Manulife Canada CEO sees Apple and Netflix as competitors as insurance evolves

first_imgFamily insurance policy protective gesture and silhouette 123RF Share this article and your comments with peers on social media The customer experience offered by streaming platform Netflix Inc. and consumer electronics brand Apple Inc. is constantly on Doughty’s mind as Manulife tries to win over customers while grappling with relative newcomers to the insurance space, including Toronto-based customizable benefits brand League, which is picking up attention and raising big money.“These new services that are so slick and seamless and intuitive and they’re really designed with the customer experience in mind, is what people expect from everything that they do business with,” he said.Doughty believes they can teach the industry a bit about how to tackle the “massive” numbers of Canadians that have no life insurance and have forgone such protection because they are spending their money on things like Netflix subscriptions and iPhones.An RBC Insurance survey of 1,001 Canadians between the ages of 25 and 50 revealed that 74% of Canadians are kept awake at night, worrying about their financial situation. Despite being so concerned, the 2018 poll found few would give up daily “luxuries” to pay for life insurance instead.Of those that are willing to forfeit some of “life’s little pleasures,” 35% said they would sacrifice one dinner out a month, 34% would forgo a trendy clothing item, 28% would nix buying lunch at work one less time per week, 35% would give up a bottle of wine or case of beer and only 25% said they’d agree to ditch their daily coffee.Such a scenario has presented a “huge opportunity” for Manulife, but also highlighted how often a business like Doughty’s needs to engage with consumers.To take advantage of that opportunity, Doughty says the company launched Manulife Vitality, a platform with smart watch and fitness tracker integration that allows consumers to receive prizes and discounts for doing things like going for a walk or getting a flu shot.“In the past, you would buy life insurance… and then you would sort of like put it in a safe deposit box and hope that you never needed it and pay a premium every month,” Doughty said.“Manulife Vitality turned all that on its head and said why don’t we engage with you so you actually live and a long and happy life because if we can encourage you to be active, have a nutritious diet, not smoke, see your doctor regularly, it is probably going to improve your longevity and that is good for us.”Vitality has pushed consumers to interact with Manulife on average 23 times a month, a significant jump from the two times a year — when they receive their annual statement and when they get a premium bill — that they used to turn to the brand, says Doughty.It’s also been an example of how he thinks businesses can “reinvent a traditional product to eliminate some of the barriers that have stopped it from being as popular as it should be.”“This movement towards what is the customer is something that all industries are having to reinvent,” he says.“You have to make sure you are reinventing every interaction, every process, from the consumer’s point of view.” Sun Life Financial buying Pinnacle Care International Keywords Life insurance,  Life insurance industry When Manulife Financial Corp.’s president and CEO of Canadian operations Michael Doughty thinks about his biggest competitors, a few names make the list that have nothing to do with insurance: Apple and Netflix.“We no longer really think of ourselves as competing against other life insurance companies around the world,” said Doughty at the Canada 360 Economic Summit on Wednesday. “We’re really competing against other companies that are delivering the kind of customer experience that all customers want.” Tara DeschampsCanadian Press Canada Life offers customizable term insurance Related news Universal life policies can’t be used for unlimited deposits, appeal court rules Facebook LinkedIn Twitterlast_img read more

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Heavy hangover: Air rights purchased for massive cantilever

first_imgRendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)An architectural oddity is set to rise above Bryant Park.H Hotel purchased air rights for $11 million to build a massive cantilever — a horizontal extension secured at just one end — at its development site at 58 West 39th Street.Wei Hong Wu acquired the 23,500 square feet of development rights for a forthcoming 29-story hotel from the adjacent 13-story Refinery Hotel at 63 West 38th Street.Read more“Inevitable”: Vornado will demolish Hotel Pennsylvania Manhattan hotel trades in biggest distressed lodging deal of pandemic NYC advances special-permits plan for hotels The agreement for air rights was signed in early March and recorded in April, according to property records.ADVERTISEMENTThe cantilever, which will be a third of the hotel’s width and a quarter of its overall area, will extend out from the H Hotel over the roof of the Refinery, developed and opened in 2012 by Charles Aini.Peter Poon is the architect of record for the project. The firm and Aini did not respond to requests for comment.H Hotel received a $13.5 million gap mortgage loan from Shanghai Commercial Bank at the same time it purchased air rights for its cantilever, according to property records.Previously, the project received a $9 million loan from Cathay Bank and a $12.5 million loan from Taiwan’s Chang Hwa Commercial Bank. Hu paid $25M for the building on the site in 2016.While the pandemic wiped out New York city’s tourism economy and business travel — wreaking havoc on hotel owners, operators and employees — new hotel construction is relatively robust.More than 21,000 hotel rooms are under construction in New York City, according to data firm STR. In Las Vegas, the next most active market, 8,500 rooms are being built.Overall, new hotel construction is below pre-pandemic levels, although more rooms reopened in the first quarter in the U.S. than in any other country.Lenders’ appetite for new capital expenditures has been dampened, according to Emanuel Grillo, a financial restructuring attorney at the law firm Baker Botts. There is plenty of inventory to absorb customers’ gradual return to travel, Grillo said.Contact Orion Jones Full Name* Message* Email Address*last_img read more

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Vermont opposes president’s efforts to stall energy efficiency standards

first_imgVermont Business Magazine Attorney General TJ Donovan announced that the State of Vermont joined two multi-state actions to force the US Department of Energy (DOE) to finalize energy conservation standards for several consumer and commercial products. Efficiency standards are crucial for reducing greenhouse gas emissions and saving money for consumers. The standards apply to items such as ceiling fans, portable air conditioners, walk-in coolers and commercial boilers.“The delay of these common-sense efficiency standards is going to have a negative effect on the environment and Vermonters wallets,” said Attorney General Donovan. The DOE published new energy efficiency standards for ceiling fans as a final rule on January 19, 2017, with an effective date for the rule of March 20, 2017. The President’s Administration has since delayed the rule’s effective date twice – most recently pushing it back to September 30, 2017– asserting that seeking public input on the delay would be “impractical, unnecessary, and contrary to the public interest.”The six standards being blocked by DOE offer dramatic air pollution reductions, as well as energy- and cost-savings to consumers and businesses. According to DOE estimates, the standards would combine to eliminate emissions of 292 million tons of the greenhouse gas carbon dioxide, 734 thousand tons of the pollution that creates soot and smog, 1.2 million tons of the potent climate change pollutant methane, and over 1,000 pounds of highly-toxic mercury, over a 30-year period. Over this same period, the Appliance Standard Awareness Project estimates that the efficiency standards would together save over 443 billion kilowatt-hours of electricity – the equivalent of the annual electricity consumption of over 36 million households. The DOE itself estimates that the six standards would provide net savings to consumers and businesses of approximately $23.8 billion.In addition to Vermont, the coalition of states filing a petition in the U.S. Court of Appeals for the Second Circuit, challenging the delay on efficiency standards for ceiling fans includes the Attorneys General of the states of California, Connecticut, Illinois, Maine, Massachusetts, New York, Oregon, and Washington, as well as the Pennsylvania Department of Environmental Protection and the City of New York. The same coalition, plus the Attorney General of Maryland, is sending a 60-day notice of intention to sue to the DOE regarding the other standards.Related documents:Petition for Review (3/31/17)(link is external)Notice of Intent letter to DOE Secretary Perry (4/3/17)(link is external)Vermont AG: April 7, 2017last_img read more

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Conor Sweeney still a doubt ahead of Cork clash

first_imgSpeaking to Tipp FM, Kearns says the short turn around time between games is making it harder for players to recover Football boss Liam Kearns will tonight name his Tipp team to face Cork this weekend.Tipperary star forward Conor Sweeney is still a doubt ahead of this weekends clash.Kearns’ side have been given just six days to prepare for their Munster championship semi-final against the rebels having beaten Waterford, with the fixture rescheduled so as to avoid a clash with the county’s hurling team.last_img read more

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World Cup star James Rodriguez “like Maradona”

first_img Victorious Colombia coach Jose Perkerman echoed those sentiments.  Some times in football you just have to admit you were beaten by the better team, or at least by the better man.  CEST Sam Marsden After watching Monaco’s talented James Rodriguez score the two goals which sent Colombia through to a quarter-final meeting with Brazil, Tabarez was full of praise for the 22-year-old. He only moved to Monaco from Porto last summer, but following five goals and a string of stunning performances in Brazil there will be no shortage of takers across Europe’s top sides – whatever the cost. “In my long experience in football, I’ve had extraordinary footballers in my teams, elite players of a very high technical level. “It would be a dream to play in Spain, one of the best leagues in the world,” he told radio station Cadena Cope, extending on that by saying he would be keen to play for Real Madrid given the choice. “From what I have seen, he is the best player in the World Cup,” he said. “Diego Maradona, Lionel Messi, Luis Suarez and James Rodriguez – they do things because they have a certain gift which makes them special.”center_img 29/06/2014 Upd. at 20:52 Speaking after his starring role against Uruguay, Rodriguez admitted he would like to play in la Liga. Following Uruguay’s 2-0 defeat to Colombia in the last 16 of the World Cup on Saturday night, that’s exactly the stance their coach Oscar Tabarez took. Now well and truly in the limelight, speculation will take a grip of Rodriguez’s future. “I never had any doubts that this was going to be his World Cup,” Pekerman, who has been denied the services of Radamel Falcao at this World Cup, said. “What is most surprising is that, at his young age, he does not have any problem doing things football players take many years to understand.” “I am not exaggerating, he is a great striker. For me, talents are those who do things that have nothing to do with their life experience.last_img read more

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Paynter leads Lions

first_imgBy DAVID NAGEL AND RUSSELL BENNETT PAKENHAM has bolstered its stocks and will be looking to break a 15-year drought…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

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Independent schools follow suit

first_imgBy Mitchell Clarke Independent schools within the Cardinia Shire are set to follow the recommendations of the State Government by providing remote learning…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

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Connacht Rugby announce signing of Hooker Jonny Murphy

first_imgConnacht Rugby are delighted to announce the signing of hooker Jonny Murphy from Rotherham Titans. The 26-year-old has previously represented Ireland at Under 18, 19 and 20 levels. Murphy is a former student of Banbridge High School and came through the Ulster Academy before making his debut for the province in the 2016/17 season. Commenting on the signing, Connacht Defence Coach Peter Wilkins said: “We are delighted that Jonny Murphy has signed for Connacht ahead of the 2018/19 season. He is a powerful and robust forward who will provide increased options to our game.”Following his signing, Jonny Murphy added: “I am relishing the challenge of joining Connacht and looking forward to joining the squad for pre-season training. There is huge competition at the moment for that number 2 jersey and I hope to add to that further. Connacht have a loyal community of fans and I look forward to representing them when I arrive in the Sportsground.”print WhatsApp Facebook Twitter Emaillast_img read more

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Spurs line up £45m move for teen sensation De Ligt to replace Alderweireld

first_imgTOTTENHAM are lining up a £45million swoop for Dutch teen sensation Matthijs de Ligt.Spurs boss Mauricio Pochettino sees the Ajax centre-back, 18, as the long-term replacement for Chelsea target Toby Alderweireld, who is set to quit the North Londoners this summer.5 Spurs are ready to pounce swoop for Dutch teen sensation Matthijs de LigtCredit: Getty – ContributorDe Ligt is the hottest young defensive prospect in European football.Despite his tender years, he has already played more than 50 times for the Amsterdam giants.He won his fifth cap for the Netherlands senior team in last month’s 1-0 friendly defeat at home to England.Arsenal and Barcelona scouts have both watched De Ligt in action in recent months – although SunSport understands Barca’s interest has now cooled.5 Toby Alderweireld is set to leave Tottenham in the summerCredit: Getty – Contributor5 Jamie Vardy was marked by Ajax and Holland ace Matthijs de LigtCredit: AP:Associated Press5 Matthijs de Ligt has impressed in games for Holland against RonaldoCredit: REUTERSThe Gunners are still keen but it appears their North London rivals are now the front-runners to land the youngster, who saw his pal Davinson Sanchez leave Ajax for Spurs for £42m last summer.The Spurs squad also includes former Ajax favourites Jan Vertonghen and Christian Eriksen so De Ligt would have no problems settling in should he join.ABSOLUTELY FAB-ULOUS Swansea 0 Chelsea 1: Cesc Fabregas curls home beautiful left-footed winner5 Arsenal and Barcelona scouts have both watc hed De Ligt in actionCredit: AP:Associated PressSanchez’s fine start to his Premier League career has led to Alderweireld – regarded by many as the best central defender in the division – being frozen out by Pochettino.The Belgian defender looks certain to be sold by Spurs this summer after failing to agree a new contract with the club.Chelsea and Manchester United have been linked with a move for the 28-year-old.Tottenham have been scouring Europe for a new defender.Swansea’s Alfie Mawson and Harry Maguire of Leicester have been linked with Spurs.But Pochettino is not convinced by either and instead has turned his attention to De Ligt.How to win £1MILLION with Sun SixSUN SIX is the new predictor game where you can win £1million – just by correctly picking the results of six games.Here is how to get your mitts on the million:Make your picks – predict the scores from these six gamesEnter your details – quickly sign up to Sun Bets so we can contact youScore £1m – Watch the scores roll in and you can win £1mTop pundits IAN WRIGHT and DANNY HIGGINBOTHAM have made their picks for this week if you need a steer.And remember, you can claim a free £30 bet with Sun Bets when you sign up put a tenner on this weekend’s football here.Full Monday Premier League preview featuring Tottenham v Watfordlast_img read more

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Leo Varadkar: No Plan B for policing the Border after hard Brexit

first_imgTaoiseach Leo Varadkar insisted the Government has no Plan B for policing the Border in the event of a hard Brexit.Varadkar also ruled out an increase in the Garda force if the UK leaves the EU without a deal.“Obviously, our overriding plan and objective is to avoid a no-deal scenario and that’s why we put so much work into negotiating a withdrawal agreement,”  the Taoiseach said. “The best way to avoid a no-deal Brexit was to have a deal and “we have a deal on the table now”, he added.“We’re going to continue to expand the force over the next couple of years and how gardaí are deployed is, of course, a matter for the commissioner.“But we will take into account any changes that may arise because of Brexit and we also need to make sure we have very close co-operation with the PSNI. That co-operation is as good as it ever has been.”Mr Varadkar added: “We are not making any contingency plans for a hard Border between Northern Ireland and Ireland. But we do have to have regard for the fact that we could see an increase in smuggling and other illegal cross-border activities.” The Taoiseach made his comments yesterday during his first visit to the Garda College in Templemore, Co Tipperary, where he saw 199 new gardaí graduating.Leo Varadkar: No Plan B for policing the Border after hard Brexit was last modified: December 1st, 2018 by Shaun KeenanShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:BrexitGardaLEO VARADKARlast_img read more

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