Insurable Interest Canadian Insurance Blog

Staff | November 14, 2019 SSQ Life Insurance Co. Inc. is partnering with Haleo and MindBeacon Software Inc. to offer digital cognitive behavioural therapy to group insurance plan members. Both companies offer online CBT, with Haleo’s tool focusing on sleep disorders and MindBeacon’s option directed at mild to moderate anxiety and depression symptoms. The partnerships are part of a broader digital health strategy, according to the insurer, which is aiming to help plan members manage their mental health through prevention and early detection of sleep- and stress-related issues and mood or anxiety disorders. Read: SSQ Insurance adds pharmacogenetic testing to group benefits “By taking preventative action in a timely manner, we can ultimately help control group insurance plan costs,” said Éric Trudel, senior vice-president of strategy and product management at SSQ. The partnership will also offer content on stress and sleep habit management to help plan members learn to recognize those issues. Read the full article at BenefitsCanada.com

Staff | November 14, 2019 Many Canadians are interested in learning more about how to manage their money as they make the transition to retirement, according to a new survey by Mackenzie Investments. About half (47 per cent) of baby boomers said they want to know more about how to make the transition to retirement. This age group is slightly more confident than the average Canadian, with 61 per cent of all respondents saying the same. Read: Canada’s retirement system ranked 9th in the world Less than a quarter of survey respondents said they’re very familiar with how the Canada Pension Plan works, how they’ll be taxed in retirement and how to manage registered retirement savings plans or registered retirement income funds. And slightly more than half (53 per cent) said they’re confident they’ll be able to manage their investments during their retirement years. “As people approach retirement it’s clear that there’s more of a premium put on the value of advice as areas like tax and estate planning and optimizing investments during retirement take on added importance,” said Carol Bezaire, vice-president of tax, estate and strategic philanthropy at Mackenzie Investments, in a press release. Read the full article at BenefitsCanada.com

Staff | November 14, 2019 Medication-related issues are negatively affecting employees’ health, causing them to take extended leaves from their jobs and leading to high benefits and disability costs for employers, according to a new white paper by HumanisRx. These issues include incompatible or duplicate drugs, higher than recommended doses, suboptimal therapy and failure to take medications as prescribed. “Our research finds that employees are not optimizing their use of prescription medications, and that’s a huge cost driver for Canadian employers and insurance companies,” said Jeff May, president of HumanisRx, in a press release. Read: 2019 Drug Plan Trends Report: What’s next for drug plans? The company, in collaboration with Munich Re Group, GroupHEALTH Benefit Solutions and Disability Management Institute, recently conducted a study examining drug claims data. It found alerts were generated by one in every four plan members using medications, indicating at least one identified drug therapy problem that may have been related to a safety risk, suboptimal therapy or failure to take the drug as prescribed. As well, it found almost 60 per cent of the drug therapy problems identified were due to safety, meaning the plan member was at risk of an adverse outcome. HumanisRx introduced a medication optimization program called MedMonitor to...

SSQ continuing with its digital health strategy Toronto, ON (Oct. 29, 2019) – SSQ Insurance is pleased to announce it has partnered with HALEO and MindBeacon Group in order to provide its group insurance plan members with access to digital cognitive behavioural therapy (CBT). The partnerships stem from the insurer’s desire to find innovative ways to satisfy the needs of its customers, namely through the deployment of a digital health strategy. Through this modern, online approach, SSQ Insurance is hoping to help its customers with mental health management, specifically through the prevention and early detection of sleep and stress-related problems as well as mood and anxiety disorders. “Through our agreements with HALEO and MindBeacon, SSQ Insurance plan members will have access to the latest CBT advances and obtain therapy that is adapted to their specific situation, whether for sleep disorders, anxiety, or depression. By taking preventive action in a timely manner, we can ultimately help control group insurance plan costs,” said Éric Trudel, Senior Vice-President of Strategy and Product Management, SSQ Insurance. HALEO and BEACON each offer innovative cognitive behavioural therapies delivered online by qualified healthcare professionals. HALEO’s CBT focuses on sleep disorders whereas BEACON’s focuses on mild to moderate...

Toronto, ON (Nov. 12, 2019) – The Insurance Brokers Association of Ontario (IBAO) is pleased to confirm the launch of its Commercial Insurance Certificate Program, which prepares experienced Personal Lines brokers to transition into Commercial Lines. First announced at the IBAO Annual Convention, this eLearning course was designed to address a training gap identified by IBAO Member Brokers. “Most commercial insurance expertise is held in institutional memory,” said IBAO Chief Operating Officer Brett Boadway. “That usually only comes through the transfer of knowledge from those that have gone before you—however, this course fast-tracks that process through a combination of technical content and structured mentorship-like opportunities.” The course consists of seven modules, two of which require the learner to gather information from experienced coworkers to foster relationships and to familiarize themselves with the different areas of expertise of their coworkers they can draw upon in the future. Other modules blend in more traditional learning, covering the specifics of commercial insurance, including details around risk exposures and financial information which are required to be obtained by a broker prior to going to market for a quote. Available on-demand, brokers can work at their own pace and complete the program in 15-20 hours....

Supplementary Health Insurance Explained Toronto, ON (Nov. 13, 2019) – The Canadian Life and Health Insurance Association is pleased to announce it has collaborated with the Extended Healthcare Professionals Coalition (EHPC), a group of leading healthcare associations, to produce a new guide that will help healthcare providers and their patients better understand how private health insurance works. The guide, released today during Financial Literacy Month, will support providers of health services covered through private health insurance plans. It is intended to help healthcare providers understand the private health insurance environment so they can in turn help their patients understand the services they receive through their insurance plan. “In order to provide the best care possible, many healthcare providers want to be able to help their patients identify whether coverage is available, the amount of available coverage, what is eligible to be claimed, and even contacting insurance companies on their behalf,” Stephen Frank, President and CEO of the CLHIA said. “The guide is intended to make those questions easier to answer.” The guide, Supplementary Health Insurance Explained for Healthcare Providers (PDF), describes the kinds of benefit plans patients may present to their healthcare provider and how they work, including healthcare spending...

Insurance Marketplace Realities report offers property & casualty analysis and rate forecasts for North American insurance buyers Arlington, VA (Nov. 13, 2019) – North American commercial insurance buyers will face sizable price increases in 2020 across most lines of insurance, according to Willis Towers Watson’s 2020 Insurance Marketplace Realities. The report, published today, serves as a guide for North American insurance buyers preparing for upcoming insurance program renewals. While Willis Towers Watson reports that capacity is available in all but the most challenged lines, underwriters are showing unprecedented discipline in its deployment, especially for risks they find perilous. Overall, with buyers sitting squarely in a seller’s market, 19 lines are expected to see price increases according to the report, with property, umbrella, and public company directors and officers (D&O) experiencing the most widespread hikes (20% and higher) and capacity withdrawals. Across two lines, international casualty and surety, the company expects price decreases. Six lines (fiduciary, environmental, marine, political risk, kidnap and ransom, and terrorism) will have a mix of both or flat renewals. “We’re seeing the biggest upward price shift in years. We expect rate hikes and capacity constrictions will continue throughout 2020 and likely into 2021, but a more...

Berkley Canada’s first product on the Exchange is a Tech E&O package Toronto, ON (Nov. 13, 2019) – Apollo, Canada’s largest online insurance marketplace, has partnered with Berkley Canada, a boutique Specialty Insurer, to offer bind online insurance products through the Apollo Exchange. As with every Exchange product, the entire process, from quoting, binding coverage, and issuing policy documents is immediate, completely online, and paper-free. The first Berkley Canada product to be launched on the Exchange is Tech E&O. It is currently live and available to the over 70 brokerages across the country registered on Exchange. “This is a great, forward-thinking product provided by our partners at Berkley Canada,” said Apollo CEO Jeff McCann. “Berkley Canada was extremely fast moving, credit to their team for delivering great specifications and committing to the digital channel. We believe in empowering the broker channel, and our broker partners are now able to place this coverage for their tech clients online and in real time — in line with how these clients are used to doing business.” The package product covers technology companies with revenues up to $2M, and provides up to $2M in Professional Liability, $5M in General Liability, and offers Contents, Cyber,...

Martha Porado | November 14, 2019 The Canada Pension Plan Investment Board saw a 2.3 per cent return, net of all costs, in the second quarter of its 2020 fiscal year for its base account and a 1.9 per cent return for its additional account. “CPPIB continued to deliver steady returns this quarter,” said Mark Machin, president and chief executive officer of the CPPIB, in a press release. “During this time, our teams continued to lay the groundwork for future value creation.” The quarter also included some gentle adjustments to the CPPIB’s asset mix. It decreased its public equity exposure, from 32.8 per cent at the end of the first quarter to 31.9 per cent. However, it raised its exposure to Canadian stocks, from $8.1 billion to $8.2 billion, while lowering its exposure to foreign and emerging public equities. Read: CPPIB closes fiscal Q1 with 1.1% return Meanwhile, the fund grew its investments in private equity, from $95.5 billion to $98.9 billion over the quarter, raising its presence in the portfolio from 23.9 per cent to 24.2 per cent, led by foreign and emerging market investments. In terms of bonds, the portfolio saw a small rise, from 22.1 per cent to 22.2 per cent over the quarter. However, in dollar terms, bonds...

Staff | November 14, 2019 Ontario has proposed amendments to provincial drug regulations that aim to change the pricing model for generic drugs and simplify the process for the province’s drug formulary to list biosimilars. Ontario’s Ministry of Health and Long-Term Care said the changes are aimed at reducing the “administrative burden” for drug manufacturers and pharmacies. With regards to generic drug pricing rules, the current pricing model, created by the pan-Canadian Pharmaceutical Alliance, is tiered based on the number of competitors in the market. Generic prices begin at 75 or 85 per cent of the brand price for the first entrant and decrease as more generics are introduced. The proposals would permit generic manufacturers to automatically adjust their prices as their price tier changes, rather than requiring them to apply for an adjustment, which the ministry expects will lower generic prices nationally. Read: Generic drug deal hailed for price cuts of up to 40% for public, private plans The proposals would also speed up the biosimilar listing process by no longer requiring manufacturers to provide scientific evidence of clinical similarity between the biosimilar and its originator product, since Health Canada makes that assessment before approving the drug. “It is not necessary for Ontario to re-review the same scientific evidence,” the ministry said in a document explaining the proposed changes. “[The...