Insurable Interest Canadian Insurance Blog

Risk assessments can now be efficient, comprehensive, and scalable Nashville, TN (Aug. 29, 2019) – WaveFire, LLC, has announced the launch of a cross-industry innovative platform empowering risk management for cybersecurity, compliance and audit, supporting multiple regulatory frameworks. Early-access Fortune 500 retail and healthcare clients report significant reduction in the burden of risk assessment by leveraging the WaveFire platform and validate that the technology facilitates comprehensive and efficient assessments. The founders designed the WaveFire platform, drawing upon deep compliance, audit, and security consulting and software as a service (SaaS) development experience. They have consulted with clients nationwide on risk assessments and have built an intuitive platform for organizations to assess, manage, and remediate risks across the entire enterprise for multiple frameworks. WaveFire founder, Damon Work, says, “Our multi-location clients were challenged to assess risks, measure compliance, and prepare for audits. We designed a platform that has helped our clients transform their assessment processes from many months to a few weeks.” The WaveFire platform facilitates a quick configuration of questions and fast implementation. Technology lead and founder, Tim Wickstrom, explains further, “The WaveFire platform allows our users to easily disseminate relevant questions to the right control owners, who can apply the...

Toronto, ON (Aug. 29, 2019) – Apollo Insurance Solutions Ltd. is pleased to announce that through partnership with Trisura Guarantee Insurance Company, it now offers the Professional Liability package for private investigators through the Apollo Exchange. Like all products featured on the Exchange, brokers can quote, bind, and issue policy documents for their private investigator clients online and in real-time. This is a multi-line package, which includes Professional Liability, General Liability, Contents & Assets, and Legal Phone Line coverage. Apollo partnered with Trisura to offer many small business packages that brokers are able to purchase on behalf of their clients directly from the Exchange. The entire process, from quoting, binding coverage, and issuing policy documents is immediate,  completely online, and paper free. Some of the other many industry classes that are available include: Accountants Consultants Yoga Instructors Nonprofits Health and Fitness Professionals Barbers and Hair Stylists “Apollo’s mission to empower the broker channel is realized through partnerships like this one with Trisura,” says Apollo CEO Jeff McCann. “With the addition of this industry class, our broker users can spend less time on paperwork and more time building relationships.” Trisura is one of several carriers that offer their products on the...

Mileage-based insurance option now offered to Porsche drivers in Illinois and Oregon Atlanta, GA (Aug. 29, 2019) – Porsche is expanding its “Porsche Passport” vehicle subscription model and “Porsche Drive” premium car rental service. Following the launch in Atlanta, these services will be offered in four new cities from September 2019: Las Vegas, Phoenix, San Diego and Toronto. The pilot project in Atlanta, which has been run by Porsche Cars North America (PCNA) since the end of 2017, will be taken over by the two dealers in Atlanta from now on. “Why is Porsche creating new mobility models? Because consumers increasingly want more flexibility, more individual choice, and to have this on their mobile devices. We want these consumers to have the same superb level of Porsche experience that we provide for our customers who buy or lease,” says Klaus Zellmer, President and CEO of PCNA. Unlimited flips between vehicles and flexible usage periods With “Porsche Passport”, customers can change their vehicle as required using an app, with up to 20 models to choose from. Clutch Technologies LLC was already involved in the pilot project and will continue to manage the technology platform of the programme. Going forward, Porsche dealers...

Launch of QBE Business Resource Edge New York, NY (Aug. 29, 2019) – Creating a safe and supportive workplace that minimizes the risk of harassment, discrimination, and other potential employment practices violations is critical for top executives and their HR departments. To help employers better navigate this risk and stay ahead of continuously changing employment laws, QBE North America, an Integrated Specialist Insurer, has introduced a new and complimentary service, QBE Business Resource Edge, as part of its Employment Practices Liability (EPL) insurance offering. John Burkhart, SVP, Head of Professional Lines and Industry Verticals at QBE North America, observed, “Employers are facing continuously changing employment laws and work environment trends. Staying on top of them can be difficult. QBE believes the best outcome for all parties is when companies create the optimal workplace and avoid employment practices issues that could turn into a claim. The unlimited and complimentary advice of QBE Business Resource Edge, along with its many other benefits, is an innovative step towards that goal. It’s just one of the many ways we anticipate our customers’ needs and develop new solutions to better manage their risks from end to end as an integrated specialist insurer.” QBE Business Resource...

Seamless mobile app experience provides proactive and preventative home maintenance solution to make home maintenance effortless San Francisco, CA (Aug. 27, 2019) — Swyfft, an insurance service provider that uses artificial intelligence to save customers and agents time and money, has announced it is partnering with Sheltr, the subscription app that helps homeowners proactively care for their homes to catch and mitigate issues before they become costly repairs. This partnership will provide select Swyfft customers in the Bay Area and Houston markets with Comprehensive Home Care which includes bi-annual home maintenance check-ups and the ability to book home maintenance services on-demand through Sheltr’s app. There are 79 million owner-occupied homes in the U.S. and 22 million of those homeowners experience an unanticipated home repair each year. Thus, modern insurance carriers such as Swyfft realize the value in moving beyond traditional models and are offering customers value-add, risk-mitigating services like preventative home maintenance. “Today’s consumers expect high-quality services to be delivered at the touch of a button. This includes homeowners buying insurance and agents selling it. But the Swyfft experience is more than fast quoting,” said Sean Maher, CEO of Swyfft. “It’s about relationships and providing unique services that benefit our...

Staff | August 30, 2019 Canadian public companies are increasing the discount rates they use for their defined benefit pension plans, according to a new survey by Morneau Shepell Ltd. The survey of 90 Canadian public companies found the median discount rate — the interest rate the pension plan uses to determine the current value of its anticipated future benefits — was 3.8 per cent as of Dec. 31, 2018, compared to 3.5 per cent the previous year. It also found 99 per cent of respondents had increased their discount rate in 2018.  Roughly 87 per cent of surveyed companies used a discount rate that fell between 3.5 and four per cent in December 2018, compared to the end of the previous year, when 83 per cent of companies’ discount rates were between 3.25 and 3.5 per cent. Read: Discount rates used by public pensions too high: report The surveyed companies had a 95 per cent overall ratio of pension assets to DB obligations for accounting purposes, with 20 per cent of respondents 100 per cent funded or higher, 34 per cent between 90 and 99.99 per cent, 33 per cent between 80 and 89.99 per cent and just 13 per cent with a funded status between 79.99...

Business Wire Life insurance sales are stagnant, but profits are still being made. Although 28 percent of employed1 Americans have voluntary group life insurance through their employer, 59% of workers who say they don’t because their employer doesn’t offer it say they would be likely to purchase it if it was an option. That’s according to a survey conducted online by The Harris Poll on behalf of OneAmerica® of over 1,000 U.S. adults 18 years or older who are employed full- or part-time2 that illustrated why this foundational employee benefit is coveted — to protect themselves and their loved ones from future financial hardship. It is the second year in a row respondents have stated they see group life insurance as a valuable worksite benefit because it is often unavailable to them to purchase individually3. Those who have it say it increasingly gives them the “peace of mind” that they are after (44% in 2018 vs 53% in 2019) to survive should a tragedy happen. “September is Life Insurance Awareness Month, and the information gathered by The Harris Poll provides further proof of the strong desire for employed Americans to have access to solutions to protect the financial future of...

Staff | August 30, 2019 The Caisse de dépôt et placement du Québec, alongside Brookfield Business Partners and its institutional partners, is co-investing in the acquisition of Healthscope Ltd., a private hospital operator in Australia and a pathology services provider in New Zealand. The Caisse will invest more than A$300 million and will hold a significant minority stake in Healthscope. Read: Caisse rounds out 2018 with 4.2% return The organization provides a range of multi-disciplinary health-care services, including acute care, rehabilitation and mental-health care across 43 private hospitals in Australia. It also operates 24 pathology laboratories across New Zealand. “We are delighted to support Healthscope, a world-class health-care provider, in expanding its clinical care offering,” said Stephane Etroy, executive vice-president and head of private equity at the Caisse, in a press release. “This is an opportunity for CDPQ to invest in the Australian health-care sector and support a company that provides essential services to the benefit of the communities.” Read the full article at BenefitsCanada.com

eMoney’ s Foundational Planning feature is getting a new module, according to an announcement by Fidelity’ s financial planning software company. Called Life Insurance Gap Analysis, the feature is intended to illustrate client insurance needs through either a modular approach or as part of a broader financial plan. “With a planning-led approach, advisors are… This article is available to INNsider Pro subscribers only. Sign in or register to be an INNsider Pro and access all locked articles. Read the original article at insurancenewsnet.com

The Canadian Press | August 29, 2019 The Ontario Teachers’ Pension Plan is partnering with Google parent company Alphabet Inc. and affiliate Sidewalk Labs to launch a new company that invests in North American infrastructure. The spin-out of Sidewalk Labs called Sidewalk Infrastructure Partners, plans to hold, operate and invest in advanced infrastructure for the digital age. “We will bring our infrastructure and investment expertise to the table, while leveraging our partners’ world-leading capabilities in technology, to enable sustainable, intelligent and efficient physical infrastructure,” said Olivia Steedman, senior managing director of the Teachers’ Innovation Platform, in a statement.  Read: Ontario Teachers’ launches venture capital investment platform The new company will focus on five areas including advanced mobility, energy, water and waste, digital infrastructure and social infrastructure. The infrastructure could include technology-enabled systems for stormwater management, neighbourhood-scale heating and cooling, advanced traffic controls and other initiatives like the ones that Sidewalk Labs hopes to deploy at the Quayside on Toronto’s waterfront. “Sidewalk Infrastructure will give cities an opportunity to deploy next-generation infrastructure,” said Dan Doctoroff, chief executive officer of Sidewalk Labs, in a statement. Read: Global investors turn to infrastructure, real estate as interest rates normalize: report Read the full article at BenefitsCanada.com