Insurable Interest Canadian Insurance Blog

Half of high income Canadians are not as wealthy as they expected to be at this stage of their life, according to an Ipsos survey sponsored by RBC Wealth Management. “Regardless of income, many Canadians find themselves behind on their wealth goals as many of the traditional ways we build wealth have changed over the generations,” says Tony Maiorino, Head, RBC Wealth Management Services. “With the added backdrop of market uncertainty, clients are voicing their concerns and looking for support using non-traditional methods of meeting their wealth goals.” Rising cost of living Three quarters of respondents say building wealth is more difficult than in previous generations, with respondents in Ontario and Alberta most likely to agree (81 and 80 per cent respectively) and those in Quebec (66 per cent) least likely to agree. Most respondents attributed this to the rising cost of living (60 per cent) and unexpected expenses (51 per cent).  Despite not being as wealthy as they’d expected, most respondents say they believe they will meet their goal before retirement. Value expertise However, almost 8 in 10 respondents say they find it challenging to know both which information to trust and to stay on top of what’s happening...

Willis Towers Watson Quarterly InsurTech Briefing London, UK (July 25, 2019) – InsurTech investment worldwide continued at high levels during the second quarter of 2019, marking the fourth consecutive quarter during which total new funding commitments exceeded $1.2 billion, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, a leading global advisory, broking and solutions company. 69 deals with a total value of $1.41 billion were announced in Q2, 2019. The value of investments in property/casualty-focussed firms rose by 283% compared to Q2, 2018, and Life & Health deals by 259%. The number of strategic investments by (re)insurers hit a record high of 36. The continued predominance of later-stage, typically larger investments, pushed down overall transaction volume by more than a fifth, as the number of early-stage investments dipped to its lowest point since Q3, 2017, indicating increased maturity in the InsurTech sector. Seed and Series A funding into Global InsurTech start-ups attracted $147 million in Q2. Of that total, 59% of target ventures focussed on insurance distribution; separately 54% was invested in insurTechs from outside the US or UK.” Dr Andrew Johnston, Global Head of InsurTech at Willis Re, says: “Technology as a strategic vertical is now...

Toronto, ON (July 26, 2019) – We are all individuals, with our own unique characteristics. And with very few exceptions, each of us is also a member of several groups. What is a group? In terms of categorizing human beings, it is “a number of people who are classified together on the basis of certain shared characteristics; each of a number of categories or divisions of people within a larger set or population,” according to the Oxford English Dictionary. Even the more rudimentary meaning – as when we refer to “the group standing in the hall” – is defined as “a number of people positioned close together so as to form a collective unity” (emphasis added). Individually, one might be a member of a residential or community group, one of the employees of a company, a student or alumnus of a college or university. By trade or occupation, we could be a member of a union or of any number of professional groups. You could already be a member of several groups. In fact, you almost certainly are. Members of a group share at least one common characteristic – networking, skills enhancement, interests, etc. Members can also share in any...

Staff | July 26, 2019 Franklin Templeton Investments Corp. is appointing Alan Bartlett as chief investment officer of its global equity group. When he begins the new role in October, Bartlett will replace Norm Boersma, the group’s CIO since 2012, who’ll retire in the fall. Previously, Bartlett was a founding member and chief executive officer of Goodhart Partners. He was also CIO of the institutional multi-manager team at WestLB Mellon Asset Management where he led a buyout of his team to form Goodhart. Other roles include director of research at MM Asset Management Inc. Read: Franklin Templeton expands lineup of target-date funds In addition, Peter Sartori is also joining Franklin Templeton’s global equity group in October as executive vice-president and portfolio manager. He previously headed up the Asian equity team at Nikko AM Asia Ltd.  “I am very excited to have Alan and Peter, both seasoned investment professionals, joining our team, as we continue to evolve the business to deliver the best results for our clients,” said Sandy Nairn, chairman of the global equity group, in a press release. Read the full article at BenefitsCanada.com

Medical Confidence provides insurers with services to help their clients navigate the healthcare system. The company says this assistance enables patients to access care in a much shorter time than the Canadian average, and therefore reduces the duration of disability periods. Angela Johnson, Founder and President of Medical Confidence, told Insurance Journal that “by improving the process and providing oversight, we reduce the wait time on average 74 days to first appointment and 235 days to treatment across all medical conditions across Canada.” She says that with respect to disability cases, the service helps to reduce claims duration by six months on average. Frustrated and disappointed in the endless number of government pilot projects, studies and many failed attempts to address the wait times in healthcare, Johnson founded Medical Confidence in 2009. “At that time, I decided that effective change was not going to come from within the system, but rather from the users of the system. In 2019, it looks like this has proven to be right,” she said. Individual and group insurance Johnson said Medical Confidence provides its services to RBC Insurance, Sun Life and Manulife among others. Sun Life and Manulife use their services for group insurance,...

Valley News (West Lebanon, NH) The Associated Press MEMPHIS, Tenn. — The ex-wife of slain former NBA player Lorenzen Wright pleaded guilty Thursday to facilitation of first-degree murder in his shooting death nine years ago, a surprise development in one of Memphis, Tennessee’s biggest murder cases. Sherra Wright also pleaded guilty to facilitation of a criminal attempt to commit first-degree murder in a hearing in Shelby County Criminal Court. Judge Lee Coffee sentenced her to 30 years in prison. Coffee said Sherra Wright would be eligible for parole once she served 30% of her sentence, which would be around nine years. Sherra Wright had been scheduled to face a jury in a September trial on first-degree murder charges in the death of her ex-husband. His body was found riddled with gunshot wounds in a swampy field in suburban Memphis in July 2010. He had been missing for 10 days before his body was found. The nine-year anniversary of the discovery of Wright’s body is Sunday. During the hearing, Sherra Wright answered questions from the judge in a soft voice. She said she has been taking medication for anxiety and depression. She had faced a life sentence if convicted at trial....

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — The personal lines segment of the insurance industry is quite active today, with many initiatives and projects underway across the value chain. For many, the objective goes beyond incremental improvements to positioning the company for fundamental transformation. The many projects planned or in progress fall into three categories: Digital Enablement, Core Transformation, and Data/Analytics. A newly published SMA research report, Foundational Technologies in Personal Lines Insurance, details the projects and initiatives underway in 2019 and beyond. One of the major challenges we observe in personal lines is the struggle to balance the need to establish a modern, competitive foundation with incorporating new technologies to position for the future. Most insurers have very long lists of projects for things like enhancing portals; replacing or upgrading policy, billing, or claim systems; modernizing business intelligence solutions; and more. These are the types of projects that SMA terms “Foundational,” precisely because modern solutions in these areas are table stakes for success today. Incorporating innovative solutions from InsurTechs and incumbent tech providers that leverage machine learning, the IoT, wearables, virtual payment technologies, and more are highly desirable but difficult to build into operational plans....

Staff | July 25, 2019 Mercer Canada has appointed Myriam Bélanger as a principal advisor on its health team. Based in the organization’s Montreal office, she’ll be responsible for managing group benefits plans of various sizes and structure. With more than 10 years of experience managing group plans, Bélanger previously held various roles at Montreal-based financial services firms. Read: Mercer, Wealthsimple launch online savings, investment tool “Group insurance plans are changing. Whether it’s the plans themselves, the delivery model, or evolving digital alternatives, the future of employee benefits is looking drastically different,” said Éric Nauss, Quebec health leader at Mercer Canada. “Myriam’s passion for and knowledge of the benefits market will certainly be an asset to our team as we look to provide support in all aspects of the well-being of our clients’ employees.” Read the full article at BenefitsCanada.com

The Mutual Fund Dealers Association of Canada (MFDA) announced July 24 that Prabhdyal Singh Rai has been permanently banned and fined $80,000 plus costs of $7,500 for misconduct. An MFDA hearing panel found that Rai submitted a line of credit application on his own behalf which contained false information and fabricated supporting documents. He also failed to cooperate with MFDA staff during an investigation into his conduct, says the regulator. During the time of the misconduct, he conducted business in the Toronto, Ontario area. To learn more, a copy of the Decision and Reasons is available on the MFDA website. Read the original article at insurance-journal.ca

Business Wire Kuvare US Holdings, Inc. announced today that its affiliate, Guaranty Income Life Insurance Company, has entered into a definitive agreement to acquire Lincoln Benefit Life Company and its affiliates, all subsidiaries of RL LP. The transaction, which Kuvare expects to close by year-end, is subject only to customary closing conditions, including regulatory approval by the Nebraska Department of Insurance, the domiciliary regulator of LBL. Kuvare Chief Executive Officer, Dhiren Jhaveri, commented on the transaction, “Kuvare looks forward to LBL shortly joining our growing life and annuity insurance business. The LBL organization has been a leader within the US life insurance industry for decades, and the Lincoln Benefit brand is recognized throughout the country for insurance excellence. Over its 80-year track record, most recently under the ownership of RL LP, LBL has a rich tradition of offering high-quality policyholder service.” Additionally, Kuvare Chief Operating Officer, Carlos Sierra noted, “For Kuvare, this is an excellent fit, as it provides tremendous strategic value through its nationwide scale, strong operating capabilities, and a team of talented and experienced professionals that have greatly impressed us throughout the sale process. LBL is a strong complement to Kuvare’s other insurance businesses and will help us...