9 July 2018 07:00
Jean St-Gelais, Martin Delage, Christian Fournier
Many changes have taken courses in life insurance and collective at The Capital Mutual of the public administration. They are bearing fruit, said its president and CEO Jean St-Gelais.
In his message to members published in the annual report of the mutual, Mr. St-Gelais pointed out that the performance of the mutual had been better balanced in 2017. The insurance segment generated profits of $ 43.9 million ($M), whereas those in the sector of insurance of persons and financial services totaled$ 31.1 Million. «This bodes well for the future of the mutual «, he wrote.
For 2018, it wants to position The Capital as a leading industry in the digital age, building on a culture of innovation. As examples of this commitment, he gives of the gradual implementation of the autoadjudication in group insurance, the quote fast home insurance and the redesign of the client area.
Sales increase of 17 % in individual life
The Capital has also announced an increase of 17 % of its sales in individual life insurance from 2016 to 2017. Martin Delage, vice-president, individual insurance and financial services, points out that for 2018, efforts will be made on the profitability of the portfolio. Moreover, the insurer announced in mid-may that several of its products in life insurance would not be available for sale beginning July 9.
In group insurance, sales of The Capital have reached$ 60.3 Million, of which 52 % are from outside of Quebec, reports Mario Albert, executive vice-president, group insurance. The retention of the business has reached 92,9 % in this sector.
In damage insurance, The Single insurance generals has registered a record net income of$ 11.3 Million in 2017. Its growth has been 14.5 %, with gross premiums written totalling $ 235 M$.
Christian Fournier, senior executive vice president and chief operating officer, insurance segment, for two reasons. First of all, the growth of the subsidiary in the brokerage automobile insurance to individuals and businesses. And then, by its growth in the area of commercial surety bonds.
With respect to its subsidiary in direct distribution La Capitale general insurance, Mr. Fournier said that she has referred to in the insurance companies. The insurer has commissioned an external study, in which one of the findings relates to the satisfaction of this segment, which is high, » said Mr. Fournier.
«It appears to us clear that there is still room for improvement. We are conducting a number of reviews of process, improvements to computer systems and updates of current products or on the point of start. »