14 August 2017 07:00
In its latest move in date seeking to increase its interactions with its clients, Manulife Financial has targeted employers.
Taking recent speech before theEconomic Club of Canada in Toronto, the president and chief executive officer of Manulife, Marianne Harrison, has spoken of the need to provide more information to Canadians on the correlation between the health and the well-being someone’s personal and financial health. According to the CEO, the employers have an important role to play in promoting the well-being of physical, mental, and financial of their staff.
To motivate employers to act, Manulife has published the results of a search in which only 34 % and 26 % of respondents felt that their financial situation was good or average, respectively. «At least 40 % are not satisfied with their financial situation. Of this number, half say that the situation has an impact on their productivity at work, and on a daily basis. «
According to this research, Canadians who have a good financial situation are more likely to care about their health, while those who have financial concerns are almost five times more likely to avoid activities that promote good health.
«We actually found that people who have financial problems take 25 % more sick leave than others. There is a direct impact on the productivity. We try to document the employers so that they, in their turn, inform their staff. «
Ms. Harrison explained that, for this purpose, Manulife is looking at ways to expand its program Vitality. The program offers to its members to follow the progress of their formatting, as well as different ways to accumulate points (exercises, annual visit to the doctor) in order to then be able to get a reduction in their premium. Manulife would like to see this product being offered to the individuals complete its offer in the insurance collective.
«It is difficult. Employers are already struggling to pay for the benefits programs in place. How to add a product that is costing them something ? We are trying to find creative ways to enter the market of employers, because it is the fastest way to present the question. «
She explained that the advisors who come to sell the product are also better equipped to make changes. «The addition of the program Vitality of Manulife increases the opportunities to talk about good lifestyle habits. We believe that, in the coming years, the improvements in data analysis will enable us to help advisors better anticipate the needs of their clients and to put at their fingertips at exactly the right time, information that is able to elicit their commitment. «
The non-genetic discrimination
Ms. Harrison has also addressed the issue of the impact of the new canadian law on the non-genetic discrimination may have on the premiums. «If the consumer has information that we don’t have, it really changes the game. On the side of life insurance, we believe that this will not be so bad. To tell the truth, it is more problematic when we think of things such as serious diseases. This is a thorny problem. We may need to increase premiums. In some cases, we could even note that it would be better to not sell them at all. We find ourselves actually in a situation where not all have the same tools. It is going to have to rethink all of this. «