Desjardins, provincial credit union centrals and CUMIS to merge the businesses

Desjardins Group and a partnership comprised of Canada’s five provincial credit union centrals (the Centrals) and The CUMIS Group have entered into a definitive agreement to merge the businesses of their subsidiaries, Credential Financial Inc., Qtrade Canada Inc. and NEI Investments. The transaction will create one of Canada’s largest independent wealth management firms with more than 500,000 clients across the country and over $55 billion in combined client assets under administration and management.

The new entity, Aviso Wealth, will be jointly owned by Desjardins and a limited partnership comprised of the Centrals/CUMIS, with each holding a 50% stake.  The Centrals represent approximately 300 credit unions across Canada. CUMIS is owned jointly by Co-operators Life Insurance Company and Central 1 Credit Union.

Aviso Wealth will be a Canadian financial services leader with notable strengths in wealth management, asset management, online brokerage and digital advice, mutual funds and correspondent services. Through its subsidiaries, Aviso Wealth will offer a wealth management platform with the necessary scale and resources to meet the evolving needs of its credit union partners and their members.

In addition, Aviso Wealth will continue to expand and evolve the products and services now provided by Credential, Qtrade and NEI to third party dealers, institutional and other partners and individual clients.

Leading this new organization as CEO will be Bill Packham, currently the CEO of Qtrade Canada Inc.  The new organization will be national in scope, with its main offices in Toronto and Vancouver and regional offices across the country.

The three merging businesses are currently owned by one or a combination of the Aviso Wealth equity holders.  Credential is owned jointly by the Centrals and CUMIS, Qtrade is owned by Desjardins, and NEI is owned jointly by Desjardins and the Centrals.

Guy Cormier, President and CEO of Desjardins Group, said, “Desjardins is a partner with Canada’s credit unions and is proud to join forces with them and with CUMIS and its majority owner, The Co-operators, to create a major Canadian wealth management provider that will, in all aspects, offer credit union members and other clients a strong alternative to the banks and other wealth management companies. This is another great step forward in our pan-Canadian development and good news for our clients and members.”

“The financial needs of Canadians are evolving, and we need to adapt to meet these needs while supporting the values of the cooperative sector,” said Garth Manness, CEO of the Credit Union Central of Manitoba, on behalf of the five Centrals. “We know that our members make a conscious choice when investing with their credit union. Our goal is to ensure that choice gives them access to excellent investment planning and advice, lower management fees, and the products and services that best meet their needs.”

“This partnership reinforces CUMIS and The Co-operators commitment to meet the wealth management needs of Canadians through both our multi-channel distribution network and the credit union system,” said Rob Wesseling, President and CEO, The Co-operators. “We have long-standing, successful relationships with our credit union partners and we are looking forward to working with Desjardins. This transaction signals yet another way that we’re working together to better serve Canadians.”

“Each of the three combining companies is successful on its own, but the combined organization will be much stronger, with greater potential for growth, profitability and innovation than the existing companies could achieve on their own,” said Packham. “In today’s competitive financial landscape, building a coalition between credit unions and successful wealth partners has become more important than ever. Aviso Wealth will significantly enhance the credit union experience by providing members with an integrated range of innovative and competitively priced products and services.”

The transaction is expected to close in the first quarter of 2018, subject to approval from regulators and compliance with customary closing conditions.

About Desjardins
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $276,3 billion. It has been rated one of the Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Counted among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.

About the provincial credit union Centrals
The five provincial credit union centrals participating in Aviso Wealth include Atlantic Central, Central 1 Credit Union (representing British Columbia and Ontario credit unions), Credit Union Central of Manitoba, Credit Union Central of Saskatchewan and Credit Union Central of Alberta.  Collectively, the five centrals represent the majority of credit unions (excluding the Desjardins caisse network) across the country.

About CUMIS and The Co-operators
The CUMIS Group Limited (CUMIS), which is jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union, partners with credit unions to deliver competitive insurance and financial solutions. As the leading provider of insurance-related products and services to the Canadian credit union system, CUMIS serves approximately 380 credit unions, with a total of more than five million members. The Co-operators Group Limited is a Canadian co-operative with more than $48 billion in assets under administration. In addition to wealth management products, The Co-operators offers home, auto, life, group, travel, commercial and farm insurance. The Co-operators is well known for its community involvement and its commitment to sustainability, and is listed among the Best Employers in Canada by Aon Hewittand Corporate Knights’ Best 50 Corporate Citizens in Canada.

Caution concerning forward-looking statements

Certain statements made in this press release may be forward-looking. By their very nature, forward-looking statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to a number of factors, the predictions, projections or other forward-looking statements as well as objectives and priorities of the parties may not materialize or may prove to be inaccurate and that actual results differ materially. Various factors beyond the control of the parties could influence the accuracy of the forward-looking statements in this press release. Although the parties believe that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct.   The parties caution readers against placing undue reliance on forward-looking statements when making decisions.  None of the parties undertakes to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of the parties, except as required under applicable securities laws.

SOURCE The Co-operators

Top 5 Digital Transformation Trends in Insurance

Top 5 Digital Transformation Trends in Insurance

Excerpted article was written by Daniel Newman

Truth be told, the insurance industry has never been much of a leader when it comes to technology. But finally — after decades of working with clunky workflows, outdated software, and lots of paper — many insurance companies are starting to get a taste of the tech bug. Perhaps that’s because hungry newcomer start-ups like Slice saw an opportunity to do insurance smarter, faster, and better. Or perhaps they realized how much time, money and risk they can save by updating and automating their processes — up to 65% in cost reduction alone. Whatever the case, there’s finally forward movement in the insurance sector, and customers are rejoicing that companies are jumping into the digital age. The following are a few ways insurance providers are making life easier for customers through the digital transformation.

Self-Service Dashboards

Ah — the beauty of the self-service model. We’ve seen it in grocery store lines and restaurants — and now we are finally seeing it in insurance. As we’ve learned, people want to use their phones to get “life” done as quickly and easily as possible. They’ve also started to get more comfortable with doing serious things — such as taking out mortgages and buying cars — at the click of a button. It makes sense they’d want to do the same thing with their insurance—managing everything from finding the right policy and making a claim, to tracking their car repair all from one place

 Easier — Faster — Claims Process

In the past, when we got rear-ended, we’d have to move to the side of the road, fish out our insurance and AAA cards and start the agonizing process of informing everyone under the sun about our accident. Today, we can do all of that via mobile, all without ever needing to talk to an agent.

And Purchase Options

What Kayak has done for plane tickets, companies like insurance.com can do for insurance customers — helping to compare often complicated policy coverage and costs at the click of a button. Even better: you can enroll on the spot, having insurance in minutes without ever needing to speak to a sales agent. (Have you noticed a theme here?)

More Seamless Experience

We’ve all had the excruciating experience of explaining our accident to one service agent, and then getting transferred to another agent, only to tell the same story all over again. Now, insurance companies are making better use of technology to store customer history and data so all agents—whether contacted by a bot, text or phone — will have access to the same information.

Insurance As A Service?

As noted above, Slice offers what might soon be known as Insurance as a Service (IaaS)—allowing people to insure expensive items like cameras and jewelry only when they are in use. This service is a prime example of using technology purely for customer experience (CX): it allows people to keep their goods safe as needed, rather than forcing them into a long-term policy for items they rarely use.

These are all great advancements, but my opinion there is so much more that can be done. With the help of blockchain (a certain industry trend for 2018) to keep our information safe, we’ll soon find that all our insurance policies, health and driving records and relevant information is stored on one simple swipe-able chip that will make enrollment and claims processes even easier to process.

Even more, the Internet of Things (IoT) holds tremendous potential for insurance providers to increase safety among customers. For instance, wearable health trackers may be able to monitor alcohol levels and prevent one’s car from starting when the driver is under the influence. Insurance providers may also be able to prevent drivers’ phones from operating while their vehicle is in operation. (Apple is already planning to block texts in iOS 11.) There are so many possibilities, outside of saving money and increasing efficiency — the question now is only a matter of time.

One thing is for sure: the insurance market is known to be oversaturated with providers. Those who jump in early to give customers what they want and need via digital transformation will absolutely have a leg up on the competition.

*

Daniel Newman is CEO of Broadsuite Media Group, principal analyst at Futurum and author of Futureproof.

*

Source: Forbes

Mississauga Campus: November 30th – Insurance Specialist Info Session

Mississauga Campus: November 30th – Insurance Specialist Info Session

Insurance Specialists help provide peace of mind. Learn how you can be a part of this fascinating industry on November 30th at the triOS College Mississauga Campus!

Hear from special guest speakers and find out how you can start a career in insurance.

Date: Thursday, November 30th
Time: 12pm – 1:30pm
Location: Mississauga Campus – 55 City Centre Drive, 2nd Floor

– Hear from industry experts
– Meet with instructors
– Tour the facility
– Learn about hiring trends
– Get information about upcoming start dates

Don’t wait. Register now!

Email: info@triOS.com or call 905-949-4955

We look forward to seeing you there!

Source: www.trios.com

Terrorism Insurance in Demand for Concerts Following Las Vegas Attack

Terrorism Insurance in Demand for Concerts Following Las Vegas Attack

By Ashley Cullins | The Hollywood Reporter

A string of deadly attacks at music events — including the Oct. 1 mass shooting in Las Vegas at the Route 91 Harvest festival — is pushing artists to invest in something most didn’t think they needed: terrorism insurance.

“Now more than ever they are targets,” says Steves Rodriguez, business manager for Fifth Harmony.

Political violence and terrorism (PVT) insurance policies have been available for decades, but they have been a tough sell unless artists are touring in volatile regions like South America or Eastern Europe. But after the killing of 58 concertgoers in Las Vegas that took place while Jason Aldean was onstage; the bombing outside Ariana Grande’s show in Manchester, England, in May; and the 2015 attack on the Bataclan nightclub in Paris, reps are now advising talent to buy the coverage no matter where they tour.

“Not everybody believes it’s necessary,” says Bill Tannenbaum, a business manager who specializes in representing touring artists. “I’m pretty vocal about taking it with my clients, and luckily we had it with Ariana Grande.” The singer canceled multiple stops on her tour after the attack before returning to Manchester for a benefit concert.

Standard nonperformance insurance costs about 2 percent of the artist’s guarantee and pays a claim (usually about 80 percent of appearance fees) if shows are canceled for reasons like illness, injury or natural disaster. A PVT add-on costs about an extra half-percent.

“It’s usually a battle with the artist to buy it,” says attorney Dina LaPolt, who represents Britney Spears and Steven Tyler. “If you get paid a million dollars, all of your tour costs come out of that million. So every penny counts.”

Even the threat of an attack can trigger a claim. “The way [policies had] been written previously is, the threat had to be related to the venue,” says John Tomlinson, who leads the entertainment group of Lockton Cos., the world’s largest privately held insurance brokerage. “We have expanded that language to include threats made to bandmembers,” he says. Policies might also cover a show that is impacted by an attack within a certain time or distance, say within a week of the event or within 50 miles of the venue.

LaPolt says she also tries to add terrorism into the force majeure provision in appearance contracts. That way, in the event of an attack, both the artist and the tour promoter’s obligations are negated, preventing a breach of contract lawsuit.

While no one could truly prepare for a tragedy like the one in Las Vegas, LaPolt says recent attacks have made terrorism insurance more common. “If it’s a big tour and you’re a high-profile artist and you gather tens of thousands of people per show, you have to have it,” she says.

Nor is the need exclusive to musicians: Other live events, like NCAA tournaments and trade shows, are buying coverage. And Orange Is the New Black showrunner Jenji Kohan told THR recently that she took out terrorism insurance on her office building because she expects a show she’s developing about a teenage Jesus to be controversial.

“You’re always going to do something that someone doesn’t like,” said Kohan. “And you don’t know how crazy that someone is going to be.”

‘Murder insurance’ or protection in self defence cases?

By Lisa Marie Pane

THE ASSOCIATED PRESS

ATLANTA _ The National Rifle Association is offering insurancfor people who shoot someone, stirring criticism from gun-control advocates who say it could foster more violence and give gun owners a false sense of security to shoot first and ask questions later.

Some are calling it “murder insurance,” and say that rather than promoting personal responsibility and protection, it encourages gun owners to take action and not worry about the consequences. And, they say, it’s being marketed in a way that feeds on the nation’s racial divisions.

Guns Down, a gun-control group formed last year, is running an ad campaign to criticize the NRA’s new insurance. It’s just the latest group to take aim at the NRA’s offering.

“The reason I call it murder insurance is because if you look at the way this is marketed, it’s really sold in the context of ‘There’s a threat around every corner, dear mostly-white NRA member,’ and that threat is either a black man or a brown man or some other kind of person of colour,” said Guns Down director Igor Volsky.

“So when you inevitably have to use your gun to defend yourself from this threat around every corner, you have insurance to protect you.”

Carry Guard insurance was launched this past spring by the NRA. Rates range from $13.95 a month for up to $250,000 in civil protection and $50,000 in criminal defence to a “gold plus” policy that costs $49.95 a month and provides up to $1.5 million in civil protection and $250,000 in criminal defence.

The NRA isn’t the only gun lobbying group offering such insurance. The United States Concealed Carry Association has been in the business much longer and provides up to $2 million in civil costs and $250,000 for criminal defence. But the NRA is the most prominent gun-rights group in the country and it offered similar insurance previously. And Carry Guard is more comprehensive and being marketed more aggressively than it has been previously. It’s drawing attention to a type of policy that was relatively obscure until now.

Guns Down’s advertising campaign casts a spotlight on the policies and asks the two insurance companies involved with it Lockton Affinity, which administers it, and Chubb, the underwriter to drop it. The campaign includes a video message from Sybrina Fulton, mother of Trayvon Martin, an unarmed teen shot and killed in 2012 by a neighbourhood watch volunteer George Zimmerman whose case drew nationwide notoriety.

The video featuring Fulton begins with images showing some of the most racially divisive moments in recent history _ from the white supremacists who protested in Charlottesville, Virginia, to surveillance footage showing Dylann Roof, who shot and killed nine African-Americans in 2015 during a prayer meeting at a Charleston, South Carolina, church.

“They spend millions lobbying for laws that allow them to ‘shoot first’ and ‘stand their ground.’ But that just makes it easier to get away with murder,” Fulton says. She criticizes the insurance and implores viewers to tell Chubb and Lockton Affinity to drop the insurance and to not purchase their products until they do.

Lockton declined to comment to The Associated Press. In a statement, Chubb told the AP that it provides insurance for a wide range of risks and when customers are engaged in “lawful activity,” including hunting, shooting at gun ranges or when a firearm accidentally discharges. It noted that Carry Guard includes training and safety courses.

Neither Chubb nor Lockton would provide data on the number of policies sold or the claims filed.

Carry Guard was aggressively promoted during this year’s NRA annual meeting, with life-sized posters featuring spokeswoman Dana Loesch holding a card that offers three tips for what to do after shooting someone: Call 911, wait for police to arrive and then call the Carry Guard number for legal assistance. It advises gun owners to not speak with police about the incident until speaking first with an attorney.

The NRA insurance doesn’t require policyholders to take any safety or tactical training courses but encourages them to do so. Initial training courses cost $850 per student for a three-day session.

Peter Kochenburger, an insurance expert at the University of Connecticut School of Law, has been following the emergence of gun insurance. There’s no way to track the number of policies sold or the number of claims filed, though he suspects the latter is fairly small.

Such insurance might benefit society, he said, because it could compel the industry to research ways to make gun ownership and storage safer or by providing discounts to gun owners who take safety courses.

But it could also lead to a “moral hazard” of unintentionally emboldening a gun owner to shoot someone by offering a false sense of security. And the potential backlash against the insurance companies involved might not be worth the revenue such a niche policy could generate, he said.

“Is the potential public relations mess worth the small amount,” Kochenburger said. “‘Murder insurance’: That’s terrible p.r.”

Lisa Okill managed Sears Canada locations in Ontario for more than 2 decades

Read more

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest