Insurable Interest Canadian Insurance Blog

Incumbent insurers and InsurTech startups are changing the rules of the insurance business with the powerful capabilities of cloud-based platform businesses Morristown, NJ (Oct. 22, 2019) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, has announced the release of a new research report, Insurance Platforms: A Burning Platform for Market Leadership in the Digital Era of Insurance. The report underscores how visionary leaders are leveraging customer, market and technology trends as a manifold opportunity for insurance growth by reaching new or underserved markets, creating innovative new products and personalizing the customer experience by using new sources of data and offering compelling experiences. These leaders are forging the path to the future with a cloud-based platform utilizing cloud, microservices, open APIs and API gateway, artificial intelligence and machine learning, and digital ecosystems that will keep them ahead of the trends and the changing competitive marketplace. “We are in the early stages of the redefinition and value creation revolution for insurance, particularly with the rapid growth of cloud and changing technology foundation coupled with growing ecosystems that provide new data sources, innovative capabilities and interesting services, all of which create a multiplier effect for growth,” commented...

Toronto, ON (Oct. 24, 2019) – The Financial Services Regulatory Authority (FSRA) has committed to ensure clarity for stakeholders and consumers around their legal requirements and expectations. We are delivering on this commitment today by issuing a new Guidance Framework to standardize the guidance we issue across regulated sectors. FSRA supervises and regulates a number of financial services sectors in Ontario. Early in 2019, our stakeholders asked for greater clarity regarding the actions we require from them, while streamlining our processes. Today, we are delivering on this request. Our new approach to standardizing guidance makes it easier to do business for those sectors in Ontario. It also makes us a more effective regulator. The public, new entrants and incumbents can better understand what is legally binding, what is FSRA’s interpretation or application of law and what information is designed to be helpful. Our principles The new Framework establishes the following principles as the foundation for our approach to using guidance: accountability, effectiveness, efficiency, adaptability, collaboration, and transparency. Applying these principles, FSRA will use four distinct categories of guidance depending on specific circumstances in the regulated sectors: Interpretation, Information, Approach, and Decision. The Framework establishes standard structures and styles to help...

Toronto, ON (Oct. 28, 2019) – Trufla Technology is pleased to announce that Version 2 of the truMobile app and portal will include embedded access to Intact Insurance’s Client Centre. Trufla and Intact Insurance understand that customer preferences are changing and have joined forces to help brokers provide their customers with more choice in accessing their insurance information. “Customer needs are changing rapidly. At Intact, we are using technology and data to design relevant products and services, improve the customer experience and provide new and innovative ways for customers to connect with us,” says Debbie Coull-Cicchini, Executive Vice President, Intact Insurance. “The truMobile app is another way Intact customers can access our Client Centre and have all the insurance information they need at their fingertips, anytime, anywhere.” Combining the two services keeps the broker at the forefront of the conversation, while also enabling customer accessibility to Client Centre for their insurance documents, proof of insurance and billing statements. They can also submit an auto claim and track their claims in real-time, while easily connecting with their claims representative or contacting their broker. “We believe in the strong relationship between the insurer and the best distribution channel: the broker. Trufla wants...

Top insurance company continues optimizing already-stellar experiences San Francisco, CA (Oct. 28, 2019) – Medallia, Inc., the global leader in experience management, today announced that the Canadian Automobile Association (CAA) is leveraging Medallia to understand and enhance the experience customers have with its Emergency Roadside Assistance Service, Contact Center Agents, Retail Locations and Online Website. “Our implementation with Medallia was the most seamless SaaS implementation I have experienced in my career. For over 100 years we’ve been focused on serving our Members’ needs, and Medallia helps us fuel this mission. Since partnering with Medallia, we have seen our response rates increase to 46%, and it has allowed the ability to identify gaps with today’s changing customer landscape, so we can quickly make positive business transformations,” Jeff Walker, chief strategy officer, CAA National. With nearly 6.5 million members and one of Canada’s most trusted brands, CAA has been using Medallia Experience Cloud for over a year to identify and react to ever changing customer expectations and set goals to meet those expectations. The company is using closed-loop processes and coaching of individual employees to develop understanding and empathy for customers’ needs and optimize their experiences. CAA has been named one of...

Staff | October 28, 2019 Arthur J. Gallagher & Co. is appointing Ezaque Lopes as national growth leader of Gallagher Benefit Services (Canada) Group Inc. In the role, Lopes will be responsible for developing a plan to help more plan sponsor clients attract and retain top talent while driving greater productivity, profitability and organizational well-being, according to a press release. Read: Gallagher acquiring Toronto-based Accompass With more than 30 years of group benefits and business development experience, Lopes previously worked at several large insurance companies, including SSQ Life Insurance Co. Inc., Sun Life and Manulife Financial. “I’m thrilled to join Gallagher’s Canadian team,” said Lopes. “I am confident that, together, we can help employers across the country face their future with confidence.”    Read the full article at BenefitsCanada.com

Kelsey Rolfe | October 28, 2019 The Alberta Teachers’ Retirement Fund Board will transfer all of its funds to the Alberta Investment Management Corp., according to the province’s latest budget. The ATRF board, which administers pensions for all teachers in Alberta school jurisdictions and charter schools, said in a press release it was only made aware of the change when the budget was released late on Thursday afternoon. “The ATRF board and management have a number of questions and are in the process of seeking information and answers to those questions,” the board said. “What we do know is that our commitment to plan members and employees is our utmost priority. To this end, we’ll continue to provide the superior investment management and service delivery our members have come to expect from ATRF.” Read: Calgary unions decry city councillor’s pension review proposal The Workers’ Compensation Board and the Alberta Health Services will also be expected to transfer their funds to the AIMCo to reduce redundant administration. “To build a ‘made in Alberta’ portfolio for healthy public investment, the volume of funds invested must be big enough to support optimum earnings and minimize costs,” the budget said. The government will also reduce employer contributions for the Management Employees Pension Plan,...

New York, NY (Oct. 23, 2019) – Eurasia Group is pleased to announce the release of a new report co-authored with AXA, the leading multinational French insurance company, which details the emerging risks that should be on the radar of every business leader and policymaker. The report draws on AXA’s annual survey of risk experts, which indicates how risk experts perceive emerging risks that could have a significant impact in the next five to ten years. These results are paired with AXA’s in-house risk management capabilities and Eurasia Group’s industry-leading insights on geopolitics and business for a comprehensive and unique forward-looking assessment of global risks. The risks described in the report include emerging technological challenges, climate change, and increasing geopolitical stability. The report also notes expert fears that public authorities are unprepared to grapple with these problems. Future Risks Report shows more interconnected risks, from climate change to cybersecurity Key findings: Risks related to the natural environment are now the biggest concern of risk experts, especially physical risks stemming from a changing climate. This includes changing patterns of extreme weather events such as floods, storms, and rising sea levels. Cybersecurity risks such as the shutdown of essential services and critical...

Streamlined workflows, better team collaboration, and clearer views of sales pipeline through customizable dashboard that connects seamlessly to existing SIG management system Montreal, QC (Oct. 22, 2019) – Keal, an expert in Canadian broker innovation powered by Vertafore, today announced the debut of MyBrokerHome to enhance user productivity and sales success. Users receive a customizable user interface, flexible workflows, views of their entire sales pipeline, tools for team collaboration and compliance, and much more. Built with seamless connectivity to Keal’s SIG Broker Management System, the solution will also provide users with full access to all their existing SIG capabilities. MyBrokerHome breaks new ground with respect to user convenience. Finally, no conversions are required from an existing database or CMS, as with traditional broker management dashboards. It not only connects to the SIG system in minutes, but also offers intuitive templates so administrators can tailor MyBrokerHome to a firm’s workflows and preferences. “Everything about MyBrokerHome is designed to maximize the productivity of brokers, administrators, staff, and technical personnel,” noted Natasha Joyal, senior director of product development, Keal. “Insurance is a business of personalization and customization. From concept to completion, MyBrokerHome allows insurance firms to create a technical front-end that looks and...

Acquisition of Toronto-based brokerage furthers Sentinel Risk’s ongoing commitment to the independent broker channel; marking seven offices across Ontario Mississauga, ON (Oct. 22, 2019) – Sentinel Risk Insurance Group is pleased to announce the acquisition of Toronto-based independent insurance brokerage Horizon Insurance. Moving forward, Horizon Insurance will operate under the Sentinel Risk name and organization; the office will remain located in Etobicoke’s Islington Village. The acquisition marks another phase of growth for Sentinel Risk; the two-year-old brokerage has doubled in size since the merger between JWK Insurance and Darling Bobcaygeon in 2017. “The independent broker channel is thriving in Ontario and plays an important role in the insurance industry for both our clients and the companies we work with,” said Greg Kruk, Partner, Sentinel Risk Insurance Group. “At Sentinel Risk we understand the importance of offering a true independent broker experience for our clients and we are proud to continue to offer this throughout Ontario, ensuring our clients are offered a fair choice with all of their insurance needs.” “We are thrilled to be growing Sentinel Risk and opening another location in Central Ontario,” said David Kennedy, Partner, Sentinel Risk Insurance Group. “Within our industry we know that service excellence,...

Toronto, ON (Oct. 24, 2019) – The Insurance Brokers Association of Ontario (IBAO) highlighted top achievers at the Awards of Excellence Gala, part of their annual convention. This year the Awards of Excellence were expanded to five categories to recognize more of the exceptional talent in the broker channel. “I’d like to congratulate the winners and all of this year’s finalists,” said IBAO President Jeff Gatcke. “They were all very impressive and are a credit to the Association.” Congratulations to the 2019 IBAO Awards of Excellence winners: Brokerage of the Year – Over 10 Licensed Brokers: Duliban Insurance Brokers A 2018 Brokerage of the Year Finalist, Duliban Insurance is a third-generation brokerage led by twin brothers, Jason and Adam Duliban. This year they’ve invested in recruiting new talent and creating an engaging team experience, as well as launching Duliban University, an online training portal to get new recruits up to speed. Duliban is on track to hit their 3-year target of 6,000 new policies by the end of this year. Duliban prides itself on its community involvement, partnering with local charities and raising over $150,000 over the past six years. Throughout their rapid evolution, Duliban Insurance Brokers has continued to...