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Using the Web to serve the hardliners and compete with the banks


Alain Thériault

5 July 2017 07:00

Christian Laroche | Photo : Réjean Meloche

For Christian Laroche, president of Aurrea Signature, the vision of Karma Insurance will enable the young shoot to compete with banks and larger financial institutions, while remaining an independent platform which allows you to buy a product directly online.

The role of the advisor is very important, » he stressed. It is equally important that the independent network is present on all possible platforms, » added Mr. Laroche, including direct sales online.

«There will always be people who do not want to meet with an advisor. They are maybe 10 %, said Mr. Laroche. Research from LIMRA also indicates that 31 % of Canadians do not have insurance and in babyboumeurs, this proportion reaches 37 %. Among them, there are surely people who are reluctant because they are not comfortable doing the transaction with an advisor. «

WhenIsabelle Bouchard and Martin Bailey have started their tour of general agents, Aurrea Signature was not on their radar. But the other three general agents that they have encountered before is are reluctant to their model, recalls Mr. Bailey. He said, having seen responses like : you are going to compete with my network ; do you want to compete with Lifeguide ?

Then, the two young partners have learnt of the existence of Aurrea in an article in the Journal of insurance published on social networks in October 2016. They have been in contact with Mr. Laroche and have received a very different reception.

Christian Laroche has also refuted the arguments of his predecessors. «Karma Insurance will not compete with the independent network. It complete in fetching the hardliners of the Web. If they buy a product live, be it for a mortgage insurance, may be will they want to go through the brokerage network traditional for a product that is more complex, » said Mr. Laroche.

The latter said not a doubt of the success of their business. «I have no concern about the volume that Karma Insurance is able to generate. People search the Web for any product. The milléniaux buy on the Web, and the insurance is going to go. This can generate an expansion quite aggressive, as there is not a similar platform for the self-employed. Karma Insurance is not like an insurer who will decide whether to sell direct. It is an independent firm «, he insisted.

The two founders of Karma Insurance does not fear for its future. «We meet a lack in the milléniaux, Y and X, which have never been approached by an advisor who will be often not the middle class or the youth. Karma will be equipped to do so, » said Ms. Bouchard.

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