Intact Financial Corporation Announces Leadership Changes

Press Release:

Charles Brindamour, Chief Executive Officer of Intact Financial Corporation (TSX: IFC) As of Nov 14, 2017 Intact announced changes to the roles and responsibilities of members of the company’s leadership team, effective January 1, 2018.

“With consumer expectations changing at an accelerated pace and our recent entry into the U.S. market we are better positioning ourselves to adapt to our new North American scope, accelerate our customer driven transformation, optimize our distribution of services to Canadians across all channels and build on our outstanding talent,” said Charles Brindamour, CEO.

Building on his deep knowledge of all distribution channels and disruptive mindset, Louis Gagnon currently President, Service and Distribution will become President of Canadian Operations, overseeing all channels in addition to Personal and Commercial Lines and our Marketing operations.

Leveraging his extensive knowledge of specialty lines and proven track record of execution, as recently announced, Mike Miller continues as President of U.S. Operations and North American Specialty Lines.

Building on his considerable knowledge of claims, IT, data and large operations, Mathieu Lamy will become Chief Operating Officer for IFC, with North American accountability for Claims, Technology, Intact Lab and Data Lab, Ventures and People operations.

Louis Gagnon, Mike Miller and Mathieu Lamy will report to Charles Brindamour.

Jean-Francois Blais currently President of Intact Insurance will be retiring from Intact, following a considerable contribution to the business. He joined the company six years ago through the AXA Canada acquisition, playing a pivotal role in the successful transition of employees and brokers.

“I would like to acknowledge and thank Jean-Francois Blais for his contributions over the past six years. He has made a strong impact in the broker network and played a pivotal role in the development of Intact Insurance,” added Charles Brindamour.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with close to $10 billion in total annual premiums. The Company has over 13,000 full- and part-time employees who serve more than five million personal, business, public sector and institutional clients through offices in Canada and the U.S. In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.

SOURCE Intact Financial Corporation

Media Inquiries: Canada: Stephanie Sorensen, Director, External Communications, 416 344-8027,; U.S.: Carmen Duarte, Director, Marketing and Communications, 781 332-7268,; Investor Inquiries: Ken Anderson, Vice President, Investor Relations and Treasurer, 855 646-8228 ext. 87383,


Insurance Regulators to Introduce Full Cost Disclosure for Segregated Funds

The Canadian Council of Insurance Regulators (CCIR) published its position paper on segregated funds which outlines the regulators’ expectations regarding the information that is to be provided to segregated fund contract holders. The position paper follows a significant amount of research and stakeholder engagement on potential gaps in the information currently provided for segregated funds, behavioral economics and disclosures provided for similar financial products.

The new expectations for segregated fund disclosure come at a time of increasing demands and requirements for a greater degree of transparency in the financial services industry. Consumers and regulators around the world are calling for more detailed and practical information to assist in decision making as well as to promote a better understanding of product suitability and performance.

“Times are changing and so are consumer needs. Consumers want to understand and be able to compare the products that are available to them. But, they also want to know what it is going to cost,” Patrick Déry, Chair of the CCIR said. “The new disclosure framework will ensure that consumers are informed of not only the performance of their segregated funds, but also all of the details of what it costs.”

The new disclosure framework to which Mr. Déry refers introduces a significantly heightened degree of information consumers will receive in terms of the costs. Currently, consumers are provided with information on the key features of the insurance contract as well as the risks and past performance of the funds included in the contract when purchasing a segregated fund. Additionally, consumers receive periodic statements regarding the performance of their funds. With the new increased disclosure requirements, consumers will continue to receive this information, however they will also receive additional details regarding the costs related to the contract’s insurance features as well as the distribution and administration costs of the segregated fund.

The position paper outlines a host of other measures intended to improve consumer protection beyond cost disclosure. These include an expectation that needs-based sales practices should be adopted with copies of the rationale for sales advice being provided to consumers and a requirement to disclose incentives related to travel and accommodations.

Segregated funds are often compared to mutual funds as they both involve the pooling of financial assets, diversification and professional management. However, segregated funds differ significantly from mutual funds in that segregated funds are life insurance contracts that guarantee 75% to 100% of the contract holder’s contributions, thereby mitigating the risk of loss for the contract holder.

With the introduction of the “Client Relationship Model Phase 2” or “CRM2” for mutual fund disclosure, the information provided to consumers also differed between the two products. With the expectations outlined in the CCIR position paper being introduced, consumers can now expect a more consistent experience when purchasing segregated funds and mutual funds. The similarities in requirements extend beyond the disclosure of distribution costs and will also include aligning the requirements for the delivery of updated Fund Facts, establishing consistent risk classifications used for the funds and promoting an equivalent standard of care for those dealing in segregated funds and those dealing in mutual funds. The position paper also recommends that insurance regulators consider harmonizing or adopting the Know-Your-Product due diligence requirements that currently apply to mutual funds.

In early 2018, the CCIR also intends to publish a prototype disclosure document for segregated funds. The prototype will provide an example of what compliance with the new disclosure requirements will look like. The content and structure of the prototype form were subject to extensive consultation with industry members and through comprehensive consumer focus group testing.  It is important to note that the insurance regulators will not introduce a prescribed form for segregated funds disclosures. Insurers will be required to ensure that consumers are provided with all of the new information outlined in the CCIR’s position paper, however they will have flexibility in terms of the layout and look of their disclosure documents.  In addition, insurers will be able to adapt their disclosures to ensure that the language and terminology are consistent with the insurance contract and Fund Facts documents.

Further information on the segregated funds initiative is available on the CCIR’s website (

About the CCIR:

The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to enhance insurance supervision and regulation to serve the public interest and to foster increased cooperative supervision and information sharing among regulatory authorities.

SOURCE Canadian Council of Insurance Regulators (CCIR)

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 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: or call 905-949-4955

We look forward to seeing you there!


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.”

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