Genevieve Fortier Appointed Chief Executive Officer of Promutuel Insurance

QUEBEC CITY, Nov. 25, 2019 / The Board of Directors of Promutuel Insurance is pleased to announce the appointment of Geneviève Fortier as Chief Executive Officer. She succeeds Normand Morin, who has served as interim CEO since April 2019. Ms. Fortier officially takes office on December 16.

Recognized by her peers in the Quebec business community for results-driven and people-centered leadership, Geneviève Fortier will be joining an organization aiming to reach new heights of excellence by providing its insured members with a differentiated customer experience and innovative product offerings, buttressed by a dynamic network of partners. The professional qualifications and management values of our new CEO will help PromutuelInsurance pursue its growth and consolidate our network of mutuals, which are extremely active throughout Quebec.

Ms. Fortier is a CHRP Fellow (conferred by Quebec’sassociation of certified human resource professionals), with bachelor’s and master’s degrees in industrial relations from Université Laval. She has held key senior executive positions including, most recently, Senior Vice President, Sales and Distribution, at SSQ Insurance.

In 2017 Geneviève Fortier was named one of Canada’s 5 Most Influential Women in Human Resources and Diversity. She was also a finalist for the 2015 Alpha Business Personality of the Year award, and winner of the 2014 Quebec Businesswoman of the Year Award (large enterprise category).

Geneviève Fortier is a seasoned corporate director who has chaired the board of the CHUM (Montreal UniversityHospital) since 2015, and sits on the boards of Sanimax and Germain Hotels, where she chairs the Governance and Human Resources Committee.

She is a Leader of Effet A, an innovative program designed to provide women concrete tools to advance their careers and fast-track their professional development. She also recently co-chaired an $11 million fundraising campaign for FitSpirit, an organization dedicated to encouraging girls aged 12 to 17 to get physically active.

Quotations
“We were looking for a leader with a strong strategic and holistic view to spearhead our growth among Quebec’sleading damage insurers, while cultivating ever-closer ties with our insured members and our large network of mutuals. Geneviève Fortier is well-known not only for her leadership, but also for her ability to put people at the heart of everything she undertakes. We are confident having her join Promutuel Insurance will strengthen our organization and our team as we pursue robust growth, thanks to the support of our highly satisfied insured members.”

Yvan Rose, Board Chair, Promutuel Insurance

“I am delighted to join Promutuel Insurance, to help pursue the profitable growth of one of Quebec’s flagship insurers. I am joining a talented and experienced team that works wholeheartedly to create a differentiated experience for its insured members. Together with our 1,925 employees and partners, we will work to deliver innovative products and solutions and an efficient, modern, simplified insured member experience.”

-Geneviève Fortier, Chief Executive Officer, Promutuel Insurance

About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Québec. Known for its financial stability, superior products, and outstanding customer service. It boasts 1,925 employees serving more than 630,000 insured clients. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. In doing so it provides exceptional, personalized service while fostering the mutualist values that have guided it for 167 years.

Promutuel Assurance
Promutuel
Promutuel

SOURCE Promutuel Assurance

Economical Insurance acknowledges claim should have been processed ‘much sooner’

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Wawanesa toy drives coming to WHL

Calgary, Alta. – Whether unwrapping a teddy bear, a fire truck or a stethoscope, there’s nothing like making kids smile during the holidays. This year, the Canadian Hockey League and Western Hockey League are proud to join Wawanesa Insurance, their independent insurance brokers, and local charities to host holiday toy drives in 36 communities across Canada.

CHL fans can get the warm and fuzzies by donating a new and unwrapped toy at any of the 36 Wawanesa Toy Drive games taking place across the country from November 16 to December 15 and at participating broker locations in each community. As a special thank you for donations, all toy donors will be entered into a Grand Prize draw for a trip for two to Kelowna for the 2020 Memorial Cup Presented by Kia.

“The Canadian Hockey League and our member teams are proud to support our communities and the Wawanesa Toy Drive campaign is another wonderful opportunity to help make a positive difference for families across Canada,” said CHL President Dan MacKenzie. “We’re excited to join our partners at Wawanesa Insurance and our passionate fans to help deliver thousands of toys and smiles to kids this holiday season.”

If someone is unable to bring a toy to the game, Wawanesa has partnered with their local insurance broker partners to provide fans with convenient toy drive drop-off locations. View all broker locations and learn more about the Wawanesa Toy Drive (including full contest rules) by visiting wawanesa.com/toydrive.

“Happy kids, neighbours helping neighbours, and some of the best hockey in the world – it’s a winning combination to help more Canadian families enjoy this holiday season,” said Selena Hinds, Vice President of Communications and Community Affairs for Wawanesa Insurance. “We are thrilled to partner with the Canadian Hockey League, independent insurance brokers and local charities across Canada on this country-wide holiday toy drive. For us at Wawanesa Insurance, supporting the communities where we work and live is the essence of who we are.”

Wawanesa Toy Drives began this past weekend in the WHL, with events in Kelowna and Swift Current on Saturday, November 16, and Edmonton on Sunday, November 17.

Wawanesa Insurance is the Official Auto and Home Insurer and proud partner of the CHL, WHL, OHL, and QMJHL.

2019 Wawanesa Toy Drive Schedule – Western Hockey League:

November 20:
Regina Pats

November 22:
Victoria Royals
November 23:
Moose Jaw Warriors

November 29:
Brandon Wheat Kings
Lethbridge Hurricanes

November 30:
Red Deer Rebels

December 3:
Prince George Cougars

December 6:
Vancouver Giants

December 11:
Prince Albert Raiders

December 14:
Medicine Hat Tigers

About Wawanesa
The Wawanesa Mutual Insurance Company, founded in 1896, is the largest Canadian Property and Casualty Mutual insurer with $3 billion in annual revenue and assets of more than $9 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With over 5,000 employees, Wawanesa proudly serves over two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. Learn more at https://www.wawanesa.com/canada/.

About the Western Hockey League
Regarded as the world’s finest development league for junior hockey players, the Western Hockey League (WHL) head office is based in Calgary, Alberta. The WHL consists of 22 member Clubs with 17 located in Western Canada and five in the U.S. Pacific Northwest. A member of the Canadian Hockey League, the WHL has been a leading supplier of talent for the National Hockey League for over 50 years. The WHL is also the leading provider of hockey scholarships with over 350 graduates each year receiving WHL Scholarships to pursue a post-secondary education of their choice. Each season, WHL players also form the nucleus of Canada’s National Junior Hockey Team.

OSFI decision a rare departure from global standard-setting cooperation

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6 ways to cut your auto insurance rate

The article was written by 

The Insurance Bureau of Canada has some suggestions for fighting rising rates:

1. Shop around 

“There are 45 insurers operating in Alberta, and they will all look at each individual consumer differently,” says Celyeste Power, IBC vice-president Western.

“The best thing to do is shop around and ask some questions of your insurance representative.”

2. Bundle Up 

You can also see whether your current provider, or potential new provider, will award a discount if you buy multiple policies — like home and auto — through one company.

3. Add a ‘Fit Bit’

Power also suggests looking into UBI, or usage-based insurance.

“I call it fit bit for your car,” she says.

The IBC says several Alberta insurance companies offer UBI programs, which involve a device or app to monitor your driving, with rates tied to the results.

4. Drop collision 

Power says going without collision coverage could especially be an option for drivers of less valuable older vehicles.

5. Fight Theft

Some insurance companies may give you a discount if you install a theft-deterrent system. Check with your provider to see if you could qualify.

6. Up your deductible

This is something that could cost you more should you make a claim, but also lower your annual rate.

What is the industry doing?  

As an industry advocate, the IBC is pushing for regulatory change in Alberta like allowing “pay as you go” plans where rates would vary with mileage, as well as other flexibility.

“In every other industry that you deal with, you can customize everything to your exact specification,” Power says. “In insurance, you can’t. You have two or three choices.

She adds that there are injuries that are considered minor in other jurisdictions, but not in Alberta. The IBC would like that to bring costs to insurers down by changing that too.

“We believe money that hardworking Albertans are putting into the system should go toward care and taking care of people after an accident. It shouldn’t be on cash settlements.”

Source: Global News

 

Insurance rate cap scrap could see 12 per cent hikes for Alberta drivers

The excerpted article was written by ANNA JUNKER

Edmonton Journal

Alberta drivers could possibly see hikes of 12 per cent or higher to their auto insurance rates in the new year, after a cap that kept them artificially dampened was terminated by the province this year.

The insurance industry, and Premier Jason Kenney, said Friday there has been trouble in the industry over the recent years as payouts exceeded money brought in through premiums.

The possible increases come after the province decided not to renew the five per cent cap on rates the previous NDP government put in place in 2017. The Automobile Insurance Rate Board (AIRB), an independent regulatory body, will now be responsible for approving insurance rate hikes.

Kenney said Friday insurance companies were losing money in Alberta due to the cap.

Part of this is because we were facing the prospect of bankruptcies in the industry, leading to less competition which would ultimately be really bad for consumers,” Kenney said

“I understand one of the reasons why the industry has been losing money, paying out more in benefits than receiving in premiums.”

That sentiment is echoed by the Insurance Bureau of Canada’s Western vice-president Celyeste Power.

“Unfortunately, premiums have been increasing for the past four years. The rate cap, while I think it tended to try to push rates down the road and not increase rates, (it) did not lead to actually any decreased rates, some people still saw rate increases under the rate cap of 30, 40 per cent.”

A silver lining to the situation, Power said, is Alberta’s competitive market.

“Not all insurers are in the exact same position. Not all insurers are going in for the same amount of rate change. So it’s a competitive market,” said Power.

“That’s key for consumers to shop around to find the right product that meets their budget needs.”

But it’s unclear right now just how much the rates will increase until the AIRB releases those numbers.

“A lot of companies are in different positions and so they’re not only just looking at the markets differently, and all in their own unique competitive way, but they also look at each consumer differently,” said Power.

“There’s a variety of factors that go into coming up with a premium for each individual.

“Ultimately, when claims increase and no fixes are made, premiums then will follow.”

12 per cent is the ‘average’

However, George Hodgson, CEO of the Insurance Brokers Association of Alberta said on average, companies were losing about 12 cents on every dollar they were bringing in.

“You can expect that the average rate increase would be somewhere north of that 12 per cent in order to bring the industry back to profitability,” said Hodgson.

“That’s an average. In some cases, it might be less, it might be zero. In other cases, it might actually be a fair bit more than 12 per cent.”

Kenney added personal injury claims have been “growing massively,” contributing to higher premium costs.

“Lawyers have found loopholes through the restrictions on personal injury awards that were established by the Klein government,” Kenney said. 

“Those restrictions brought control to the cost of insurance in Alberta but now, as I understand it, personal injury awards have been growing massively, year after year after year and that’s ultimately what’s forcing up premium costs.”

Kenney said his government will be looking into closing those loopholes.

How can we frankly close legal loopholes that have created this huge and unacceptable cost inflation for insurance.”

Rate increases ‘unfair’: NDP

NDP MLA Sarah Hoffman said in response to Kenney’s comments that the rate increases wouldn’t be fair to consumers.

I think it’s really disrespectful to people paying insurance to say well, we just need to do this otherwise companies are going to leave,” Hoffman said. 

She added the same concerns from the insurance industry were brought up when the NDP were in government.

I get it, their job is to fight for their profit margins, our job as elected officials is to fight for ordinary folks and make sure we have a fair system and a five per cent cap seemed fair, and they stayed.”

Power said the key for consumers will be to shop around and ask questions.

“Ask about bundling, ask about increasing your deductible. Look at dropping collision coverage if you have an older vehicle,” Power said.

“Ask about usage-based insurance, I call it Fitbit for your car, which essentially gives you a discount for good driving behaviour. All of these questions are good to ask and finding that right product and finding that right price to meet your needs.”

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