Insurable Interest Canadian Insurance Blog

Kelsey Rolfe | September 5, 2019 Employers should consider adjusting their job posting requirements and becoming more creative to attract diverse candidates to their companies. Speaking at the Toronto Global Forum on Wednesday, Neil Parmenter, president and chief executive officer of the Canadian Bankers Association, recalled a conversation with an executive recruiter friend who often had difficulty finding a candidates for a board appointments. Organizations would ask for a candidate with decades of industry experience and also search for candidates with diverse backgrounds. In situations where he was able to convince these organizations to offer some wiggle room on expertise, he was able to place promising candidates. Read: Scotiabank looks to employee data to tackle gender diversity “It takes some leadership sometimes . . . to say, ‘Do you really need someone to be a leader for 25 years?’” said Parmenter. “If we can get over some of those, what I call, BS conditions that aren’t really adding to the capability mix, . . . if we can get over ourselves a little bit, [we] can move the meter much faster. Many of our processes and our talent management systems are designed to insert that bias.” Melissa Dickerson, chief financial officer and managing director of operations at Genstar...

Staff | September 5, 2019 Teladoc Inc. is partnering with Johnston Group to roll out its telemedicine services to 30,000 small- and mid-size employers in Canada. The service, which includes around-the-clock access to medical care regardless of location, will be available to all organizations that below to the Chambers of Commerce group insurance plan. Teladoc and Johnston Group are also collaborating to offer Best Doctors medical services, which connects Canadians with medical specialists to answer questions about health conditions. Read: Telemedicine provider Teladoc launches Canadian service “Plan sponsors will see a real-world impact on their business from attracting top talent to reducing the impact of workplace absenteeism,” said Karen Grant, vice-president of global product strategy at Teladoc, in a press release. “This extension of our partnership with Johnston Group is enabling us to help businesses and their employees get the health-care solutions they can count on in their time of need.” Read the full article at BenefitsCanada.com

Financial stress is preventing employees, employers and the economy from reaching their full potential, according to the results of the Canadian Payroll Association‘s annual survey of working Canadians released Sept. 4. The survey found that 43 per cent of workers are so financially stressed that their performance at work is suffering. The association says, “financial stress deducts nearly $16 billion a year in lost productivity from the Canadian economy — and that’s a very conservative estimate.” The impacts in the workplace of financial stress include increased absenteeism, turnover, and benefit claims, as well as decreased job satisfaction. Almost a quarter of the working Canadians surveyed say they spend just under 40  minutes each day distracted by personal financial matters at work, which equates to an 8.1 per cent loss in productivity based on an eight-hour workday. Actively addressing financial wellness “The costs of financial stress on people, their families, businesses and the economy are staggering,” says Peter Tzanetakis, President of the Canadian Payroll Association. “Much like mental health, for Canadian businesses struggling to identify strategic advantages in a very competitive business environment, actively addressing the financial wellness of employees could provide a competitive edge and deliver bottom-line results.” The most...

Employee benefits provider Unum finds that 38% of U.S. adults rate their ability to manage finances as average, poor, or very poor. An additional 40% of respondents say they don’t have or don’t know if they have a life insurance policy to financially protect their loved ones. These findings and more are part of an online poll of 1,000 U.S. adults conducted by Unum in August. These consumer insights coincide with Life Insurance Awareness Month, promoted annually by the nonprofit organization, Life Happens. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190903005062/en/ The same study highlighted additional financial exposure and anxiety, including: 35% say thinking about what would happen to their family should they die unexpectedly was a top cause of anxiety; only going to the dentist (40%) rated higher. If the family’s primary wage-earner were to die unexpectedly, 32% of those in their prime working years (25-64) would feel the financial impact within a month. 34% think they need just one or two times their annual salary in life insurance to financially protect their family. According to life insurance industry group, LIMRA, nearly half of U.S. households are underinsured, with an average coverage gap of $200,000. Additionally,...

Staff | September 4, 2019 The Caisse de dépôt et placement du Québec and Samsung Securities Ltd. are signing a memorandum of understanding for joint investments. The pension fund and the South Korean investment bank have been ramping up their global infrastructure investments, according to a press release. Through the memorandum, the two parties intend to jointly explore further infrastructure investments. Read: Caisse investing in data centre operator, telecom infrastructure “I am pleased to sign this MOU with CDPQ, a leading global institutional investor equipped with solid expertise, abundant experience and extensive networks,” said Seok-hoon Chang, chief executive officer of Samsung Securities. “We look forward to finding various joint investment opportunities with CDPQ for infrastructure assets in a variety of countries across the globe.” Read the full article at BenefitsCanada.com

Staff | September 4, 2019 Mercer is appoints Dr. Andrew Halpert as clinical innovation leader for health in the U.S. and Canada. In the role, Halpert will be responsible for leading Mercer’s clinical consulting offerings and health strategy development. With 30 years of experience in the industry, he was previously the senior director for clinical and network solutions at Collective Health and a senior physician consultant at Willis Towers Watson. Read: Morneau Shepell to acquire some of Mercer’s U.S. health, DB plan administration business “We are thrilled to welcome Andrew to Mercer,” said Jean Moore, specialty and innovation leader, U.S. and Canada, in a press release. “He is one of the most highly regarded and preeminent physicians in our industry. His experience in various health-care consulting leadership roles will be a valuable addition to our team as we help clients strengthen and transform their health benefits and employee well-being programs.” Read the full article at BenefitsCanada.com

Toronto, ON (Sept. 4, 2019) – FCA Insurance Brokers continues to grow and evolve, entering its second century of serving Canadians. After ten years as President of FCA Insurance Brokers, Andrew Osbourne is now stepping back from that post, while still continuing as a shareholder, officer and an integral part of the FCA leadership team. John van Bilsen is similarly passing along the mantle of his Chairmanship, while still fully participating in FCA’s leadership as a shareholder and officer. The Partners of FCA Insurance Brokers are delighted to announce the new appointments of Sean Anderson as Chief Executive Officer and Warren Griffiths as President, effective September 4, 2019. Sean and Warren will work as co-leaders, splitting responsibilities as joint heads of the firm, and moving forward into another generation of independent operation. Continuing FCA’s long and successful tradition of equal partnership, in addition to Andrew, John, Sean and Warren, the shareholders of the firm include Brenda Rose and Donald Anderson. Each of FCA’s 90 professionals understand the importance of dedication, first and foremost, to our customers – dedication enabled only by valued, respectful partnerships held throughout the industry. FCA Insurance Brokers is proudly distinguished as one of Canada’s top truly...

Acquisitions expand Brokerlink’s presence in Ontario Toronto, ON (Sept. 4, 2019) – BrokerLink, one of the largest property and casualty insurance brokerages in Canada, announced today that it has acquired Bradley’s Commercial Insurance Limited and Phil Leon Insurance Brokers Inc., effective September 1, 2019. Terms of the transactions were not disclosed. Based in Stittsville, Ontario, family-owned and operated Bradley’s Insurance has been a cornerstone in the community for over 60 years. As a full-service brokerage, Bradley’s Insurance offers personal auto, home and farm insurance as well as customized commercial insurance services to meet the individual needs of customers. “This is an exciting and momentous move for us,” said Ross Bradley, President of Bradley’s Insurance. “Joining BrokerLink will strengthen the quality of service we provide our customers and we look forward to elevating that experience.” Phil Leon Insurance, a family-owned and operated general insurance brokerage, has served Hamilton and surrounding areas for over 50 years. As a full service broker, Phil Leon Insurance offers personal home, auto, motorcycle and watercraft insurance, as well as commercial property and auto. “We pride ourselves on looking after the insurance needs of our customers so they can enjoy the peace of mind that comes with...

Aviva launches tailored insurance for Canadian companies doing business in Canada and the United States Integrated team offers premium service and prevention-first approach to risk Toronto, ON (Sept. 4, 2019) – Today, Aviva Canada announced the launch of its Global Corporate and Specialty (GCS) team, delivering custom insurance solutions and dedicated service to Canadian large corporate and commercial companies doing business in Canada and the United States. Aviva’s GCS clients will therefore be able to benefit from the global strength and security of Aviva plc. “In today’s insurance market, large corporate and commercial companies often struggle to find innovative and flexible insurance and risk management solutions to meet their unique needs,” says John Mattioli, Executive Director of GCS at Aviva Canada. “GCS provides truly client-centric service by leveraging an integrated team of underwriters, loss control specialists, and dedicated claims professionals who study a business from tip to tail to best understand and address issues before they become claims. This is an underserved market in Canada, and we have created a team that has earned the right to play, and be competitive in this space.” GCS unites five key business operations within Aviva Canada: Corporate Risk, Programs, Specialty Risk, Surety, and...

Alethea Spiridon | September 4, 2019 Financial stress is preventing employees, employers and the economy from reaching full potential, according to a survey by the Canadian Payroll Association. The survey found 43 per cent of workers are so financially stressed their performance at work is suffering. It noted the costs of increased absenteeism, turnover and benefits claims, as well as decreased job satisfaction and morale, also need to be taken into account. “Forty-three per cent of our survey respondents have stated they’re so stressed that their work performance is suffering, and the stress is based on financial stress . . . based on rising costs of living — this could be housing, looming interest rates and the possibility of them increasing,” says Sherisse Mason, treasurer of the board of directors at the Canadian Payroll Association. Read: Mental and emotional health spilling over to financial stress: study About a quarter of survey respondents said they’re experiencing this stress, adds Mason. “Canadians spend just under 40 minutes each day distracted by their personal financial matters at work. And then that equates to about $16 billion a year in lost productivity.” Another piece of research commissioned by the Canadian Payroll Association this year found financial stress is the No.1 source of stress for...