Insurable Interest Canadian Insurance Blog

RiskGenius Adds New Customers and Investors as Demand for Coverage Consistency Grows Across the Commercial Insurance Industry Overland Park, KS (July 16, 2019) – RiskGenius, a company which provides software-based natural language processing (NLP) tools for improving the quality and accuracy of insurance policies, has announced it has completed a Series B financing led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda. The financing marks RiskGenius’ entry into a new phase of growth—the company has also expanded partnerships with three of the world’s largest insurance carriers, Everest Insurance, FM Global and Liberty Mutual, and has appointed Sean Mollet to the position of chief technology officer. The financing round, which originated from a customer referral, also included participation from RiskGenius’ existing investors, as well as new investors, Hearst Ventures and FM Global. “eIQ™ – the dedicated Everest Insurance® innovation team, is among the most forward-thinking innovators in the industry,” said RiskGenius CEO Chris Cheatham. “We appreciate their referral to HSCM Bermuda, as well as their continued collaboration in testing and enhancing our software. FM Global also inquired about investment opportunities after testing our software. Just like our previous round with QBE Insurance, our growth and investment opportunities are...

New add-on coverage provides peace of mind for thrill seekers and travellers with pre-existing conditions Thornhill, ON (July 17, 2019) – With summer vacation in full swing and snowbird travel planning season underway, CAA Travel Insurance has introduced two new travel insurance products to give travellers more choice and protection when venturing outside of their home province. The new riders include a Seven-Day Pre-Existing Condition Rider and an Adventurous Air Activities Rider, both of which are not typically available in standard travel insurance policies. CAA Travel Insurance is underwritten by Orion Travel Insurance, a CAA company. “These two new riders provide the kind of protection that travellers have been asking for,” says Catherine Bojda, manager, travel insurance marketing, CAA South Central Ontario. “We are thrilled that these options are now available and that more people will have the freedom to travel confidently on their terms.” CAA’s Pre-Existing Condition Rider can be added to any of CAA’s medical plans, and covers pre-existing conditions such as diabetes and high blood pressure with $200,000 in coverage per trip. Typically this kind of condition would not be covered unless it has been stable for at least three or six months before travelling. This new...

46% of respondents identify increased sales or revenues as the main benefit of being online Montreal, QC (July 9, 2019) – A new study released by BDC, Canada’s bank for entrepreneurs, finds that growing a business online equates with higher revenues, direct communication with customers and easier access to global markets. The study indicates that, although being online fuels growth, only 4 out of 10 Canadian SMEs with an online presence sell, receive and take orders online. Consequently, 60% of Canadian SMEs are missing huge growth opportunities. “Still too many Canadian entrepreneurs leave money on the table for grabs by Canadian and foreign online competitors. Considering worldwide retail e-commerce sales are expected to double between 2018 and 2021, it is vital that Canadian business owners take their digital presence seriously,” says Pierre Cléroux, Vice President, Research and Chief Economist at BDC. “A strong online presence should be at the heart of any business that wants to continue growing and remain competitive.” The study is based on a survey of 1,485 Canadian businesses with an online presence and with national or international activities. Although most Canadians are buying online, close to half of all Canadian SMEs didn’t have a website in 2017, according to Statistics Canada....

National premium rates increase in all provinces year over year for both Personal Auto and Property lines Mississauga, ON (July 9, 2019) – Applied Systems® has announced the second quarter of 2019 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q2 2019, average premiums for both Personal Auto and Personal Property lines increased versus the same quarter in 2018. Quarter-to-quarter in 2019, average premium for both lines of business also increased. Year over year, all provinces experienced an increase in average premiums in both Personal Auto and Personal Property. Key findings for Q2 2019 include: Personal Auto: In Q2 2019, Personal Auto premiums increased by 10.9% versus Q2 2018. Personal Auto premiums increased 3.9% versus Q1 2019. Personal Property: In Q2 2019, Personal Property premiums increased by 10.2% versus Q2 2018. Personal Property premiums increased 2.9% versus Q1 2019. Provinces: Quarter over quarter, average premiums for Personal Auto all increased, with Quebec experiencing the most significant jump at 23.6%. For Personal Property, all provinces except the Atlantic provinces experienced a rise in average premiums quarter over quarter. “The increasing premium rate change compared to the same quarter last year indicates that the Personal Lines...

SSQ Insurance has announced a partnership agreement with nesto.ca, a fintech company that enables mortgage transactions to be fully completed online. Through this partnership, SSQ will offer life insurance products to nesto.ca clients. “This agreement with nesto.ca is part of our bid to adapt to the consumer preferences of our customers and offer them relevant insurance solutions at opportune times. With this partnership, we’ll be able to reach people who are in the process of shopping for a mortgage, to offer them insurance solutions for their new property,” said Éric Trudel, SSQ Insurance’s Senior Vice-President, Strategy and Product Management in a July 16 statement. Information about nesto.ca customers who indicate their interest in SSQ’s insurance products will be sent to the insurer securely and confidentially, says the insurer. nesto.ca is part of the Diagram family and supported by Portag3, in which SSQ Insurance invested in 2018. The insurer has already formed a partnership with a firm in the Diagram family, the Dialogue telemedicine platform. Read the original article at insurance-journal.ca

Florida Times-Union (Jacksonville, FL) A 37-year-old man is the third person behind bars in the May 9 murder-for-hire of 44-year-old Velvet Love Burns in her Doris Lane home on the city’s Westside, according to the Jacksonville Sheriff’s Office. Stephen Shelton Hand, already in jail after an unrelated May 29 arrest, was officially charged Tuesday with murder. He joins Burns’ 50-year-old husband, Jerry “Tommy” Allen Burns, and his 30-year-old mistress, Amanda Lee Love, already jailed on murder charges in the case, the Sheriff’s Office said. Court records show Hand and Love have three children together. The May 9 homicide was staged to look like a burglary, the Sheriff’s Office previously said. The husband told officers he had left the home about 3:30 a.m. for a job in Tallahassee, then a family friend found his wife’s body that afternoon. But the investigation revealed he was having an affair with Love. Burns is accused of conspiring with Love to murder his wife, offering $5,000 for her to drive other suspects to the scene on the dead-end road off Commonwealth Avenue, promising an additional sum of after the murder was done. The amount would be contributed from the victim’s life insurance policy, the Sheriff’s...

Paul Flanagan, 54, Ranjit Kalsi, 52, and Gregory Lee Martin II, 49, were arraigned this week for operating a life insurance scheme to defraud United States Military personnel out of $4.8 million. Kalsi and Martin were arrested on July 9 by the San Diego Sheriff’s Warrant Team, and were arraigned July 10. Flanagan was arraigned. All pleaded not guilty. The San Diego County Grand Jury issued a 69-count criminal indictment on July 8, accusing the three of deceiving young service members into signing up for unwanted life insurance policies and annuity contracts. The indictment includes charges of grand theft, the illegal use of personal identifying information, forgery, conspiracy to commit forgery, conspiracy to commit a form of insurance fraud known as “twisting”—making misrepresentation to consumers to convince them to take out insurance policies, and a white collar crime enhancement. “These defendants defrauded an honored group of individuals who have dedicated their lives to protecting and serving our nation,” said Insurance Commissioner Ricardo Lara. “The alleged actions of these individuals have resulted in the loss of $4.8 million and has harmed thousands of military personnel. I am committed to working with the San Diego District Attorney’s Office and the Attorney General’s...

AGF Investments (AGFI) announced July 17 that it has filed preliminary prospectuses with securities regulators for the launch of three alternative funds in Canada. The funds are AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF and a mutual fund and ETF version of AGFiQ US Long/Short Dividend Income CAD-Hedged Fund/ETF. “Leveraging our unique strength in both quantitative and alternative investments, including our long history of managing long/short, market-neutral and derivative-based strategies in liquid vehicles in the U.S., we’re excited to bring these innovative strategies to Canadian investors,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF Management Limited. Fundamental building blocks “We believe alternative asset classes are fundamental building blocks for well-constructed portfolios, helping investors diversify their sources of returns, contributing to lower volatility and opportunities for better long-term risk-adjusted returns,” said Florence Narine, Senior Vice-President, Head of Product, AGFI. Read the original article at insurance-journal.ca

Digital claim payments have emerged as a panacea for carriers concerned about costs and for payees who want to get funds faster: Aite Group report Boston, MA (July 16, 2019) – The act of paying an insurance claim has been an afterthought for property and casualty insurance carriers, most of which send physical checks or have local adjusters cut checks and deliver them to payees. But given shifting consumer preferences and the availability of newer technology, carriers have several innovative digital claim payment options at their disposal. Can carriers use these innovations to enhance policyholders’ claim experience, deepen their satisfaction, and even increase policyholder retention? Aite Group’s latest report, Checking Out: Emerging Digital Innovations in P&C Claim Payments, examines the environment for P&C insurance claim payments, which methods are being employed, what policyholder needs are with regard to claim payments, and what emerging options are available to pay claims. “Gauging comparability between paper checks and digital payments is not an exact science, but the directional comparisons are pretty clear—when it comes to immediacy, operational efficiency, and perhaps most importantly, choice, digital payments are far superior to paper checks,” states Jay Sarzen, senior analyst at Aite Group. This report explores the...

Player’s Health, a company focused on making sports safer by establishing a new standard of health and safety in sports, fitness, and wellness, has raised their Series A financing round Minneapolis, MN (July 8, 2019) – Player’s Health has secured funding to support growth and capitalize on existing and new opportunities. The round was led by the London and Philadelphia based, Insurance Technology (InsurTech) specialist investor Eos Venture Partners and Boston-based Sports Tech focused investor Will Ventures. Player’s Health is a risk management firm specializing in sports, fitness, and wellness for youth-focused organizations. They offer a suite of products covering risk management and insurance services for sports organizations, camps, fitness/wellness organizations, education and faith-based organizations. The company’s purpose is to create the tools necessary to appropriately manage health, injuries, abuse and risk. Currently, Player’s Health has six applications available for organizations, including PH Protect, PH Cover and PH Rehab: Player’s Health Rehab is a HIPAA-compliant injury management platform that helps organizations keep athletes safe. Create injury reports, manage concussion return-to-play, communicate updates, and reduce the risk of injuries falling through the cracks, from one app. Player’s Health Protect is a web and mobile application that allows athletes, parents, coaches, and...