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Latest Insights on COVID-19

close up of a coronavirus molecule

Latest Insights on COVID-19

Corporate Benefits

Experiencing Pandemic Burnout? How to Maintain Work-Life Balance

September 30, 2021

Your well-being is more critical now than ever. With blurred lines of work and life, many are struggling to strike the right balance of on- and off-hours. With the “normal” rhythms of life disrupted and our survival instincts kicked to high gear, many of us have been forced to reconsider the boundaries of work and life.

Technology makes employees available around-the-clock to their co-workers and family members. Fears of job loss drives people to work longer hours. In fact, the phrase “business hours” is no longer a reality for many. To help alleviate those pains, here are five ways to strike the right chord when it comes to leading a more balanced life during the pandemic.

Tip 1: Don't be an overachiever

As children, we develop perfectionist habits due to the limited time we have juggling school, hobbies and after-school work. Being an adult means a growing list of responsibilities. With limited time, we learn to forgo many of our obsessive tendencies. Especially during the pandemic, many of us were forced to rethink the way we handle and spend our offline hours. Make a list of goals to achieve for the day, week and month. This will help reorient your efforts to what matters most.

Tip 2: Disconnect

From meeting requests to email notifications to text alerts, it seems impossible to have a minute to yourself. The workday seems to never end. It's important to make quality time whenever possible, however possible. Try not to text, read work emails or scroll your social media feed while socializing with family and friends. These are times to shut your phone off and enjoy the present moment.

Tip 3: Maintain a healthy schedule

Even if you’re busy, it's important to make time for the important things in life. Put the brakes and take stock of the basics, and look for ways to add healthy relaxation into your routine. If your schedule is tight, learn to take meditative breaths while working. In the evening, instead of relaxing with a glass of wine, try a different form of stress reduction. For example, listen to relaxing jazz music or some classical tunes.

Tip 4: Spend your time wisely

Start by identifying what your priorities are in life. Every individual has a different list, so it’s important to reflect on your own, not someone else's. Once your list is established, learn to draw firm boundaries, so you can devote quality time to the important people and past-time activities in your life. If you find your time wasted by less productive and constructive people, excuse yourself politely and draw clearer boundaries. A great way to feel fulfilled is to focus on the right activities and people who bring you greater satisfaction.

Tip 5: Re-shift your focus

From time to time, try to take a step back and ask: what adjustments could make my life better?

When you have limited time on your hands, find ways to delegate tasks or outsource them to others around you. Talking to key individuals in your life, including coworkers at work or a spouse or partner could help you in identifying opportunities for growth in your life (and others around you!).

Tip 6: Be SMART

We've all had those experiences: workout plans that fizzle out or New Year's resolutions we forget about by the end of February. The key to ensuring you stick with a plan is setting SMART goals. These are time management tools used to define clear and reachable goals:

Specific – Measurable – Achievable – Relevant – Time-based

Being SMART is about setting goals that are clear, trackable, attainable, applicable and deadline oriented.

Tip 7: Explore your workplace’s benefits program

NFP’s benefits experts help employers develop a road map and roll out the specific support that best matches your business’s needs alongside the tools to effectively analyze, manage and adjust that program over time.

For more information, visit NFP.ca

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Property and Casualty

Working Remotely? 5 Ways to Reduce Your Car Insurance Premiums

September 29, 2021

Because of the pandemic, many of us aren’t using cars as often as we did previously. With long commutes to the office eliminated from our daily schedule, many vehicle owners across Canada started considering creative ways to save on car insurance premiums. Car insurance rates aren’t fixed. However, there are many steps to take to lower your car insurance premiums.

Here, we summarize a few.

Drive with caution

When you get on the road, drive carefully and defensively. Try your best to avoid getting into accidents and committing violations. You want to keep your record clean to keep your premiums low. Therefore, careful driving will save lives and help you cut down on costs in the long run. Unfortunately, safe driving has become more and more difficult as we are dealing with more distractions now than ever before. From GPS navigation to other in-car gadgets, we are bound to look away from the road as we drive. The key is to stay present and focused.

Look out for discounts

Depending on various conditions, certain companies may offer you discounts on your policy. According to Investopedia, you may also receive a discount if you take a defensive driving course. Don’t stick to one provider. Consider contacting different insurance companies to shop for different quotes annually.

Consider changing vehicles

If your family size doesn’t require it, try to downsize from an SUV to a more “insurance-friendly” car. Insurance companies may offer you a discount if you buy a hybrid or an alternative fuel car. Of course, realize that you will pay more in car insurance premiums if you opt for an expensive “sports” car. With many of us taking stock of our expenses due to the pandemic, it’s a great time to consider shopping for an alternative-fuel or fuel-efficient “green” car.

Install anti-theft devices

Drivers may lower their car insurance premiums if they invest in anti-theft tools for their vehicles. Anti-theft tools include security tire clamps, wireless anti-theft security alarms, keyless entry security alarm systems, steering wheel locks or brake locks. It is best to consult with an insurance broker, like NFP, to determine whether your insurance carrier provides an anti-theft insurance discount.

Pay-as-you-go/pay-as-you-drive

Previously, we’ve written about pay-as-you-go and pay-as-you-drive as alternatives to conventional car insurance. Many of us need to drive less because of the pandemic, it’s great to expand your options and look for other forms of insurance coverage.

In this latest insights article, we defined usage-based insurance and how pay-as-you-drive or pay-as-you-go insurance work. When it comes to pay-as-you-drive insurance, premiums are calculated based on a driver’s profile. This type of insurance rewards driver’s secure driving and at the same time tracks and increases premiums on dangerous driving.

On the other hand, pay-as-you-go involves the use of a telemetric device that measures the kilometers your car travels. According to Rates.ca, pay-as-you-go car insurance policies stop at 9,000 kilometers a year. In most cases if a driver exceeds 9,000 kilometers, they’ll switch to non-usage-based insurance. Here we provide a breakdown of various usage-based insurance options available to Canadians.

For more information, visit NFP.ca.

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Updates and Resources

NFP Welcomes Lesley Munk as SVP, Associate General Counsel, in Canada

September 20, 2021

New hire brings expertise and leadership to Canada’s legal and regulatory efforts

NEW YORK – September 20, 2021 – NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement, and individual solutions today announced Lesley Munk has joined as senior vice president, Associate General Counsel, for the company’s Canadian operations. As part of the Canadian executive leadership team, Munk will work closely with the Company’s business leaders in Canada on all transactions and acquisitions, while working to mitigate risk and maximize opportunities within its diversified business. She will also partner with NFP’s corporate leadership on tactical legal and regulatory initiatives focused on Canada.

Munk joins NFP from RSA Canada where she spent the past nine years in various legal roles, most recently as vice president, Legal and General Counsel. Prior to that, she practiced law in the corporate department of a prominent Toronto law firm, focusing on M&A, private equity, and financial services transactions. In all, she brings more than 18 years of focused legal experience to NFP. Munk will report to Evan Michael, executive vice president, General Counsel, NFP.

Munk earned her Bachelor of Laws (LL.B.) from Osgoode Hall Law School at York University and her Bachelor of Arts from Huron University College at the University of Western Ontario.

“We are delighted to add Lesley to the team and have her spearhead our legal efforts in Canada,” said Michael. “She possesses the qualities we embrace at NFP — exemplary experience and integrity, specialized expertise, and a focus on client service — and will be an excellent partner in our ongoing growth in Canada.”

“I am excited to join NFP’s impressive leadership group in Canada,” said Munk. “I look forward to supporting the market expansion in Canada as NFP continues to forge partnerships and make strategic acquisitions to elevate and expand the customized solutions it provides to clients.”

About NFP

NFP is a leading insurance broker and consultant providing specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 800 employees based in Canada, more than 6,000 employees globally, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 5th largest benefits broker by global revenue (Business Insurance), 10th largest property and casualty agency (Insurance Journal) and 13th largest global insurance broker (Best’s Review).

For more information, visit NFP.ca

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NFP in Canada and Piiq Risk Partners Form Exclusive Canada Partnership

July 26, 2021

With a strategic focus on the aerospace and aviation industries, the collaboration will provide solutions and services to the Canadian operations of global clients

NEW YORK – July 26, 2021 – NFP, a leading insurance broker and consultant that provides business and personal insurance, group benefits, retirement, and individual solutions to businesses in Canada, today announced the formation of an exclusive strategic partnership with Piiq Risk Partners (Piiq), a leading provider of insurance and risk management solutions across the aerospace and aviation industries. They will work closely with the NFP Complex Risk Solutions Group in Canada to support businesses in this sector that have a presence in Canada. These companies face some of the most complex and unique risks in the world and a risk landscape that is constantly changing due to continuous technological advancements.

The NFP Complex Risk Solutions Group in Canada provides bespoke strategic expertise to large corporate clients across a range of industries, including aviation and aerospace. The evolving demands and needs of sophisticated insurance buyers present significant challenges for insurance brokers. The NFP Complex Risk Solutions Group will provide domestic account servicing in Canada to Piiq’s ever expanding roster of major clients, which has been well documented in the insurance press in recent months. The collaboration brings to clients a specialized understanding of the global aviation and aerospace industry, access to emerging innovative solutions, customized analytics and a differentiated level of domestic and international service.

“Clients in the global aviation and aerospace sectors need the local support of a team of specialists who are constantly creating new solutions for rapidly changing needs,” said Evan Garner, managing director of the Complex Risk Solutions Group in Canada.

“Piiq provides NFP in Canada a strategic entre into the global aviation and aerospace markets with specific clients and NFP’s Complex Risk Solutions Group provides Piiq with an on-the-ground exclusive presence in Canada,” said John Haas, president, NFP Canada.

Piiq is led by Philip Smaje and Marcel Chad, two of the world’s leading authorities on risk assessment and solutions to the aviation industry.

“We’re excited to establish this exclusive partnership with NFP in Canada,” said Neil Maynard, senior partner, Piiq Risk Partners. “Together we can offer global clients operating in Canada the capabilities and expertise of two experienced and client-centric teams that are both driven to challenge the status quo. This alliance expands upon a shared vision to bring insight and innovation to the rapidly evolving aerospace sector around the globe.”

About NFP

NFP is a leading insurance broker and consultant providing specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 800 employees based in Canada, more than 6,000 employees globally, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 5th largest benefits broker by global revenue (Business Insurance), 10th largest property and casualty agency (Insurance Journal) and 12th largest global insurance broker (Best’s Review).

For more information, visit NFP.ca

About Piiq Risk Partners

Piiq Risk Partners is a global aerospace (re)insurance brokerage, with offices in London and the US. It employs some of the best and most experienced people in the industry. It offers clients an independent alternative operating at global scale, driven by leading talent and technology. For more information, please visit www.piiqrp.com

Piiq is currently part of the insurance operations of BGC Partners and is set to join The Ardonagh Group as part of its acquisition announced in May 2021*. The Ardonagh Group is the UK’s largest independent broking group and a top 20 broker globally.

*subject to regulatory approval

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