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Candian Life Insurance News

Westland Insurance Acquires Tredd Insurance Brokers

Surrey, BC (Sept. 15, 2021) – Westland Insurance Group Ltd., Canada’s largest independent Canadian-owned brokerage, is pleased to announce the acquisition of Tredd Insurance Brokers in Toronto, ON, and Calgary, AB.

“Tredd is an incredible addition to our national network,” says Jamie Lyons, President and Chief Operating Officer. “We’re thrilled to welcome Tredd’s team of talented advisors in both Toronto and Calgary to the Westland family.”

“We are excited to add Tredd’s established expertise in transportation and energy to Westland’s commercial platform,” says Donna Barclay, Executive Vice President, Commercial. “Westland and Tredd share a deep commitment to long term client and insurer relationships. This acquisition expands Westland’s footprint in Ontario, a market key to our growth strategy, and gives us an important presence in downtown Toronto.”

Dowling Hales acted as financial advisor to Tredd in the transaction.

About Westland Insurance Group

Westland Insurance Group is one of the largest and fastest-growing independent property and casualty insurance brokers in Canada. With a national presence of more than 175 locations and nearly 2,100 employees, the company continues to expand coast to coast. Westland’s brokers provide expert advice to home, business, farm, life and auto insurance clients. Since its founding in 1980, Westland has remained a family-owned company that is committed to supporting its local communities. For more information, visit www.westlandinsurance.ca.

SOURCE: Westland Insurance Group Ltd.

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Candian Life Insurance News

Sun Life to equip every client with a personalized financial plan

First Canadian organization to introduce Conquest’s best-in-class digital financial planning tool across all wealth and insurance service platforms

Toronto, ON (Sept. 15, 2021) – Sun Life Canada has tapped Conquest Planning Inc. to provide its best-in-class, digital financial planning tool to empower Clients to live their best life supported by a personalized financial plan. Sun Life is the first Canadian organization to introduce the digital tool across all its wealth and insurance service platforms. This means all retail Clients, whether online or working with a Sun Life advisor, and group retirement plan members, will have access to one financial planning tool. This is an important step on Sun Life Canada’s digital journey, with a phased roll-out beginning Fall 2021.

“Our goal is to equip every Sun Life Client across Canada with a financial plan,” said Rowena Chan, President, Sun Life Financial Distributors (Canada) Inc. and Senior Vice-President, Distribution. “A financial plan, combined with Sun Life’s ability to provide Clients with holistic advice, makes it easier for Canadians to grow and protect their finances. Whether through a self-serve model, working with an advisor, or a combination of both, having a plan in place builds confidence and provides Clients simple, clear steps towards achieving their wealth, health, and protection goals.”

“For over 155 years, Sun Life has empowered Canadians to reach their goals, including achieving financial security and living healthier lives,” said Véronique Dorval, Senior Vice-President, Client Experience Office, Sun Life. “This new tool will allow us to respond to Clients’ evolving needs proactively and faster than ever, while still offering the unmatched expertise of our employees and advisors. Conquest’s digital tool will help us stay connected to our Clients across all our wealth and insurance offerings, enabling us to develop a comprehensive profile to fit their individual needs. We are excited to offer this innovative service to Clients and know it will have a real and lasting impact on their financial security.”

Conquest’s innovative digital application uses artificial intelligence and real-time collaboration capabilities to help Clients set, track, and continuously adjust personalized goals. Conquest’s digital tool will also:

  • Provide a consistent digital experience – Clients, Sun Life advisors, and Financial Services and Retirement Consultants can easily retrieve data from the same platform. Whether a Client is working with a Sun Life advisor or has an individual or group retirement plan, the digital tool will provide a quick, seamless experience, helping Sun Life advisors or Financial Services and Retirement Consultants dedicate more time to providing valuable, holistic advice.
  • Offer a simple self-serve interface – Clients (both retail and group retirement plan members) will have access to a simple, visual dashboard, including calculators and ‘sandbox scenarios’ to help them consider different life events and how they might adjust their long-term plan.
  • Be customizable and feature smarter recommendations – Clients can select their goals and are given strategies, recommendations and descriptions that support those goals. Whether they have simple or complex needs, Clients can continue to evolve their digital plan over time.

“At Conquest Planning we believe in the concept of One Plan,” said Brad Joudrie, Chief Revenue Officer at Conquest Planning. “Each Canadian has unique wishes and our application scales to offer a hyper personalized plan based on the ever-changing needs of each distinct individual. Partnering with Sun Life to ensure all Clients receive a financial plan is an exciting endeavour to truly drive financial wellness to more Canadians.”

Financial security is a key pillar of Sun Life’s sustainability strategy. By providing Clients with innovative products and services, we’re helping secure their—and their family’s—financial future. Sun Life is using new technologies to drive better financial habits. And, by building greater knowledge and confidence, Clients can make better financial decisions today to achieve their goals of tomorrow.

About Sun Life

Sun Life (TSX, NYSE, PSE: SLF) is a leading international financial services organization providing insurance, wealth, and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life had total assets under management of $1.36 trillion. For more information, please visit www.sunlife.com.

Note: All figures in Canadian dollars

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

SOURCE: Sun Life Financial Inc.

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Candian Life Insurance News

91% of carriers are prioritizing the use of data and analytic technologies to inform decisions on pricing: Celent & Equisoft

Commissioned by Equisoft as part of a new global study, this North American research will help carriers to plan, prioritize and make investment decisions on how to unlock the strategic value of their data to create new opportunities for growth, process optimization and customer experience improvement

Montreal, QC (Sept. 16, 2020) – In a new report commissioned by Equisoft, global research firm Celent presents the findings of an executive study aiming to understand how North American insurers are actually creating value from their data, and how they are improving their abilities to expose and use their data for more than administrative purposes, while overcoming the key risks to realizing that value.​

The research revealed that:

  • While giving customers more of what they want matters, knowing how to price for it optimizes business when things scale up;
  • 91% of carriers surveyed are prioritizing the use of data and analytic technologies to inform decisions on pricing;
  • The building of actuarial pricing models is where they are finding that data is creating the most value for their organizations.

This research was conducted with CIOs and other executives at large- and mid-sized North American carriers offering individual life, annuities, as well as group and voluntary insurance products.

“The volume of data collected by insurers is increasing every second and deriving value from that data has become a hot topic and one that many carriers are grappling with,” said Mark DePhillips, Senior Vice President, USA at Equisoft. “Our goal with this study is to provide insurers with practical insights on what their peers are doing with their data today, and help uncover what are the quick wins, how they can actually get value from their data right now.”

As reported by Celent, higher customer expectations for modern digital experiences are segmenting the marketplace between savvy companies and lagging companies, creating a strategic imperative for insurers to become more data-driven and to generate more value from their data through digitalization, connectivity, analytics and automation.

“Companies of all sizes are placing their greatest priority on data management, business intelligence, and Analytics/AI,” said Marty Ellingsworth, Senior Analyst, Data and Advanced Analytics, Americas at Celent. “They have more data than ever, from extensive digital transformations and integrations with various data sources, and they understand that turning this data into more valuable assets is key to sustainable competitiveness where price, ease of doing business and peace of mind matter.”

As one insurance executive revealed in the report, “No one is in charge of data quality. We have pockets of greatness surrounded by swampy moats. We put it in the cloud and are sorting it all out there.”

Click here to access the full report.

In addition to the North American life and annuity market, this research will also be conducted in LATAM and APAC, and a global report comparing results among regions will be released by Celent in early 2022.

About Equisoft

Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 250 of the world’s leading financial institutions in 16 countries, Equisoft offers innovative front-end applications, extensive back-office services and unique data migration expertise. The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and more than 800 experts based in Canada, USA, UK, Chile, Colombia, South Africa, India and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information, visit equisoft.com.

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC). For more information, visit celent.com.

Source: Equisoft

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Life and health insurers paid $100 billion to support Canadians through the pandemic, 2020 data shows

Toronto, ON (Sept. 14, 2021) – Canadians received over $97 billion in benefits from life and health insurance products in 2020, a period that included the first nine months of the COVID-19 pandemic economic slowdown. Insurers helped Canadians respond to the disruption and tragedy of the pandemic by:

  • paying out over $12 billion in prescription drug claims;
  • paying out $950 million in travel insurance claims – largely for trip cancellations;
  • paying out $420 million in psychology-related claims to support mental health – up nearly a quarter from 2019; and
  • paying out $154 million in life insurance claims from deaths related to COVID-19.

Insurance benefits remained remarkably resilient. Because of actions taken by insurers, employers and other plan sponsors, over 26 million Canadians benefited from access to health benefits at the end of 2020 – the same as before the pandemic.

“Millions of Canadians rely on life and health insurance products during times of crisis; for all of us 2020 was one of those times,” Stephen Frank, President and CEO of the Canadian Life Health and Insurance Association said. “Insurers can be proud of the proactive steps they took through premium reductions and deferrals to help employers through the pandemic, and to protect the workplace drug and health benefits their employees count on.”

Additionally, insurers provided $46 billion in annuity payments, $37 billion in supplementary health benefits, and $14 billion in life insurance benefits. Life and health insurers also remained well capitalized through the crisis, with regulatory capital levels well above government targets.

“The pandemic has tested and demonstrated the resilience of life and health insurance industry and the importance of our products to the well being of so many,” Frank said.

Canadian Life & Health Insurance Facts is published annually by the CLHIA based on industry and publicly available data. It is available at clhia.ca/facts.

About the CLHIA

The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold over $1 trillion in assets in Canada and employ more than 158,000 Canadians. For more information, please visit www.clhia.ca.

SOURCE: Canadian Life and Health Insurance Association Inc.

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Candian Life Insurance News

Relay establishes itself as leading broker platform for cyber insurance with Coalition instant quoting

Relay welcomes Coalition to the fast-growing list of carriers quoting on the innovative platform

New York, NY (Sept. 15, 2021) – Relay Platform is pleased to welcome Coalition to their lengthy suite of carriers, MGA-MGUs and reinsurers offering instant quotes (API) through the platform. The integration with Relay Platform offers brokers instant quotes, augmented communication and seamless access to Coalition, the largest tech-enabled Cyber Managing General Agent (MGA).

Relay, an innovative provider of solutions enabling the digital transformation of commercial insurance and reinsurance submissions, is designed to facilitate the transition to data-first insurance placements, instant quoting, and superior broker-cedent connectivity to markets. The Relay I5 platform allows insurance brokers to visually structure placements, rapidly identify and approach the most relevant markets, and iteratively automate subsequent steps to automate client proposals and increase close and renewal rates.

“The digital risk landscape is evolving rapidly, and brokers are looking for solutions that allow them to provide immediate coverage options for their clients,” said Shawn Ram, Coalition’s Head of Insurance. “Through our partnership with Relay, we’re excited to offer an even broader number of brokers a seamless, instant quoting solution to offer cyber coverage to their clients.”

Connecting broker and carrier systems directly through APIs is transformational in delivering instant quotes to brokers. Relay unifies carriers & MGA-MGU applications and sources capacity through both real-time and manual quotes to produce a comprehensive Smart Client Proposal™ that saves hours a day and boosts success rates for agents & brokers in any Commercial Line. Through Relay, Coalition will offer comprehensive cyber coverage including financial, intangible, and tangible damage with up to $15M.

“Our I5 technology was developed to quickly combine forms across carriers and MGA-MGUs in order to speed up data entry for brokers. Our application dynamically adapts to API inputs and unlocks carriers as answers are provided. Those applications can be extended directly to policyholders/applicants, directly or for Affinity Programs”, comments Andrew deGroot, Relay VP of Enterprise Accounts and International Sales.

For more information on Relay I5, please contact us at [email protected] to book a demo today!

About Relay

With Relay, brokers drastically increase their close rates by securing and comparing quotes and creating winning proposals faster, for both renewal and new business. Relay is the single-entry multi-carrier comparative-rating solution that can handle all P&C lines, across all mediums including both instant (“API”) and email quoting, at any level of complexity. Relay facilitated billions in bound coverage across insurance and reinsurance since launching in April 2020. With an exponentially growing client base in North America, Relay also counts among the few Lloyd’s accredited London market e-platforms. For more information, please visit www.relayplatform.com.

About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition’s team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal. For more information, visit www.coalitioninc.com.

Source: Relay Platform

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Read the original article at Insurance-Canada.ca