CAFII News

FOR IMMEDIATE RELEASE

[Toronto, Ontario, February 26, 2024] – The Canadian Association of Financial Institutions in Insurance (CAFII) is pleased to announce the appointment of Keith Martin as the new Executive Director. Keith Martin, with 7 years of dedicated service as Co-Executive Director, brings his extensive background in banking and insurance to lead the association forward. His mission remains steadfast: championing a balanced regulatory environment, the fair treatment of customers, and fostering competition and industry innovation.

Keith Martin’s tenure as Co-Executive Director has been marked by strategic leadership and effective implementation. He has focused on collaborative research efforts with CAFII’s members to develop insightful findings that shed light on the industry and consumer attitudes towards credit protection insurance. Additionally, he has invested in enhancing consumer financial literacy, and maintaining an open dialogue with regulators and policy-makers. In 2023, CAFII and its members visited regulators and policy-makers in every Canadian province, and Keith Martin is committed to continuing this dialogue in his new role as Executive Director.

In his new role as the sole Executive Director of CAFII, Keith Martin will continue to lead the association’s mission to support consumers and promote fairness in insurance offered by financial institutions. He will work closely with members, including major Canadian banks, credit unions, and insurers.

CAFII Board Chair and National Bank Insurance CEO Peter D. Thompson expressed full confidence in Keith Martin’s leadership, stating, “I have complete trust in Keith as the new sole management leader at CAFII. I am certain he will further strengthen the Association’s role as a robust advocate for Credit Protection Insurance and Travel Insurance. I look forward to our continued collaboration to further our mission.”

CAFII Vice Chair and Assurant Canada President and CEO Paul Cosgrove, added, “Keith has made vitally important strategic contributions to CAFII over the past 7 years, and I am excited  about the Association’s future under his leadership.”

“I am honoured to lead CAFII in its mission to ensure Canadians have access to simple, accessible, and affordable insurance,” said Keith Martin, CAFII Executive Director. “I’ll continue to focus on building strong relationships with regulators and policy-makers to promote a balanced and fair regulatory environment.” 

Established in 1997, CAFII brings together financial institutions involved in selling insurance across various channels including client contact centres, agents, brokers, travel agents, direct mail, branches of financial institutions, and online platforms. CAFII’s membership comprises the insurance arms of Canada’s leading banks and credit unions, along with their life insurance company underwriter partners, collectively dedicated to promoting transparency, consumer-focused practices, and excellence in the insurance industry.

The association collaborates with government regulators at federal and provincial levels, to establish a legislative and regulatory framework for the insurance sector, ensuring that Canadian consumers have access to insurance products that suit their needs. CAFII is committed to ensuring appropriate standards are in place for the distribution and marketing of all insurance products and services.

For more information about Keith Martin and CAFII, please visit [https://www.linkedin.com/in/keithmartin/?originalSubdomain=ca] and [https://www.cafii.com/].

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About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 14 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

For further information and media requests:

Contact: Wendy Bairos, Media Consultant
Email: wendy.bairos@cafii.com
Phone: 416-831-9820

In the world of financial protection, there’s an often-overlooked gem – mortgage life insurance unions by banks and credit unions.

Inclusive Coverage for All

Mortgage life insurance is often available without medical assessments during the application process These assessments are part of simplified issue insurance products offered by banks and credit unions. These streamline the process, keeping the insurance application simple, and offering vital insurance against the largest debt instrument for most Canadians. Claims Approval: Comparable to Traditional Life

Insurance Policies

Bank-sold mortgage insurance doesn’t mean lower claims approval rates. CAFII-commissioned research found that the claims approval ratios for mortgage life insurance offered by banks and credit unions is 95%, which is very comparable to the rates for traditional life insurance. Research and policy comparisons help you find the right plan for your unique needs and risk profile.

Protecting What Matters Most

Mortgage life insurance ensures that the insurance’s core purpose – safeguarding your mortgage – remains front-and-centre. It prevents misuse of funds, guaranteeing the security of your family home.

Steady Premiums for Financial Confidence

To keep the insurance simple, the premiums for mortgage life insurance remain steady through the term of the mortgage. Predictable premiums make budgeting and financial planning easy, allowing you to confidently manage insurance costs alongside mortgage payments.

A Versatile Component of Protection

Mortgage life insurance complements other forms of insurance, such as term life insurance, which covers a broader range of scenarios. Customize your protection plan by combining policies to match your specific needs.

While it might not be the most discussed option, bank and credit union offers of mortgage insurance serves a distinct purpose and represents an opportunity for many. It’s a matter of informed choice, understanding its nuances, and aligning it with your financial goals and family’s needs.

Discover this hidden opportunity with us.💡#FinancialSecurity #InsuranceOptions #CAFII #MortgageInsurance

FOR IMMEDIATE RELEASE

Paul Cosgrove Appointed Board Vice Chair of the Canadian Association of Financial Institutions in Insurance (CAFII)

[Toronto, Ontario, November 6, 2023] – The Canadian Association of Financial Institutions in Insurance (CAFII) is pleased to announce the appointment of Paul Cosgrove, President and CEO of Assurant Canada, as Vice Chair of its board of directors. 

In his capacity as Vice Chair, Paul Cosgrove will work closely with CAFII’s board of directors and member companies to advance the association’s mission of advocating for federal and provincial/territorial insurance policy and regulations which optimise the fair treatment of customers, foster industry innovation, and facilitate the development and offering of simple accessible, and affordable insurance protection for Canadians. 

Commenting on his appointment, Mr. Cosgrove stated, “I am honoured to serve as Board Vice Chair of CAFII and look forward to working alongside industry leaders to advance the association’s focus on achieving a regulatory environment that enables industry players to meet consumers’ expectations for how they want to access life and health insurance options; and on building consumer protection into the life and health and travel insurance coverage offered by CAFII members.”

Peter Thompson, Chair of the CAFII board of directors and National Bank Insurance CEO, welcomed Mr. Cosgrove’s appointment, saying, “Paul Cosgrove’s extensive experience and strong commitment to industry excellence will undoubtedly enhance CAFII’s ability to serve our members and consumers by strengthening the association’s mutually beneficial working relationship with insurance policy-makers and regulators across the country.”

CAFII, a not-for-profit industry association established in 1997, unites financial institutions involved in selling insurance across various channels, including client contact centres, agents, brokers, travel agents, direct mail, branches of financial institutions, and online platforms. CAFII’s membership comprises the insurance arms of Canada’s leading banks and credit unions, along with their  life insurance company underwriter partners, collectively dedicated to promoting transparency, consumer-focused practices, and excellence in the insurance industry.

The association works collaboratively with governments and regulators, at both the federal provincial territorial levels, to establish a legislative and regulatory framework for the insurance sector which ensures that Canadian consumers have access to insurance products that suit their needs. CAFII is committed to ensuring that appropriate standards are in place for the distribution and marketing of all insurance products and services.

About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 15 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), Securian Canada, and Valeyo.

For further information and media requests:

Contact: Wendy Bairos, Media Consultant
Email: wendy.bairos@cafii.com
Phone: 416-831-9820

Mika Pangilinan of Insurance Business magazine reports on the appointment of Wally Thompson as board Vice-Chair at CAFII. (See more)

The Canadian Association of Financial Institutions in Insurance (CAFII) is pleased to announce that Wally Thompson has been appointed Vice-Chair of its Board of Directors.

Mr. Thompson, who is VP, Head of Distribution, Affinity Markets at Manulife, has been a director of CAFII since 2018.

CAFII is a not-for-profit industry association that was established in 1997 to create a voice for financial institutions involved in selling insurance through a variety of distribution channels including client contact centres, agents and brokers, travel agents, direct mail, branches of financial institutions, and the internet. Its members offer credit protection insurance, travel, life, health, and property and casualty insurance across Canada.

CAFII works with government and regulators (primarily provincial/territorial) to develop a legislative and regulatory framework for the insurance sector that helps ensure Canadian consumers get the insurance products that suit their needs. The Association’s aim is to ensure that appropriate standards are in place for the distribution and marketing of all insurance products and services.

CAFII’s 15 members include the insurance arms of Canada’s major financial institutions – BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Life Insurance Company; along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company); Securian Canada; and Valeyo.

Find out more about CAFII on its website, and follow them on LinkedIn.