Canadian Insurance Firms: Reimagining the Operating Model Amid Turbulent Times
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September 2021
By now, the global investment and insurance industry has become well acquainted with how the COVID-19 pandemic has drastically changed the way the world conducts business. From the rapid shift to remote working capabilities, shifting demands as markets investors and regulators reacted to disruption, insurers are confronting new demands from stakeholders across the spectrum, and a rising array of opportunities and challenges as organizations contemplate their operational stances in a post-pandemic world.
Insurers also face new challenges, pressures and uncertainty looking into 2022. In this environment, perhaps the only consistent prediction is that the pressure will continue to rise. Insurance companies are increasingly recognizing that longstanding approaches to investment operations may not deliver necessary efficiency, capabilities and scalability to meet the needs of tomorrow.
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Contributors
Michael Garneau
Vice President, Relationship Management, CIBC Mellon
Nick Petruccelli
Executive Director, Business Development, CIBC Mellon
Amanda Coones
Vice President, Investor and Plan Member Services, CIBC Mellon
This article is provided for general information purposes only and CIBC Mellon and its affiliates make no representations or warranties as to its accuracy or completeness, nor do any of them take any responsibility for third parties to which reference may be made. This article should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services.
As at September 30, 2024, CIBC Mellon had more than C$2.9 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY network, which as at September 30, 2024 had US$52.1 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY trade-marks, and is the corporate brand of CIBC Mellon Trust Company.
For more information – including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada – visit www.cibcmellon.com