Duuo launches Rent-my-Stuff, Canada’s first peer-to-peer rental insurance

Today, Duuo, a digital insurance brand created by The Co-operators, announced its launch of Rent-my-Stuff Insurance, Canada’s first on-demand digital insurance for peer-to-peer sharing platforms.Now available through Traveling Munchkin, a Canadian platform that allows parents to find and rent baby gear from local families, Rent-my-Stuff Insurance provides protection for peer-to-peer rental specific damages and losses.

This development reflects Duuo’s continued commitment to creating innovative insurance products that fit the needs of Canadians participating in a fast-paced and ever-changing digital economy. Rent-my-Stuff Insurance was developed by Duuo through their partnership with Slice Labs Inc. (Slice), the first on-demand insurance platform provider supporting tomorrow’s cloud-based, on-demand digital services ecosystems.

“Peer-to-peer rentals are emerging as the next phase of the sharing economy, with Canadians gravitating towards platforms like Traveling Munchkin to rent their personal equipment as a way to earn additional income,” says Robin Shufelt, Managing Director of Duuo. “One of the biggest barriers to adoption in the rental market, especially for those looking to rent out their belongings, is the fear of damage. Our goal with Rent-my-Stuff Insurance is to provide protection and peace-of-mind for those looking to rent their personal equipment.”

Participation in the sharing economy has grown by 25 per cent in the past year and shows no signs of stopping.1 Similar to short-term home rental platforms like Airbnb, peer-to-peer sharing empowers people to monetize underutilized assets and earn additional income.  Like any form of rental, peer-to-peer sharing comes with risks. Rent-my-Stuff Insurance is designed to provide protection for the associated losses or damages.

The launch of Rent-my-Stuff Insurance through Traveling Munchkin represents Duuo’s first step into peer-to-peer personal equipment rental insurance. “We’re so thrilled to be partnering with Duuo,” says Samantha Vlasceanu, Founder of Traveling Munchkin. “With Duuo, I finally found an insurance partner who understood the sharing economy and was able to accommodate the unique needs of my users.”

Duuo is actively engaging with other rental platforms and looks forward to announcing their next peer-to-peer partner in the coming weeks.

The Co-operators:

The Co-operators Group Limited is a Canadian co-operative with more than $41.7 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.

SOURCE The Co-operators

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ILScorp celebrates it’s 20th anniversary with another successful Intact Commercial Producer School

ILScorp celebrates it’s 20th anniversary with another successful Intact Commercial Producer School

The 2019 Intact Insurance Commercial Producer School was an amazing success!

Students from Ontario, BC, Alberta, Saskatchewan and Manitoba all attended this year’s 20th Annual Intact CPS course at the Westin Bear Mountain Golf Resort, Victoria BC from September 23 – September 27, 2019.

“Twenty years ago, our founder Steve Hawriskok, had a vision for a sales school dedicated to teaching young Commercial Producers the ART of Commercial Insurance Sales.

Twenty years later, we are still teaching the ART of Commercial Insurance Sales combined with the SCIENCE of Behaviour Selling taught exclusively in Canada for Intact Insurance Company.

We thank Intact Insurance for your support, all our former students for your patronage, and our fantastic instructors, Todd Hochban, Wayne Kehl and Debbie Kehl for your dedication to innovation and excellence. We are proud of our past and excited about our future.”

“Great job by all the students! Truly an UNBELIEVABLE class.”  Ken MacRae, President and CEO of ILScorp.

The five-day course included a curriculum that provided in-depth coverage on ideal selling practices; structured to combine group activities, case studies, structured feedback, and sales techniques within a community-oriented network.

Together with Intact, ILScorp, West Coast Training and Dynamic Leadership Inc, a structured training program for sales preparedness included:

  • Four-Step Sale Process,
  • Sales Training & Selling Techniques,
  • Building Value to Overcome Objections,
  • Strategies to Overcome Price Objections,
  • Ways to Deal with Prospects,
  • Exceed Customer Expectations,
  • Underwriter Attention and Support
  • Customer Knowledge
  • Social Media and Branding Strategy
  • Rounded knowledge of the industry from a broker and company perspective
  • Relationship building with Intact / ILScorp / West Coast Training and Dynamic Leadership

ILS Learning Corporation, Learn more, EARN more!

#insurance #broker #education #training #intact

Mississauga man owes $800K in medical bills after travel insurance claim denied

Pat Foran, Consumer Reporter, CTV News Toronto

A Mississauga man who took a trip to Las Vegas now owes a U.S. hospital more than $800,000 in Canadian funds after his travel medical insurance claim was denied.

Clifford MacAuley says that when he took his trip in July, he thought he had the proper travel insurance.

When he went to Las Vegas with his brother, MacAuley was recovering from a heart operation that took place two months earlier. Four days into the trip he had a heart attack.

“They took me to the Las Vegas hospital where they pronounced me dead and then they brought me back to life.”

To save his life, doctors had to give MacAuley a pacemaker. They checked to see if he had travel medical insurance before proceeding with the operation—and he did. But while MacAuley was recovering, the hospital told him his medical coverage had been denied.

They gave him a bill for $662,476 U.S., which is equal to $877,207 Canadian.

MacAuley is 68 years old and on a pension. He says he can’t afford to pay the bill.

“I’m not going to freak out because I don’t have it. I have three fender guitars and about 1000 videos. They can take them if they want I don’t care.”

MacAuley paid $116 for the travel insurance policy with RBC. A spokesperson told CTV News Toronto it was a sad situation but that “Mr. MacAuley had pre-existing medical conditions and was on home oxygen prior to travel. This classified him as “not medically stable” in the six months before travel. For these reasons, Mr. MacAuley’s claim was denied.”

A spokesperson for The Valley Health System in Las Vegas said for privacy reasons it could not discuss MacAuley’s case, but did say patients need to contact the billing department to discuss payment options.

RBC said it had to pay $50,000 to fly MacAuley home in an air ambulance. The RBC spokesperson said people need to understand the type of coverage they’re purchasing and that 98 per cent of its travel claims are paid out to clients.

MacAuley says there is no way he can pay the hospital the money.

“Even if I was to live to 150 years old, I just can’t pay it back.”

Most Canadians don’t know key details about their properties & that makes getting home insurance quotes inaccurate & annoying

A recent home insurance survey conducted by LowestRates.ca found that the majority of Canadians don’t know key details about their homes, meaning when it comes time to get home insurance, their initial quote might not match the final price.  This also means comparing prices to get the best rate is often time consuming and a pain.

The survey found that 59.24% of respondents do not know the replacement cost of their home — essentially, what it would cost to replace the structure they inhabit. Many homeowners mistake this as the price they paid for their home when they bought it or what they could sell their home for now.

The survey also found that 30% of Canadians don’t know what year their property was built, 43% don’t know what the square footage of their property is when including the basement and one in four don’t know how close the nearest fire station is to their home.

Knowing this information is crucial to getting an accurate home insurance quote.

“These results are pretty surprising,” says LowestRates.ca’s Co-Founder and CEO Justin Thouin. “Having the right information is crucial to getting an accurate home insurance quote, but more importantly, incorrect information can invalidate your home insurance.”

Respondents fared better in other areas of the survey: 81.11% of homeowners are aware of the kind of primary and secondary heating their homes use. But in all areas, there was a significant percentage of Canadians who weren’t aware of basic details of their homes.

LowestRates.ca has simplified the home insurance quoting process by introducing a brand new comparison tool that automatically pulls all this information for homeowners. The new quoter is now live in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, the Yukon and the Northwest Territories, and will go live in the rest of Canada in the coming months. Canadians can use the quoter to quickly and easily compare prices from leading brokers and insurance companies to find the best price.

“This will eliminate errors when it’s time to get home insurance,” says Thouin. “We’re thrilled to launch this brand new, innovative quoter, which will allow Canadians to quickly and easily compare home insurance quotes online so everyone can save money and get the right policy for their unique needs.”

The LowestRates.ca survey results show that the majority of homeowners, 75.44%, currently have home insurance, while just over half (50.36%) of homeowners have gotten a quote for home insurance during the past year. The survey asked how much time Canadians think it takes to get a home insurance quote — 40.76% of respondents reported they thought it takes ten minutes, while 20.43% believed it takes twenty minutes. The remaining responses are split down the middle: 19.40% of respondents reported that they thought it takes less than five minutes to get a home insurance quote, while 19.40% indicated that they thought it would take more than thirty minutes.

With the new LowestRates.ca home insurance quoter, however, it’s possible to get more than 15 quotes in just three minutes.

“We want to make sure that homeowners have the coverage they need to protect their homes, and to be aware of the costs associated with unexpected events,” said Thouin.

The LowestRates.ca home insurance survey was conducted from July to August 2019 and sampled 969 respondents across Canada.

About LowestRates.ca
LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca’s mission is to help Canadians become more financially literate, with the goal of saving them $1-billion in interest and fees.

SOURCE LowestRates.ca

Manulife’s insurance app rewards healthy lifestyles, but also raises ‘health surveillance’ concerns

Making 10 per cent of Canadians less sedentary by 2020 would increase the national GDP by $1.6 billion, according to a study

BY Nicholas Sokic | Financial Post 

Elevators at Manulife Canada’s Toronto headquarters are now adorned with signage that reads, “the stairs go the same way.” It’s part of Manulife’s efforts to change sedentary lifestyles, as it rolls out its life insurance app to its employees and the rest of the country in partnership with Discovery Health, the South Africa-based subsidiary of the financial services group Discovery Ltd.

The Vitality app tracks your health based on several personalized physical and mental personalized assessments. Users can reach bronze, silver, gold or platinum ranking based on their own fitness goals, and win discounts and gift certificates for hotels.com, Amazon, Cineplex and Tim Horton’s, among others.

Manulife launched Vitality in the U.S. four years ago under its John Hancock Financial division, and on an individual basis in Canada in 2017. The group benefits version was launched for Manulife employees in July, which reported 50 per cent participation in its first month.

The Toronto-based insurer has now opened the group benefits program to other companies during a staggered rollout, and already counts Walmart Canada and Scotiabank as customers.

The Vitality app is used in more than 20 countries with 10 million participants. Manulife signed a global pledge with other life insurance companies to make 100 million people more active by 2025.

“About a year ago we decided to launch it in the benefits business so that’s been about developing the platform for the employer market and testing it,” said Donna Carbell, the head of group benefits at Manulife Canada.

Participation in the program is entirely optional and there are no consequences for choosing not to participate, the company notes.

“Customers can select the method, type and amount of information they share,” according to Manulife. “The information is used to encourage customer engagement with the program and reward customers for participating in healthy activities.”

Despite privacy and other concerns, getting people to move around is an uncontroversial goal. During a presentation, Manulife’s chief executive officer Mike Doughty stated that four chronic conditions — respiratory, cardiovascular, cancer and diabetes — are responsible for 60 per cent of all deaths worldwide and 85 per cent of Manulife’s group benefits claims.

The highly personalized nature of the assessments in the app result in a radically different fitness experience for each user, even accounting for pregnancy, Carbell said.

“I may be a very sedentary person who has a chronic condition and it will create a different program for me so I will achieve a gold status with a very different exercise and fitness regime than a marathon runner will,” said Carbell.

Manulife cited a study from the Conference Board of Canada saying that making 10 per cent of Canadians less sedentary by 2020 would increase the national GDP by $1.6 billion and reduce national healthcare costs by $2.6 billion.

RAND Europe, an independent research institute, conducted a study last November surveying 400,000 people in South Africa, the U.S. and the U.K. and found that people using the Vitality app in conjunction with Apple Watch saw an equivalent of 4.8 extra days — an increase of 34 per cent — of physical activity on average each month.

Still, there are some obvious apprehensions in handing over the minutiae of your health information to a third-party.

“There’s always concerns about privacy,” said Carbell. “Any info an employee keys into the system, which might be my waist circumference or body mass index, all of that is housed with Vitality. We don’t even have access to that.”

Instead, the monthly report that employers receive would only contain demographic data such as how many employees are actively using the app.

“They could, theoretically, sell the information to third-parties without any consent on the part of the subject. But (totally voluntary) means nothing,” says Ann Cavoukian, the executive director of the Privacy by Design Centre of Excellence at Ryerson University. “Most people probably haven’t even looked at who the information is shared with, what that consent means.”

Toronto-based John Wunderlich of the self-named privacy and security firm also thinks the situation is not so cut and dry.

“I think it’s hard for me to see what the value offering is for both employer and insurance provider if it isn’t employee health surveillance.”

While employee consent is required, “the pendulum is swinging” on how rigorous that consent may be, Wunderlich says. For those that don’t want to participate, the impact could be anything from increased stress or pressure to perform in an unnatural fashion.

This hypothetical situation is not beyond the pale either. Last year, a statewide West Virginia teacher’s strike was partially brought on due to the Go365, a heartrate- and step-tracking app. A US$500 hike in a teacher’s annual insurance deductible was the punishment for failing to reach a certain amount of points. The program was later abandoned.

However, Manulife counters that it’s “committed to respecting and protecting” customers’ personal information.

“We have organizational, physical and technical safeguards in place to ensure the confidentiality, integrity and availability of the data entrusted to us,” the company said.

Southern Manitoba communities drenched, with some seeing more than 100 mm of precipitation

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