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Humania build on the profitability rather than the rapid growth of the volume of group insurance

by

Hubert Roy

30 August 2017 07:00

Stéphane Rochon | Photo : Réjean Meloche

For Humania Assurance, profitability will be more important than the growth in group insurance. That is what the insurer says in its annual report 2016.

The president of its board of directors Jacques Martineau noted that 2017 will be a strategic year for the insurance industry. «The regulatory environment and competitive insurance is constantly evolving. In the Face of this reality, every market player is led to rethink its role, its relationship with its customers, and of course his / her business model. «

Mr. Martineau points out that in Humania, the first phase of transformation has been carried out in recent years at a steady pace. The insurer has now entered a new stage.

«We need to adapt to the faster and better in a world in constant and fast evolution of it : innovation, creativity, teams, and products, choice of technology, breakthrough of digital, mobility, agility, and anticipation. The insurance industry has now initiated a profound transformation that will make 2017 a year to be strategic. The results of the 2016 confirmed today the success of our transformation, » he says.

Stéphane Rochon, CEO of the mutual, has put the emphasis on the shift Web of its company. It reports on all applications for individual life insurance received in 2016, more than 88 % have been made from its Web platforms. «Overall, 40 % of our sales are currently made online, through financial security advisors, independent «, says he in his president’s message.

Outside Quebec, the development of Humania continues to bear fruit, » said Mr. Rochon. More than 480 new financial security advisors outside of Quebec have signed a distribution agreement with the insurer in 2016.

In group insurance, Mr. Rochon says it plans to » evolve keeping the cap on the profitability of the portfolio rather than rely on an aggressive growth of sales volume. «

In 2016, the in-force premiums: life insurance, long-term disability, and critical illness collective, accounted for 48 % of the portfolio of Humania. «These guarantees are usually used to generate a line of superior profitability. They offer greater stability than the traditional safeguards such as health care, drugs and dental care, » says Mr. Rochon.

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