Insurable Interest Canadian Insurance Blog

Acquisition of CedeRight software from DataCede further deepens Duck Creek’s ability to provide P&C carriers end-to-end modernization for efficient, profitable business operations Boston, MA (June 11, 2019) – Duck Creek Technologies has announced that it has introduced Duck Creek Reinsurance Management to the P&C insurance industry, adding comprehensive reinsurance management functionality to the already robust capabilities of the Duck Creek Suite. Duck Creek Reinsurance Management (previously CedeRight, a DataCede product which Duck Creek has acquired) allows primary insurance carriers to manage reinsurance partners, contracts, bills, recoveries and payables. The product supports all reinsurance structures, automates payment calculations and bill production; provides a full audit trail and analytics; and produces statements, bordereaux, cover letters, footnotes, supporting details, and more. Duck Creek Reinsurance Management is available as a standalone offering to P&C insurers seeking a best-in-class reinsurance management solution, as well as in concert with other solutions in the Duck Creek Suite. “Insurers continue to look for ways to reduce the risk of maintenance and integration in order to drive speed of deployment,” said Karlyn Carnahan, head of Celent’s property casualty practice for the Americas. “Core system vendors that can offer a wide set of capabilities across the application architecture that are...

The fast-growing insurance company launched in Germany, offering a first-of-its-kind transparent policy, and an entire experience powered by bots and A.I. Cologne, Germany (June 11, 2019) – Lemonade has launched in its first European country. Consumers in Germany can now get contents and liability insurance instantly, anytime, and from any device – and they can file claims and get paid in seconds. Founded by tech veterans Daniel Schreiber and Shai Wininger, Lemonade is powered by artificial intelligence and driven by social good. Unlike the traditional insurance model, Lemonade takes a flat fee for its operations, and gives remaining underwriting profit to nonprofits, as part of its annual Giveback. The company launched its homeowners and renters insurance in New York in late 2016, and has been one of the fastest growing insurance companies ever since. Today’s launch in Germany marks a first for the insurance industry: Policy 2.0, a new insurance policy designed for the 21st century. Policy 2.0 is a short, easy to understand, and transparent document that was designed for ordinary people and not for lawyers. Germany is the first country to offer Lemonade’s Policy 2.0, a consumer-friendly departure from the dense and dated policies available. “We chose Germany...

Idaho State Journal (Pocatello) Most people agree that life insurance is preparation for the unthinkable. It certainly is, but it can be more than that — in fact, you can use life insurance as part of your retirement income plan. Some policies, known as permanent insurance policies, have an investment component that can build cash value. With these policies, you can effectively become your own bank, dishing out tax-free paychecks in retirement while never losing money in the market. Here’s how it works. (Over)Fund Your Future A Life Insurance Retirement Plan (LIRP) uses the cash value in life insurance to fund tax-free withdrawals and loans that serve as income during retirement. LIRPs require over-funding life insurance policies, meaning you pay more than the premium amount, to adequately fund your future income. As such, a LIRP strategy usually works best over time. While different than the traditional 401(k) and individual retirement accounts (IRAs) usually associated with retirement saving, LIRPs provide unique benefits for retirees. First and foremost is investment safety. LIRPs are structured so you can never earn less than 0 percent. While it’s true that you won’t earn big in boom years, more importantly, you won’t lose in bad markets,...

Manulife Bank announced on June 10 the launch of its new digital All-In Banking Package, which the bank says is aimed at helping Canadians develop better financial habits and improve their financial wellbeing. The All-In Banking Package “wraps innovative saving and daily banking tools, personalized insights, and a virtual financial assistant into a simple and clear mobile experience,” stated Manulife Bank in an announcement. The banking package includes: an unlimited transaction, everyday bank account; a high-interest savings account; no-fee cash back credit card and travel insurance. The package costs $10 per month or customers can have this fee waived entirely by increasing their savings by $100 in any one month, says Manulife Bank. “There are thousands of financial products and hundreds of voices out there telling Canadians what to do with their money,” said Rick Lunny, President and CEO, Manulife Bank. “There is frustration with lack of transparency, high fees and minimum balances. Customers are demanding clarity, simplicity and value from their bank that goes beyond just a simple chequing or savings account. That’s what we deliver with the Manulife All-In Banking Package.” Read the original article at insurance-journal.ca

Are your clients fed up with wasting time in waiting rooms as they wait for a doctor? Well, virtual care is upon us. ENCON Group Inc, a leading managing general agent, has become the first Canadian insurance provider to bundle a virtual doctor consultation service into its group benefits health care product for its entire book of business. Virtual is a way of accessing medical care directly online through a smartphone or website. In a partnership with Maple, the country’s leading virtual care provider, ENCON plan members will be able to efficiently and effectively manage their health through virtual care 24/7 all year round. Maple’s virtual care offering gives individuals and families direct access to a physician on-demand, eliminating the need to visit a walk-in-clinic or the Emergency Room for certain conditions. The service, which is fully bilingual, was made available through Maple’s partnership with Morneau Shepell. In 2018, the average Canadian missed around 8 days of work due to illness and disability. Virtual care aims to reduce absenteeism as well as indirect costs related to lost productivity by connecting Canadians with doctors from wherever they are without the need to spend time in waiting rooms. This virtual care collaboration...

Sanofi Canada has released the latest edition of the Sanofi Canada Healthcare Survey, which shed light on threats that are underestimated by Canadian employers as well as changes in employees’ preferred menu of health benefits under their workplace plans. “Providers of workplace health benefit plans can use these results to help drive new benefit offerings and wellness initiatives that focus on supporting plan members with chronic disease,” said Sanofi Canada President and CEO Michael Mullette. “The past few years have seen positive growth in supports for mental health, which can serve as a model for other major chronic conditions such as diabetes and cardiovascular disease.” Based on the survey, plan sponsors estimate that 39% of their workforce lives with a chronic condition. But 54% of plan members in the survey have reportedly been diagnosed with at least one chronic disease or condition; the number is higher (69%) among those aged 55 to 64. Focusing on chronic pain, the results found 67% of employees had a condition that can impact their productivity and result in repeated workplace absences. While employers and workers are far apart in assessing the prevalence of chronic conditions, they were closer in terms of their desire to...

The issue of universal pharmacare in Canada has resulted in extensive back-and-forth between advocates and opponents, with arguments and points raised based on numerous, often intertwined issues. One particularly thorny issue is that of cost, with pharmacare critics asserting that such a program would be beyond Canada’s financial wherewithal. But in a new report, Rosalie Wyonch of the University of Waterloo and William Robson of the C.D. Howe Institute argued that the program is within the country’s financial reach, assuming it follows a proven path. “Extending prescription drug insurance to those currently not covered in an already fiscally strained system is a significant challenge,” the pair wrote in Filling the Gaps: A Prescription for Universal Pharmacare, published by the C.D. Howe Institute. “Policymakers should carefully consider the structure, costs and benefits of existing programs and reform them as they are expanded to the currently uninsured population.” As the final report from the federal government’s Advisory Council on the Implementation of National Pharmacare comes close to being released, pharmacare is rightfully high on the national agenda. With that in mind, the report examined different options to arrive at universal coverage from the current prescription-drug insurance regime in place in Canadian provinces....

Late last month, the government of British Columbia announced a policy to switch from covering an array of biologic drugs to their lower-cost biosimilar equivalents. It was touted as a Canada-first move to get in line with European jurisdictions where the treatments are recognized as safe and effective, as well as a way to cover more people and fund new drugs under the provincial pharmacare plan. The announcement was welcomed by Biosimilars Canada, the national association representing Canada’s biosimilars industry. “Switching or transitioning patients from original biologic treatments to their corresponding biosimilar medicines is the responsible choice for those who manage drug budgets,” said Jim Keon, president of the association. But another group of stakeholders, represented by the Alliance for Safe Biologic Medicines (ASBM), was far from receptive. “Biosimilars are highly similar to the original biologic medicines but not identical, therefore they have not been considered ‘generic’ drugs or appropriate for substitution for the original product without involvement of the prescribing health care provider,” the group said in a statement. While acknowledging that governments can turn to biosimilars as a way to control costs and improve access to biologic therapies, the ASBM argued that BC’s announcement amounted to “non-medical switching”...

British Columbia-based full-service group retirement plan consulting firm Hub’s latest acquisition Chicago, IL (June 11, 2019) – Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired Porchlight Financial. Terms of the transaction were not disclosed. Located in Vancouver, British Columbia, Porchlight Financial is a full-service group retirement plan consulting firm with 25 years of experience in helping employers and employees achieve better pension outcomes. Porchlight Financial specializes in group retirement plan member advisory services, financial wellness programs, retirement lifestyle and income planning. “With the addition of Porchlight Financial, Hub continues to create a robust Canadian benefits and pension solution for our clients,” said Dave Terry, President and CEO of Hub International Canada West ULC. “Their expertise will deepen Hub’s services to help clients create a more comprehensive benefits package in order to attract the talent they need and want.” The move further reinforces Hub’s ongoing Canadian employee benefits growth and services strategy[1] to assemble best-in-class capabilities and entrepreneurial talent across Canada to develop a comprehensive employee benefits and pension solution. “Hub is a first-class insurance brokerage firm, with a talented team of individuals equally committed to finding ways to continually improve the client experience...

Grand opening today – June 11 at 11am Toronto, ON (June 11, 2019) – The Sarnia Police Services Board has approved an Agreement with Accident Support Services International Ltd. (ASSI) on the implementation of a Collision Reporting Centre (CRC) at their 555 Christina Street N location in Sarnia. The CRC opens on June 11th at 11:00am. The hours of operation will be 10 am to 6 pm, Monday through Friday. Accident Support Services International Ltd. has provided superior customer service to citizens since 1994. ASSI’s goal is to facilitate an active partnership between police and insurers in post-accident care by providing knowledgeable advice and assistance to those involved in collisions. This results in increased convenience for the public as well as greater road safety. Police will still attend collisions involving criminal charges, damage outside the vehicle, or serious injuries. All other collisions will be directed to the CRC. Supporting insurers fund the program; there is no cost to the police or the public for these services. “If it’s just a fender-bender, we don’t want people sitting for an hour, two hours, just waiting to exchange names” Sarnia Constable Giovanni Sottosanti said. “Now we have the opportunity to use officers for...