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The emergence of new players : a real threat

by

Alain Castonguay

7 May 2018 07:00

You see for some time, the emergence of new players in insurance, supported by specialists in the collection and analysis of data what are the major groups of the Internet. What threat do they represent to the industry ?

Alain Hade, senior vice president, experience members-customers, and marketing at Desjardins general insurance Group (DGIG), confirms that the threat represented by the players emerging is real. They use digital tools to reduce their operating costs to a minimum, which gives them an advantage.

Bernard Laporte, CEO ofIntergroup Insurance, points out that competition already exists in Europe. Insurers had to press the governments to impose common rules relating to the certification of intermediaries. It recalls that the european banks are very active also in the field of insurance. The legislator will always play its role to govern the separation of functions in order to avoid abuse, » he adds.

The broker must use digital tools to better serve consumers, insists Christopher Johnson, chairman of the board of directors of the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ). «The dairy producer who wants to take of the expansion is investing in its establishment. The broker must also invest in his company. It does not require an insurer to do, » he says.

The younger customers are using their phone as a tool for the management of their relationships with a wide variety of suppliers, points out Marie-Lucie Paradis, vice-president, distribution and strategic communications at Intact Insurance. The increase in the number of connected objects will continue to occur, which will multiply the occasions on which the service providers will be required to interact with customers. «We don’t have the choice to upgrade our offer and our business processes,» she said.

Eric Stevenson, a partner at Lavery, pointed out that the playing field should be fair for all the players in the industry. If new players have settled abroad want to do business in the country, they must comply with the rules in force in the territory, » he said.

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