The special reports of 2020
During this holiday season, we invite you to read or re-read our in-depth insurance reports that contain interviews and analyses of current industry trends.
Regulation in the time of COVID-19
The pandemic has strained resources for financial services companies, so dealing with the rapid pace of regulatory change is a significant challenge, say executives gathered for the recent virtual Advocis regulatory symposium.
To learn more:
Regulation in the time of COVID-19
Insurers and client expectations
Executives from several insurance companies recently gathered to discuss the future of insurance in Canada at a recent virtual conference hosted by Reuters Events. They aim to offer customer service that rivals today’s tech giants like Amazon.
To learn more:
Insurers seek to meet higher expectations
Laying the foundation for better customer experience
For the insurance industry, customer experience efforts go hand in hand with big data initiatives, say experts who spoke at the virtual Future of Insurance conference hosted by Reuters Events. The multi-channel approach and the mindset shift from product centricity were discussed during the event.
To learn more:
Customer experience: Laying the foundation for better service in the future
Canada Life discusses its strategy
Canada Life is setting up two new wholesaling teams with the goal of helping the company’s advisory networks make better use of the tools the company is building and offering. The executive vice-president spoke to the Insurance Portal about the company’s plan and the challenges it is presently facing when it comes to distribution.
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Canada Life aims to help advisors do more business with new focus on distribution
Behavioural insights from industry experts
Behavioural science is the study of how people make decisions. It’s taken off in recent years as a mandatory course of study for many financial advisors. There are various biases that may derail the clients’ financial plans during volatile times.
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Behavioural insights from industry experts
The growth of sustainable investing
Sustainable investing has taken off in a big way in recent years. There is more and more financial information available for investors about this type of investment, said experts speaking at the virtual Morningstar Investment Conference.
To learn more:
Sustainable investing gains ground
What the future of advice will look like
During the Morningstar Investment Conference, experts spoke about the future of advice. They discussed the changing ways advisors are adding value to their client relationships, the future of fees and how advisors can position themselves to most effectively grow their businesses going forward.
To learn more:
The future of advice in the pandemic era and beyond
The evolution of the Life and Health insurance industry results in 2020
The research firm LIMRA publishes a report each quarter on sales of individual life insurance, critical illness insurance and annuity products.
Sales were up in the first quarter and fell in the second quarter, according to the two reports.
To learn more:
Life insurance: What does 2020 hold in store?
Life insurance: pandemic causes sales decline
The value of IFAs for business owners
Business owners often don’t realize the value of permanent insurance. Advisors say a strategy called an Immediate Financing Arrangement (IFA) suits many business owners who are trying to both build and protect their wealth.
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IFAs can help business owners build and protect their wealth
Adopt these practices to win more sales
Take back hundreds of hours each year that you would otherwise spend on commuting – embrace virtual meetings and hire a scheduler to charge up your practice results going forward, recommended experts speaking at the Million Dollar Round Table (MDRT).
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Adopt these practices to win more sales
Looking beyond RRSPs
Business owners and incorporated individuals may want to consider looking beyond RRSPs to fund their retirement savings. An opportunity lies in both Personal Pension Plans (PPPs) and Individual Pension Plans (IPPs).
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IPPs and PPPs offer alternative retirement planning options
The unknown world of rare diseases
Rare and orphan diseases are defined as diseases that affect less than 1 in 2,000 people diseases. Treatment is expensive and these diseases pose a major challenge to governments and private insurers.
To learn more:
Rare and orphan diseases: a challenge for individuals and society
The threat of cyberattacks
Organizations in all sectors are affected. Governments, financial institutions, stock exchanges, Facebook, credit card issuers, Equifax, multinationals, SMEs, airports, nuclear power plants, hotel chains, hospitals, etc. are all prime targets for cybercriminals. An insurer held a forum with other industry leaders to discuss the matter.
To learn more:
Cyberattacks: We are all at risk
New technologies against fraud
The life and health insurance industry is delving into data analytics, conferring with other members of the financial services industry and bringing in anti-fraud investigators as just some of the tools in their arsenal against rising fraud.
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New technologies offer promise in the fight against fraud
Dwindling interest in classroom continuing education raises concerns
Dave Patriarche, owner of Mainstay Insurance and founder of the Canadian Group Insurance Brokers (CGIB), says he was shocked when he realized there are a number of financial advisors out there who simply have no desire to share how they reach their sales and personal financial goals.
He thinks “it’s advisors’ responsibility to educate themselves, their responsibility to specialize and become a professional.”
To learn more:
Dwindling interest in classroom continuing education raises concerns
The importance of a solid plan when gaining sudden wealth
Recipients of sudden wealth need advisors who won’t rush things, and who will work with them to create solid financial plans that will serve them best over the long haul.
To learn more:
Navigating sudden wealth requires a solid plan
Two P&C brokers set sights high
The property and casualty insurance distribution network is experiencing rapid consolidation. The Insurance Portal spoke with two leaders in this sector who have their sights squarely aimed on achieving significant growth through acquisitions and organically.
To learn more:
Brokerage growth strategies: P&C brokers set sights high
The importance of customer management tools for advisors
Not all financial advisers and MGAs are ready to use a client management tool commonly known as CRM, for Customer Relationship Manager. However, it is now a necessity, several industry players told the Insurance Portal.
To learn more:
Customer relationship management: financial advisors in the digital age
Email and phishing: advisers should beware
Computer attacks by email have increased in recent years. Phishing is on the rise. The COVID-19 pandemic has exposed the vulnerability of emailing data, experts say. Some insurers have issued warnings to this effect.
To learn more:
COVID-19 highlights email vulnerability
Seniors and the role of advisors
The COVID-19 pandemic is having a range of impacts on Canada’s seniors. Many, living on tight budgets, are now struggling due to rising costs.
Others are stressed by concerns over their own health or their family members’ wellbeing. Financial advisors are playing an important role in helping seniors manage during this difficult period.
To learn more:
Financial advisors are playing a key role in helping seniors deal with pandemic
Group insurance adapts to the new reality
The group insurance industry has changed since the beginning of the pandemic. For example, there has been a drop in dental claims, participants have changed the way they order their medication and telemedicine has increased in importance.
For these reasons and several others, suppliers and insurers had to change their way of doing things. This does not mean, however, that COVID-19 has put a damper on their activities, an industry player said in an interview with the Insurance Portal.
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