Public Accountability. Statement

Transcription

1 Public Accountability Statement 2017

2 2017 Public Accountability Statement: President s message 2017 A new chapter for ivari In preparation for my succession upon retirement, it is with great pleasure that I introduce our Deputy CEO, Todd Lawrence. Todd is a seasoned financial professional who joined the ivari team in August, 2017, bringing with him 25 years of experience in the financial services industry. He has since rapidly taken on leadership of the business to ensure a very smooth transition. Although we are turning over a new leaf in leadership, we remain committed to protecting individuals and families from financial hardship in the event of a loss. Through continuous improvement, product development and the power of communication, we are making great strides towards achieving our goal of becoming the most recommended life insurance provider in the industry for middle market Canadian consumers. But for us, it s about more than just achieving our goal. With a workforce of over 500 employees across Canada, we aim to attract and retain driven individuals who demonstrate substantial skills, innovation and positive attitudes. Behind the scenes at ivari, we focus on creating an employee culture that supports the wellbeing of our employees and fosters their learning and development. We create opportunities for employees to fulfill professional and personal goals by offering various learning channels including classroom courses, webinars, workshops, and elearnings. Tuition reimbursement programs are also available to employees who seek out development opportunities. We believe in celebrating the wins just as much as we believe in learning from the losses. That s why we take the time to recognize and reward employees for a job well done. With our flexible work arrangement programs, employees can achieve a favourable work-life balance, and as a bonus, we benefit from having engaged employees who are more productive, innovative and committed. In addition to offering our employees a great place to work, we are firm believers in demonstrating active citizenship and we encourage all employees to support the wellness and development of their community whether local or global. In 2017, our giving back initiatives totaled over $327,000 and spanned many areas of social need from disaster relief to disease prevention. As one of our special charitable initiatives, on August 31, 2017, members of the ivari team rolled up their sleeves and participated in a Habitat for Humanity build day to help provide homes for families in need. Our volunteer program grants each employee up to 12 hours a year to volunteer with a charity of their choice while the matching gift program allows employees to double their donation to charitable organizations. United Way/Centraide campaign, in support of building healthy and strong communities, raised over $196,000. As a life insurance company, we have a good understanding of what it takes for people to lead long and healthy lives. With that in mind, our 2017 donation initiative - ivari s Healthy Steps Program was aimed at empowering children and teens to get a head start on lifelong healthy living. In this Public Accountability Statement you will find specific information about our philanthropic activities, charitable donations, and other contributions. We hope you take the time to learn more about our activities. Sincerely, 1

3 About Us ivari is a leading provider of individual life insurance with $9.5 billion in total assets under management and total gross premium revenue of $870 million, which includes $808 million for ivari and $62 million for Canadian Premier Life Insurance up to the point of its sale in Our head office is in Toronto with offices in Mississauga, Vancouver, Calgary, London and Montreal. With a national network of thousands of independent advisors, ivari provides a full range of insurance products designed to help Canadians and their families make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. Now owned by Wilton Re, we are starting a fresh, new conversation about insurance. Visit us at Wilton Re is a life (re)insurance company specializing in the acquisition and management of life and annuity businesses as well as with assisting companies with product development, underwriting and new business strategies designed to serve the middle market. Wilton Re is owned by its management and the Canada Pension Plan Investment Board (CPPIB). 2

4 ivari Gives Back Total donations for the fiscal year: $327, Demonstrating active citizenship and encouraging all employees to support the wellness and development of their communities is an important part of the ivari experience. Our voluntary Charitable Giving committee, made up of employees from across the organization, has put this commitment into action through a number of giving back initiatives: ivari s Healthy Steps Program As a life insurance company, we have a sound understanding of what it takes for people to lead long and healthy lives. We also know that healthy habits like eating well, and getting enough exercise are best formed when they re learned as children. ivari s Healthy Steps Program focuses on supporting organizations that help teach young people skills that empower them to develop healthy habits, particularly in areas such as active living, healthy eating and health education. Through our program, young people have the ability to get a head start on a lifetime of healthy living and that s important to us. Total donated: $176,827 Sick Kids Hospital Toronto, ON $25,000 Lung Association Toronto, ON $20,000 Alberta Diabetes Foundation Edmonton, AB $20,000 Children s Aid Foundation Toronto, ON $25,000 Dignitas International Toronto, ON $20,000 Juvenile Diabetes Research Foundation Toronto, ON $20,000 Kidsport Camrose Camrose, AB $25,000 NSTEP Calgary, AB $20,000 Burnside Gorge Community Association Victoria, BC $1,827 3

5 Employee Volunteer Program As part of this program, we grant each employee up to 12 hours a year to volunteer with a registered charity of their choice that is close to their heart. United Way In 2017, our annual United Way campaign, in support of building healthy and strong communities, raised over $196,000. Over the last 5 years we have contributed over $700,000 to this cause. Why United Way? It s simple: we choose this organization because their mission to improve lives and build communities by engaging and mobilizing collective action aligns with our fundamental commitment to embody active citizenship. Their outcome-based approach to alleviating poverty, building healthy and strong communities, and allowing children to be all they can be, helps make our communities better places to live and work. Employees from across the country participate in our annual campaign which includes special events and contests, guest speakers, and more. Total Raised: $196, Employee online donations: $92, Corporate Match $97, Special events $6, No. of Donors UW Region Dollar Amount 3 Calgary $1, Montreal $2, London $2, Toronto and York $85, British Columbia $ $92, Matching gifts Our employees open their hearts and wallets to help those in need by making personal contributions to Canadian charities. To show our support, we double their impact by matching employee donations of $50-$500 to Canadian registered charities. Together, we raised over $10,000 for charities in our community. Special initiatives Every year our Charitable Giving committee allocates funds for special initiatives. In 2017 we made significant contributions toward sports sponsorships, Habitat for Humanity, and the Canadian Red Cross in support of both the Quebec Flooding Relief and the British Columbia Fires Relief among others. These contributions totaled over $48,000. 4

6 Investing in our Team Employing a workforce of over 500 employees across Canada, we are committed to attracting and retaining employees who demonstrate substantial skills, innovation, positive attitude and drive. As part of that commitment we choose to offer attractive employee programs that support individual development and growth just as we want our customers to feel great about working with ivari; we want employees to love where they work. But, why don t we let the numbers tell the story: In 2017, we had over 82 employees celebrate a 10+ year anniversary with the company. Below are some program highlights that demonstrate our commitment: 1. Learning & Development opportunities The backbone of our employee culture at ivari is learning and development. In fact, we have a team within our Human Resources department dedicated to making the skills development experiences here the best they can be. We offer numerous opportunities for employees to grow their skills and firmly believe in the concept of life-long learning. Whether it is through classroom courses, online book summaries, webinars, workshops, or elearning opportunities, all employees can fulfill professional and personal learning objectives through one of over 1000 offered courses. Traditional courses like Life Insurance Live! and Essential Skills of Communicating are offered in addition to personal interest courses like Getting Things Done and Get Control! of Leadership. Most courses are easily accessible through a central learning management system the Learn Centre. In 2017, approximately 564 employees put in over 3,412 hours toward our courses. In addition to offering courses through our Learning and Development department internally, we also have a robust tuition reimbursement program for employees who seek out external training and development opportunities. In 2017, 26 employees took advantage of this program and $13,776 was invested in employee development. Life Office Management Association (LOMA) Program In 2017, over 140 employees completed one of LOMA s courses, at an exceptional average pass rate of 92%. This also included 1 individual who earned their Fellow, Life Management Institute (FLMI) designation. 5

7 2. Competitive compensation packages We proudly choose to offer competitive compensation packages that help us attract and retain employees. Comprehensive compensation for full-time employees includes: Market-competitive salary Extended health care, dental, life insurance and disability benefits Merit increases Opportunity to participate in a company-sponsored pension plan Performance bonuses Opportunity to participate in an employee savings plan 3. Rewarding & recognizing our team At ivari, we celebrate and recognize our great team of employees who listen, collaborate and work hard to find the best solution for our customers. Rewarding and recognizing employees for a job well done is an integral part of the ivari employee experience. In 2017, our Rewards & Recognition program allowed employees to nominate each other for a noteworthy performance or a high degree of consistency in delivering service. Employees could then redeem gift cards for use at over 150 retailers, restaurants and service providers across Canada. This fiscal year, 381 employees participated in our Rewards & Recognition program. 4. Flexible Work Arrangements for a modern workforce The Work/Life balance theme is becoming a central focus in the Canadian workforce and a greater theme of corporate discussion. We understand the overall importance of balancing professional and personal commitments so we offer flexible work arrangement options to our employees. While employees benefit from a flexible schedule, we benefit from having engaged employees who are more productive, innovative and committed. At ivari we offer the following types of flexible work arrangements: Flex time Job sharing Telecommuting Part time Compressed work week Working remotely Reduced work week 6

8 5. Health & Wellness is important to us With more publically accessible information and resources for managing our health than ever, we understand our important role as a company in promoting healthy lifestyles. Our Wellness program provides a combination of educational and organizational activities to help employees adopt a healthier lifestyle. We have undertaken a number of initiatives: We hosted a Wellness Fair at our Toronto office with organizations that were geared toward fighting chronic diseases such as cancer, heart disease, and diabetes along with other organizations that promote healthy living. In the fall we offered flu vaccines to all employees. This provides convenience to our employees to be able to get the flu shot right at work! Those that are not available can receive free flu shots that are offered in Ontario through local public health units. Employees at our satellite offices may get the flu vaccination from their own practitioner and submit receipts for reimbursement. We continue to offer Yoga weekly on-site to allow employees to relax and relieve stress. We had a step-it-up challenge where a friendly walking competition was used to boost physical activity. In total over 76 employees participated in teams and walked more than 18 million steps. 6. Respectful Workplaces Our Respect in the Workplace policy is actively enforced throughout the organization. In accordance with the Human Rights Code, employees have a right to equal treatment without discrimination because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual orientation, gender identity, gender expression, age, marital status, family status or disability. The policy clearly articulates the responsibilities of management and employees, and is a key module of our leadership training program. 7. Privacy Our Privacy Policy describes our practices for the collection, use, disclosure and protection of personal data collected at all stages of employment from recruitment to completion, and policy acquisition from application to claims settlements. To further underscore our commitment to ethical business conduct, our Privacy Office works to address and resolve all privacy issues. The Office also works together with business units and distributors to mitigate risk, protect corporate reputation and champion privacy awareness throughout ivari. 7

9 8. Getting together and having some fun! We try not to miss an opportunity to get together to celebrate our achievements and to have some fun maintaining positive morale is a task we take to heart. In 2017 we held two all employee meetings in Toronto where we had key-note speakers from different levels of the organization and employee giveaways. We also held an annual Employee Appreciation Day celebration with games, giveaways, and a BBQ, hosted Thanksgiving lunch and ended the year on a high note with a Holiday Party for all employees. Employees across Canada: Alberta British Columbia Ontario Quebec Total Full time Part time Contract Total

10 Supporting Our Customers & Business Partners Making it continually easier ivari is committed to making it easier for Canadians to get the life insurance they need. Creating positive customer experiences is important to us. That s why we place such great emphasis on continuous improvement with a focus on clear communication and consumer awareness about life insurance. Customer Experience Getting feedback is an essential part of creating positive experiences for our customers. The sooner after an experience the feedback is collected, the more valuable it is. That s why we listen to feedback as part of our quality review. As a coaching tool, we review a random sampling of every Customer Service Representative s calls every month. Our goal is to create a value added experience during every customer interaction. Using our customer service scorecard, we take a balanced approach in measuring both accountability (completing the task correctly, providing accurate information) and authenticity (customer experience). Every year, we participate in an industry-wide survey of advisors to find out how they rate our service. In 2017, we were rated first in the following categories: Overall service: Prompt responses to questions, s and voic s Business knowledge of staff Flexible guidelines New Business: Simple new business application process 9

11 Critical Illness: Overall service Ease of contacting a case manager Fair claims decisions We will continue to focus on creating the best overall customer experience possible. As the Client Services motto goes, Make them want to contact us! Advisor Education Support Opportunities throughout the year to participate in our accredited seminars and workshops. Advisors earn Continuing Education Credits for regulatory purposes, while at the same time expanding their knowledge about industry trends, effective financial strategies, and ethical business practices. We provide marketing materials, illustration software and digital tools to help advisors educate their clients on the need for life insurance solutions, and quickly highlight the most appropriate strategy for their circumstances. Our support tools are aimed at enhancing the experience of our policyholders with advisors, strengthening our partnership with advisors, and advancing a healthy and responsible financial services industry. Corporate Governance Our corporate governance models are well-defined and highly visible. They protect the interests of all our stakeholders as well as our bottom line. On an annual basis, employees confirm both their understanding of ivari s Code of Business Conduct and Ethics, and that they have and will continue to abide by it. 10

12 Supporting Our Customers & Business Partners Risk Management and Control Practices Enterprise Risk Management (ERM) is an established organizational framework with related policies and procedures that ivari has in place for managing the significant risks associated with its business and operations. ERM is the ongoing process of developing, implementing and monitoring financial and non-financial strategies with the ultimate goal of increasing shareholder value within a given set of risk tolerances. The Board of Directors is ultimately responsible for the company s risk management, and regularly monitors risk management policies and practices. ivari 2017 Taxes Paid* Income Taxes Capital Taxes Premium Tax Total Newfoundland , ,634 Prince Edward Island ,343 35,343 Nova Scotia , ,738 New Brunswick ,692 90,692 Quebec (35,019) - 6,220,613 6,185,594 Ontario - 2,846,136 6,356,186 9,202,322 Manitoba , ,348 Saskatchewan , ,267 Alberta (212,864) - 4,287,637 4,074,773 British Columbia - - 2,248,991 2,248,991 Yukon ,638 18,638 Northwest Territories ,070 12,070 Nunavut Federal ** (6,954,491) (5,841,996) - (12,796,487) Total (7,202,374) (2,995,860) 20,401,078 10,202,844 Note: This no longer includes Canadian Premier Life Insurance Company due to the sale of our Affinity business in *There were significant tax refunds received/receivable in 2017 which created negative amounts in Income Taxes and Capital Taxes. **Includes agreeing provinces 11

13 With a national network of thousands of independent advisors, ivari provides a full range of insurance products designed to help Canadians make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been around for over 80 years in the Canadian marketplace. Through our commitment to always being approachable and transparent in everything we do, we are dedicated to starting a fresh, new conversation about insurance. And we will stand by our word. Visit us at ivari.ca Yonge Street Toronto, Ontario M2N 7J8 ivari.ca TM ivari and the ivari logos are trademarks of ivari Holdings ULC. ivari is licensed to use such marks. CO980 4/18