Insurable Interest Canadian Insurance Blog

Toronto, ON (June 24, 2019) – CSIO is pleased to announce its latest new vendor members: Indio Technologies and Ernst & Young LLP. Indio Technologies, founded in 2016 and located in San Francisco, provides a workflow management platform that delivers a suite of web-based solutions for insurance businesses, helping to improve their client experience and become more efficient. Indio Technologies currently serves over 250 insurance brokers across Canada and the United States. “At Indio, we’re committed to improving the insurance application process for brokers and their clients, specifically in regards to streamlining the collection of application data. That’s why we’re excited about CSIO and the CSIO Data Standards, which are aligned with us on that mission,” says Ken Wohl, Head of Marketing of Indio Technologies. “As a member of CSIO, Indio will now be further enabled to helping brokers across Canada improve these processes and their bottom-lines.” A global brand with offices in 150 countries, Ernst & Young provides assurance, tax, consulting and advisory services to its clients, including property and casualty insurers in Canada. “CSIO’s membership continues to expand with a diverse range of vendors that serve the P&C insurance industry through innovative technology and services,” says Catherine Smola,...

India-based Mahindra & Mahindra Financial Services announced Friday that it has entered into a 51:49 joint venture with Manulife Investment Management aimed at expanding the depth and breadth of fund offerings and retail fund penetration in India. Mahindra Finance has more than five million customers,1,300 offices across India and more than $11.39 billion of assets under management.  Manulife is in more than 20 markets globally and has $1.1 trillion in assets under management and administration as of the end of March, 2019. The joint venture signals Manulife’s first entry into India. Mahindra Finance vice chairman Ramesh Iyer said the two companies share a common vision of building a market-leading asset management business. Joint venture aims to increase mutual fund sales “We believe that together we can create a unique value proposition for our retail investors,” said Iyer. “Manulife’s wealth and asset management experience extends over 150 years and they have enjoyed successes across emerging and developed markets. We welcome Manulife as a strategic partner to further drive our efforts at increasing mutual fund penetration in India and driving positive change.” Paul Lorentz, president & CEO at Global Wealth & Asset Management for Manulife, said he is looking forward to partnering with Mahindra. “Mahindra &...

Seattle Times (WA) Jun. 24–Symetra Life Insurance has been named the first founding partner and sponsor of Seattle’s incoming National Hockey League franchise and will be featured prominently at the team’s arena and training facility. NHL Seattle and the Oak View Group announced Monday the Bellevue-based company, founded in 1957, will also be the title sponsor of one of the premium clubs inside a rebuilt KeyArena when it opens again in summer 2021. A naming sponsor has yet to be announced for the $930 million arena — which NHL Seattle and OVG for now have dubbed “New Arena at Seattle Center” — but the Symetra brand will be displayed throughout its interior. In addition, the brand will appear on the ice and dasher boards at the Northgate Ice Center, the $85 million training facility being built at the site of the Northgate Mall and also expected to open in 2021. Financial terms of the deal were not disclosed. A news release issued Monday by NHL Seattle, OVG and Symetra states they will announce later this year a series of community and philanthropic programs. “Symetra is committed to investing in and improving the community and they are the perfect fit for...

GlobeNewswire Midland National® Life Insurance Company, a member of Sammons® Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced new lower premiums for its Premier Term life insurance product. In addition to competitive rates, Premier Term also features an accelerated death benefit for critical, chronic, and terminal illnesses at no extra cost1, subject to eligibility requirements. Premier Term can help policyowners and their families with medical costs or bills due to a qualifying illness by providing access to a portion of the death benefit while the insured is still living. “Life is unpredictable, so it’s important to prepare the best you can – especially when it comes to finances. Families who are going through the difficulty of losing a breadwinner can feel a little more at ease knowing that their Premier Term policy can help provide for their needs,” says Jerry Blair, chief distribution officer of SFG. “This product can help a family maintain their quality of life.” Premier Term’s lower premiums build upon Midland National’s commitment to their customers, making the death benefit protection that only life insurance can provide even more affordable. Midland National offers 10, 15, 20, and 30-year level premium guarantee periods,...

London, ON (June 24, 2019) – Mutual Concept Computer Group’s transformational change project has culminated with the rebranding of MCCG to Cognition+ and the launch of their next-generation insurance solution, also known as Cognition+. Over the past three years, Cognition+ has focused on establishing a new governance model, new processes and new team members in order to create a new insurance solution for its community. The new Cognition+ solution is an enterprise insurance web application for managing insurance operations, and is the third generation product by Cognition+.  Implementation projects initiated across their client community in 2019 will continue throughout 2020.  This product and brand launch was communicated to its community of mutual insurance companies at the Westmount Cineplex Theatres and via live video streaming to over 250 in-participants across over 30 mutual insurers with a live demonstration of the product, including the product roadmap. “We’re very pleased by the positive reception from our clients to our name change, the transformational changes that we’ve introduced to our company, and the excitement around our new product, Cognition+,” said Randy Straeten, CEO of Cognition+. “We are starting implementation projects with the Automobile line of business, and are delighted with the initial response from...

It seems as though we hear about fraud everywhere today — credit card fraud, fraud against seniors, insurance fraud. It’s as prevalent as ever. Fraud is also a significant concern for consumers and companies; one in four American consumers is a victim of financial fraud. According to LIMRA research, 79% of consumers are concerned about financial fraud, with 36% admitting that they are very concerned. What is fraud, anyway? At LIMRA and LOMA, we define “fraud” as “an intentional act of deception or misrepresentation, resulting in financial or other losses for consumers and companies in the course of seemingly legitimate business transactions.” Consumers believe preventing fraud should be a higher priority for more companies. Our research shows more than two-thirds of consumers wish companies would tell them more about their current efforts to combat fraud, and more than three-quarters believe that financial service companies should do more to protect retirement accounts from fraudulent activity. It’s a situation that worries companies and customers alike. Not only are fraud attacks in the financial services industry on the rise, but the frequency of fraud attacks and their level of sophistication are increasing. That’s according to LOMA’s 2018 report “Current State Of Fraud In...

Long-term care insurance is a difficult product to discuss for advisors to discuss with clients. Although price may be one factor, many Americans forego this insurance because they don’t think they’ll need it. We need to shed light on the reality that AARP research finds more than half of Americans retiring today will require long-term care, and will need to cover it in advance due to rising health care and nursing home costs. By providing a clear picture of the need for and benefits of long-term care insurance, and the different options available, we can help our clients cover this significant threat to a dignified retirement. Set The Scene Many Americans depend on retirement savings or their family and friends to finance their long-term care, but these are not reliable solutions for future retirees. With cost-of-living increases and the elimination of corporate pensions, personal retirement funds will likely need to be allocated elsewhere. On top of that, future retirees will be able to depend less and less on younger family members to share funds as those younger individuals face their own rising expenses and savings needs. These growing restraints have made it challenging for couples without long-term care insurance to...

For many Americans, planning for long-term care used to be a relatively straightforward process — they selected stand-alone, long-term care insurance policies designed to help them pay for the care they will need when they can no longer carry out the activities of daily living. But in recent years, the cost of LTCi plans has substantially increased, leaving fewer Americans with access to this product. What is alarming, this lack of access is happening at a time when the need to plan for LTC has never been greater. According to some estimates, 14.5% of the nation’s population is now 65 years old or older, and by 2029, that percentage is expected to hit 20%. With this graying of the population has come an increased demand for products and services that address the evolving needs of a population that is living longer, and at some point, will require various levels of care. A New Landscape Insurance carriers, senior care specialists, financial advisors, lenders, and health and insurance professionals have responded to this demand by moving away from the one-product-fits-all approach of the past to a continuum of solutions that are more modular, more flexible and provide more “situation applications” to buyers....

Why does the negative stereotype of a “salesperson,” and of “selling” in general, persist in our culture? The simple answer is that the general public does not trust salespeople. They don’t believe salespeople put their clients’ needs ahead of their own financial interests. As a result, many people think that the only thing worse than having to deal with a salesperson is being called a salesperson. Your career won’t progress unless you face this reality — and take drastic action!The key question is, “How do you help your clients and prospects see the wisdom of your advice without coming across as ‘sales-y’ in the process?” Do The Math I am a mathematician by education and an actuary by training. I have been called a bean counter, math geek and quant jock. Although those labels may be true, I have earned more than $1 million in annual life insurance commission income multiple times. I have even been the top salesperson (out of 22,000 licensed and appointed agents) at a mutual insurance company — twice! And, most impressively, I accomplished this feat while selling insurance part-time. I don’t share this to impress you. I share this to impress upon you that you...

Has this happened to you? You meet some great people on vacation. You really hit it off. When parting, you exchange contact information. You pledge to keep in touch, but it never happens.  You might have cousins or nephews living on the other coast. You are related, but no one extends themselves. You feel guilty when you see them at weddings or graduations. Making an effort to keep in touch is the right thing to do and a good investment of your time. But how do you make it happen? Rationale For Keeping In Touch Many people have outsourced keeping in touch to social media sites such as Facebook. They connect with lots of people, post photos and “like” or comment on posts from people they know. They still have face-to-face relationships. Immediate family is the most obvious example. They also encounter people at the gym or religious services, or while commuting and performing other daily activities.  But what about the people they know who live far away? Why make the effort to stay in touch? 1. Family health issues. Everyone is getting older. You want to know if someone in your extended family is suffering from physical illness or...