Insurable Interest Canadian Insurance Blog

No-code platform and pre-packaged product implementation offers speed to market with full suite capabilities out-of-the-box San Mateo, CA (Nov. 1, 2019) – Guidewire Software, Inc., provider of the industry platform Property and Casualty (P&C) insurers rely upon, has announced the availability of InsuranceNow GO, its new, out-of-the-box, no-code cloud deployment offering for Guidewire InsuranceNow™ customers…. Read more » The post Guidewire Announces InsuranceNow GO for Faster Core System Implementations appeared first on Insurance-Canada.ca. Read the original article at Insurance-Canada.ca

Acquisition expands Brokerlink’s community presence in Alberta Toronto, ON (Nov. 5, 2019) – BrokerLink is pleased to announce that Alger & deForest Insurance Inc. has joined BrokerLink, effective November 1, 2019. This acquisition provides an opportunity for BrokerLink to grow its loyal customer base and support new community members. Alger & deForest has been providing… Read more » The post BrokerLink Acquires Alger & deForest appeared first on Insurance-Canada.ca. Read the original article at Insurance-Canada.ca

Rimouski, QC (Nov. 5, 2019) – Magik-Net and The Empire Life Insurance Company (Empire Life), a leading Canadian life insurer, have established a collaboration to develop an application program interface (API) that enables third-party administrators (TPAs) to complete tasks associated with the administration of their customers’ benefit plans. Magik-Net and Empire Life are pioneering the… Read more » The post Empire Life and Magik-Net collaborating on a ground-breaking real-time connected gateway appeared first on Insurance-Canada.ca. Read the original article at Insurance-Canada.ca

A/B Testing for your website — By Ian Jeffrey, Co-Founder and CEO, Breathe Life — “Always Be testing.” It’s good advice, but not what A/B testing stands for. The A and B in A/B testing refer to two different versions of something that can be compared to figure out which performs better. A/B testing is a proven best practice in digital marketing circles, but a relatively new concept for many in the insurance industry. Today, data is the lifeblood of the entire insurance business and not just for actuaries and underwriters. It’s a critical concept that can help the insurance industry convert more consumers into customers in this digital age, so worth taking a moment or two to understand. For the purposes of this two-part series on A/B testing, I’ll focus on the use of A/B testing in digital marketing to improve conversion rates on your website (in part 1, below); and offsite, e.g. ads and email marketing (in part 2, coming soon). Conversion rates measure the percentage of visitors that take the desired action. The goal is to identify what works, do more of what works, and eliminate what doesn’t work. Here’s an example from Humana comparing two homepage...

The Public Sector Pension Investment Board and Aviva Investors are teaming up to invest £250 million in a commercial property in Cambridge, U.K. The agreement marks the second time the two organizations have teamed up on a real estate investment. In 2015, they invested in a portfolio of commercial properties in central London, currently valued at more than £400 million. As part of the new investment, the pair will acquire a mix of ground-up and standing assets located in the CB1 Estate in Cambridge. Read: Caisse invests in budget hotel chain, CPPIB and PSP complete sale of medical devices company “Building on our existing partnership with Aviva, PSP is continuing its strategy of investing in key innovation markets,” said Stéphane Jalbert, managing director for Europe and Asia Pacific in real estate investments at the PSP, in a press release. “Cambridge is one of the U.K.’s leading knowledge clusters for artificial intelligence and life sciences, and we believe the regeneration of the Station Road area will outperform in the long term.” In other investment news, the Caisse de dépôt et placement du Québec is investing in Amplitude, a Quebec-based life sciences fund, supporting medical startups. Amplitude has now obtained more than 50 per cent of its financing target for its fresh $200-million...

It’s been roughly a year since the Canadian Life and Health Insurance Association (CLHIA) launched its Fraud=Fraud campaign, and it has been very well received by the public. That’s according to CLHIA President and CEO Stephen Frank, who says that the association has observed a positive response in its efforts to combat health and dental benefits fraud. “We’re getting more clickthroughs on our anti-fraud websites, and more tips coming in,” Frank told Life and Health Professional. “There have also been very positive changes in behaviour that have been good to see.” The campaign was originally driven by an Environics Research poll, which found that 75% of Canadians were under the mistaken impression that the only consequence of benefits fraud is having to pay higher premiums or reimburse claim payments. In reality, those who commit the act stand to lose their job or face criminal charges. According to Frank, awareness and understanding of how serious the crime truly is has grown dramatically as the campaign has achieved its desired visibility. “There’s been a material shifting in the percentage of Canadians who understand that it’s a serious crime,” he said. Aside from running the risk of jail time and termination — many,...

A new report from Boston Consulting Group (BCG) on the top concerns among life insurance executives around the world hints at the growing significance of external forces acting on the industry. According to the survey conducted in collaboration with LIMRA, BCG found that change management — defined as “actions that equip companies to successfully manage any kind of transformation, with a focus on people, processes, and technology” — was the greatest global challenge, with 32% of participants placing it among their top three internal challenges. Customer experience came in at a strong second, cited as a top three challenge by 23% of executives; it also tied with change management as the number one challenge among presidents and CEOs. Growth took third place globally, as it appeared in the top three list of 22% of executives. The latest results represent a marked shift from previous surveys. In 2015 and 2017, talent management consistently emerged as the greatest challenge among executives. Technology and distribution were also named as top challenges in 2017.  “Many of the most difficult challenges life insurers face are caused by factors beyond their control,” the report said, emphasizing the need to manage them successfully as firms strive to...

The move to a new streamlined offering is expected to result in its strongest line-up of segregated funds ever Read the original article at https://www.lifehealthpro.ca/rss/

Third-quarter 2019 net income available to common shareholders of $0.74 per diluted share Third-quarter 2019 adjusted operating earnings1 of $0.81 per diluted share, after tax; Normalized for the following items, third-quarter 2019 adjusted operating earnings were $1.36 per diluted share, after tax: $(0.63) per diluted share, after tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) and other intangibles unlocking, which was largely driven by unfavorable annual assumption updates in Individual Life; and $0.08 per diluted share, after tax, of prepayment fees and alternative investment income above the company’s long-term expectations. Voya completes $290 million of share repurchases during the third quarter of 2019; Voya has repurchased $936 million of common stock year-to-date Board of directors authorizes the repurchase of an additional $800 million of Voya common stock — new authorization expires on Dec. 31, 2020 NEW YORK–(BUSINESS WIRE)– Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the third quarter of 2019. “During the third quarter, we made further progress on our growth plans and generated normalized third-quarter 2019 adjusted operating earnings of $1.36 per diluted share,” said Rodney O. Martin, Jr., chairman and CEO, Voya Financial, Inc. “For the nine months ended Sept. 30,...

Staff | November 5, 2019 The Empire Life Insurance Co. is partnering with Rimouski, Que.-based insurtech company Magik-Net to build a real-time platform for third-party administrators. The platform aims to help TPAs handle tasks related to the administration of employers’ group benefits plans. It’s also designed to reduce the time insurers spend processing files and confirming successful transactions. Read: The value-added proposition of group benefits MGAs and TPAs “Empire Life is on a mission to make group benefits simple, fast and easy for Canadians,” said Christine Wyatt, director of group digital channels at Empire Life, in a press release. “Working with Magik-Net to securely transfer data directly to Empire Life back-end systems will greatly enhance the experience for TPAs in our mutual network.” Read the full article at BenefitsCanada.com