The 2018 Intact Insurance Commercial Producer School was an amazing success!
- Canadians still hold a bias toward viewing disabilities as being largely physical rather than mental in nature.
- Yet, 30 per cent of Canadians who have taken time off because of a disability say it was for a mental illness.
- For most Canadians, disability insurance isn’t something they think about in-depth until they need it.
Despite the rise in public awareness of mental health issues, Canadians still hold a bias toward viewing disabilities as being largely physical rather than mental in nature, according to a recent survey from RBC Insurance. While two in three view multiple sclerosis (65 per cent) and physical accidents (65 per cent) as disabilities, fewer than half feel the same way about depression (47 per cent) and anxiety (36 per cent).
“There is a misconception that disabilities tend to be catastrophic in nature, caused by one-time, traumatic events,” explains Maria Winslow, senior director, life & health, RBC Insurance. “What most Canadians don’t realize is that mental illness causes the majority of disabilities. In fact, almost one-third of group disability claims at RBC Insurance are related to mental health, and that number is higher if you count physical disabilities that lead to mental health concerns.”
Many have already been impacted
Despite Canadians’ perception of mental illness, 30 per cent of working Canadians who have taken time off for a disability say it was because of a mental illness.
“It’s important that we continue to raise awareness around mental illness and provide ongoing support so that Canadians are more comfortable speaking about their illness and being honest with their family, their friends and their employer,” adds Winslow.
Room to educate
While the majority of Canadians (82 per cent) with disability coverage feel they’re well covered through their disability benefits, many don’t fully understand the coverage they have:
- Nearly one-in-five (23 per cent) say they don’t know anything beyond the fact that they have some sort of coverage.
- Only one-in-three (33 per cent) who currently have disability coverage say they understand the details ‘very well’.
- Half (52 per cent) know how their benefit plan defines a disability.
“When faced with a mental illness, the last thing you want to worry about is whether you have the proper coverage in place,” explains Winslow. “It’s important that Canadians not only ensure they have disability coverage, but that they understand the details of their policy. Find out how your plan defines a disability and what is and isn’t covered. For example, while some policies cover mental illness, others may not.”
Here are a few more tips to consider:
- Ensure you have a trusted network in place such as family, friends or professionals you can reach out to for support when necessary.
- Confirm you have adequate coverage. Some things to look for include how your plan defines a disability; does your plan provide valuable rehabilitation and return to work services; and if you’re covered for injury as well as illness.
- Utilize programs and services that are available to you. For example, RBC Insurance offers their clients Onward by Best Doctors, a program that provides personal support and faster access to top mental health specialists.
About the RBC Insurance Survey
These are some of the findings of an Ipsos poll conducted between January 2nd and January 4th, 2018 on behalf of RBC Insurance. For this survey, a sample of 1,505 employed Canadians aged 18+ was interviewed. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the results are considered accurate to within ±3.0 percentage points, 19 times out of 20, had all working Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About RBC Insurance
RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, one of North America’s leading diversified financial services companies. RBC Insurance is among the largest Canadian bank-owned insurance organizations, with approximately 2,500 employees who serve more than four million clients globally. For more information, please visit rbcinsurance.com.
SOURCE RBC Insurance
Today, Manulife announced a four-year, $400,000 partnership with the Waterloo Artificial Intelligence Institute at the University of Waterloo. This investment will support Artificial Intelligence (AI) research in disability claim prediction as well as fraud detection and natural language comprehension in customer service.
“Customer expectations are evolving and are increasingly driven by the power of technology,” said Cindy Forbes, Executive Vice President and Chief Analytics Officer, Manulife. “This partnership with Canada’s top university in computer science and engineering is well matched with Manulife as we transform into a digital, customer-centric leader.”
In addition to funding research, this Manulife and UWaterloo partnership will help build the next generation of intelligent systems through the Institute’s partnership program. It will also fund two AI prizes – for each year of the partnership – to undergraduate students who have excelled in either their studies, research or leadership in AI fields.
“AI is proving to be one of the most important technologies of our time and will have a significant impact on our economy and the lives of Canadians,” said Feridun Hamdullahpur, President and Vice-Chancellor, University of Waterloo. “The University of Waterloo is committed to working with industry leaders like Manulife to ensure that we understand and benefit from the opportunities and impacts of this technology.”
Known as Canada’s Innovation University, the University of Waterloo is home to world-changing research and inspired teaching. Together, Manulife and UWaterloo plan to deepen their 30+ year relationship and find new ways to transform for customers in a digital world.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of June 30, 2018, we had over $1.1 trillion (US$849 billion) in assets under management and administration, and in the previous 12 months we made $27.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.
SOURCE Manulife Financial Corporation
In a world where data breaches and hacks are happening with increasing regularity, a recent survey conducted on behalf of Mogo Finance Technology Inc. (“Mogo”) (TSX: MOGO) (NASDAQ: MOGO) revealed that 86% of Canadians believe they are increasingly at risk of identity theft and identity fraud (i.e. someone using your stolen identity such as birthdate, social insurance number, address, etc., to get a credit card or a loan in your name) – yet only 24% of respondents currently have identity fraud protection.
“As the world continues to move digital, we are seeing data breaches in the news almost weekly, putting every Canadian increasingly at risk of identity fraud,” said David Feller, Founder and CEO of Mogo. “We believe every Canadian needs a solution to proactively watch for signs of suspicious activity and unexpected inquiries into their credit bureau as the consequences of identity fraud – financial losses, reduced creditworthiness – can be so severe and can take years to resolve.”
The survey conducted by Maru/Blu on behalf of Mogo, which included more than 1,500 participants, revealed the following:
- 86% of Canadians believe that in today’s digital world, they are increasingly at risk of identity theft and identity fraud.
- While Canadians know the risk, only 24% have some sort of identity fraud protection solution.
- 85% of Canadians believe that if they are a victim of identity theft or fraud, it will have an impact on their financial life.
- 35% of Canadians know someone who has been a victim of identity fraud.
While a majority of Canadians understand the risk of identity fraud and the potential impact, many lack protection. Mogo is offering the following tips and solutions to help Canadians defend themselves against the rising threat of identity fraud from data breaches:
- Know who is checking your credit. When your information has been compromised, the fraudster will likely attempt to take credit out in your name. Lenders will do a credit check prior to extending the credit.
- Monitor your credit score monthly. Monthly changes to your score are usually the result of your own activity (e.g. using your credit card, paying your bills on time, or applying for a mortgage or credit product). However, changes to your score could also be related to fraudulent activity (for example, someone has your personal information like social insurance number or driver’s license and gets credit in your name)
- It’s good practice to change your passwords on all of your online accounts monthly and never put your full birthdate on social media.
When your personal identity gets compromised through data breaches, fraudsters can use it to impersonate you and get credit in your name, whether that’s a credit card, mortgage or even auto loan. By the time you find out about it, the impact can be severe and take years to resolve. MogoProtect monitors your Equifax credit bureau and notifies you by push notification and email whenever a company makes an inquiry, which happens when you consent to a credit check while opening a new bank account or completing an application for credit. If you receive an alert related to something that you did not authorize, MogoProtect will guide you through the next steps to help prevent the fraud. At $8.99 per month, MogoProtect is the lowest priced solution on the market. For a limited time, users can sign up with the promo code “freeprotect” to receive three months for free.1
In June 2018, Maru/Blue executed an online survey of 1,514 randomly selected Canadian adults who are Maru Voice Canada panelists. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and, in Quebec, by language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
Mogo — a Vancouver -based financial technology company — is focused on building one of the “go-to” finance apps for millennials in Canada. Built mobile first, users can sign up for a free MogoAccount in only three minutes and get access to 6 products including free credit score monitoring, the MogoCrypto account which enables buying and selling of bitcoin, identity fraud protection, the Mogo Platinum Prepaid Visa® Card, mortgages, and personal loans. The platform is engineered to deliver multiple financial products at scale through one account and enable the rapid launch of new features and products. With more than 600,000 members and growing, Mogo continues to empower consumers with simple solutions to help them improve their financial health. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
1 MogoProtect is currently only available to age of majority residents of BC, AB, MB, ON, NB, PE and NL.
SOURCE Mogo Finance Technology Inc
ILScorp CAIB Exam Prep Virtual Classroom Programs are a combination of structure and flexibility.
ILScorp Virtual Classroom programs are built on a structure of daily assignments and due dates that you must meet, whether it’s taking an online chapter quiz; completing daily questions; watching weekly review videos; or participating in a discussion with fellow classmates. However, within the virtual classrooms structure you have the freedom to choose the best times to participate that sync with your individual schedule. Moderated by long-time insurance educator Todd Hochban, the ILS Virtual Classroom Programs prepare you to write your insurance licensing exam in just four weeks, sending your insurance career to new heights!
The Insurance Agents and Adjusters Regulation of Alberta sets out the Continuing Education Requirements for insurance agents, brokers and adjusters
Here are the answers to some of the most common questions asked by Agents, Brokers and Adjusters in Alberta.
What are the Certificate Terms for Continuing Education?
Life and Accident & Sickness insurance agents, General insurance agents and Adjusters are required to complete in each certificate term at least 15 hours of approved continuing education courses. Effective July 1, 2014, a “certificate term” means the period beginning on July 1 and ending on the next June 30.
How do I know that I have satisfied my CE requirements?
You must log in to AIC and check your CE Summary Report. You are required to have completed 15 CE hours of approved courses each year in order to process the renewal of your license. All approved courses are found in the CE Course Lookup Section on the AIC web site. Contact ILScorp directly for assistance if you are unable to find a course.
Are there any exemptions to the continuing education requirement?
Yes. Individuals who hold a General insurance agent’s certificate limited to hail insurance or livestock insurance and individuals who hold an Adjuster’s certificate limited to hail insurance, travel insurance or equipment warranty insurance are not required to complete a continuing education requirement.
Are there exemptions for Maternity Leave or Long Term Disability?
There are no provisions under the Insurance Act or Regulations to allow an exemption for those agents who are on long term disability or maternity leave.
Is there carry over of hours?
The Insurance Agents and Adjusters Regulation allows for a carry forward up to 7.5 hours of continuing education credits from one year to be used in the next year per class of license.
What are the required hours for new Alberta agents?
1.25 hours per licensed month. Agents who apply for a certificate of authority (license) with 3 or less months remaining in the certificate term are not required to complete the Continuing Education requirement. If your first license was issued on April 1st, you will not be required to complete a CE requirement until you renew your certificate in the following year.
How do I determine if a course is accredited?
All courses which have been approved by the Accreditation Committee are listed on the Alberta Insurance Council website CE Course Lookup. ILScorp offers Alberta accredited courses for General / Adjuster as well as Life/A&S.
Why can’t I enter the date that I completed my CE courses?
As you enter the course id number on the AIC website, a number of courses will be presented to you in a drop down for your selection. You must select the name of the course from the drop-down. A calendar will then be made available to select the date of completion. Some courses may have only been approved within a specific date range.
When entering a CE course on the AIC website, I receive a message that says “You are attempting to save a course in a closed CE term.” Can I still add the course?
You may still add courses in a CE term that has already been closed. Since you will not be able to modify or delete the course once it has been saved, you will be asked if you wish to continue to save the course. Click the “Continue” or “Cancel” button to proceed.
When do I need to have all my CE credits completed?
When you renew your certificate of authority you are required to demonstrate that you have completed 15 hours of approved continuing education courses for each certificate being renewed by entering all approved courses under your profile.
Agents/adjusters who have not entered sufficient continuing education credits will not be able to renew their certificate(s) until sufficient courses have been entered.
What happens if I do not complete sufficient CE hours? Can I renew my license and earn my CE credits later?
All insurance agents and adjusters who are required to complete a CE requirement will not be able to renew their certificate(s) until they have demonstrated that they have sufficient CE credit hours. Failure to complete the CE by June 30th will result in your certificate of authority automatically expiring and you will not be authorized to act as an insurance agent or adjuster until you have satisfied your CE requirement and re-applied for your certificate(s).
Should I send in the CE certificates provided to me by the course providers?
No, these certificates are only required if the agent/adjuster becomes part of a random audit.
As a new agent can I use credits I earned from course taken before my license was issued?
New agents/adjusters may use credits earned by an approved course towards their first reporting period providing the course was taken in that certificate term.