Aon is appointing Brad Lorimer as executive vice-president and health leader in Canada. Since Lorimer joined the consultancy 13 years ago, he led several national practice groups across Canada, including the financial services group and cyber solutions. Prior to joining Aon, he worked at Chubb Insurance and and Scotiabank. “Brad has a deep knowledge of […]
Two group benefits firms in the Greater Toronto Area have joined forces to strengthen growth and innovation in the benefits and insurance industry. The new joint venture between Etobicoke, Ont.-based Steven Cohen Insurance Agency Inc. and North York, Ont.-based RRJ Insurance Group Ltd. took effect on Jan. 1. Plan sponsor clients will have access to […]
The Empire Life Insurance Co. is partnering with Rimouski, Que.-based insurtech company Magik-Net to build a real-time platform for third-party administrators. The platform aims to help TPAs handle tasks related to the administration of employers’ group benefits plans. It’s also designed to reduce the time insurers spend processing files and confirming successful transactions. Read: The value-added proposition of group […]
SSQ Life Insurance Co. Inc. is adding pharmacogenetic testing to its group insurance offering. Pharmacogenetic testing helps determine how a person’s DNA reacts to prescription drugs, which makes it easier for doctors to choose the most effective medications for their patients. SSQ said it expects the offering will make it easier for plan members to access […]
Pacific Blue Cross and Blue Cross Life Insurance Co. of Canada are forming an alliance in British Columbia, effective Jan. 2, 2020. The alliance is aimed at enhancing Pacific Blue Cross’ capabilities in underwriting, pricing, reserving, actuarial and medical underwriting, according to a press release. It will remain the primary contact for all sales, services […]
The Canadian Life and Health Insurance Association is withdrawing guideline G19 on advisor compensation for group benefits and retirement services. “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 chief executive officer, in […]
Benefits fraud is a top concern among plan sponsors and insurance carriers, as it makes the cost of providing benefits plans more expensive, leading to higher insurance premiums. At Benefits Canada’s 2019 Benefits and Pension Summit in Toronto on April 17, Shelley Frohlich, director of fraud risk management in Sun Life Financial Inc.’s group benefits division, will […]
Plan sponsors are faced with competing offers by insurance carriers, group managing general agents and third-party administrators, as each group promotes their own unique, yet similar sounding, selling and value propositions. Group MGAs are firms that specialize in advising group benefits brokers and act as administrative back office, similar to life MGAs , which advise […]
The Canadian Life and Health Insurance Association is to be commended on its proactivity in proposing a new guideline for compensation disclosure in group benefits and group retirement services. But while transparency is a key driver of client satisfaction, in other countries — like Australia and the U.K. — it has taken regulators to force the hand […]
While the group benefits renewal process may seem like simply a box to tick each year, it’s important to approach the process holistically. “There are many factors that go into a renewal, the biggest of which are claims experience, insurer trend and utilization, as well as claims reserve, admin expenses, demographics and credibility,” says Adrianna […]