This is part two of our look back at what was in the news in the life and health insurance industry during 2014. This time, we look at the headlines that made waves from July to September.
This is part two of our look back at what was in the news in the life and health insurance industry during 2014. This time, we look at the headlines that made waves from July to September.
July
Father who left toddler to die in hot car asked about life insurance: police
Life policies for children represent a small fraction of the market – but they made the news recently following a court hearing for a man accused of killing his 22-month-old son by leaving him in a hot car.
According to investigators, Justin Ross Harris – the Georgia father accused of murdering his son by leaving him in a sweltering SUV – had asked family members how to cash in on the boy’s life insurance policies.
Three life heavyweights introduce a ‘revolutionary way of doing business’
Some major players in the Canadian life insurance scene are looking to remove the administration-heavy application processes by introducing a new way of doing individual insurance.
“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, executive vice-president of individual distribution and marketing for Great-West Life, London Life and Canada Life. “For example, for qualified clients, we offer instant decision - not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”
'Disruptive' life insurance clients want more mobile services
Consumer expectations regarding digital services continue to escalate, and brokers must respond to capture this younger demographic.
“Technology has always been disruptive, now consumers are disruptive, too,” was the message from MIT Technology AgeLab Director Joseph Coughlin at the LIMRA Marketing Research Conference this year, and it’s one that’s resonating with many in the life insurance industry.
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August
Ontario employers can’t self-insure LTD benefits
An amendment to Ontario’s Insurance Act prohibiting that province’s employers from self-insuring LTD benefits has opened a door for brokers to partner with companies looking to maintain their coverage.
Ontario’s budget, which received royal assent just recently, included an amendment to the Insurance Act to prohibit the provision of long-term disability (LTD) benefits in Ontario unless they’re provided through an insured arrangement with a licensed insurer.
What the Ebola outbreak means for insurance
The recent outbreak of the Ebola virus has not left the Western world untouched, as the first of two Americans returns to the U.S. from Liberia for treatment.
But in addition to widespread concerns on the safety of travel, the virus has also led some to re-evaluate the importance of some lines of insurance.
Will commissions eventually be banned?
In countries like the U.K. and Australia, the banning of commission-based selling has already taken the investment industry by storm. But would a ban here in Canada work? Chantal Marr of LSM Insurance looks into this controversial subject.
Don't ban commissions, says Advocis on the Canadian Securities Administration's contemplation of a commissions ban. Suzanne Sharma of Advisor.ca reported that if Canada completely bans sales on mutual funds commissions like the U.K. and Australia, advisors and their clients will suffer.
#pb#
September
OmbudService releases annual report
It’s that time of year again, when the OmbudService for Life & Health Insurance releases its annual findings – and the outlook is optimistic on several fronts.
“We're encouraged by the results of our first-ever Consumer Satisfaction Survey,” said Holly Nicholson, executive director & general counsel, OLHI. “The findings reveal overall satisfaction with OLHI and affirm our commitment to provide fair, impartial and timely dispute resolution services. The findings also provide opportunities for us to improve, such as the frequency of our contact with consumers.”
Consolidation concerns following Manulife buyout
Following the multi-billion-dollar deal Manulife takeover of Standard Life in Quebec, one industry expert has voiced his concern that this is but one of many consolidations that are yet to come.
“I have a great concern about the elimination of a market we have used for the past 20 years,” says Ontario advisor Brian Morris, “that offered superior products and service when compared to Manulife.”
Long-term care market set to boom
A recent Ipsos Reid survey found the majority of Canadians are concerned with the availability of long-term care services in their senior years and how they are going to pay for those services – findings that should come as no surprise to insurers, says one financial advisor.
John Archer, a financial security advisor with RBC Wealth Management Financial Services Inc., in Montreal, Que., explains that people “might be downright terrified,” given the dramatic erosion of a client’s net worth when virtually any form of long-term care is required.
July
Father who left toddler to die in hot car asked about life insurance: police
Life policies for children represent a small fraction of the market – but they made the news recently following a court hearing for a man accused of killing his 22-month-old son by leaving him in a hot car.
According to investigators, Justin Ross Harris – the Georgia father accused of murdering his son by leaving him in a sweltering SUV – had asked family members how to cash in on the boy’s life insurance policies.
Three life heavyweights introduce a ‘revolutionary way of doing business’
Some major players in the Canadian life insurance scene are looking to remove the administration-heavy application processes by introducing a new way of doing individual insurance.
“While some carriers offer elements of our individual insurance new business offering, no other insurer provides the entire suite of services we are rolling out,” says Nick Pszeniczny, executive vice-president of individual distribution and marketing for Great-West Life, London Life and Canada Life. “For example, for qualified clients, we offer instant decision - not just for term life insurance, but for all of our individual life, critical illness and disability insurance products.”
'Disruptive' life insurance clients want more mobile services
Consumer expectations regarding digital services continue to escalate, and brokers must respond to capture this younger demographic.
“Technology has always been disruptive, now consumers are disruptive, too,” was the message from MIT Technology AgeLab Director Joseph Coughlin at the LIMRA Marketing Research Conference this year, and it’s one that’s resonating with many in the life insurance industry.
#pb#
August
Ontario employers can’t self-insure LTD benefits
An amendment to Ontario’s Insurance Act prohibiting that province’s employers from self-insuring LTD benefits has opened a door for brokers to partner with companies looking to maintain their coverage.
Ontario’s budget, which received royal assent just recently, included an amendment to the Insurance Act to prohibit the provision of long-term disability (LTD) benefits in Ontario unless they’re provided through an insured arrangement with a licensed insurer.
What the Ebola outbreak means for insurance
The recent outbreak of the Ebola virus has not left the Western world untouched, as the first of two Americans returns to the U.S. from Liberia for treatment.
But in addition to widespread concerns on the safety of travel, the virus has also led some to re-evaluate the importance of some lines of insurance.
Will commissions eventually be banned?
In countries like the U.K. and Australia, the banning of commission-based selling has already taken the investment industry by storm. But would a ban here in Canada work? Chantal Marr of LSM Insurance looks into this controversial subject.
Don't ban commissions, says Advocis on the Canadian Securities Administration's contemplation of a commissions ban. Suzanne Sharma of Advisor.ca reported that if Canada completely bans sales on mutual funds commissions like the U.K. and Australia, advisors and their clients will suffer.
#pb#
September
OmbudService releases annual report
It’s that time of year again, when the OmbudService for Life & Health Insurance releases its annual findings – and the outlook is optimistic on several fronts.
“We're encouraged by the results of our first-ever Consumer Satisfaction Survey,” said Holly Nicholson, executive director & general counsel, OLHI. “The findings reveal overall satisfaction with OLHI and affirm our commitment to provide fair, impartial and timely dispute resolution services. The findings also provide opportunities for us to improve, such as the frequency of our contact with consumers.”
Consolidation concerns following Manulife buyout
Following the multi-billion-dollar deal Manulife takeover of Standard Life in Quebec, one industry expert has voiced his concern that this is but one of many consolidations that are yet to come.
“I have a great concern about the elimination of a market we have used for the past 20 years,” says Ontario advisor Brian Morris, “that offered superior products and service when compared to Manulife.”
Long-term care market set to boom
A recent Ipsos Reid survey found the majority of Canadians are concerned with the availability of long-term care services in their senior years and how they are going to pay for those services – findings that should come as no surprise to insurers, says one financial advisor.
John Archer, a financial security advisor with RBC Wealth Management Financial Services Inc., in Montreal, Que., explains that people “might be downright terrified,” given the dramatic erosion of a client’s net worth when virtually any form of long-term care is required.
