Insurable Interest Canadian Insurance Blog

While 54 per cent of Canadians have considered a career change in the past twelve months, close to half (46 per cent) say a lack of financial preparedness is a barrier to making such a move, according to the results of a new survey released Aug. 12 by Edward Jones. The survey data revealed that those least likely to feel financially prepared to make a career change include Canadians ages 18-34 (52 per cent) and 35-44 (51 per cent); women (54 per cent compared to 44 per cent of men) and individuals earning under $40K. An advisor can help “Career changes can mean taking a significant step towards finding personal fulfillment, but it’s a transition that should be thoughtfully planned,” said Patrick French, principal of solutions-based strategy and tools with Edward Jones. “Taking a career turn without having a solid financial foundation in place could put one’s long-term plans at risk. A trusted financial advisor can help you develop a personalized financial strategy which best positions you to achieve your career goals, while also considering personal and long-term family responsibilities during this life transition.” Younger Canadians were most likely to consider a career change with 68 per cent of those...

PR Newswire Life insurance sales are stagnant, but profits are still being made. The life insurance industry continues to struggle to increase policy counts, however, improving retention and deepening customer relationships can help reverse this trend along with new sales growth, according to a new study by Conning. “Life-Annuity insurers have the basic building blocks to develop omnichannel marketing and distribution capabilities, but it is still a work in progress,” said Scott Hawkins, a Director, Insurance Research at Conning. “Fully developing omnichannel strategies requires further integration across platforms, investing in data analytics, and identifying opportunities to deepen the relationship with their customers.” The Conning study, “Life-Annuity Distribution & Marketing Annual: Moving Towards Omnichannel” analyzes individual life and annuity sales trends by channel and product. Further, it explores the digitization of life industry marketing and distribution, insurer advertising spends, and the challenges facing the sector, such as regulation and expense pressures. “Facing negative in-force policy counts and declining individual life sales, insurers will need to continue to invest in distribution channels,” said Steve Webersen, Head of Insurance Research at Conning. “We found that certain channels are doing a better job in limiting lapses and reinstating policies. However, as the insurance buying...

Plano, TX (July 22, 2019) – NTT DATA, a leading global IT services provider, has announced the company has joined the Cloud Native Computing Foundation (CNCF). As a Silver Member, NTT DATA is positioned to more effectively support clients’ digital transformation and modernization efforts using the latest trends in cloud native technology. CNCF, which was founded in 2015, is a non-profit member organization of the Linux Foundation that promotes cloud native computing and has more than 300 member companies, including leading public cloud operators. Through the development of open source projects, CNCF provides vendor-neutral cloud technology support, such as Envoy, which is a proxy software developed and donated to the CNCF. “The Cloud Native Computing Foundation will allow us to develop new capabilities and contribute to the diffusion of cloud native computing while strengthening our cloud strategy and business,” said Masatoshi Hiraoka, Head of Digital Technology and Engineering Department, NTT DATA. “We have an aggressive goal to increase cloud sales by 100 billion yen ($922 million USD) over the next three years, and our membership will further increase our ability to deliver solutions that have a positive impact for our clients.” NTT DATA helps clients accelerate their digital business by...

Martha Porado  | August 12, 2019 Two organizations representing Canadian pensioners are asking the British Columbia government to reject the recommendations of a recent report by the Ministry of Finance that suggests lowering required pension solvency funding from 100 per cent to 85 per cent. “We actually disagreed with the very objective of the report,” says Marissa Lennox, spokesperson for CARP, formerly the Canadian Association of Retired Persons. “We felt it was flawed.” In October 2018, the provincial government launched a review, which was aimed at reforming the province’s solvency funding rules in an effort to encourage private sector companies to continue to offer defined benefit pension plans. In suggesting the funding rules should be more relaxed, the report is potentially endangering the heath of current plans, says Lennox. Read: B.C. launches consultation on new options for pension solvency funding “CARP’s position has always been, rather than watering down the rules in the hope of reversing the decline of these pension plans, why don’t we just protect and support the pension plans that are already in existence? Basically, the government talks about how defined benefit pension plans are an important part of the retirement system, and we agree. We fundamentally agree on that point, provided the funding...

Knowledge First Financial, an RESP company, has awarded scholarships to 11 students pursuing graduate studies. The combined worth of the scholarships for 2019 is $120,000. The scholarships are awarded to students who have excelled in academics and in their community through volunteerism or athletics. “Each application we receive is a source of inspiration for the work Knowledge First Financial does, and we review each one with care,” said George Hopkinson, President and CEO, Knowledge First Financial. “These individuals, selected from nearly 500 applicants this year, help reaffirm our commitment to inspiring students to achieve their education dreams through savings and through scholarships. Congratulations to each recipient of this year’s awards.” The following students received scholarships for 2019: Roxana Militaru $25,000 Doctor of Dental Surgery, Schulich School of Medicine & Dentistry, University of Western Ontario Jacob Bennett $15,000 Juris Doctor – Common Law, York University Laurie Chartrand $10,000 Master in Development Studies, Graduate Institute of International and Development Studies Lina Elfaki $10,000 Doctor of Medicine, University of Toronto Andy Le $10,000 FRCCPC, Physical Medicine and Rehabilitation, University of Alberta Colter Long $5,000 Master of Education, Counselling & Psychology University of British Columbia Na’Shantéa Miller $10,000 Master of Public Policy, Harvard University...

Sun Life Global Investments (Canada) announced on Aug. 8 the appointment of Jordy Chilcott to President, Sun Life Global Investments and Senior Vice-President, Investment Solutions. Chilcott joined Sun Life Global Investments (SLGI) in 2017 as Head of Investment Distribution and has overseen the development and strategic growth of its distribution team. “Jordy has been integral to SLGI’s success since he joined Sun Life,” says Jacques Goulet, President, Sun Life Canada. “His breadth of experience, Client-centric approach and track record of leading high-performing teams make him a great fit to lead the business.” Before joining Sun Life, Chilcott served as Senior Vice-President of Global Asset Management, Scotiabank, and President and Chief Executive Officer, Dynamic Funds. Previously, he held a number of senior leadership roles at Dynamic Funds, Standard Life Mutual Funds and Investors Group. He began his career as a securities trader. “I’ve always believed that the asset management business is, at its core, a people business,” says Chilcott. “It’s about combining sound investment principles with the power of timely, relevant advice that our clients can benefit from. I’m very excited to be leading SLGI as we help Canadians pursue their financial goals.” Read the original article at insurance-journal.ca

The federal government announced on Aug. 9 the final amendments to the Patented Medicines Regulations. These amendments will give the Patented Medicine Prices Review Board (PMPRB) the tools to protect Canadians from excessive prices and lay the foundation for national pharmacare, says an announcement from Health Canada. “Firstly, these amendments will change the ‘basket’ of countries we compare ourselves to when setting drug prices, so that prices here are judged against countries that actually look like Canada in terms of population, economy and approach to health care,” says the statement. Second, the changes will give the PMPRB the actual market price of medicines in Canada instead of an inflated list or “sticker” price. This will allow for a more accurate assessment of whether a price is reasonable when setting a price ceiling, explains Health Canada. In addition, the changes will enable the PMPRB to consider whether the price of a drug actually reflects the value it has for patients. “Today, we take the biggest step to lower drug prices in a generation. Building on the progress we’ve already made towards lower drug prices, these bold reforms will both make prescription drugs more affordable and accessible for all Canadians—saving them an estimated $13 billion dollars in the...

Pluto excited for smart, instant flight delay support delivered in partnership with Blink London, UK (Aug. 8, 2019) – UK InsurTech Pluto, the travel insurance startup backed by the recent winner of the ‘British Airways – Future of Flying’ award, Zurich, has teamed up with Blink to provide flight delay cover to its customers, instantly helping them get access to an airport lounge or a cash payout when they need it most. Pluto allows customers to build and manage their own policies and even claim from their mobile device. With its headline ‘Travel cover for the travel lover’, Pluto aims to reduce the number of millennials who put themselves under unnecessary risk when travelling without cover, which applies to around 40% of this audience. Blink, acquired by CPPGroup Plc in 2017, is quickly becoming one of the most innovative and successful providers of flight disruption solutions to insurers across the globe. It offers customers a proactive real-time insurance service that meets the speed and convenience that modern customers demand through notifying travellers instantly if a flight is delayed. Real-time event notification allows for real-time problem resolution. Blink can offer clients options such as a cash payment or access to an...

Toronto, ON (Aug. 9, 2019) – Earlier today, the Government of Canada announced changes to the Patented Medicine Price Review Board.[1] These changes should significantly reduce the cost of new medicines in Canada. Life and health insurers play a vital role by providing more than 25 million Canadians with access to a wide range of prescription drugs and other health supports through extended health care plans. Manulife has been working with government and health care stakeholders to promote solutions that lower the cost of medicines and extend prescription drug coverage to all Canadians through a wide range of benefit plans. “Manulife strongly supports measures to reduce the cost of medications,” said Donna Carbell, Head of Group Benefits, Manulife Canada. “Today’s announcement is an important one because it will help employers continue to provide comprehensive drug coverage to employees and their families.” Manulife is proud to work with more than 21,000 employers to deliver workplace health benefits including prescription drug coverage, dental and other health coverage to 5 million Canadians. Our plans are designed to help keep Canadian workers and their families healthy resulting in healthier workplaces for employees. Notes 1. See below (backgrounder): Government of Canada Announces Changes to Lower...

Toronto, ON (Aug. 8, 2019) – Successive weather events marked the first half of 2019, pushing claims up significantly for P&C insurers, with total compensation of $292 million paid out* in Quebec, up 165% from the same period last year. While the spring floods in Quebec cost $127 million, episodes of torrential rains, strong winds and floods between January and March totalled $165 million. Dealing with higher claims The number of weather-related claims was up 63% from the first half of 2018. To respond to demand created by this unusual volume, some insurers had recourse to an exceptional measure authorized by Autorité des marchés financiers (AMF) that allowed out-of-province or retired claims adjusters to help out Quebec insurers under certain conditions. Adapting and preventing “Extreme weather events are becoming increasingly frequent as a result of climate change and the insurance industry is mobilizing to deal with this. Insurance Bureau of Canada is continuing its information and prevention campaigns to help citizens better understand the risks, so that they can manage them more effectively,” said Pierre Babinsky, Director, Communications and Public Affairs for Quebec, at Insurance Bureau of Canada. Advice Validate your insurance policy to check that the coverage offered corresponds...