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Data that is common in life insurance : it is far from the goal, says Michel Fragasso, founder of the CFIQ

by

Alain Thériault

6 July 2017 07:00

Michel Fragasso | Photo : Réjean Meloche

Michel Fragasso has been at the forefront in the creation of Fundserv, so that he had founded the Council of investment funds in Québec (CFIQ). He laments that life insurance is always as far away from the goal.

«I don’t think that we approach a solution. If you approach it, it is at a snail’s pace, underlines Michel Fragasso, president of the consulting firm Plan Effico. It is necessary that the big are getting involved for this to work «, said the founder of the CFIQ.

It remembers that if Fundserv has worked, it is because that four fund companies major had rallied around the project. Others have not had the choice to follow, » he remembers.

Mr. Fragasso laments the resistance of many insurers in a common solution. «I wanted to create a Fundserv insurance at the time, for all agents in general can centralize files uniform then received by the insurers. For insurers, it was difficult to standardize the font data, because they have special features that mutual funds do not have. We brought the project to CLIEDIS at the turn of the years 2010, but this was blocked, because every insurer wanted to impose its own recipe «, he recounted.

He believes that the standards CITS will not be able to impose that if the project is perceived as a cooperative, as was Fundserv. «Otherwise, the other fail to board. «

Mr. Fragasso think, moreover, thatAPEXA will have difficulty lifting, because it belongs to private interests. Compliance Initiative for the benefit of general agents, APEXA is owned by LOGiQ3, and also WealthServ as a partner, as well as developer of its software. Together the insurers Canada Life, Empire Life, iA financial Group, Manulife and Sun Life Financial, as well as general agents, Financial HUB, Financial Group Horizons, CDI and PPI.

«APEXA aims inter alia to assist the general agent to verify whether an advisor has his permit, or is subject to a recall of commissions. APEXA also wishes to standardize the feeds, but as long as it will be up to private, it won’t work. If I am a big insurance company, I do not mean that a private provider has access to the data of all the fonts that I’ve sold in the year, » insists Mr. Fragasso.

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