Insurable Interest Canadian Insurance Blog

Blue Cross Life Insurance Company of Canada and Pacific Blue Cross announced that they will form an alliance “to bring together local service and insight, with national expertise and scale” for the benefit of British Columbians. They say that this nationally aligned Blue Cross alliance will help Pacific Blue Cross enhance its capabilities in underwriting, pricing, reserving, actuarial and medical underwriting. This will allow “Pacific Blue Cross to invest in more work and wellness solutions to improve health and wellbeing for British Columbians,” says Pacific Blue Cross, which will remain the primary contact for all sales, service and claims. Pacific Blue Cross will continue to offer the products sold under its policies as a distributor for Blue Cross Life. Types of policies that are subject to the transaction are Group (Basic & Optional Life; Dependent Life; Accidental Death & Dismemberment; Optional Accidental Death & Dismemberment; Critical Illness; Long Term Disability; Short Term Disability) and Individual (Life; Accidental Death & Dismemberment; Critical Illness). Coverage for existing policyholders will continue within the current plan design. “Pacific Blue Cross is excited to bring the benefits of a national carrier to our local expertise,” said John Crawford, President & CEO, Pacific Blue Cross. “This...

Staff | September 16, 2019 Pacific Blue Cross and Blue Cross Life Insurance Co. of Canada are forming an alliance in British Columbia, effective Jan. 2, 2020. The alliance is aimed at enhancing Pacific Blue Cross’ capabilities in underwriting, pricing, reserving, actuarial and medical underwriting, according to a press release. It will remain the primary contact for all sales, services and claims, and it will continue to offer the products sold under its policies as a distributor for Blue Cross Life. Read: Alberta Blue Cross drops dental rates to align with new fee guide “This alliance with Blue Cross Life is a foundational building block towards improving health and well-being for British Columbians,” said John Crawford, president and chief executive officer of Pacific Blue Cross. “We have created the ability to bring on new business with our trusted advisors while improving our value proposition to our clients and members.” Marie-Josée Martin, president and CEO of Blue Cross Life, said the alliance is a key milestone in its strategy to build national scope and that it improves its ability to collaborate with other Blues Cross plans across Canada. The alliance is subject to regulatory approval, with submissions made to the Office of the Superintendent of Financial Institutions and B.C.’s Financial Institutions...

Staff | September 16, 2019 When considering environmental, social and governance issues, asset managers are less convinced that social factors drive returns, according to a survey by Netherlands-based NN Investment Partners. Among the European asset managers surveyed, just 15 per cent said social factors are something they can harness to generate returns. This compares to 40 per cent that said the same of governance factors and 66 per cent that said they see the potential of environmental issues. Breaking down specific environmental factors, 87 per cent of respondents said the energy transition away from fossil fuels towards renewables has considerable potential to drive returns. Further, 81 per cent said the same of climate change and 78 per cent for pollution. Read: Morneau Shepell publishes first corporate social responsibility report French investors had the most balanced views between the three factor types, with 35 per cent saying social issues have return-driving potential, which, while still low, is significantly higher than the average. “It is interesting to see that opinions differ so sharply from one country to another; for example, that Dutch professional investors focus so heavily on the environmental factor and so little on social aspects when it comes to return potential,” said Adrie Heinsbroek, principal...

Second funding round to fuel global product and services development centered on client needs, accelerating the commercialization of AI Montréal, QC (Sept. 13, 2019) – Element AI, a global developer of artificial intelligence-powered software solutions, today announced it has raised CAD $200 million (USD $151.4 million) in a Series B Round of financing. This investment will allow Element AI to accelerate the deployment and commercialization of solutions that meet customer needs for the operationalization of AI, while continuing to develop AI products. New investors include the Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, McKinsey & Company, a global management consulting firm and owner of advanced analytics company QuantumBlack, and Gouvernement du Québec, as well as returning Series A investors, including DCVC (Data Collective), Hanwha Asset Management, BDC Capital, Real Ventures and many others, bringing the total amount raised so far to CAD $340M (US $257M). “Operationalizing AI is currently the industry’s toughest challenge, and few companies have been successful at taking proofs-of-concepts out of the lab, imbedding them strategically in their operations, and delivering actual business impact,” said Element AI CEO Jean-François (JF) Gagné. “We are proud to be working with our new partners, who...

Advisors are always looking for an opportunity to find new clients. Some advisors may look to younger generations as they continue to hit milestones that would make them better suited for financial advice. But there may be a generation that advisors are missing. Generation X, comprising 36 million households, could represent one of the next best opportunities for financial advisors to provide in-depth retirement planning. The oldest members of this generation will reach age 55 by 2020. As LIMRA Secure Retirement Institute research has demonstrated, reaching milestone ages — such as 55 or 60 — can trigger retirement planning activities. Even before that point, many Gen Xers are entering their peak earning years and are growing their financial assets substantially. These investors will be seeking guidance as they navigate through the critical pre-retirement years. LIMRA SRI analysis finds Gen X households collectively control $6.6 trillion in financial assets. Both in absolute terms and as a share of all financial assets, this amount will grow as Gen Xers continue to contribute to retirement savings, pay down debt and begin to receive inheritances. As with other generations, wealth is extremely concentrated — only about 7% have household financial assets of at least...

If you or someone you know has moved to the U.S. and feels overwhelmed about finding success in the financial services industry, you might want to spend some time combing through the new book, Leadership Beyond Borders. Written by NAIFA member Aamir Chalisa, the book tells the inspiring story of his life in two countries — the U.S. and Pakistan — and the lessons he learned on his way to becoming managing director at Futurity First Insurance Group in Chicago. When Chalisa’s dream of becoming a doctor was thwarted by political unrest in his native Pakistan, he emigrated to the U.S. to further his education in an environment free of violence. After years of working as a janitor to fund his education, Chalisa earned a bachelor’s degree as well a master’s degree in business and joined the insurance industry. He quickly set himself apart in his career and community.In Leadership Beyond Borders, Chalisa describes a few steps financial professionals can take to set themselves apart in their careers and communities. » Be active in industry organizations. When he worked for MetLife, Chalisa said the company did a phenomenal job of training its agents and providing resources to help them learn...

When I was a new agent, I was perplexed every time I heard speakers at industry meetings talk about how much they love their careers. I was jealous because loving my career seemed entirely out of the question. Then one day I realized I can choose with whom I work, what products I sell and what types of planning I execute. If I made different choices, I could find love for my career. Although I didn’t realize it at the time, I discovered narrowing my focus and thinking mindfully about the work I consistently enjoy are the first steps toward developing a niche. The more you hone in on a topic, the more likely you will master it, positioning yourself as an indispensable source of credible advice. How To Begin You likely began your career as a generalist, working with every product you are licensed to sell to give yourself the best chance of survival in a competitive industry. This is a necessary stage in any new financial representative’s development. But the more areas you claim to be an expert in, the less credible you become and the harder it is to brand your niche. To create a brand, we...

Not all referrals are created equal. Sometimes a client or center of influence knows exactly who to send your way and you love them for it. But others will refer folks to you with no regard for fit. Sometimes you end up taking on clients who aren’t a good match out of some sense of obligation to the referral source. And with that can come a bit of resentment. I want to discuss quality over quantity — about how to increase the likelihood of getting introduced only to prospects who are a perfect fit for your business. Referrals Vs. Introductions I sometimes use the words “referrals” and “introductions” interchangeably, but there is a difference. Referrals don’t work very well any more. Your client says, “Call George and use my name. That should do it.” But George doesn’t pick up his phone if he doesn’t know who you are. In fact, he’s probably wondering, “Why did Laura give my name out to this guy?” Instead, we need to get connected — introduced. From this moment on, whenever you are talking to prospects, clients and centers of influence about others who might value your work, use the word introduction. “How do you...

Don’t be confused; this is not the aviator’s version of Hamlet and no, I’m not William Shakespeare, but this question may be truly “flying” around your mind. People have different tolerances for adventure, learning, financial investment, time commitment and overall risk. I believe you should have some tolerance for all the above to seriously consider becoming a private pilot. I have been challenged to share some basics on how or why you should consider the commitment of learning to fly, so here is a basic outline of the five editorial questions: the who, what, where, when, why and maybe how of pursuing the art of flying. But before I do that, ask yourself this question: Are you willing to do what it takes to see this through to accomplishment? If not, that’s OK; maybe another hobby or passion awaits you. Flying must be taken seriously and it is not for the faint of heart, but flying has great rewards and will give you a sense of personal accomplishment. So, let’s take off and start with who: People who are up for adventure! Do you have the spirit of the Wright Brothers, Amelia Earhart or Chuck Yeager? It isn’t necessary, but...

Two decades after the U.S. Food and Drug Administration started receiving complaints that Ambien and other sleep aids made women taking them particularly groggy the next morning, and even might have been responsible for driving accidents, the agency accepted and responded to the scientific evidence behind the anecdotes. It turns out that women’s bodies simply metabolized the active ingredient zolpidem in all these sleep aids much more slowly than men did. In 2013, the FDA finally acted, slashing the recommended dosage of these medications in half for women.Medicine isn’t the only field where “what’s good for the goose is good for the gander” still prevails. Equality is a wonderful goal, when we consider the kind of outcomes that we want, whether it’s a good night’s sleep or retirement security. How women reach those equal outcomes, however, may require taking a different pathway, whether it’s a question of medical or financial advice. Even the definition of what “financial success” and a good relationship with an investment advisor looks like can be very different for women than for men. I’ve seen many of my clients come to understand what this means. For example, a widowed woman in her 60s, began working with...