Insurable Interest Canadian Insurance Blog

Patent is for a machine learning module that selects quantum or classical computing for optimal business outcomes New York, NY (July 1, 2019) – Accenture has been granted a US patent for a “quantum computing machine learning module” that trains artificial intelligence (AI) models to determine when and how computational tasks would be best handled by quantum computing versus classical computing methods, and route them to the appropriate option. In doing so, it could help organizations understand where quantum computing can have the most impact within their businesses, and when classical computing may still be the best option for a given task. Accenture’s new patent — U.S. Patent No. 10,275,721 — describes a solution to address the tradeoff between the benefits of using quantum computing versus classical computing resources. By determining when and how to utilize the power of quantum computing, such a system can help perform computational tasks in the most efficient and cost-effective way possible. Additionally, the module described has the ability to learn to prioritize certain tasks. As more advanced and efficient quantum and classical systems are introduced over time, the quantum computing machine learning module can adapt accordingly. “Quantum computing has enormous potential, offering truly groundbreaking...

Calgary, AB (July 10, 2019) – ClaimsPro, Canada’s leading provider of independent claims adjusting services and an SCM company, welcomes Calgary-based niche adjusting firm Lloyd Stiles Rossier (LSR), Special Risk Loss Adjusting, to its ranks, effective July 15, 2019. LSR brings additional resources and expertise to ClaimsPro, driven by LSR’s leadership and specialized experience in commercial, industrial and energy claims. Based out of Calgary, the LSR team of senior adjusters will join forces with ClaimsPro’s Calgary team to further support clients across Canada and continue to handle claims from the Calgary branch. The addition of LSR’s expertise will assist ClaimsPro to establish a Natural Resources, Oil & Gas, and Energy Division that will focus on commercial, industrial and energy related losses including upstream and downstream oil and gas production, pollution, well control, drilling operations, renewables as well as international onshore and offshore complex energy claims. This division will report directly to Sean Forgie, SVP of ClaimsPro’s Specialty Risk Division, and be anchored by an executive team consisting of LSR partners Tracy Lloyd, CET, and Scott V. Stiles, FCIP, CRM, in addition to ClaimsPro’s Vice President, SRD & Executive General Adjuster, Michael J. Buzzeo. “LSR has developed an excellent reputation in...

The National Association of Insurance Commissioners creates model laws for states to pass. The National Association of Insurance Commissioners plans to give agents an engaging online resource to help educate clients on life insurance products. While website educational tools by themselves are not unusual, the NAIC can provide uniformity with a 50-state reach, said Laura Kane, director of communications for the association. The idea is to create tools and graphics that each state can incorporate into their insurance department websites, Kane told an NAIC working group Monday. Work will begin immediately with a “toolkit” of info in time for Life Insurance Awareness Month in September, she added. Longer term, the redesigned website will be able to include things like the entire life insurance buyer’s guide, Kane told the Life Insurance Online Guide working group during a conference call. “A lot of what exists now just takes you to a dead end and we don’t want to do that,” Kane said. “We want to give people the ability to drill down. They don’t do that as much as they used to on the web, but certainly for somebody who’s interested in that topic, we want to give them that ability, as...

Chatham, ON (July 1, 2019) – Kent & Essex Mutual Insurance Company (K&E) has successfully launched Cognition+, a web-based insurance enterprise platform, in production as a further step in their company’s digital transformation strategy. Cognition+ provides a number of immediate benefits: Web-based, anywhere, anytime, any device access; Role based workflows, access and task management; Best Practice processes and usability; Privacy and Security as well as scalability; Application Programming Interfaces for extendibility; Standardized Document Retention & Creation. Over the longer term, Cognition+ provides heightened access and insight into the company’s data, optimizing data entry and retention while enabling real-time transactions with third parties.  The Cognition+ solution works in tandem with K&E’s current implementation of the Insurance Business Solution (IBS), which has allowed the automobile team to be the initial team to adopt in production. “The Kent & Essex team has been a great partner in the implementation of Cognition+ for their automobile line of business,” said Randy Straeten, President & CEO of Cognition+. “Through the successful ‘go live’ of this project, we’ve been able to validate a number of key deliverables.  First, both Cognition+ and IBS are successfully running in harmony, allowing for a very smooth transition as we migrate our...

The Investment Industry Regulatory Organization of Canada (IIROC) has announced that Philip Winer has been fined $15,000 and banned from applying for re-registration with IIROC for a period of twelve months. The regulator says Winer admitted that he “failed to ensure certain transactions in client accounts were within the bounds of good business practice. He also engaged in discretionary trading and altered client documents.” As part of a settlement agreement with IIROC, in addition to the fine Winer has agreed to pay disgorgement of net commission in the amount of $2,000 and costs of $1,000. To learn more, click here to consult the settlement agreement. Read the original article at insurance-journal.ca

Manulife has teamed up with Life Happens to offer a scholarship programme for post-secondary students in Canada who have lost a parent or guardian and been left with little or no life insurance. Rob Hollingsworth, head of distribution, individual insurance at Manulife, said the partnership is potentially life-changing for young people who are fighting to keep their educational dreams alive. Life Happens is a not-for-profit US organisation dedicated to helping people take personal financial responsibility through the ownership of life insurance or related products. It also seeks to raise awareness of the important role insurance professionals play in helping families, businesses and individuals. Manulife is offering up to seven sponsorships in 2020 – including a minimum of two for January – valued at $10,000 each. From 2021 onwards, it plans to offer at least five scholarships annually. Hollingsworth told LHP that over the past four or five years, as he has become more involved with Life Happens, he has become more impressed and keen to leverage their work in Canada. He said: “What we know from our experience is that a loss of a parent or caregiver can have tremendous emotional impact or potential financial strain on those left behind....

While many regard the legalization of cannabis for recreational purposes as a positive development, a new survey conducted by Abacus suggests that it has had unintended consequences on those who need it most. “For many Canadians with arthritis, cannabis truly is medicine,” said Arthritis Society President and CEO Janet Yale. “It’s time the health system treat it as medicine – and that starts with ensuring that patients have timely, reliable and affordable access to the strains, forms and concentrations they need, and that they have the guidance of a health care professional throughout the process.” In a poll jointly commissioned by Canadians for Fair Access to Medical Marijuana (CFAMM), the Arthritis Society, and the Canadian Pharmacists Association (CPhA), one in four medical cannabis users (26%) said that they are now finding it harder to access the cannabis they need. Because of that, along with other unintended consequences relating to cost and supply, have also forced 64% of medical cannabis users to under-dose or otherwise attempt to conserve their stock. “Patients need easy access to a safe, affordable, and consistent dose and cannabinoid breakdown for their symptoms and more involved support from health care professionals (HCPs),” said Max Monahan-Ellison, Vice President,...

Equitable Bank, a wholly owned subsidiary of Equitable Group, has entered into a new partnership with BMO Insurance. Under the new partnership, BMO Insurance Whole Life policy owners can participate in the Equitable Bank CSV (cash surrender value) line of credit program. Through that offering, policy owners are allowed to borrow up to 90% of the cash surrender value of their insurance policies, tax-free, without making ongoing payments and affecting their policy’s growth. “We are excited to be adding another reputable insurance provider to our CSV product suite,” says Andrew Moor, President and Chief Executive Officer, Equitable Bank. “We look forward to working closely with advisors who are contracted with BMO Insurance to further build out our CSV lending product line, and to ensure that their clients’ financial needs are being sufficiently met.” Equitable Bank’s CSV Line of Credit is available to Canadians who meet the following requirements: Aged 50 years old and above; Own a whole life insurance policy with a partnered insurer; and Have adequate cash surrender value in their policy to secure a loan. “An individual’s life insurance policy is a strong, and often underutilized retirement planning asset,” said Steve Cooney, Senior Vice President, Head of Individual...

According to data from Philadelphia-based consumer shopping tracking firm Jornaya, life insurers might be more effective than mortgage lenders at converting website visitors into prospects. The firm recently held an event featuring presentations from members of several of its partner lead-generation companies, which serve mortgage lenders, personal loan providers, insurers, and other companies, reported ThinkAdvisor. Those include marketing and lead analysis specialists at Datalot, eFinancial, RateMarketplace, and LoanDepot. One presentation focused on lead throughput, or the likelihood that a consumer who lands on the first page of a lead funnel website would submit a lead form and “become an official hand raiser.” Data in that presentation showed that throughput for insurers rose to 26% in the first quarter of this year, up from 22% in the first quarter of 2017. Over the same period, throughput for mortgage lenders rose to 18% from 13%; based on the Jornaya data, the gap between insurers and mortgage lenders has widened and narrowed over the past few years, though it has never been less than 4 percentage points wide. The presentation also looked at the time it takes consumers to act on leads from insurers and mortgage lenders. The Jornaya database found that around...

Bakersfield Californian, The (CA) Jul. 9–A former elementary school principal charged in the death of her husband will face a Kern County jury in October. Leslie Chance, 52, appeared in court July 9 for a hearing to determine a new trial date and to establish legal counsel. Her initial trial, which began in late May, was declared a mistrial on June 28. Tony Lidgett was appointed to be Chance’s new attorney after Paul Cadman, Chance’s former attorney, declared he had a conflict of interest and could no longer serve Chance. The trial is rescheduled to begin Oct. 21. Chance was charged in the murder of her husband, Todd Chance, 45, on Aug. 25, 2013. If convicted, she could face life in prison. Prosecutors say the couple drove that morning to the area of Noriega Road near Enos Lane, where Chance is alleged to have shot and killed her husband. Prosecutors say she abandoned the car in a nearby neighborhood and returned home by taxi and on foot. Chance was first arrested days after her husband’s body was found, but was released days later when prosecutors requested further inquiry from investigators with the Kern County Sheriff’s Office. She was arrested again...