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 […]
The Co-operators Life Insurance Co. is adding online cognitive behavioural therapy to its extended health-care coverage from January 2019. The new offering, through Morneau Shepell Ltd., will be included alongside the insurer’s group benefits coverage for psychologists and social workers. “We’re proud to be one of the first group benefits providers to offer iCBT in our extended health-care coverage,” said […]
Assumption Mutual Life Insurance Corp. is appointing Sébastien Dupuis as president and chief executive officer following the retirement of André Vincent. Vincent will assume the role of senior advisor to Dupuis until he officially retires on June 30, 2019. With 17 years at the company, Dupuis has held a variety of roles, including director of finance, chief risk officer, […]
Aon has partnered with six Canadian insurance providers to offer traditional and flexible benefits through its Aon Choice platform. The new partnership includes Sun Life Financial Inc., Manulife Financial Corp., Great-West Life Assurance Co., Desjardins Insurance, SSQ Life Insurance Co. and Green Shield Canada. The companies comprise 82 per cent of the Canadian group benefits […]
Medavie Blue Cross has appointed Marc Avaria as vice-president of product and disability management. In the new role, Avaria will lead the development of new products for the insurer’s group and individual businesses with a focus on digital options and pharmacy benefit management functions. He will also help advance Medavie Blue Cross’ disability management business and […]
While advisors are supportive of greater transparency in group benefits and retirement services, some say the Canadian Life and Health Insurance Association’s proposed amendments to its compensation disclosure guideline last week still presents a conflict of interest. The suggested changes to G19 included requiring the disclosure of both the percentage and dollar value of direct compensation […]