Insurable Interest Canadian Insurance Blog

InsuranceNewsNet Life insurance sales are stagnant, but profits are still being made. From Wire Reports U.S. life insurance application activity rose 3.3% in June year over year, nudging the MIB Life Index above par on a year-to-date basis for the first time since last February. June’s performance was the strongest monthly percent gain of 2019, ending the third consecutive month of slowly increasing year-over-year activity in what was an uneven first six months of 2019, MIB said in a news release. At the close of the second quarter 2019, the MIB Life Index composite is up 0.2% for the year. Second-quarter activity was up 1.5% overall over 2Q 2018, offsetting a first-quarter -1.0% decline (compared to 1Q 2018). June’s application activity was up 2.2% from that of May. Older age life insurance buyers once again predominated, MIB said. While still negative at the close of 2Q, application activity ages 0-44 continued to show improvement and ages 45-59 stepped up a bit in June. Application activity ages 0-44 were off -1.3%, ages 45-59 were up 4.1%, and ages 60+ were up 15.6% for June year over year. At the second quarter’s close, year-to-date application activity ages 0-44 was off -4.5%, ages...

Prioritizing transparency, integrating IT into business, and fostering innovation among key leadership tactics to realize transformational change: Novarica Boston, MA (July 9, 2019) – With core system transformation on the rise, the changing demographics of the US workforce and customer base, and the growing impacts of InsurTechs and new technologies, insurers must have skilled and committed leaders to see their organizations safely to the other side of transformational change. In a new report, IT Leadership and Transformational Change: Key Elements, research and advisory firm Novarica outlines the leadership tactics necessary to navigate transformational change in three parts: communication and alignment, career development, and organizational culture. “Communication, empathy, and the ability to relate to all employees on a human level requires an authentic approach from leaders with keen emotional intelligence coupled with business acumen,” said Nancy Casbarro, Vice President of Research and Consulting and author of Novarica’s new report. “Leadership during business as usual is a driving force; leadership during times of great change can be the difference between gaining competitive advantage and obsolescence.” A preview of the brief is available online. Summary Transformational change has become commonplace in the insurance industry. New administration systems, digital strategies, and emerging technology implementations...

Herald-Dispatch, The (Huntington, WV) HUNTINGTON – A Huntington woman confessed to the 2017 stabbing death of her husband Monday, stating he was accidentally stabbed as part of sexual foreplay they often performed in their relationship. Jennifer Lynn Via, 49, pleaded guilty before Cabell Circuit Judge Gregory Howard on Monday to voluntary manslaughter in the death of her husband, Thomas Via. He was stabbed in the back with a 14-inch-long decorative dagger Nov. 4, 2017, at their home in the 900 block of 28th Street in Huntington. She had been charged with first-degree murder about 10 days after his death after detectives felt her story did not line up with evidence. As part of her plea, Via admitted she had been the one to place the knife in her husband’s back. The knife penetrated seven inches into his back, striking his heart and causing him to bleed to death internally. Howard sentenced her to the maximum 15 years, but that sentence could be reduced to anywhere between three to 15 years at a hearing Aug. 19 after an investigation into her past personal and criminal history is completed. On the night of her husband’s death, Via called Cabell County 911 to...

New York Daily News, The (NY) Jul. 8–A greedy sister and brother were each hit with life sentences Monday for the brutal 1996 murder of the woman’s husband — a successful Manhattan businessman who was slaughtered for a million-dollar life insurance payout. Roslyn Pilmar, 61, and her brother Evan Wald, 45, were convicted in Manhattan Supreme Court in March after a nine-week trial for orchestrating and carrying out the fatal stabbing of Howard Pilmar in his midtown office on March 21, 1996. Prosecutors argued that the cold-blooded siblings lured the wealthy victim to his E. 33rd St. office after business hours when they knew they’d be alone with him. There, 40-year-old Howard Pilmar, who owned an office supply store and several coffee shops, was ambushed in the hallway and stabbed about 40 times. Roslyn Pilmar, a dental hygienist with big financial problems despite her husband’s money, desperately needed the $1.2 million insurance payout, prosecutors said. She was deeply in debt after she was caught stealing nearly $200,000 from a former employer and had promised to pay it back. She also personally owed about $15,000 in state taxes for one of her husband’s coffee shops that she managed. Roslyn inherited Howard’s...

With acquisition, Navacord establishes group benefits and retirement consulting presence in Western Canada Toronto, ON (July 4, 2019) – Navacord Corp. continues to fuel their entrepreneurial spirit with the launch of Navasure Structured Surety Solutions, Canada’s only provider of innovative structured surety solutions for the energy and power industries, effective July 8, 2019. Navasure will operate as a division of Calgary-based Iridium Risk Services, a leading provider of risk management advice and insurance solutions to the energy industry. Created to meet the needs of energy and power companies affected by pricing instability and limited capital, Navasure offers structured surety products as an alternative to contractual collateral posting requirements such as letters of credit which tie up valuable liquidity. “Navasure is the perfect complement to the expertise and service we currently offer our clients,“ said Roger Swierstra, Iridium CEO. “We found energy companies are ready for a change that provides increased financial capacity at lower cost. We are pleased to be Canada’s first company to offer dedicated professionals with extensive knowledge and appreciation of energy and power operations combined with a deep understanding of every aspect of on-demand surety products.” “Navasure is a great example of the entrepreneurial spirit that makes...

PR Newswire A practical new calculator is helping independent agents show their annuity and life insurance clients the tax benefits of two products over one. The Prosperity Select Combo Calculator, created by Oxford Life Insurance Company®, offers an instant comparison of the after-tax value of an annuity purchase versus the after-tax value of an annuity-life insurance combination purchase at a specific point in time. By entering a few simple details based on the client’s financial status and goals, agents are able to plainly illustrate the most tax-efficient path for their clients to pass retirement savings to their children, grandchildren or charitable organizations. “For agents who are so used to only selling annuities, here is an easy-to-use tool that can assist them in selling single premium life insurance,” stated Mike Quaranta, Oxford Life’s Vice President of Sales. “The reason I like the calculator is you can adjust deposits to each product line while sitting with your client at the kitchen table, moving the numbers up and down, to show the client how the allocation changes can maximize what is available as a death benefit.” Life insurance death benefits are tax free from federal income tax while the interest buildup in an...

Chicago, IL (July 8, 2019) – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an IFRS 17 solution on its ReMetrica capital modelling platform to help insurers to fulfill their reporting obligations. According to Aon’s analysis, over 1000 re/insurers worldwide are implementing IFRS 17 (International Financial Reporting Standard, issued by the International Accounting Standards Board in May 2017), to bring a more unified way of sharing financial results. This process is often led by a re/insurer’s finance department but actuaries in risk departments play a critical role in calculating and reporting insurance reserves, reinsurance recoverables and forward-looking profitability. The increased volume of data and complexity of calculation required for IFRS 17 mean that actuaries can no longer rely on manual processes and spreadsheets as they feed business-critical inputs into accounting systems. As a result, insurers need to invest in new technology to bridge the gap between risk and finance. ReMetrica’s new IFRS 17 components can support actuaries by automating calculations and cash flow projections with flexibility and a transparent audit trail. They can also help carry out an eligibility test for the simplified model and identify if a...

PR Newswire Nationwide now has a new digital customer interview that is a key component of a multi-year investment designed to transform, enhance and simplify its life insurance business capabilities. “Many people feel that purchasing life insurance is an intrusive and time-consuming process,” said Kirt Walker, president and chief operating officer for Nationwide Financial and CEO-elect. “The digital customer interview is one of the new things we are doing to speed up the process and make it easier for the customer.” Advisors like the self-service digital nature of the interview and not having to have awkward conversations with their clients. Because the process uses machine learning and predictive analytics it is more efficient, convenient, secure and cost effective since it reduces life application unit costs. “Clients no longer have to talk to a stranger about their medical history and financial advisors don’t have to ask awkward questions,” Walker said.  “Clients can complete the interview in privacy when it is most convenient for them. They are also getting through the interview process twice as fast and they can do it on their computer or mobile device.” The digital customer interview will provide a personalized, digital option for clients to complete the...

Fiera Capital Corporation, an asset management firm, announced on July 3 that it has completed the acquisition of all the issued and outstanding shares of Natixis Investment Managers Canada Corp., the holding company of Natixis Investment Managers Canada LP. Natixis LP is based in Toronto and the value of the assets of the Natixis Funds amount to approximately C$1.8 billion as at March 31, 2019, says Fiera Capital, which added that “there are no immediate plans to change Natixis LP’s senior management team, the investment objectives of the Natixis Funds, increase the management fees or operating expenses paid by the Natixis Funds or change the role of Natixis LP as investment fund manager of the Natixis Funds.” Funds will be rebranded The company added that Natixis Corp, Natixis LP and the Natixis Funds will be rebranded as “Fiera Investments” in conjunction with closing. Read the original article at insurance-journal.ca

Canadian market shakeup London, UK (July 4, 2019) – Acturis Group, the award-winning SaaS provider of insurance technology solutions, is pleased to announce that it has acquired Zycomp Systems Limited, a leading provider of broker software in Canada. Acturis, founded in 2000 and headquartered in London, is the UK’s leading Software as a Service (SaaS) vendor for General Insurance, providing technology solutions to general insurance brokers and underwriters in the UK, Germany and internationally. It provides the leading broker system in the UK and Germany and its multi-tenant SaaS model is seen as one of the most modern and progressive platforms in the insurance market. Acturis is considered the leader in Commercial Lines real time electronic trading between brokers and insurers in the UK and Germany, and its real time multi channel solutions – including web and mobile – are used by most major UK brokers and insurers. Founded in 1992, Zycomp is headquartered in Victoria, British Columbia with installations across Canada and the Caribbean. The Zycomp Broker Management System, Power Broker is considered one of the leading broker platforms in the Canadian broker market and Power Broker’s outstanding reputation and market share of around 30% reflects this. Its solutions...