. Rewards are related to healthy lifestyles and include a weighted blanket set, herbal teas, books on relaxation, aromatherapy diffusers and recipe books. So far, the courses have seen high participation rates. The more popular ones...

Staff | November 28, 2019 Just 66 per cent of Canadian employees are taking the full amount of vacation time they’re owed, according to a new survey by research firm Maru/Blue. The survey, which polled 1,000 Canadians and 500 Americans, found 50 per cent of Canadians have experienced a rising workplace trend called “vacation shaming,” a situation where co-workers or bosses use guilt or peer pressure to discourage employees from using their vacation time, noted a press release. Nearly two-thirds (62 per cent) of millennials surveyed said they’ve encountered vacation shaming in the workplace. The survey also found millennials (33 per cent) are most likely to feel nervous, stressed, worried, guilty or ashamed when asking for time off work compared to generation X (17 per cent) and baby boomers (12 per cent). They were also the least likely generation to say they’ve used all their vacation time, with only 60 per cent taking all the time they’ve earned. Read: The benefits of taking vacation days In terms of vacation shaming, the survey found not all provinces are equal, with those in Quebec (26 per cent) and British Columbia (41 per cent) the least likely to have experienced it. Canadian respondents said they experience the most vacation shaming when...

Staff | November 27, 2019 With employer-provided health benefits costs expected to increase globally in 2020, mental and behavioural conditions are predicted to become more common over the next five years, according to a new survey by Willis Towers Watson. The annual survey of global medical insurers found health-care costs are expected to rise at a similar rate as previous years, with a projected increase to 6.8 per cent in 2020 compared to 6.7 per cent in 2019. The most dramatic rise is in the Middle East and Africa, where costs are expected to jump to 9.3 per cent from 8.5 per cent. In Europe, the rate of increase is expected to remain stable at 4.3 per cent and, in Latin America, medical costs are projected to decrease from 12.2 per cent to 11.7 per cent. Read: Health-care cost inflation to trend downward in Canada in 2019: report While cancer, cardiovascular diseases and musculoskeletal conditions remained the top three conditions by cost at 83 per cent, 55 per cent and 46 per cent, respectively, they’re projected to remain so over the next five years. However, 27 per cent of health insurers predicted mental and behavioural conditions will be among the top three, and 26 per cent said they expect they’ll...

Staff | November 27, 2019 Alongside other investors, the Caisse de dépôt et placement du Québec is investing in Top Aces Inc., an airborne training services provider. The Quebec-based company, which was founded in 2000 by a group of former fighter pilots, provides training to air forces around the world, aiming to enhance the operational readiness of combat forces. “Top Aces is a Quebec company recognized for the quality of its services and its unparalleled safety record within the air training sector,” said Charles Émond, executive vice-president for Quebec, private equity and strategic planning at the Caisse, in a news release. “With this investment, Top Aces will pursue international growth and consolidate its leadership position within its industry.” Read: Caisse regrouping private equity activity under Charles Émond Top Aces intends to use the fresh capital to support its international expansion, including the purchase of new aircraft. “This investment provides major support for the growth of our airborne training services, particularly in rapidly expanding international markets,” said Paul Bouchard, president and chief executive officer of Top Aces. “By joining our existing investment partners, CDPQ further solidifies a strong and long-term shareholding base that will enable Top Aces to take on new challenges in new countries.” The Caisse is...

Top 3 tips for accident victims – helping them to make the right call Toronto, ON (Nov. 27, 2019) – Half of all Canadian drivers admit they don’t know what to do immediately after having an accident. And that’s a costly mistake for drivers, who can find themselves quickly overwhelmed or taken advantage of, according to a new survey by Aviva Canada. Navigating through the claims journey can be intimidating but it doesn’t have to be. Accidents are traumatic enough. Whether it’s a small fender bender, or a severe accident, individuals can feel confused and fearful. Making the right call after an accident can provide a better experience, saving time, and money. “We were surprised at just how many Canadians are confused about what to do after they have an accident,” said Oliver Rudd, Vice President, Auto Claims at Aviva Canada. “It’s a normal instinct to reach out to a loved one, but that next call needs to be to your insurance company or broker who can guide you through the process and help you avoid costly mistakes or delays.” The new national survey conducted for Aviva Canada by Pollara Strategic Insights, shows that: 50% of Canadians are unprepared to...

Staff | November 27, 2019 Express Scripts Canada is launching a medication non-adherence, early-detection program in 2020 to identify plan members who are most likely to cease taking their prescription medications. The program will use proprietary predictive modelling to analyze prescription drug claims and determine who is at risk for potential non-adherence in the future, according to a press release. “Encouraging adherence is our priority and being able to know who is at risk for non-adherence is half the battle,” said Dorian Lo, president of Express Scripts Canada.  Read: Growing use of specialty drugs putting pressure on plan sponsors: report The program will take a proactive, personalized approach to encouraging adherence, which will include renewal and refill reminders for plan members. “We know that it’s not enough to know who is going to be non-adherent,” said Lo. “It requires proactive adherence opportunities and member intervention in order for medications to work.” Medication non-adherence can result in patients experiencing worsening conditions, which could lead to short-term leave, hospital visits or extra medical testing, the release noted. According to Express Scripts Canada, failure to take medication as prescribed is something that affects a majority of patients, though it’s particularly found in patients who take multiple medications. Indeed, the company’s 2019 drug...

Martha Porado  | November 27, 2019 While public equities appear to be holding steady, at least for the moment, certain longer-term indicators could give institutional investors cause for concern. “Growth is not at risk and inflation is nowhere to be found. And those two factors are likely to push central banks to become complacent,” says Florian Ielpo, head of macroeconomic research at Unigestion Asset Management (Canada) Inc. Also for the moment, monetary policy is off the table. While this inaction isn’t exactly a headwind, he adds, central banks have proven so helpful to equity markets in recent years there’s a chance investors will feel the lack of that positive booster. Read: Lessons in measuring carbon risk and opportunities in public equities Instead, consumption will be driving growth and has been the main driver of the current cycle, says Ielpo. “Consumption is very likely to remain with us. And one very good reason is what’s likely to improve is durable goods consumption.” Consumers have the advantage of cheap credit and will probably use it to buy longer-term goods, such as cars and appliances, while it remains easy for them to borrow to do so, he says. At the same tine, borrowing has also been cheap for corporations. U.S....

To many Americans, Canada is a country to be envious of, particularly for its national healthcare system that covers a wide variety of medically necessary treatments and procedures. But as the Vice President of Vumi Canada points out, the US medical system has its advantages. “In Canada, the aging population is seen as a big problem that’s putting increasing strain on the healthcare system,” Gino Stirpe told Life and Health Professional. “You’re seeing more and more people heading south of the border to get treatments. It started with MRIs, and now it’s expanded to different types of procedures.” The problem boils down to one word: access. Waiting times have become a burden for Canadian patients, who may face weeks or months of delays before their medical concern is addressed. Stirpe shared the story of a personal friend who had a prostate issue; he got an MRI and waited five weeks to get the results to his doctor, who told him to wait another six weeks for an appointment to assess the situation and book a surgery. Rather than wait any longer, he spent US$45,000 to get surgery in the US and got back home in three days. Research conducted by...

Health insurance isn’t what it used to be. Between the accelerating cost of healthcare, commoditization in health insurance, and changing consumer preferences, insurers are being forced to adapt in several ways, including a tighter focus on customer expectations and providing holistic experiences. That’s one of the key points offered in the new Top Trends in Health Insurance: 2020 report from CapGemini. “Evolving customer expectations are pushing insurers to react swiftly or risk losing market Share,” the report said, emphasising how forward-looking insurers are providing a more holistic customer experience. One major trend that the report envisions is an increasing need for insurers to provide value-added services as price points of their core offerings converge. Aside from an appetite for innovative, lifestyle-focused products and services, consumers are showing an interest in convenient one-stop platforms to address all their health needs. “The rise in smartphone penetration and the app ecosystem have positioned mobile as a critical service delivery channel,” the report noted. Increased adoption of APIs also lets insurers collaborate more effectively with other players to develop and introduce value-added services. The report also predicted an increasing role for chatbots amid a proliferation of app ecosystems and the popularity of messaging apps...

Canada Life has announced that plans for it to merge with Great-West Life Assurance Company and London Life Insurance Company are going to push through, having received final approval from Canada’s Minister of Finance. On January 1, 2020, the three insurers along with their holding companies, Canada Life Financial Corporation and London Insurance Group Inc., will combine to become The Canada Life Assurance Company. “[W]e are thrilled to begin 2020 as one, amalgamated company in Canada,” Canada Life President and CEO Paul Mahon said in a statement. “One company means a simpler way of working together, allowing us to focus even more on growth and innovation. We believe this is the right move at the right time, and we know our customers and policyholders will benefit under one single company.” The shift toward becoming a single operation has been under way for some time. Following the announcement of their plans to amalgamate in April, Canada Life opened up its full suite of Canada Life wealth and insurance products to both Wealth and Insurance Solutions Enterprise (WISE) and Freedom 55 Financial advisors. More recently, it said it will be moving to a single shelf of segregated funds under the Canada Life...