Insurable Interest Canadian Insurance Blog

You have all the plans defined for starting your new business. The only thing that remains is to secure the money needed to launch the business and get you through that first year of operation. This is where you want to look closely at which lender would provide a loan that benefits the business on more than one level. As you begin to check out loans from Mogo and other worthy lenders, keep these qualities in mind. A Solid Reputation Doing some background checking on any lender under consideration is a smart move. As impressive as their loan packages may seem to be, they are less than worthless if the lender is known to not live up to what is promised. Look past the promises and find out how well the lender does at fulfilling them. If the information you learn indicates there are consistent challenges that the lender brushes off or downplays, take that as sign to look for financing elsewhere. Terms and Conditions That Are Easy to Understand Loan terms and conditions do include terminology that must be present in order to comply with current financial regulations. Even so, those terms and conditions don’t have to be overly...

Staff | August 7, 2019 The Ontario Teachers’ Pension Plan and Australian superannuation fund AustralianSuper are investing up to US$1 billion each in the National Investment and Infrastructure Fund of India’s master fund. The agreement includes US$250 million from each pension fund, as well as investment rights of up to US$750 million each for ongoing opportunities alongside the master fund. In addition, the two parties will become shareholders in the NIIF’s investment management company, National Investment and Infrastructure Fund Ltd. With these new commitments, the NIIF master fund’s co-investment pool totals US$2.5 billion. It invests in India’s core infrastructure sectors, focusing on transportation, energy and urban infrastructure. Read: India a hot destination for pension fund dollars “NIIF’s investment strategy aligns with the long-term and partner-oriented investing approach we have successfully used in other regions,” said Dale Burgess, senior managing director of infrastructure and natural resources at the Ontario Teachers’, in a press release. In another investment, alongside TPG Capital Asia and TPG Growth, the Ontario Teachers’ is acquiring up to a 35 per cent stake in Dream Cruises, one of three global cruise brands operated by Genting Hong Kong. The 35 per cent stake is valued at about US$489 million, making Dream Cruises’ total equity value more than US$1.39 billion. “The...

An online health hub has set out to bring individual wellbeing and financial wellness together in a holistic package that’s easily accessible for advisors, agents and clients. Mike Kennedy, managing director of Health Portfolio, believes client health is too often overlooked and that life and health professionals, as well as financial planners, should be doing all they can to help people get and stay healthy. The monthly subscription service is designed to add to an advisor’s armoury when it comes to adding value and mitigating risk. It offers a virtual clinic for those who don’t have time to go to a walk-in or don’t want to sit for two hours waiting for access to a health professional. Instead, they can access medical care through the hub, which also provides access to prescription information, counsellors for mental health, help with lifestyle changes, diet and exercise, and information helping you prepare for a diagnostic test. It also helps people find resources in their community for aging parents or for childcare. He told WP: “My background is on the health side and one of things I’ve been working on is the role that prevention and risk management have in safeguarding against loss and...

Even though life insurance plays a critical role in financial planning, there’s a huge shortage in coverage among households. Figures from LIMRA estimate that 48% of households in the US have an average life insurance gap of US$200,000, translating to a market need of over US$12 trillion. Covering that deficit will require a major adaptive shift in the industry. And according to one piece published by InsuranceNewsNet magazine, that would involve addressing people’s technological needs and preferences. “Consumers increasingly expect immediate and personalized service experiences based on their interactions with ‘born-digital’ companies such as Amazon,” wrote Mike Burns, senior vice president of life solutions for Lincoln Financial Group. Burns suggested that advisors can use mobile tools to provide clients with self-service underwriting quotes, and provide online channels where they can submit their applications. Policies can be delivered digitally, and documents can be electronically signed. “These digitally-enabled processes eliminate the administrative hassles of postage and paperwork, reduce ‘not-in good-order’ submissions and speed up the process of securing coverage,” he stressed. Delving further into underwriting, Burns argued that automated systems can be used to process and verify application information and make underwriting decisions. The healthiest individuals could also enjoy simplified underwriting without...

Innovative Medicines Canada (IMC) is asking the government to respond immediately to US plans to import drugs from the country, warning that “reliance on reactive measures after shortages occur may pose a risk to Canadian patients.” As reported by Reuters, the industry group prepared its talking points for staff and member companies last month, before the Trump administration announced it would allow pilot programs by US states and other entities to import cheap drugs from Canada as a means to contain drug costs. In one early draft of its talking points prepared in May, IMC called for Canada to prohibit bulk exports of drugs by wholesalers in Canada, adding that “there should be strict and significant penalties” for such activities particularly where they are “prohibited by law.” In a more recent statement, IMC said that an export ban “is not part of our current positioning shared with our members,” though it said the government “has tools that could be used to prevent shortages.” IMC’s membership, Reuters noted, includes major drug companies based in the United States and abroad whose profits could be hit by large-scale shipments of cheap medication from Canada. “Our government’s priority is ensuring that all Canadians can...

The Board of Directors of CI Financial Corp. announced Aug. 6 the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective Sept. 1.  Previously, MacAlpine served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management. He also previously worked as Leader of the North American Asset Management Practice for McKinsey & Company. At CI, he is replacing Peter Anderson, who announced in April 2019 that he would retire as CEO no later than mid-2020. Anderson has committed to remaining at CI in the short term to assist with the transition of responsibilities.   “Kurt brings to CI a powerful combination of strategic thinking, innovation, and operational experience across diverse aspects of the wealth and asset management business, both in North America and globally,” said David Miller, Director of CI and Chairman of the Board’s Governance, Human Resources, and Compensation Committee. MacAlpine holds a bachelor of commerce degree from Saint Mary’s University in Halifax, Nova Scotia, and an MBA from Queen’s University in Kingston, Ontario. Read the original article at insurance-journal.ca

Foresters announces sale of $12 billion mutual funds business to turn its focus toward life insurance Exton, PA (July 29, 2019) – iPipeline®, a leading provider of cloud-based software solutions for the life insurance and financial services industry today announced that Foresters Financial™, a socially responsible provider of financial services to middle-market families, has selected iGO® e-App to automate the selling experience for Canadian independent advisors and their customers. iGO e-App, the most widely deployed wizard-based e-App in North America, is used daily by over 1,350 distributors and financial institutions, and hundreds of thousands of agents and advisors in the U.S. Canadian advisors will be able to simplify and streamline sales by accessing the e-App via Foresters’ and Canadian MGA’s websites. iPipeline’s SSG Digital™ core platform is designed to enable the life insurance and financial services industry to automate and simplify all new business, administration, and in-force management tasks to achieve desirable business outcomes. “Foresters has long been an advocate of iPipeline’s iGO e-App, having put our product to work in the U.S. marketplace with independent agents.The decision to bring our e-App to Canadian MGAs and advisors underscores their commitment as an industry leader to bring innovation and progressive change...

“Still, we must do better.” – Hon. Joe Hargrave Regina, SK (Aug. 2, 2019) – The number of people hurt or killed in traffic collisions on Saskatchewan roads continues to trend downwards, with substantially lower numbers in 2018 than the previous 10-year average. Preliminary data for 2018 from SGI indicates there were 4,220 people injured and 129 people killed due to vehicle collisions on public roads in Saskatchewan. This represents a 34 per cent drop in injuries and a nine per cent drop in deaths, compared to the yearly averages from 2008-2017 (injuries: 6,353; deaths: 142). Another positive sign: there were fewer total casualties in 2018 across each of the “Big Four” categories – impairment, distraction/inattention, speeding/aggression, and improper occupant restraint (i.e. seatbelts, car seats and booster seats), compared to the 10-year average. See the attached infographics for more information. “As a province, we are steadily making progress, and I want to thank the people of Saskatchewan who decide to drive sober, avoid distractions, obey speed limits and buckle up,” said Minister Responsible for SGI Joe Hargrave. “Still, we must do better. These are not simply numbers on a spreadsheet – these are human beings. Vehicle collisions injure and kill...

GlobeNewswire TAMPA, Fla., Aug. 06, 2019 (GLOBE NEWSWIRE) — Health Insurance Innovations, Inc. (NASDAQ: HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, today announced the launch of www.agilelifeinsurance.com, a new on-line marketplace where consumers can easily compare and purchase an array of affordable life insurance products. Agilelifeinsurance.com is built on the success of AgileHealthinsurance.com, the online health insurance marketplace operated by HealthPocket, an HIIQ company. “With Agilelifeinsurance.com, we’ve created a much needed direct-to-consumer marketplace for life insurance that makes it easy for people to find the right life insurance products and clearly understand the benefits these plans offer – providing peace of mind right at their fingertips,” said Gavin Southwell, Chief Executive Officer and President of HIIQ.  “We have already seen considerable growth of our online health insurance marketplace, and this effort builds on that success to accelerate our penetration into the life insurance sector and further diversify our business.” Agilelifeinsurance.com will offer term life insurance policies as well as accidental death and dismemberment policies with rates beginning as low as $29.00 per month.  The guaranteed issue term life and accidental death and dismemberment benefits will be available in the following...

Life and health insurance by The IJ Staff Aug. 5, 2019 05:00 a.m. Read the original article at insurance-journal.ca