Insurable Interest Canadian Insurance Blog

KING OF PRUSSIA, Pa., June 3, 2019 /PRNewswire/ — The American College of Financial Services today announced that Michael Finke, PhD, CFP®, has been appointed director of The American College Granum Center for Financial Security and director of the Wealth Management Certified Professional® (WMCP®) Program. A nationally-recognized researcher with a focus on financial advice, financial planning regulation, and investments and individual investor behavior, Finke has been with The American College of Financial Services since 2016 first serving as a chief administrator within Academics Affairs and as a professor of wealth management. Finke is also the mastermind behind the development of the innovative Wealth Management Certified Professional® (WMCP®) program, the first goal-based investing education program that uses contemporary investment science to provide advanced portfolio solutions for individual investors. In recognition of Finke’s extensive research and service to improve the quality of financial advice and retirement security, he is also being honored by being named the Frank M. Engle Distinguished Chair in Economic Security. In his new roles, Finke will continue to oversee content development within educational programs, maintain The College’s position as the thought leader in retirement and investment planning through The American College Granum Center for Financial Security, and provide oversight...

New SMA Blog by Karen Furtado, Partner, Strategy Meets Action — Of all the software sold within the insurance industry, core systems continue to be the dominant purchase for hundreds of insurers. And just when you think it might slow down – that every last insurer has bought the system that they will need to support their business – we see another cycle of buying begin. 2016 was a “low point” in core systems buying, with the lowest number of policy, billing, and claims systems purchased in several years. Questions started to arise. Was the market finally saturated? Were these needs now filled? Would insurers start to move on to other projects? As of this writing – and from looking at the insurer and MGA buying trends over the past two years – we see that this could not be further from the truth. Buying has been on the upswing since 2016, increasing by 13% in 2017 and 11% in 2018. And I have been asked a myriad of questions: What is hot? And what is not? Are more suites being purchased than components? Or are we entering a new era of component buying? What lines of business are insurers...

PR Newswire ROLLING MEADOWS, Ill., June 2, 2019 /PRNewswire/ — Arthur J. Gallagher & Co. today announced the acquisition of Liverpool, New South Wales-based The Protectors Insurance Brokers Pty Ltd and Regent Insurance Brokers Pty Ltd.; collectively referred to as The Protectors Group (TPG). Terms of the transaction were not disclosed. Founded in 1982, TPG is a retail broker specializing in construction, hospitality and transport coverage for commercial and corporate clients in Greater Western Sydney. David Michell, Vince Gioiello and their associates will continue to operate from their current location under the direction of Sean Gallagher, Head of Branches for Gallagher Australia. “TPG is a second-generation family business that represents a very good cultural fit for Gallagher and expands our geographical presence in the key growth area of Western Sydney,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “We are very pleased to welcome David, Vince and their team to Gallagher.” Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. Investors: ...

IA Clarington Investments announced on May 30 several portfolio manager and fund name changes, which are effective immediately. “We monitor our funds to ensure they are well positioned for the opportunities and complexities of today’s market landscape. The changes we’ve made to our portfolio manager lineup reflect our commitment to offering active, high-conviction solutions tailored to the evolving needs and expectations of our clients,” said Eric Frape, Senior Vice-President, Products & Investments, iA Clarington. The company says that the objective of each affected mandate remains unchanged, adding however, that “the new portfolio management teams will bring to the funds their unique, time-tested investment strategies for pursuing superior outcomes for investors.” The changes are as follows: Previous fund name New fund name New portfolio manager(s) IA Clarington Sarbit U.S. Equity Fund IA Clarington U.S. Equity Currency Neutral Fund1 Joe Jugovic & Mathew Hermary QV Investors Inc. IA Clarington Sarbit U.S. Equity Class (Unhedged) IA Clarington U.S. Equity Class1 Joe Jugovic & Mathew Hermary QV Investors Inc. IA Clarington Focused U.S. Equity Class IA Clarington Thematic Innovation Class Jean-Pierre Chevalier Industrial Alliance Investment Management Inc. IA Clarington Focused Canadian Equity Class No change Peter Prattas & Michael Formuziewich IA Clarington Investments Inc. IA...

Canada Life has donated $800,000 to the Montreal Heart Institute. The money will be used in the construction of the final phase of the Institute’s EPIC Center – one of the largest cardiology prevention and cardiovascular disease rehabilitation centers in North America. In a May 30 announcement, the Institute stated that the insurer’s donation will allow for the creation of a new research unit at the EPIC Center that is unique in Canada. It will bring together researchers and students interested in factors that can modulate the cognitive changes frequently observed in older people. Dr. Louis Bherer, neuropsychologist, a researcher recognized worldwide for his research work, and Scientific Assistant Director at the EPIC Center, will lead the research unit alongside Drs. Mathieu Gayda and Daniel Gagnon. Cognitive disorders and dementia As part of the expansion and modernization of the EPIC Center, a research gymnasium and laboratories will be dedicated to the study of the prevention of cognitive disorders and dementia. These will be operational by the fall of 2019, said the Institute. “Our association with the Montreal Heart Institute and the EPIC Center is a natural fit. Canada Life has been proud to contribute to the physical, mental and financial...

By Brian Madgett Ah, “wedding season.” It’s a time when couples across the country prepare to open a new chapter of their lives together, surrounded by family and friends (and sometimes by people they don’t even know that well). Amid the flurry of invitations, fittings, flowers and all that often comes along with saying, “I do,” there’s one must-have wedding registry item that can’t be overlooked – life insurance. Protection-first planning should be the foundation of any couple’s financial plans – it’s the key that unlocks the door to future financial stability. At the core of this approach is adequate insurance protection, which helps secure other financial objectives such as purchasing a home, asset diversification, saving for a child’s education – or all of the above. Life insurance also can provide some protection when it comes to the burden of student loans or consumer debt that one or both partners often have. By protecting their assets and enrolling in coverage early, rates will be manageable and premiums will become a part of their budget from the beginning. This ensures that a protection-first approach will remain at the heart of their evolving, lifelong financial plan. Engaged and newlywed couples may assume...

The Canadian Life and Health Insurance Association has announced the withdrawal of Guideline G19 on advisor compensation for group benefits and group retirement services. The guideline’s withdrawal is effective today. Still in favour of market transparency “Following extensive discussions with market players, including advisors and their associations, and careful consideration of what we heard, we have decided to withdraw this industry guideline,” said Stephen Frank, CLHIA’s President and CEO in a statement. “Our industry is still strongly in favour of market transparency and plans to work closely with regulators and other stakeholders on these matters going forward.” The CLHIA says that as a result of the withdrawal, “measures related to group retirement services sales that were to begin for new contracts on July 1, 2019, and annual disclosure for existing contracts on January 1, 2020 will not proceed.” Will not proceed In addition, disclosure measures for group benefits sales, which were to begin on January 1, 2020 for new contracts and January 1, 2021 for existing contracts, will not proceed. The CLHIA underlined that its member companies remain committed to disclosure. “We value the role advisors play in the life and health insurance marketplace. The participation of advisors and their...

Third-annual UnitedHealthcare Wellness Checkup Survey provides insights into people’s knowledge and opinions about various health topics, including preferences about employer-sponsored well-being programs People trying to improve their health prioritize a healthy diet, access to routine medical care, and stopping smoking or reducing drinking More than half of survey respondents said they expect to remain healthy enough to accomplish everyday activities until 80 or older, including 11 percent saying those tasks will “never” be an issue Among employees with access to a well-being program, 57 percent said it has helped improve their health; of these, 27 percent said the program helped detect a disease or medical condition Minnetonka, MN (May 30, 2019) – More than two-thirds of Americans say an incentive of as little as $2 per day would motivate them to devote at least an hour each day toward improving their health, while nearly 60 percent of people say they would be more likely to participate in a fitness routine if the program offered an opportunity to socialize or make friends, according to a new nationwide survey. These are some of the findings from the 2019 UnitedHealthcare Wellness Checkup Survey, which examines people’s opinions about health topics and preferences, offering...

If you drive distracted, you could miss out on life Regina, SK (May 31, 2019) — Kailynn Bursic-Panchuk was preoccupied with her cellphone when she drove into the path of a train; the resulting collision was catastrophic and left the Weyburn teenager in critical condition. Kailynn’s tragic story is a part of SGI’s latest distracted driving awareness campaign that launches this weekend, coinciding with the June Traffic Safety Spotlight on distracted driving. “When we got to the hospital and the doctor told me Kailynn needed surgery to relieve the pressure on her brain, I was lost. This is supposed to happen in movies, not in real life,” said Kailynn’s mom, Sandra LaRose. Kailynn’s injuries would prove fatal – five days later her family made the difficult decision to take her off life support. Kailynn had just turned 17 years old. SGI’s poignant campaign has a clear message: distracted driving kills – don’t miss out on life. The campaign features a 60-second video that shows a young woman dreaming of her life ahead and milestone moments. Those dreams are followed by the nightmare of a head-on collision caused by a distracted driver. Kailynn’s photo and a brief narration by LaRose conclude...

London, UK (May 30, 2019) – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, and CoverWallet, the market-leading digital insurance company for small businesses, announced today that they have entered into a commercial agreement to serve clients in Australia. The parties are in the process of expanding this partnership to additional geographies, including North America. The current partnership provides Aon with additional access to the growing $100 billion small and medium enterprise (SME) digital insurance market segment, while allowing CoverWallet to expand its reach into new channels and geographies through Aon’s global capabilities and professional network. Aon will partner with CoverWallet around further technological advancements and client opportunities. A new Aon platform powered by CoverWallet launched in Australia this month. “CoverWallet’s innovative data science and technology capabilities are helping to reinvent the insurance industry, particularly in the SME market,” said Liam Caffrey, Global CEO, Aon Affinity. “We are excited to partner with their team and collaborate on client engagements in this fast-growing segment.” CoverWallet, based in New York City, is an insurance technology company with an industry-leading digital platform that serves the SME market and is licensed in all fifty...