Insurable Interest Canadian Insurance Blog

Mississauga, ON (Oct. 23, 2019) – ClaimsPro, Canada’s independent adjusting and claims management leader, is pleased to announce that it has entered into an exclusive agreement with Encircle Inc., a leading provider of real-time documentation and productivity tools for the insurance and restoration industries. This partnership is the result of a new ClaimsPro initiative that uses innovative digital tools and technologies to manage lower indemnity personal property claims files with greater speed, consistency, and accuracy. Much time and research has gone into developing the new streamlined process, which will enable ClaimsPro to be better aligned with what their clients expect. “We re-designed our processes with clients in mind,” said Lorri Frederick, President, ClaimsPro. “With our new streamlined process for managing smaller personal lines property losses, we are confident that we will exceed client expectations by not only delivering the same quality and service that they’ve come to expect, while doing so in a more efficient and comprehensive manner.” Encircle connects all parties involved in the claims process, including policyholders, insurance companies, and restoration contractors, on one easy-to-use platform, that simplifies the process by taking previously tedious paper-based tasks and replacing them with intuitive digital tools. “We have been working in...

Novarica profiles ten core system solutions suitable for MGAs Boston, MA (Oct. 22, 2019) – Insurers turn to managing general agencies (MGAs) to help grow business, expand into new products and geographical areas, or fill gaps in underwriting expertise. MGAs are exploring emerging technologies and InsureTechs to improve customer experience, grow their books of business, manage risk, and gain operational efficiencies. In its latest report, MGA Core Systems: Overview and Prominent Providers, research and advisory firm Novarica provides an overview of the MGA market, technology strategy implications, and profiles of ten core system solutions suitable for MGAs. “MGAs used to purchase their own core system technology; then, when the introduction of web-based systems made it easier for MGAs to access insurer systems directly, insurers started providing the technology to conduct business with MGAs. Now, the pendulum is swinging back toward MGAs owning their core system technology,” said Chuck Gomez, Vice President of Research and Consulting and co-author of Novarica’s new report. “Key drivers of this change include the need to compete with other technologically advanced MGAs, the increased value of data, and greater private equity and venture capital investments in MGAs.” A preview of the report is available online. Summary...

Top 100 pioneering companies transforming the global insurance industry named by FinTech Global Customers’ claims will be paid in real-time, during their trip, using their mobile phones Cork, Ireland (Oct. 24, 2019) – Blink, one of the world’s fastest growing Travel Insurance InsurTechs, has been named to The INSURTECH100. The INSURTECH100 is an annual list of the world’s most innovative InsurTech companies that are solving significant industry problems, generating cost saving or efficiency improvements within insurance as selected by a panel of analysts and industry experts. This is just the latest highlight in Blink’s 3-year growth story, which since its inception in 2016, has seen it grow from a 2-man start up to a trailblazing InsurTech which was bought by AIM listed CPP Group just 6 months after it was set up. Speaking of today’s announcement by FinTech Global, the specialist data and research provider and the organisation behind INSURTECH100, Blink’s co-founder and serial Irish entrepreneur Paul Prendergast said: “We are honoured to be named amongst the best and brightest in the global InsurTech industry. Selected from a pool of more than 1,000 companies and being awarded such recognition makes this a very proud day for us. 3 years after...

Kelsey Rolfe | October 25, 2019 According to Goodyear Canada Inc., pension communications don’t have to be boring — and it’s not afraid to use puns to make its employees pay attention. The company’s strategy, encompassing targeted messaging and creatively designed materials, netted it the award for pension communications at Benefits Canada‘s 2019 Workplace Benefits Awards on Oct. 17. Goodyear Canada sends pensions-related missives to segments of its workforce based on their age, position, lifestyle, plan type and other factors. Younger employees will receive messages about taking advantage of the company match, while older employees will get information about the retirement process and investment strategies for protecting the wealth they’ve accumulated. Sometimes, plan members also receive communications through the mail so they can make retirement decisions with their spouses or partners. Read: Who are the winners of the 2019 Workplace Benefits Awards? The organization also uses online and social media alongside more traditional methods of communication to make sure all employees receive the information they need. “We were very meticulous in our approach,” says Thak Bhola, Goodyear’s manager of pension, investments and administration. “We’ve got people in factories [who] work 12-hour shifts, so some of them don’t want to hang around and communicate with me when I’m in the factory. But the material...

Winnipeg, MB (Oct. 21, 2019) – Teen drivers’ behaviours are at the forefront of two initiatives aimed at reducing collisions ─ Manitoba Public Insurance’s new Driver Z program and National Teen Driver Safety Week (October 20-26). The MPI-developed Driver Z online was officially rolled out to students on September 30, following a successful beta pilot involving 20 schools. Over the next few months, nearly 5,000 students in 170 high schools will get to experience the new and innovative learning tools featured in Driver Z. “It’s driver education for the next generation,” said Maria Minenna, Manager Driver Education & Training, Manitoba Public Insurance. “Young people today are curious, tech savvy and deep thinkers. With this in mind, we created a new online platform and curriculum that calls on them to use these skills throughout their journey in developing long-term safe driving habits.” The most significant change from the previous driver education program is the added online component. Classroom time was reduced by 14 hours and instructors and students now complete their work within the Driver Z application. There is also the final class in the course called the Capstone Project, which tasks students with creating an engaging presentation that ties in...

Canadian charities can now apply for the 2019 Intact Adaptation Action Grants Toronto, ON (Oct. 22, 2019) – Natural disasters caused by climate change are real and immediate. These disasters cost people, businesses and governments billions of dollars every year, and they take a toll on Canadians’ mental and physical health. Through the Intact Adaptation Action Grants, Intact Financial Corporation is investing $1 million in charities that are developing practical and effective solutions that help protect people from natural disasters like floods, wildfires, extreme heat, wind and hail. “Our purpose is to help people, businesses and society prosper in good times and be resilient in bad times. We do that by mobilizing our more than 4,000 claims employees to help customers get back on track quickly after a catastrophic weather event. These events are impacting our communities and that’s why we’re taking a proactive approach to protect people from natural disasters by building a more climate-resilient country,” said Charles Brindamour, Chief Executive Officer, Intact Financial Corporation. The Intact Adaptation Action Grants will prioritize projects that use natural infrastructure as part of their solutions, take a community engagement approach, and help Canadians understand the climate risks they are facing. Transformational change...

Jones DesLauriers opens Laval branch Toronto, ON (Oct. 15, 2019) – Navacord Corp., a leading insurance and risk management brokerage, is pleased to announce the opening of the Laval, Quebec location of Jones DesLauriers Insurance Management Inc., a founding Navacord Broker Partner. The expansion into Quebec further develops Navacord’s client-centric strategy with the ability to service clients in French and English, in addition to building out their wood and forestry practice. Local, boutique service is a cornerstone of Navacord Broker Partners and, in Quebec, this will be provided by Jones DesLauriers’ team of expert advisors: Anne-Marie Beaudoin, Account Director and Olivier Caron, Account Executive. Anne-Marie is responsible for overseeing the operations of the firm’s Québec based business. She brings twenty plus years of experience in commercial insurance, including 10 years in the lumber sector and international business. This deep understanding of the needs of clients allows her to deliver trusted insurance and risk management advice in a complex world. Anne-Marie’s additional areas of expertise include aviation, wood products manufacturing, pharmaceutical sectors and major commercial accounts. Olivier looks forward to bringing his twelve years of experience to clients as he offers solutions to all aspects of the lumber industry and forestry...

Staff | October 24, 2019 The guiding document outlining best practices for fiduciaries practicing corporate engagement is in for a major update. As of January 2020, the U.K. Stewardship Code will include new expectations on how those investing on behalf of savers and pensioners integrate the activities of investment and stewardship, including on environmental, social and governance issues. The code, as published by the Financial Reporting Council, defines stewardship as the responsible allocation, management and oversight of capital for the purpose of creating long-term value for beneficiaries, leading to sustainable benefits for the economy, the environment and society. Read: Global institutional investors increasingly shifting to ESG approach: survey The update comes off the back of a consultation with dozens of stakeholders, including many prominent multinational asset management firms. “Signatories should disclose the issues they have prioritized for assessing investments, prior to holding, monitoring through holding and exiting,” the revised code said. “This should include the ESG issues of importance to them.”  In practice, the code’s signatories  should explain how this process of integration differs depending on a given fund, asset class or geography in which they’re investing. They should also delineate how they’ve ensured “tenders have included a requirement to integrate stewardship and investment, including...

Staff | October 24, 2019 Morneau Shepell Ltd. is appointing Sandy Innes as a client relationship partner in Western Canada. In the role, Innes will be responsible for supporting some of the consultancy’s largest plan sponsor clients with strategic insights, innovation and best practices. Read: Morneau Shepell closes acquisition of some of Mercer’s U.S. health, DB businesses  He joins Morneau Shepell with more than 20 years of experience in human resources, including eight years as the vice-president of total rewards at Telus Communication Inc. He joined Telus in 2002 as vice-president of HR. Read the full article at BenefitsCanada.com

Total new worldwide funding commitments to the InsurTech sector in 2019 have already surpassed the 2018 full-year total, and during the third quarter exceeded $1.2 billion for the fifth consecutive quarter-year period: Willis Towers Watson Quarterly InsurTech Briefing Washington, DC (Oct. 23, 2019) – Total new worldwide funding commitments to the InsurTech sector in 2019 have already surpassed the 2018 full-year total, and during the third quarter exceeded USD $1.2 billion for the fifth consecutive quarter-year period, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a leading global advisory, broking and solutions company. 83 deals with a total value of $1.50 billion were announced in Q3, 2019, up 6% over the previous three months to reach the third-highest quarter for global InsurTech investment to date. Deal numbers were up 20%, and marked the first quarter since Q2, 2018 when investments in B2B InsurTechs outnumbered investments in distribution-focused ventures. The value of investments in property/casualty-focussed firms continued to rise, supported up by three mammoth deals backing Root Insurance, Hippo, and PolicyBazaar. During the first three quarters of the year, a total of US$4.36 billion has been deployed to InsurTech companies across 239 transactions. That already marks a 5%...