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Working together: The role of banking and insurance in Reconciliation
Aug 08, 2022

By Stephanie Cyca for Industry West Magazine


The industries of banking and insurance have a longstanding, western ideology-based tradition. When you think of banking, insurance, and financial institutions there is likely a set image in your mind as to what banking and insurance are and are not. But as Canada and society move forward there are more and more challenges to traditional approaches to long set industry standards.



The First Nations Bank of Canada (FNBC) and TIPI-IMI Insurance Partners are two companies that have established themselves as Indigenous banking and finance institutions that serve their communities and bring about the unique perspectives and understanding that are missing from the world of finance.


FNBC began its journey in the Canadian financial landscape in 1996. There were two main driving forces that led to the bank’s opening, first, the need for a bank to serve Indigenous clients, especially as the Indigenous communities started to experience their own economic growth. The second factor was identifying that while these communities were starting to experience growth, there were also issues that they were facing—issues that were not being addressed by the traditional banking and finance worlds.


The founders of FNBC had a vision to develop a federally-chartered bank serving Indigenous and non-Indigenous people throughout Canada. The bank was conceived and developed by Indigenous People, for Indigenous People as an important step toward Indigenous economic self-sufficiency. “In 1996, we founded First Nations Bank of Canada to bring both financial and social returns to Indigenous People and communities who were under-served by existing financial services options,” explains Keith Martell, president and CEO, First Nations Bank of Canada and FNB Trust.


The challenges that Indigenous people face are sometimes obvious, such as the Indian Act setting out that reserve land is owned by the Crown, which prevents banks and lending institutions from recognizing it as security. Other barriers do not relate to laws or legalities, but to physical locations, distance, and diversity. Remote northern locations are tricky to access, sometimes costing plane rides of $800 or more, and mainstream financial institutions either cannot, or do not want to, deal with accommodations. Finally, until more recently, there hasn’t been a lot of diversity and inclusion in the banking and insurance sectors.


Today, most of the customers of the FNBC are Indigenous, 60 to 75 per cent of staff, and 89 per cent of shareholders are also Indigenous Peoples. “[We strive to provide a place that] makes people comfortable to do banking there,” explains Martell. And it’s not just the customers that they want to feel comfortable. This past March, FNBC was once again named one of Saskatchewan’s Top Employers by Mediacorp Canada Inc. for providing its employees with an exceptional place to work.


Operating to bridge the gap between traditional financial institutions and Indigenous culture is the basis, and one of the founding principles, of TIPI-IMI Insurance Partners. TIPI-IMI have been working towards not only creating accessible and flexible insurance coverage for their clients and customers, but working to become a part of these communities and understand the root causes of issues. By conducting business with a degree of care and understanding, they can not only shape policies that help their customers, but they have become a positive force in the communities they serve.


TIPI-IMI does not only offer insurance packages to their clients, they work to understand the communities individually and intimately, constantly striving to determine where they can be of the most assistance. This might be working to start programs to help identify and report areas in a community that lack proper fire protection, working to help alleviate housing shortages, or being a third-party go-between for communities and the government for things like grants and funding.


Nathan Ballantyne, CEO of TIPI-IMI, said, “[TIPI-IMI] wants to offer our services as a total community coverage and wrap our arms around our clients.” One of the biggest issues that Ballantyne identified and worked towards combating early on with TIPI-IMI was the concept of “economic leakage”. This is where a community has money or funding but must turn outside of the community for goods and services, thus leading to leakage from the local economy. If the community can put the funds back into circulation, growth will follow.


It was difficult work, Ballantyne noted, but he is grateful for those who walked with them, had the hard conversations, and worked to stop the economic leakage. And while TIPI-IMI had entered the financial field on the defensive, with all the work that has been done the tides are now beginning to turn.


“As an Indigenous company, it honestly feels that we have to work harder than a non-Indigenous company due to preconceptions and stigma,” said Ballantyne. He noted that there is a pressure to feel the need to prove themselves more than others, but that this pressure has also lit the fire that has driven TIPI-IMI to be as successful as they are today.


Janice Gladue, COO of TIPI-IMI, also spoke about the future of what can be done to help bring about better services and inclusion to Indigenous people. There is a lot of talk about Indigenizing the industry as of late, but Gladue questions this.


“Is this possible, or even the goal?” she asks. “The better question is: how do we influence?” Gladue posits. “Our goal should be using our values, not only as a company but as Indigenous individuals – protecting, being there for others in the community.”


Fundamentally the way business is conducted around the world is changing and moving forward in big ways. The global and Canadian economies are seeing driving changes. While there is much work still to be done, groups like First Nations Bank and TIPI-IMI are finding that they now have a place at the table. By being able to use their voices and raise concerns, there is now the potential help to shape the future of finance.


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Commonly asked questions about disability insurance

21 Jun, 2023
By TIPI Staff Disability insurance helps protect your economic wellbeing. If you’re unable to work because of illness or an accident, this coverage can replace some of your earnings with a monthly benefit to help you pay your expenses. But how does it work exactly? Read on for some frequently asked questions our team receives from clients! Frequently asked questions What is the purpose of disability insurance? What does disability insurance cover? How do I apply for disability insurance? How do I submit my disability claim? How much do I receive from disability insurance? How long can I stay on disability insurance once I’m approved? My family member is sick, and I need to stay home to take care of them. Can I use disability insurance for this purpose? My spouse is on my plan and is unable to work, can they apply for disability under my plan? Why is my case manager asking for medical information? Do the short-term disability insurance premiums continue once an employee is approved for short-term disability? When completing forms what do I put as the last day worked and first day absent? Will I receive my benefits on the same pay schedule as my job? What is the difference between "own occupation" and "any occupation" in disability insurance? Answers to your questions about disability insurance What is the purpose of disability insurance? Disability insurance is a wage replacement benefit. Its purpose is to support employees if they are unable to work due to illness or accident while they recover with a goal of them returning to work. Disability insurance is not meant to be used as a lifetime support. What does disability insurance cover? There are many illnesses and injuries covered through disability, but it is important to determine whether the illness or injury prevents you from performing the duties of your job. In order for your coverages to be approved, you must meet the definition of disability as defined in your group policy. This information can be found in your benefit booklet, which can be obtained from your employer’s Plan Administrator, or by accessing the Plan Details section of the TIPI Care Plan Portal . How do I apply for disability insurance? If you are unable to work due to an illness or injury, you can start your disability claim by calling our office and speaking to one of our disability client service representatives. They will guide you through the process of applying for disability through your disability insurance provider. There are typically three forms that need to be submitted as part of your claim: an employer statement, an employee statement, and an attending physician’s statement. Some providers may require additional forms. How do I submit my disability claim? You can submit your claim through our office by emailing [email protected] or by faxing your claim to 204-949-3503. How much do I receive from disability insurance? The amount of income replacement you would receive depends on your group benefit plan and your regular salary. It is a specific percentage of your pre-disability earnings determined according to your group benefit plan. This information can be found in your benefit booklet, which can be obtained from your employer’s Plan Administrator, or by accessing the Plan Details section of the TIPI Care Plan Portal . How long can I stay on disability insurance once I’m approved? Once approved for disability, you will continue to receive benefits provided you continue to meet the definition of disability. This is determined by your condition, severity of symptoms, and the provisions of your group benefits plan. Short-term disability and long-term disability both have a maximum length of time you can receive benefits. This varies from plan to plan, and this can be found in your benefit booklet, which can be obtained from your employer’s Plan Administrator, or by accessing the Plan Details section of the TIPI Care Plan Portal . My family member is sick, and I need to stay home to take care of them. Can I use disability insurance for this purpose? No, disability insurance can only be used when the employee is sick or injured. Compassionate care may be an option and is available through the federal Employment Insurance program. My spouse is on my plan and is unable to work. Are they able to apply for disability under my plan? No, the disability insurance provided under the group plan only applies to the employee. Why is my case manager asking for medical information? After your claim has been approved, a case manager will be assigned to you. As you go through your recovery process, they may request additional medical information to assess your progress, determine whether you continue to meet the definition of disability, and determine whether additional supports can be provided. Do the short-term disability insurance premiums continue once I am approved for short-term disability? Yes, the premiums for short-term disability are charged throughout the short-term disability period. Once the employee is approved for long-term disability, the premiums for short-term disability are waived. When completing forms what should I put as the last day worked and first day absent? Your last day worked is the day that the employee was last performing the duties of their job. Your first day absent is the first day they were scheduled to work but were unable to work because they had become disabled. If your employer paid you sick or vacation time after you were last at work, there is also a place to enter this date. Will I receive my benefits on the same pay schedule as my job? Your payment schedule is determined by the date you became disabled and your waiting period according to your plan. What is the difference between "own occupation" and "any occupation" for long-term disability insurance? On most benefit plans, for the first two years of disability, you are insured based on the " own occupation " definition, which means your specific job duties that you had been performing up to the time you became disabled . After two years , pending medical evidence, the insurance provider will assess if your disability prevents you from being gainfully employed in any job which provides you with an income of at least 50% of your monthly earnings before you became disabled. Your disability claim may be extended if you cannot do any job as noted above within a pre-determined distance from your home city, as determined by your benefit plan and/or provincial legislation. Don’t see your question here? Reach out to our team by email at [email protected] , or by phone at 1-855-266-TIPI (8474).
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